Another expensive year for coin collectors, the 1894 Morgan Silver Dollar presents many cost challenges and is cost prohibitive for some collectors. The bright spots in terms of affordability are the 1894-O and 1894-S, which can be had for around $100 and up – more than the base price of most Morgan Dollars but still lower than the four-figure price tag of both the 1894 Philadelphia Mint issue and the proof issue.
The 1894 Morgan Silver Dollar was produced in three mints: New Orleans, Philadelphia, and San Francisco. The New Orleans Mint used an "O" and the San Francisco Mint an "S”. The main mint in Philadelphia did not use a mintmark. Proof examples of Morgan Dollars from all years, including 1894, are rare which makes them expensive.
1894 Morgan Silver Dollar Mintage Figures
- 1894: 110,000; $2,000+
- 1894-O: 1,723,000; $80+
- 1894-S: 1,260,000; $100+
- 1894 Proof: 972; $4,200+
Generally speaking, 1894 Morgan Silver Dollars often turn up in the lower circulated grades, which is just fine by most collectors who are just trying to scrape together a few pretty pennies to acquire any dollar coin of this vintage. However, if you are seeking a higher-grade example of an 1894 Morgan Dollar, be prepared to lay out some serious cash and potentially spend a good amount of time tracking down a specimen that meets your standards. When the time comes for you to buy any of the 1894 Morgan Dollars, it is suggested that it come in sonically sealed plastic by a recognizable third-party coin grader (called “slabbing”), as there are numerous counterfeit pieces on the market.