The 1898 Morgan Silver Dollar presents many affordable options for collectors. Not counting the proof (which usually isn’t included in date-and-mintmark sets), 1898 Morgan Dollars are generally available for a small premium above melt value in the lower circulated grades.
The 1898 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 1898, are rare which makes them expensive.
1898 Morgan Silver Dollar Mintage Figures
- 1898: 5,884,000; $35+
- 1898-O: 4,440,000; $35+
- 1898-S: 4,102,000; $45+
- 1898 Proof: 735; $3,000+
As with most Morgan Dollar years in the 1890s, there are relatively few major varieties within each of the date-and-mintmark combinations. However, VAM (Leroy C. Van Allen and A. George Mallis) variety collectors are always adding new findings to the list of Morgan Dollars that are found to have been made with multiple distinctive dies. It is in that area of the Morgan Dollar realm that collectors may make some interesting find as it regards 1898 dollars. Otherwise, the only significant challenge that comes with collecting business strikes dollars from 1898 occurs when buying the 1898-S, which rapidly ascends in value with increasing grade as compared to the 1898 and 1898-O and costs around $200 for a Mint State 60 specimen.
While it is generally safe to buy raw, common-date Morgan Dollars in Mint State grades, use extra scrutiny when buying relatively more expensive uncirculated pieces such as the 1898-S. Carefully evaluate for wear the high points of any raw Morgan Dollar advertised as being “Uncirculated.” High points on the obverse of the Morgan Silver Dollar include Miss Liberty’s cheek and the curls of hair just above her ear; high points on the reverse include the eagle’s breast feathers and brow.