The current price of silver bullion, the mint mark and the coin's condition are the major factors influencing the value of an 1884 Morgan silver dollar. Economic factors such as inflation can also affect the prices of rare coins but usually to a lesser extent.
Morgan silver dollars were minted containing 0.7735 ounces of pure silver. So each 1884 Morgan dollar is worth a minimum amount based on the current precious metal market pricing for silver. This is called its silver melt value. The current price for pure silver is $15.68 per ounce, as of July 2, 2015. That means that all 1884 Morgan silver dollars are worth a minimum of $12.13.
Morgan dollars are worth more than that, though, with the average price for a coin in any condition and with any mint mark being about $30.00. Coins in uncirculated condition with certain mint marks can be worth well over $300. The condition of a coin is rated in one of four categories. It is considered either good, fine, extremely fine or uncirculated. The better the condition means a higher value for the coin.
The 1884 Morgan was minted in four locations which are identified by markings on the coin. Coins with no mark were minted in Philadelphia. The "S" mark meant San Francisco and the "O" signified New Orleans. Morgan's marked with a "CC" were from the Carson City mint and are by far the rarest and most valuable of all the 1884 Morgan silver dollars.