As of July 2015, the typical value of a Morgan dollar ranges from about $12 for circulated coins to $1000 for proof and brilliant non-circulated. Some rare Morgan dollars have sold for up to $500,000. The value of Morgan dollars varies greatly by year, condition and the silver spot price.
Morgan dollars weigh 27 grams and contain approximately 90 percent silver. At the current silver spot price of $14.82 per ounce, the melted silver value of a Morgan dollar is about $12.70. Morgan dollars were only minted from 1878 to 1904 and again in 1921. Today, they are considered to be a collector's item.