Find the value of an 1889 silver dollar coin by consulting a coin valuation website such as CoinTrackers.com. As of September 2015, the average value of a 1889 Morgan Silver Dollar is $26, but one in a certified mint state could be worth as much as $325 at auction. The U.S. Mint issued 811 proof Morgan Silver Dollars in 1889, and these sell for between $2,000 and $2,400 at auction.
All Morgan Silver Dollars are 90 percent silver by weight, containing 0.7735 ounces of pure silver. Silver coins have both numismatic values and intrinsic values. For example, at a silver price of $15.31 per ounce, if a Morgan Silver Dollar is melted down, the intrinsic value of the silver is $11.70. If the coin value to numismatists is $26, then the coin is worth more to a collector than as scrap silver. This dual method of valuation is why many investors view silver and gold coins as useful assets to own as a hedge against inflation.
The Morgan Silver Dollar was a coin issued by the U.S. Mint from 1878 to 1904 and again in 1921. Approximately 21.7 million Morgan Silver Dollars were minted in 1889. The coin is named after the designer, U.S. Mint Assistant Engraver George T. Morgan. The head depicts a profile of Lady Liberty, while the tail displays an eagle with outstretched wings.