The 1887 Silver Dollar Value Guide

The 1887/6 overdate occurred when a die engraver at the Philadelphia Mint reused a working die from 1886 to produce 1887-dated dollars. The original "6" was not fully obliterated before the new "7" was punched into the die steel, leaving a distinct secondary impression beneath the top numeral. This type of die reuse was common in the 19th century as a cost-saving measure, and the 1887 issue is one of the most accessible overdate varieties in the entire Morgan dollar series.

Under a 10× loupe, examine the last digit of the date. The remnants of the "6" are most visible as curved lines extending outward from the base and upper loop of the "7." The degree of visibility varies by die state — earlier die states preserve the undertype more crisply, while later states can render it faint and challenging to distinguish without magnification.

Collectors pay a meaningful premium for this variety at every grade level. In circulated grades, the 1887/6 trades at roughly double the price of a standard Philadelphia dollar. In gem uncirculated condition (MS65), certified examples have sold for $2,200–$5,000, and the variety is listed among the recognized overdate coins in major Morgan dollar references. The Philadelphia overdate is the more common of the two 1887/6 varieties, making it a realistic cherry-pick from dealer stock.

Like its Philadelphia sibling, the 1887/6-O arose from die reuse: a 1886-dated working die was repurposed at New Orleans after the original "6" was only partially removed. However, New Orleans coins from this era typically struck with softer detail compared to Philadelphia, and the combination of a lower original mintage, widespread Pittman Act melting, and inferior die preparation means that gem survivors are far rarer than the Philadelphia version.

The diagnostic markers are essentially the same as on the Philadelphia variety — a curved remnant of the "6" is visible beneath the "7" under a 10× loupe. Confirm the New Orleans origin by checking the reverse for a small "O" mint mark above "DO" in DOLLAR. The "O" is characteristically round and sometimes shows a slightly thicker profile on New Orleans dies of this period.

This is the variety that commands the most dramatic premiums in the 1887 Morgan dollar series. An example graded MS65 sold for $37,375, and the variety as a whole has a documented auction record pushing toward $39,000 in top gem grades. In MS63, the 1887/6-O retails for around $2,400 according to multiple market sources — approximately 27× the price of a standard 1887-O in the same grade. Any 1887-O worth examining for overdate characteristics.

The San Francisco Mint struck only 1,771,000 Morgan dollars in 1887 — a fraction of Philadelphia's 20,290,000. San Francisco's priorities in this year shifted toward gold coin production, and the small dollar output went largely into storage rather than circulation. Most of these coins were bagged, stored in Treasury vaults, and only released gradually over subsequent decades, which is why so many survive in high Mint State grades relative to their modest mintage.

San Francisco coins of this era are recognized for strong, well-centered strikes and rich luster that reads more frosty than the often-satiny Philadelphia issues. To identify an 1887-S, check the reverse for a small "S" mint mark above "DO" in DOLLAR. The serifs on the "S" are slightly squared off on genuine 1887-S dies, a characteristic visible under magnification. Cherrypicking for a sharply struck example is straightforward given the mint's reputation.

In gem grades (MS65 and above), the 1887-S becomes genuinely scarce and commands significant premiums. A certified MS66 example sold for approximately $58,800. The 1887-S also has its own repunched mint mark variety (S/S), where a misaligned initial punch of the "S" was corrected by a second, properly placed punch. PCGS reports only 18 examples attributed at MS65 for the S/S variety, with a single MS66 finer — making it a genuine rarity for the dedicated variety collector.

VAM-5 is a Top 100 Morgan Dollar variety struck at the Philadelphia Mint. Unlike the 1887/6 overdate which reused a prior year's die, VAM-5 resulted from the same-year date being punched twice into the obverse die with a slight rightward shift. This left a clear secondary impression across the "18" and "87," producing a visually distinct doubled date that differs from the overdate in that both impressions originate from a 1887-dated hub rather than a 1886 one.

The doubling on VAM-5 is visible primarily across the top of the digits. Under a 10× loupe, the "1" and "8" show the most pronounced secondary impressions — look for a faint shadow numeral displaced slightly to the right and slightly above or below the primary digit. The "87" also shows secondary lines, though the relief of the final digit can make attribution challenging on worn examples.

Because VAM-5 carries a Top 100 designation, it enjoys active collector demand and a robust secondary market. Certified examples at MS63 command notable premiums over standard 1887 Philadelphia coins. Dealers who specialize in Morgan dollars typically know to look for VAM-5 attribution, but raw examples in ordinary dealer stock can still be cherry-picked by an informed collector with a good loupe. The combination of Top 100 status and relatively low certified population at gem grades makes this variety worth targeting.

The Deep Mirror Prooflike (DMPL) designation is awarded when a business-strike Morgan dollar was produced from freshly polished dies, giving the coin's flat fields an intense mirror-like reflectivity while the raised design elements retain a frosted, matte-white contrast. This mirror-vs-frost contrast effect — similar in appearance to a Proof coin — occurs naturally when early strikes come off a newly prepared die before the polished surface wears down from repeated impacts.

A DMPL 1887 dollar can be identified by tilting the coin under a single light source and observing that your reflection is clearly visible in the field. NGC and PCGS require that the mirror extends to a viewing distance of at least six inches to qualify for the full DMPL designation. Prooflike (PL) coins show a lesser degree of reflectivity. The 1887 issue is known to have produced DMPL coins from a California hoard that came to light in 1977 — noted by Q. David Bowers in his comprehensive Morgan dollar study — which explains why several thousand MS64 DMPL examples are estimated to survive.

DMPL coins command the most dramatic surface-designation premiums in the 1887 series. A DMPL graded MS66 realized $9,000 at Heritage Auctions in October 2025. A PL example in MS67 sold for $8,100 at Heritage in 2019. Collectors seeking maximum visual impact for a common-date coin find the DMPL 1887 Philadelphia dollar an outstanding value compared to rare-date alternatives, especially at the MS63–MS64 level where certified populations are more accessible.

Only 710 Proof Morgan dollars were struck at the Philadelphia Mint in 1887, part of an annual practice of producing specially prepared collector coins using hand-polished dies and carefully selected planchets. The Annual Report of the Director of the Mint for 1887 noted that the Mint had actually produced more Proof coins than collector demand required that year, suggesting the small mintage was dictated by policy rather than extraordinary market interest. Nevertheless, 710 is a very small number, and careful storage by original owners means many survivors remain in superb condition.

Proof 1887 dollars are identifiable by their squared-off, wire-like rims, fully mirrored fields in both obverse and reverse, and design details that appear sharper and more defined than even the finest business-strike examples. The edge reeding is crisp, evenly spaced, and shows no rounding at the tips. Cameo examples — where the design elements appear frosty white against the mirror fields — carry significant additional premiums and are designated PR-CAM or PR-DCAM by NGC and PCGS.

An 1887 Proof graded PR68 sold for $51,750 at Heritage Auctions. In PR63 condition, expect to pay approximately $3,700–$4,700 for a standard Proof, rising to well over $10,000 for Cameo examples at the same grade. Approximately 290 standard Proofs and 250 Cameo survivors are estimated from the original 710 struck. Any claim that a coin is an 1887 Proof must be verified by PCGS or NGC before purchase, as heavily polished business strikes are sometimes misrepresented as proofs.