The 1888 Morgan Dollar: Key Varieties & Prices

The 1888 Morgan Dollar is a fascinating coin for collectors, thanks to its rich history and notable varieties. Struck during the heyday of the Morgan Dollar series (1878–1921), the 1888 issue represents a crucial piece of U.S. numismatic history. Its variations, especially the famous 1888-O “Hot Lips” variety and other rarities, make it an enduring subject of interest for numismatists.

Overview of the 1888 Morgan Dollar

The Morgan Dollar was named after its designer, George T. Morgan, and features Lady Liberty on the obverse and an eagle with outstretched wings on the reverse. The 1888 Morgan Dollar was minted in three locations: Philadelphia (no mint mark), New Orleans (“O”), and San Francisco (“S”). Each mint produced coins with slight differences in mintage and quality.

Philadelphia struck the highest number of 1888 Morgan Dollars, while the San Francisco Mint produced the lowest. For collectors, coins from each mint carry varying levels of desirability and value, depending on their condition and rarity.

Key Varieties of the 1888 Morgan Dollar

1. 1888-O “Hot Lips” Variety
   One of the most famous varieties in the entire Morgan Dollar series is the 1888-O “Hot Lips.” This variety is the result of a dramatic die doubling on Liberty’s lips, giving the appearance of two sets of lips. Other parts of the design, such as the nose and chin, also exhibit doubling. The “Hot Lips” variety is highly sought after and can command significant premiums, especially in higher grades.
   • In circulated condition, prices range from $200 to $800.
   • Uncirculated examples can exceed $5,000, particularly in MS-63 or higher grades.
2. VAM Varieties
   The 1888 Morgan Dollar boasts numerous VAM (Van Allen-Mallis) varieties, named after Leroy Van Allen and George Mallis, who cataloged these unique die variations. Notable VAMs include die clashes, repunched mint marks, and subtle design anomalies. Among these, collectors often seek out rarer varieties for their collections.
   • Some VAMs are relatively affordable, starting at $50 to $100 in circulated grades, while rarer ones can fetch thousands of dollars.

Factors That Affect Value

The value of an 1888 Morgan Dollar depends on several factors:

• Mint Mark: Philadelphia coins are the most common, while San Francisco coins tend to carry a slight premium due to lower mintage.
• Condition: Coins in uncirculated condition or with high Mint State (MS) grades are significantly more valuable than circulated examples.
• Rarity of Variety: Specialty varieties like the “Hot Lips” and scarce VAMs can dramatically increase a coin’s price.

Pricing Overview

• 1888 (Philadelphia): $40–$60 in circulated condition; $200–$500 in MS-63.
• 1888-O (New Orleans): $50–$80 circulated; $300–$1,000 uncirculated.
• 1888-S (San Francisco): $60–$100 circulated; $1,000+ in higher Mint State grades.

Conclusion

The 1888 Morgan Dollar is a staple for any serious collector of U.S. coinage. Its intriguing varieties, particularly the 1888-O “Hot Lips,” add a layer of excitement to the pursuit of these coins. Whether you’re drawn to its artistic design, historical significance, or investment potential, the 1888 Morgan Dollar continues to shine as a prized numismatic gem.

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