Coin values vary depending on a lot of factors. Most 1878 Morgan silver dollars have a value of at least $27.71 each. The 1878 silver dollar is the first of the Morgan dollar series. The value of this coin depends on variety, mintmark, and condition.
The specific reverse variety of the coin has an impact on value in the uncirculated grade. Check the number of tail feathers of the eagle on the reverse design. Count if there are 7 or 8. Look for tips of feathers extending from underneath the major feathers. The Philadelphia mint settled on the design with 7 tail feathers. It continued to use that design for the remaining years of the Morgan dollar series.
Located on the reverse of the coin, mintmarks affect the value of coins. Carson City mints have a mintmark of CC and they have the highest value. A mintmark of S means it is from the San Francisco mint. Philadelphia mints do not have any mintmarks.
The reason for the rise in the value of 1878 silver dollars minted at the Carson City Mint is the scarcity and demand.
The condition of the coin is crucial in determining the coin value. The surface and amount of wear affect the grade of the coin. The value of the coin will depend on its grade. An old coin is usually worn so if an old coin is still in great condition, the value is much higher.
An uncirculated condition will put your 1878 Morgan silver dollar at a premium. This condition means the coin has no wear to its surfaces. Original silver mint luster covers all design details.
This grade usually refers to silver coins that spent a short time in circulation. The coin has light wear and a bit of flattening. It still has a sharp crisp appearance with nice silver-gray coloring.
This condition refers to coins with design detail reduced and almost about to merge. Some parts are already flattened by wear and abrasions. The coin still has a respectable appearance.
Coins that lack design details are in good condition. The design is almost an outline only. Coins with this grade show excessive wear. The 1878 Morgan silver dollar value of this condition gets tied closer to its silver content.
All old coins have value. There are value charts available online to help you grade your coins. Most old US silver coins have ties to the price of silver instead of its collector value. Some coins are heavy with 90% silver. These include dimes, quarters, half dollars, and silver dollars. These are usually worth many times their face value and are part of collections.