An 1888 Morgan silver dollar graded MS67 sold for $18,400 at Heritage Auctions — yet the same date in worn condition starts under $40. This year produced the legendary Hot Lips and Scarface VAMs, two of the most celebrated varieties in the entire Morgan series. Find out which version you have, and what it's really worth.
The Hot Lips dollar (VAM-4) is one of the most dramatic and sought-after varieties in the Morgan series. Use this quick checker to see if your 1888-O might qualify.
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The mint mark is on the reverse, above "DO" in "DOLLAR," below the eagle's tail.
Look at the high points — Liberty's cheek and hair above the ear — to judge wear.
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Not yet sure about mint marks or variety names? You can snap a photo of your coin and run it through the 1888 Silver Dollar Coin Value Checker tool to get a visual identification before coming back here to estimate a price.
The 1888 Morgan dollar year stands out in the series for an extraordinary concentration of named collector varieties. The 1888-O issue alone yielded multiple Top 100 and Hit List VAMs, making this one of the most rewarding dates to cherrypick. Here is a detailed breakdown of the six most important varieties, from most famous to most collectible for the advanced specialist.
The Hot Lips variety is arguably the most visually dramatic doubled die in the entire Morgan dollar series. It was produced at the New Orleans Mint in 1888 when the working die received a second hub impression that was slightly misaligned. Because the doubling is concentrated on Liberty's mouth, the resulting coins appear to show a complete second set of lips above the original — an effect so striking that it helped fuel mainstream interest in VAM collecting in the 1990s.
To identify Hot Lips, examine Liberty's mouth under any low-powered magnifier or even the naked eye in good light. The VAM-4 shows a heavy secondary lip raised clearly above the primary lip, most pronounced on the upper lip. The doubling may also extend faintly to the chin, nose, and lower facial features, confirming hub displacement rather than mechanical damage. The "O" mint mark must be present on the reverse.
Collector demand for the Hot Lips VAM-4 is consistently strong at all grades. Worn circulated examples with confirmed attribution sell for $60–$300, mid-grade MS63 examples fetch $200–$2,000, and the finest gem survivors have realized over $20,000 at major auction houses. The Greysheet lists the full range at $60–$20,000, reflecting wide grade-dependent variation. Professional authentication is recommended before purchase or sale of any example claiming this variety designation.
The Scarface dollar is one of the most visually compelling die-break varieties in all of American numismatics. The defect began as a hairline crack in the obverse die, initiating near the dot between "E" and "PLURIBUS" at the upper-left rim. As the die progressively deteriorated under the tremendous pressure of coinage, the crack propagated diagonally across Liberty's nose, cheek, and eventually into her hair, creating the unmistakable "scar" for which the coin is named.
The Scarface is catalogued in multiple die states. VAM-1B3 (Late Die State) shows the crack crossing the nose and cheek clearly. VAM-1B4 (Very Late Die State) shows additional propagation into the hair and is the most dramatic and rarest stage. On any state, the scar appears as a raised diagonal ridge — not a gouge or scratch — running from upper left to lower right across Liberty's facial features. The crack is visible to the naked eye on most examples.
Both VAM-1B3 and VAM-1B4 are recognized Top 100 Morgan VAMs. The Greysheet values the Scarface range at $550–$13,500 for VAM-1B4 depending on die state and Mint State grade. The advanced die state (VAM-1B4) commands the highest prices because it represents the final, most dramatic stage before the die was retired. Stack's Bowers has sold Scarface examples in the four-figure range in mid-grade circulated condition, and five figures for choice uncirculated specimens.
The 1888 Philadelphia Doubled Ear is a hub-doubling variety that affects the obverse die used at the Philadelphia Mint. During the hubbing process — where the design is pressed into the working die from the master hub — a slight rotational shift between impressions left a secondary ear image partially overlapping the primary ear on Liberty's profile. The die was placed into service without correction, transferring the doubled ear feature to every coin it struck.
The doubling on VAM-11 is most visible at the lower lobe and inner cartilage of Liberty's ear. Under a 10× loupe, the secondary ear appears as a distinct shadow or thickened inner wall immediately below or adjacent to the primary ear. VAM-11A adds a clashed obverse — where die clash marks from accidental die-to-die contact appear on the obverse field — making it a two-feature variety that commands additional interest from specialists. The Philadelphia no-mint-mark issue is the host coin for both sub-varieties.
The Doubled Ear ranks as a recognized Top 100 Morgan VAM and sees consistent collector demand. Circulated examples in VF to EF grades are valued at $65–$200, while uncirculated MS63 examples typically bring $200–$500. The Greysheet lists the full range at $65–$1,000 for the base VAM-11, with the clashed VAM-11A sub-variety potentially commanding a modest additional premium. The variety is accessible enough to cherrypick from original rolls and dealer stock, making it popular with intermediate variety hunters.
The Oval O varieties represent a fascinating subset of 1888-O Morgan dollars where a distinctly non-standard mint mark punch was used on select working dies. Instead of the normal round "O" punch used on most New Orleans issues of the period, these dies received an "O" that is noticeably taller than it is wide — visibly oval rather than circular. VAMworld lists multiple Top 100 sub-varieties catalogued under the Oval O designation, including VAM-2, VAM-5, VAM-6, VAM-17, VAM-18, VAM-21, VAM-24, and VAM-34.
Visual identification requires examining the reverse mint mark with a 5–10× loupe. The Oval O varieties display a mint mark where the vertical diameter is measurably greater than the horizontal diameter, creating an egg-shaped letterform rather than a circle. On many examples the Oval O is also positioned slightly higher or with a slight tilt compared to the standard Round O. Different VAM sub-varieties within the Oval O family are distinguished by date position, presence of repunching, or additional reverse doubling.
All Oval O sub-varieties for the 1888-O are designated Top 100 Morgan VAMs, reflecting their importance and collector demand. The range in values is wide because the sub-varieties differ in rarity: VAM-6 is the most accessible ($50–$230), while VAM-5, VAM-18, and VAM-24 in gem uncirculated condition have reached $2,000–$3,750 at major auction houses. Cherrypicking Oval O examples from raw Morgan dollar lots remains a productive strategy for variety specialists.
The Shooting Star earns its evocative nickname from a dramatic die gouge that runs through the obverse field near Liberty's Phrygian cap, creating the visual impression of a meteorite streaking across the sky. The gouge originated from physical damage to the working obverse die — likely from a metal chip, tool mark, or die handling accident at the New Orleans Mint — rather than from the hub impression itself. As a result, the "shooting star" mark appears consistently across all coins struck from the affected die.
The gouge on VAM-7A is most visible in the field area above and slightly behind Liberty's cap, running in a directional streak that distinguishes it from random surface marks on the planchet. It shows as a raised, directional line on the coin (since a recessed gouge in the die produces a raised line on struck coins). The length and brightness of the streak will vary depending on die wear and striking pressure, but the direction and location remain consistent across genuine examples.
The Shooting Star is listed on the Hit List of noteworthy Morgan VAMs and is valued at $100–$2,250 across grades per the Greysheet. Mid-grade circulated examples in EF to AU condition are the most commonly encountered and trade in the $200–$600 range. Uncirculated examples with clear, bold die gouges and good surfaces are significantly rarer and drive auction values toward the $2,000+ level. The Shooting Star is popular among both beginning and advanced VAM collectors for its dramatic visual appeal and memorable nickname.
The 1888 Philadelphia VAM-7 Die Gouges family is notable for documenting one of the most extensively catalogued progressive die deterioration sequences in the Morgan dollar series. This variety traces the life cycle of a single reverse die that developed cumulative gouges and damage over its working lifespan, producing coins with progressively more dramatic die gouge patterns visible on the reverse field, around the eagle, and near the lettering. VAMworld catalogs at least nine distinct die states (VAM-7 through VAM-7D2).
The early die states (VAM-7 and VAM-7A1) show relatively subtle die gouges, while later stages (VAM-7C1 through VAM-7D2) display increasingly bold and numerous gouge marks. The most dramatic die state has also been documented in Proof-Like and Deep Mirror Proof-Like surface quality, meaning the gouges appear against a highly reflective field — greatly amplifying their visual impact. Collectors who pursue the complete die state set face the challenge of locating all nine stages in acceptable condition.
The value range for the VAM-7 family is uniquely wide because die state rarity drives price. The common early states (VAM-7) start at $46 in lower circulated grades. The finest die state sub-variety (VAM-7C1) has a Greysheet range of $46–$8,250 in Mint State, with gem DMPL examples commanding special collector attention. The Greysheet notes both PL and DMPL premiums for this variety. No other 1888 Philadelphia variety approaches the complexity and depth of the VAM-7 die progression for the advanced collector.
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Calculate This Variety's Value →Values below are drawn from current dealer spreads, Greysheet CPG data, and auction records. For a detailed illustrated 1888 silver dollar identification walkthrough and grading guide, including full photo comparisons by grade level, follow that link. Note that the 1888-O Hot Lips and Scarface varieties command substantial premiums above these standard figures.
| Variety | Worn (G–VF) | Circulated (EF–AU) | Uncirculated (MS60–63) | Gem (MS64–65+) |
|---|---|---|---|---|
| 1888-P (Philadelphia) | $32–$38 | $38–$45 | $55–$85 | $285–$18,400 |
| ⭐ 1888-O Hot Lips (VAM-4) | $60–$300 | $300–$800 | $800–$5,000 | $5,000–$20,000+ |
| 🔥 1888-O Scarface (VAM-1B4) | $550–$1,200 | $1,200–$3,000 | $3,000–$8,000 | $8,000–$13,500+ |
| 1888-O (Standard) | $32–$38 | $38–$45 | $65–$120 | $485–$18,000 |
| 1888-O Oval O (VAM-2/5) | $75–$130 | $130–$400 | $400–$1,200 | $1,200–$3,750+ |
| 1888-S (San Francisco) | $38–$55 | $55–$85 | $85–$165 | $850–$36,000 |
📱 CoinKnow lets you snap a photo of your 1888 Morgan dollar and cross-check your estimated grade against actual graded examples in seconds — a coin identifier and value app.
| Mint | Mint Mark | Mintage | Notes |
|---|---|---|---|
| Philadelphia | None (P) | 19,183,000 | Largest 1888 issue; coarse luster common; die quality varies |
| New Orleans | O | 12,150,000 | Home of Hot Lips and Scarface; typically weaker strike |
| San Francisco | S | 657,000 | Lowest mintage of the three; generally superior strike quality |
| Total Production | 31,990,000 | Proofs also struck at Philadelphia (not counted above) | |
Metal: 90% Silver, 10% Copper · Weight: 26.73 grams · Diameter: 38.10 mm · Edge: Reeded · Designer: George T. Morgan · Silver content: 0.77344 troy oz · Series: Morgan Dollars (1878–1921)
Mintage context: The 1888 issue was struck under the Bland-Allison Act of 1878, which required the Treasury to purchase and coin 2–4 million ounces of silver monthly. Many 1888 dollars were stored rather than released immediately; large quantities were melted under the Pittman Act of 1918, reducing surviving populations from the original 31+ million struck.
Your coin's grade is the single largest driver of value. These are the four main condition tiers and what to look for on each.
Heavy to moderate wear throughout. On Good examples, LIBERTY may be faint, rim worn into lettering. VF shows most hair strands visible, cotton leaves in Liberty's hair retain outline but internal detail is flat. Eagle breast feathers largely worn smooth. Values reflect mostly silver content plus modest numismatic premium. Typical range: $32–$42.
Light to very light wear. EF examples show wear on Liberty's cheek, hair above the ear, and eagle's breast feathers, but all major design elements are sharp and clear. AU pieces retain much of their original luster in protected areas — hairline, behind the ear, between feathers. Only the highest relief points show friction. Range: $38–$55 for standard dates.
No trace of wear, but bag marks and contact marks are present. MS60 may show heavy, distracting marks across Liberty's cheek and field. MS63 (Choice Uncirculated) has fewer and less severe marks; fields retain good luster. Strike on 1888-O Morgans is often weak — check the hair above the ear and breast feathers for flatness from striking, not wear. Range: $55–$120 depending on mint.
MS64 allows a small number of noticeable marks, none in critical focal areas (Liberty's cheek, open field). MS65 (Gem) shows only a few minor contact marks, exceptional luster, and pleasing eye appeal throughout. For 1888 Morgan dollars, a sharp strike is a bonus worth paying for — many examples in this grade range suffer from die fatigue on the hair detail. Top gems (MS66–MS67) are very rare and command significant premiums. Range: $285–$18,400.
The 1888 Philadelphia issue suffers from die fatigue that results in softly struck hair detail above the ear and on Liberty's cap — even on uncirculated coins. This is a striking weakness, not wear, and properly trained graders do not penalize it as such. The 1888-S typically shows the sharpest overall strike of the three mints. Original rainbow toning on 1888 Morgans is highly desirable and can add significant premiums in grades MS63 and above — but only if it is original, even, and not hiding cleaning.
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The right venue depends on your coin's grade and whether it carries a desirable VAM attribution. Here are the four best options.
Best for gem uncirculated (MS64+) examples and attributed Top 100 VAMs like Hot Lips and Scarface. Heritage reaches the deepest pool of serious Morgan dollar specialists. Consignment fees apply, but top-quality coins regularly exceed dealer buy prices by a substantial margin. Heritage sold the record $18,400 MS67 example in 2011.
Ideal for mid-grade circulated and lower uncirculated examples where auction house fees would eat into margins. Search for recently sold prices for 1888 Morgan dollars on active listings to benchmark your coin before listing. Fixed-price listings often outperform auctions for common-date examples in MS60–63 range.
Convenient for immediate cash offers on circulated examples. Most dealers will offer 50–70% of retail for common dates; attributed VAM pieces may fetch better percentages from a specialist. Call ahead to confirm the dealer handles Morgan dollars actively. Some local shops have relationships with auction houses for high-value pieces.
Strong community for mid-range coins in EF–AU and lower MS grades. No seller fees beyond PayPal goods-and-services. Buyers in these communities are knowledgeable about Morgan dollar varieties — a properly attributed Hot Lips or Scarface coin will attract motivated buyers. Build your seller reputation with smaller transactions first.
A circulated 1888 Morgan silver dollar from Philadelphia is worth roughly $32–$45 in lower grades (Good through Very Fine). In uncirculated condition (MS63), values rise to around $85, and gem examples (MS65) can reach $285 or more. The base silver content — approximately 0.77344 troy ounce — provides a floor below which values rarely fall, regardless of condition.
The 1888-O Hot Lips (VAM-4) is a dramatically doubled die variety struck at the New Orleans Mint. The hub doubling is so extreme that Liberty appears to have a full second set of lips above the first. It became one of the most popular Morgan dollar varieties when it helped bring VAM collecting into the mainstream. Circulated examples sell for $60–$2,000+, with choice uncirculated specimens reaching far higher.
The 1888-O Scarface (VAM-1B3 and VAM-1B4) is caused by a progressive obverse die break that runs diagonally across Liberty's nose and cheek, creating a "scar." The VAM-1B4 stage shows the crack extending into the hair. These are Top 100 Morgan VAMs, with choice examples trading anywhere from several hundred to over $13,500, depending on die state and grade.
The 1888-S Morgan dollar had a very low mintage of only 657,000 coins, making it the scarcest regular-strike issue of the year. Circulated examples in Good grade start around $38–$55, but gem uncirculated (MS65) specimens can reach $850 or more. The combination of low mintage and generally superior strike quality from the San Francisco Mint drives premiums in higher grades.
According to PCGS CoinFacts, the auction record for a regular-strike 1888 Philadelphia Morgan dollar is $18,400 for an example graded MS67, sold at Heritage Auctions on January 5, 2011. The 1888-O in gem grades and the rare 1888-S in superb gem condition have produced strong auction results as well, with individual auction records at Stack's Bowers in the $14,950 range for MS67 examples.
The mint mark on an 1888 Morgan dollar is located on the reverse, above the "DO" in "DOLLAR," just below the tail feathers of the eagle. Philadelphia-minted coins have no mint mark. New Orleans coins show an "O," and San Francisco coins show an "S." The 1888-O also includes some fascinating varieties where the "O" mint mark is distinctively oval-shaped rather than round, catalogued as multiple Top 100 VAMs.
The most valuable 1888 Morgan dollar varieties include: the 1888-O Scarface (VAM-1B4, up to $13,500+), the 1888-O Hot Lips (VAM-4, up to $20,000 in top grades), the 1888-O Shooting Star (VAM-7A, up to $2,250), the 1888-O Doubled Arrows (VAM-9, up to $2,200), and the 1888 Philadelphia Doubled Ear (VAM-11, up to $1,000). Philadelphia die gouge varieties (VAM-7 stages) can also command $8,250+ in gem condition.
Yes. Every 1888 Morgan silver dollar was struck from a composition of 90% silver and 10% copper, with a total weight of 26.73 grams. This means each coin contains approximately 0.77344 troy ounce of pure silver. At current silver spot prices, the melt value of an 1888 Morgan dollar typically falls in the $24–$26 range, though all examples command significant numismatic premiums above that floor.
DMPL stands for "Deep Mirror Proof-Like." These are circulation-strike coins that happen to have deeply mirrored, cameo-like fields — similar in appearance to proof coins. The 1888 Philadelphia DMPL is valued at $245–$23,000 depending on grade, while the 1888-O DMPL runs $155–$17,500. The early die state required to produce DMPL pieces is rarely preserved, making these significantly scarcer than standard uncirculated examples.
Never clean your 1888 Morgan silver dollar. Cleaning — even gentle polishing — removes original surface luster and creates hairlines visible under magnification, which PCGS and NGC graders are trained to detect. A cleaned coin is designated "details grade" or "cleaned" on the holder, which can reduce its value by 50–80% compared to an equivalent uncleaned example. Always sell or submit for grading in original, untouched condition.
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