What is the melt value of a Morgan silver dollar at today’s silver spot price?

1. The simple formula and the coin’s silver content

A Morgan dollar minted 1878–1904 and in 1921 is 90% silver and contains approximately 0.7734 troy ounces of pure silver (multiple sources corroborate the weight used in melt calculations) and that figure is the constant in every melt-value calculation ^{[1] [2] [3] [4]}.

2. How to compute melt value in one line

Multiply 0.7734 by the current silver spot price per troy ounce to get the melt value in dollars; this is the standard approach used by price guides and melt-value calculators across the numismatic and bullion space ^{[1] [2] [3] [5]}.

3. Worked examples drawn from recent published guides

Using published examples from market write‑ups: at $28.50 per troy ounce the melt value is $22.04 (0.7734 × $28.50) as shown in a 2026 guide ^[1]; at $28/oz the melt value is about $21.65 as cited by a market primer ^[8]; at $20/oz the same formula gives $15.47, an example used on a coin-information page ^[9]; and broader market commentary has shown ranges around $18–$23 when spot fluctuated roughly $23–$30/oz in early 2025 ^[4]. These examples demonstrate the linear, transparent relationship between spot price and melt value ^{[1] [8] [9] [4]}.

4. Why some quoted figures diverge and a caution about dealer listings

Occasionally a dealer page will list values that do not match the simple melt calculation — for example, one listing quotes a “melt” number of $72.98 at “today’s spot” which is inconsistent with the 0.7734×spot formula and likely reflects a dealer inventory price, bundled lot, data error, or a premium/markup rather than pure melt value ^[10]. Reliably determining intrinsic silver value means using live spot feeds or independent melt calculators rather than taking single dealer listings at face value ^{[5] [6] [7]}.

5. Numismatic reality: melt is a floor, not the full story

For most Morgan dollars, collectors’ premiums mean market value exceeds melt value; common circulated Morgans often trade for more than the melt floor, while uncirculated or rare-date examples can command many times the intrinsic silver amount — market primers and auction guides regularly stress that numismatic value often dwarfs melt ^{[8] [4] [11]}.

6. Practical next steps and sources to check for a precise “today” number

To get the exact melt value at this moment, pull the live silver spot price from a reputable source and multiply by 0.7734, or use one of the many online melt calculators and price guides that update with live spot — NGC’s melt pages, Coinflation and Stack’s Bowers calculators are commonly cited tools for this purpose ^{[5] [12] [7] [6]}. If a coin’s condition, date, or mint mark matters, consult numismatic price lists in addition to melt calculators because collector value can far exceed the intrinsic-metal calculation ^{[11] [8]}.