What is the value of an 1881 silver dollar coin?

Coin values depend very much on the condition of the coin and the mintmark. On the Morgan dollar, issued in the United States between 1878 and 1904 then again in 1921, the mintmark can be found on the reverse (eagle) side at the bottom.

For an 1881 Philadelphia mint coin (shows no mintmark), in average circulated condition the coin is worth roughly $15 wholesale. In average uncirculated (also called mint state, or MS) condition, it may be worth $40. In gem uncirculated condition (MS-65) it is hard to find, so may have a value exceeding $600. In virtually perfect condition it may be worth more than $5000. (All prices as of September 2007 -- prices vary by demand level.)

Other mintmarks found on 1881 Morgan dollars are S (San Francisco), O (New Orleans), and CC (Carson City). The values of S and O mint 1881 dollars are about the same as the Philadelphia mint values in circulated to average uncirculated condition. O mint dollars jump even higher in gem uncirculated and better condition, while the S mint is more common, and thus less valuable, in gem grades. The CC version is much more valuable in lower grades, due to its rarity overall, but it does not gain as much in higher grades. A circulated CC coin of this date may bring $300, while in gem uncirculated state it could be worth $750 or so.

There are other factors that influence coin values, including toning (color) and surface reflectivity. In all cases try to avoid contact with the surfaces, and never attempt to clean or polish your coins, as this will almost certainly reduce its value.