Prices updates as of 1/1/2009
1885 is not a rare date for Morgan Dollars, unless it has a "CC" mintmark on the back below the eagle.
In circulated condition, it's worth about $16 -- a nice uncirculated one is worth about $35
If it has the "CC" mintmark, it's worth at least $400
According to the 2009 Guide Book of United States Coins, an 1885 with no mintmark, or with an "O" below the wreath are both worth anywhere between $20 and $175.
An 1885-S is worth a little more, between $45 and $1750.
However an 1885 with "CC" below the wreath under the eagle is worth far more. In lower grades it is worth around $500. This is for a coin with flat details, and a lot of wear, it would probably look dark and scratched, but you can easily recognize the shape of the face and eagle and the date and most Words are readable. For a higher grade coin where details are present but worn, and with some luster you can probably expect around $600-$700. Superb examples, with few scratches, bright luster and shine and sharp details can range up around $2000-$3000. As with all coins a perfect example will be worth exponentially more.
By the way, given the current price for pure silver at $17.58 an ounce you have $13.59 worth of silver in the coin, even if it is in poor condition. So even if you don't have a rare Carson City Mint Morgan Dollar, and it is in poor condition, you have much more than one dollar.
One thing to note, just because a silver dollar doesn't appear silver doesn't always mean it is in bad condition. Some people only think a coin is worth something if it is totally white or silver, but this is not the case. A Morgan dollar with "toning" is often worth the same or more as one without. "Toning" is when the coin changes color to a brown or blue tinted piece, or in some coins orange and green. Watch out, however, while toning is a natural process some people try to speed it up with unnatural chemicals which can damage the coin's surface
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