Assuming the coin is circulated, still in collectible condition and has no mintmark. The 1889 Morgan dollar is a high mintage common date coin, average retail values are $32.00-$44.00.
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It's important to know the coin's mint mark. Look on the back of the coin to see if there's a small letter above the DO in DOLLAR. It may be blank or there may be a CC, O or S. (The M on the front of the coin is the designer's monogram and not a mint mark.)
Numismedia lists the following approximate retail values as of 02/2014:
No mint mark (Philadelphia):
Very worn condition - $29
Moderately worn - $39
Slightly worn - $40
Almost no wear - $42
Uncirculated - $53 to $34,380 depending on quality
CC mint mark (Carson City)
Very worn - $518
Moderately worn - $930
Slightly worn - $1,380
Almost no wear - $9,764
Uncirculated - $25,310 to $968,750
O mint mark (New Orleans):
Very worn - $29
Moderately worn - $39
Slightly worn - $40
Almost no wear - $51
Uncirculated - $192 to $21,560
S mint mark (San Francisco):
Very worn - $36
Moderately worn - $52
Slightly worn - $60
Almost no wear - $112
Uncirculated - $270 to $29,380
DISCLAIMER: The retail values quoted are the best available as of the date shown, but may vary significantly due to changes in the precious metals market. Also the wholesale (buying) price of a coin will be less than the selling (retail) price. A reputable coin dealer will be able to give a more accurate valuation based on inspection of the coin.
FAQ's about Morgan dollars
E Pluribus Unum
The motto E Pluribus Unum (Latin for "Out of Many, One") is on ALL $1 coins minted since 1878 so that's not specific enough to ID any one coin.
Silver Eagles
Silver eagles are bullion coins minted since 1986 for sale to collectors but not for spending. Morgan dollars were made for use in ordinary circulation just like dimes and quarters.
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