Assuming the coin is circulated and has no mintmark, the 1878 Morgan is a common coin, but this is the first year of issue and 5 varieties exist. For an accurate assessment of value the coin needs to be seen and graded. Most coins show a lot of wear. In general retail values for low grade coins for the most common type are $36.00-$40.00, better grade are $41.00-$45.00 and coins showing almost no wear run from $47.00-$55.00. Values are a market average and only for coins in collectible condition, coins that are bent, corroded, scratched or have been cleaned have far less value if any to a collector or dealer.
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