Expert: PAPAJACK - 11/19/2006

Question
how mch is a 1887 dollar coin

Answer
Hello Arius,  

Coins are valued on a scale from 1 to 70. And on how rare a coin is. With no or little experience it is sometimes easier letting another collector look at them, and even coin shops will help for free.
 
In each series of coin type like  "Morgan Dollars". There are some quick reference points of wear to be seen on the high points that are known to show wear first. Most of these are covered in the RED BOOK.  The grading details it describes at the start of each coin series is taken from the American Numismatic Association Standard. And uses the 1 to 70 scale recognized by all professionals since the 1970's.

Most circulated coins range from Good (grade-G4) to Almost Uncirculated (grade-AU50) on the scale.

First look for a mint mark letter they were made at three or four mints. Philadelphia has no mint mark but the Carson City,  New Orleans and San Francisco Minted coins show a mint mark below the eagle (above and between the letters "D" and "O" in the word DOLLAR).

Without seeing the coin I can only supply you with a range of values. Also a major variety is the  1887 has the ghost of the number 6 under the number 7 in the date this over date variety sells for more.
Let me also note that you should never clean your coins. This removes the surface protection and cuts the value from 40% to 60% !
Here's a quick wear/Grading guideline:

GOOD or Grade 4 :
Letters and date clear no feathers on reverse but no wear to the outside rim from letters.

VERY GOOD or Grade 8: or Grade 12:
All details strong and definition remains on some high areas of the coin.  

VERY FINE or Grade 20:   
Two thirds of hairlines show. Ear is well defined. Feathers on eagles breast worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. Only slight wear on eagles breast and wing tips. Some Original Mint Luster shows.

ALMOST UNCIRCULATED or Grade 50 TO 59 :
Only light trace of wear on highest points. Nice mint luster on coin although marred by hitting against other coins is allowed.

For a start a Morgan Type silver dollars are 90% silver. This makes the value of even an extremely worn coin still worth 8 or 9 times it's face value just due to the precious metal content. Depending on the state of preservation (Grade) and the Mint Mark (if any) they can vary greatly in value. Common issue dates in circulated condition are plentiful. These are approximate values for common date and mints circulated coins.  

1887 P, O, S Mints:
No mint mark ... . .Grade 8= $13,   grade 12=$15,  grade 20= $18,  grade 40=$20,  grade 50=$20   
O mint mark   .. . .Grade 8= $13,   grade 12=$15,  grade 20= $18,  grade 40=$20,  grade 50=$20   
S mint mark   . . . Grade 8= $14,   grade 12=$17,  grade 20= $21,  grade 40=$23,  grade 50=$30   
And if the coin is Uncirculated or has very little wear there would be a demand for it and the price can vary greatly.

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Thank You and Good Luck

PapaJack