Condition: The condition of the coin is a major factor in determining its value. Morgan dollars are graded on a scale from Poor (P-1) to Mint State (MS-70), with higher grades indicating better preservation. Uncirculated coins (MS grades) are generally more valuable than circulated coins.
Rarities: Some 1896 Morgan dollars are rarer than others, and their values can vary significantly. For example, the 1896-O Morgan dollar, minted at the New Orleans mint, is one of the rarest Morgan dollars and can command high prices.
Market demand: The demand for Morgan dollars can also affect their value. If there is a high demand for these coins, their prices may rise. Factors such as historical significance, coin collecting trends, and market sentiment can influence demand.
Based on these factors, the value of an 1896 US silver dollar can range from a few hundred dollars for a common circulated coin to several thousand dollars or more for a rare, well-preserved specimen. It's important to consult with professional coin dealers or numismatic experts to obtain an accurate valuation of a specific coin.