The San Francisco Mint began striking Morgan dollars on April 17th, 1878. Nearly ten million Morgans were struck that first year. A large number of those first Morgans struck in San Francisco remained in their vaults for decades. Due to this large number withheld from circulation, the 1878-S Morgan dollar is common even through the gem level. However, on the open market 1878 S Silver Dollars in pristine, uncirculated condition sell for as much as $42500.