There is of course not really a "P" mint mark on coins minted in the 19th century, so I'm assuming you are using that letter to indicate that it's from Philly and not a branch mint.
As of 09/2008 a Philadelphia-issue 1881 Morgan would retail for $16-20 depending on how worn it is.
An 1880 Morgan with no mintmark is common. Circulated examples are $30.00-$37.00. Mint State coins are $40.00-$50.00
Assuming the coin is certified by one of the top 3 grading company's. The 1881 Morgan dollar in MS-65 has a current market value between $550.00 & $675.00.
About $17 or $18, or more if silver rises dramatically in price (as of January 30, 2008, silver is $16.76 per troy ounce and the Morgan silver dollar has an Actual Silver Weight of 0.7734 troy ounces, giving it a "melt value" of about $12.96). Note that there would be no "P" mint mark - coins produced in Philadelphia at that time had no mint mark.
August 22, 2009 The Philadelphia mint produced 9,163,984 Morgan Dollars in 1881. The circulated and uncirculated values of these coins are shown in the following list: Circulated Grades.............1881-P G4......................................$16 F12....................................$18 VF30..................................$20 EF40..................................$21 AU55.................................$24 Uncirculated GradesMS60...................................$34 MS62...................................$40 MS63...................................$56 MS64...................................$132 MS65...................................$780 MS66...................................$3560 MS67...................................$17,190
August 22, 2009 The Philadelphia mint produced 9,163,984 Morgan Dollars in 1881. The circulated and uncirculated values of these coins are shown in the following list: Circulated Grades.............1881-P G4......................................$16 F12....................................$18 VF30..................................$20 EF40..................................$21 AU55.................................$24 Uncirculated GradesMS60...................................$34 MS62...................................$40 MS63...................................$56 MS64...................................$132 MS65...................................$780 MS66...................................$3560 MS67...................................$17,190
List for this coin in MS-63 is $50.00.
Philadelphia did not use a P mint mark on dollar coins until 1979. For all other mints, the position on a Morgan dollar is above the DO in dollar.
It is worth silver scrap, about $1.50-2 depending on the spot price of silver. It is 35% silver.
Edward P. Morgan was born in 1910.
Jaye P. Morgan's birth name is Mary Margaret Morgan.
Jaye P. Morgan's real name is Mary Margaret Morgan.
June P. - J. P. - Morgan was born on 1917-07-12.
June P. - J. P. - Morgan died on 1998-09-28.