1881 is a common date Morgan, retail values are $23.00-$31.00 for circulated coins. Uncirculated start at $35.00
If the coin has a Mintmark it is on the back of the coin, above the letters DO in dollar. If no mintmark the coin was minted in Philadelphia.
There were 12,760,000 1881-S Morgan dollars minted.
The 1881 "Peace Dollar" does not exist. Peace Dollars were minted starting in 1921. Prior to that the Morgan dollars were minted from 1878 up to and including 1921 (Yes both Peace and Morgan dollars were minted in 1921.
Depends on condition
1881 is not a rare date for Morgan dollars except those minted in Carson City. Approximate retail values as of 02/2009 for a Philadelphia-minted coin are Very worn condition - $15 Moderately worn - $16 Slightly worn - $20 Almost no wear - $21 A nice uncirculated one might sell for $35 or more.
The type of dollar coin at the time was called a Morgan dollar. Run a search on Google Images to find a picture. They were minted 1878-1904 and again in 1921.
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
The mint mark position on all Morgan dollars is above the DO in DOLLAR on the reverse. In 1881 these coins were struck at 4 mints: Philadelphia - no mint mark San Francisco - "S" New Orleans - "O" Carson City - "CC"
You can go to Google images (images.Google.com) and search for: 1881 Morgan
Numismedia shows an 1881-O deep mirror proof-like Morgan retailing for about $88.
6-26-11>>> The 1881-S Morgan is very common, circulated coins are $36.00-$40.00.
Assuming the coin is circulated and has no mintmark's, retail values are $29.00-$42.00 depending on the actual grade of the coin. The 1881 Morgan dollar is a very common coin.