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.