1978 Mexico 100 Pesos Morelos Silver Coin: Value & Variety Guide

If you inherited or found a large silver Mexican coin reading "100 Pesos" with a man's profile on it, here is the honest answer: the 1978 100 Pesos Morelos is worth its silver content first, roughly 0.833 troy ounces of pure silver, plus a modest collector premium in top condition. This is not a rare fortune coin, but it is real silver with a solid floor value.

What you actually have

The 100 Pesos Morelos is a large Mexican silver coin honoring José María Morelos, a leader of Mexico's independence. It was struck from 1977 to 1979 and was one of the last Mexican circulating coins made with a high silver content before silver disappeared from everyday money.

Key specs to confirm your piece is genuine:

• Metal: .999 fine silver
• Weight: 27.8 grams
• Diameter: 39 mm
• Edge: reeded (grooved)
• Design: profile of Morelos on the reverse, the Mexican National Coat of Arms (an eagle on a cactus) on the obverse

That 27.8 grams of near-pure silver equals about 0.833 troy ounces. That number sets the price floor: your coin is never worth less than the current melt value of that silver, no matter the condition.

The "date under the shoulder" variety

This specific page covers the 1978 issue with the variety collectors call date in line below the shoulder, referring to where the year digits sit relative to Morelos's bust. Within 1978, the date was placed in slightly different positions on different dies, and this is one of the varieties collectors learn to spot with the coin in hand.

Here is the honest part: for a casual seller, this variety distinction adds little to no money over a standard 1978 coin. Die-position varieties matter to specialist collectors chasing a complete set, not to the melt-and-premium market where most of these coins actually change hands. Do not expect a windfall because of where the date sits.

What it's worth in 2026

Value breaks into two layers:

Condition	What drives the price	Typical value
Circulated, worn	Silver melt value	Melt (about 0.833 oz of silver)
Uncirculated, original luster	Melt plus collector premium	Small premium over melt
Certified high grade (MS64+)	Grade scarcity in that condition	Highest premium, still modest

Because the coin's price tracks the international silver spot price, its melt value moves daily. Multiply 0.833 by the current silver spot price to get the floor. A worn example trades near that floor. A crisp uncirculated piece with full original luster and no cleaning marks brings a premium on top.

Coins graded and slabbed by NGC or PCGS in high mint-state grades command the strongest premiums, but even then this is a coin valued in the tens of dollars, not the thousands. Anyone telling you a common 1978 100 Pesos is worth a small fortune is selling hype.

The mintage question

The exact mintage for this specific date-position variety is not officially documented, which is common for minor die varieties. The broader 100 Pesos Morelos series was struck in the millions across 1977 to 1979, so the base coin is not scarce. Collector forums float numbers for the variety, but none are confirmed by the Bank of Mexico. Treat any "rare mintage" claim with skepticism.

How to tell if yours is genuine

Counterfeits of Mexican silver exist, so verify before you buy or sell:

1. Weight and size: it must weigh 27.8 grams and measure 39 mm. A cheap digital scale settles most fakes instantly. Off weight means walk away.
2. The ping test: genuine silver rings with a high, sustained tone when balanced on a fingertip and tapped gently. Fakes sound dull and short.
3. Magnet test: silver is not magnetic. If a magnet grabs it, it is not silver.
4. Certification: for any coin you think is high grade, NGC or PCGS grading is the definitive answer. It confirms authenticity and grade in one step and makes the coin far easier to sell.

Where to sell it

Because this is a precious-metal coin with a silver floor, you will always find a buyer. Your best options:

• Local coin dealers who buy silver by weight plus a premium for nicer pieces. Fast and safe, but they pay closer to melt.
• A verified numismatic shop from the Pesoteca directory, which can appraise it on the spot without dealer markup games.
• The Pesoteca buy-and-sell forum, where collectors chasing the Morelos set may pay a genuine premium for the right variety and grade.
• Online marketplaces, where you can reach more buyers but also compete with fakes. Always show clear photos of both faces and the edge, and state the exact weight.

Photograph the obverse, reverse, and edge before selling, and compare offers against the silver floor. Do not dump it at the first lowball offer on social media.

Have a 1978 Morelos and unsure whether it's the date-under-shoulder variety? Post clear photos on the Pesoteca forum and let collectors who know the series confirm it for you.