Silver Dollars For Sale

Silver Dollar Coins Silver Dollars were an immensely useful general circulation coin produced by the United States Mint for more than 140 years and today are one of the most popular types of U.S. Coins among collectors. Bust Silver Dollars were among the first minted and were only produced for a short time. This relatively small mintage means. Silver Coins remain as popular as ever among collectors. Stalwarts like the Silver Eagle and the Morgan Dollar to international coins such as the Panda Coins and the Maple Leaf Coins, silver coins are fantastic collectibles and many are essential to every collection. Produced and sold for collectors, silver coins produced by the U.S. Mint are beautiful pieces of art in fine silver. Coins are produced in proof and uncirculated finishes in a variety of options. Silver Bullion Coins provide investors with a convenient and cost effective way to add silver to their investment portfolio.

US Silver Dollars

You may already know that silver dollars are a collector’s item and a prudent investment, but what you might not know is the pivotal role the silver dollar has played in the history of the American monetary system. American currency essentially began with the silver dollar, which further enhances its appeal to investors and collectors alike. Here, you’ll find a synopsis of the history of silver currency in the U.S., as well as an in-depth description of two of the most significant silver-dollar designs — Morgan and Peace Dollars.

The History of Silver Currency in the U.S.

During the American Revolution, Congress printed millions in “Continentals,” or the currency of the Continental Congress. In theory, the states would exchange this paper currency for silver or gold once the war ended. The problem was that the British government began printing counterfeit Continentals to purchase supplies from Americans, and confidence in the currency quickly plummeted to the point that it became worthless.

At this time, Americans had already accepted the Spanish dollar as the primary unit of value in the market. This dollar was known as a Spanish peso, the abbreviation for which (S and P superimposed) eventually lead to the “$” symbol for the dollar sign. The silver coin minted by the Spanish in the 1700s was worth eight “reals” of Spanish gold, and merchants would cut the dollar into eight pieces, known as “bits,” to make change. Congress officially adopted the Spanish milled dollar as the U.S. unit of value in 1785, a decision codified in 1792 by the Coinage Act.

The Coinage Act

The Coinage Act created the U.S. Mint, which coined silver dollars and gold coins. From 1794 to 1935, the treasury coined about 900 million silver dollars. The silver dollars coined had 46 grains of silver, the standard set by the Spanish dollar. The treasury also coined half dollars, quarters, dimes, and half dimes, all of which had proportionate quantities of silver. The worth of gold eagles was also determined relative to silver, with each gold eagle worth ten silver dollars.

The End of Silver Currency

The U.S. continued using silver for its coinage until 1965. In the early sixties, President Nixon announced that the U.S. would no longer redeem currency for silver or gold, which was the death knell of the silver standard. Then, in 1965, President Johnson permitted the treasury to issue debased “sandwich” quarters and dimes that had negligible inherent value, and the amount of silver in the half-dollar dropped to 40 percent.

The Morgan Silver Dollar Design

Produced from 1878 to 1904 and again in 1921, the Morgan Dollar was the result of the mining lobby pressuring the treasury to coin all silver it purchased into silver dollars. This practice continued until the depletion of the silver reserve in 1904. Consisting of 90 percent silver, the Morgan Dollar bears the name of its designer, George T. Morgan, an Englishman who moved to the U.S. and became Assistant Engraver for the Mint in 1876. Morgan went on to become Chief Engraver in 1917.

The coin features an eagle with its wings spread and the inscription “In God We Trust” above its head. The other side of the coin features Lady Liberty in profile view wearing a coronet with the word “Liberty” on it. Thanks to its beautiful design and value, as well as its historical significance, the coin is highly sought after even today.

The Peace Dollar Design

Minted from 1921 to 1928 and 1934 to 1935, the Peace Dollar was issued to commemorate the signing of the Treaty of Versailles that ended World War I. The coin was the result of a contest to come up with designs symbolic of peace. Italian sculptor Anthony de Francisci designed the coin, which features Lady Liberty on one side and an eagle holding an olive branch with the legend “peace” on the other. Francisci immigrated to the U.S. when he was 18 and entered the competition against seven other sculptors, all older than he. He used his wife, Mary Teresa, as the model for Lady Liberty on the coin.

The production of the peace dollar ceased for six years in the late 1920s due to the depression and resumed for only two years thereafter. Like the Morgan Dollar, the history, rarity, and 90 percent silver composition of the Peace Dollar make it a popular item with collectors.

In addition to their historical significance and aesthetic appeal, silver dollars can make for solid investments in silver because of their high composition of the white metal. Whether you want to enhance your collection or your investment portfolio, visit Silver.com to view the best selection of silver dollars today.

The value of a silver dollar depends on several factors, including:

• its age;
• its condition;
• its origins; and
• whether or not it's an unusual variety or error coin.

While the values of your specific silver dollars can only really be determined by a sight-seen evaluation by a professional coin dealer, you can at least become more educated about what your silver dollars may be worth by knowing some of the basics about them and how these coins are numismatically valued.

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What Type of Silver Dollar Do You Have?

This is one of the most important questions you need to answer before you can even begin to have a grasp on what your coins are worth. It will save you money next time you decide to sell or buy silver dollars.

As many numismatists know, there isn’t “a” single type of silver dollar, but in fact many types. Here’s a rundown on the various major types of silver dollars that have been struck since the United States Mint began making them in 1794:

Image source: USA CoinBook

Value: $1,787–$1,555,005

Value: $1,537–$1,238,926

Image source: USA CoinBook

Value: $12,895–$73,561

Value: $267–$73,563

Image source: USA CoinBook

Value: $106–$31,507

Value: $22–$614,348

Image source: USA CoinBook

Value: $24–$130,940

Value: $1–$104

Note: Commemorative silver dollar coins come in a variety of designs. Image source: CoinUpdate

Value: $20–$400

Value: $25–$3,443

Chances are, if you have any silver dollars, they’re probably among the last five on this list.

While those last five types are the most common of all silver dollars, that doesn’t mean if you have any of those that they are not worth anything. In fact, all dollar coins containing silver are worth multiples over their face value. But by how much? Read on!

Four Keys to Silver Dollar Values

There’s a lot more to determining the value of a silver dollar than simply looking up the date online at a few websites or eBay and simply assuming yours is worth the highest—or lowest—price. There are several important factors to determining how much your silver dollar is worth. These include:

• The date – Yes, the date is an important factor in knowing how much your silver dollar is worth. But it's not the only thing to look for. . .
• Its mintmark – Where the coin was minted makes or breaks everything about the value of your silver dollar, and the mintmark indicates the coin's origin.
• Errors and varieties – Does your coin look unusual? It may be due to an error or neat die variety, and these can be worth big bucks.
• The grade & overall condition – An uncirculated silver dollar never used as money will be worth much more than one of the same date and mintmark combination that is nearly worn smooth. Don't forget, cleaned or otherwise damaged silver dollars are worth only a fraction of the values you see in the books or online.

Getting the Date

Look on your silver dollar. . . You’ll find the date on the obverse, or “head’s side,” of the coin.

While it may make sense to some to think that the older dates are worth more than more recent dates, this isn’t always true. Yes, the 1804 dollar brings millions, but not necessarily because it’s old. Rather, it’s because just 15 were minted and therefore are quite rare.

Some dates have higher numbers of survivors than others. The relatively high-mintage 1879 Philadelphia Mint Morgan dollar is worth perhaps $15 to $30 in well-circulated grades, while the low-mintage 1928 Philly-minted Peace dollar can take $200 or more in the same condition. Value really has nothing to do with relative age—it’s about the rarity of the date.

Mintmark

Sometimes, folks who don’t really know what to look for on silver dollars will understandably examine the date alone and say they have “the” so-and-such date silver dollar. The problem is there is another major equation to identifying a silver dollar, and it’s not just looking at the date but also the mintmark, if any is on the coin, indicating where that silver dollar was made.

Close-up of the 'S' mintmark below the neck on a 1973-S Ike dollar

Before the 1840s, all silver dollars were minted at the Philadelphia Mint and did not have mintmarks—a single letter or sometimes two letters indicating where the coin was made.

Silver dollars have been made at the following mints:

• Carson City – Denoted by a 'CC'
• Denver – Indicated by a 'D'
• New Orleans – Bearing the single letter 'O'
• Philadelphia – No mintmark on dollar coins until 1979, when the 'P' mintmark was used
• San Francisco – Carries an 'S' mintmark
• West Point – Accompanied by a 'W' mintmark

Every type of silver dollar will have the mintmark in a different place, but generally on all silver dollars made before the Eisenhower dollar it appears on the reverse (“tail’s side”). On Eisenhower dollars and other dollar coins made since, it will be found on the obverse—with the exception of some modern small-size golden dollars, on which the mintmark sometimes appears on the edge of the coin.

Errors and Varieties

Before you go bananas looking for coins that have unusual markings or other odd things about them, bear this in mind: many, if not most, things often thought by non-expert numismatists to be errors or varieties are simply post-mint damage.

It’s surely understandable to get excited about weird dents, strange-looking gouges, or even odd markings (such as Masonic symbols) on your coins, but these are virtually always caused by someone or something outside the mint and in most cases will reduce the value of the coin, not increase it.

There are, however, many types of errors and die varieties that can increase the value of your silver dollars and it would behoove you to research these and learn how to spot them on your coins.

The Grade & Overall Condition

New collectors, here’s your first piece of advice on anything having to do with the condition of your coins: do not clean them under any circumstances! Cleaning your coins will not make them look any better and, unless done by a professional coin conservation firm, will always reduce its value—perhaps by 50% or even more.

Coin dealers and seasoned numismatists prefer their coins original, not cleaned, in part because cleaning your coins removes all of the acquired patina and even a very thin layer of metal that can never be repaired or restored. So, be sure to leave your coins as you found them!

There are many other aspects of a coin’s condition that are important to know as you determine the value of your silver dollar, including its wear-based grade.

Coin grading is a very complex area of numismatics, one that takes years to really learn and understand like the back of your hands. It surely can’t be taught here in a couple paragraphs.

But, what’s important to know is that coins are graded on a 70-point scale, with “1” indicating a coin in poor condition—worn nearly smooth—and “70” denoting a coin that’s never been spent as money and is virtually perfect, with no visible nicks, scratches, or other marks.

A coin that’s never been spent as money and has all of its details intact is known to be in uncirculated grade, and this is generally the most valuable condition in which a coin is found. Grading coins based on the amount of wear is a nuanced part of numismatic knowledge and something with which you should familiarize yourself.

So, How Much Is a Silver Dollar Worth?

That’s the sixty-four-thousand-dollar question, isn’t it?

There are so many value guides both online and in print, it can sometimes be confusing to figure out precisely how much your coin is worth. Sure, you may have seen that a 1922 silver dollar much like yours sold for $3,000 on eBay, but is that what yours is worth?

Maybe you recently saw a story about the 1804 silver dollar going for millions of dollars. . . So, if that coin took $5 million, does that mean your old silver dollars from the 1880s or 1890s are worth, say, a tenth of that amount because they’re not quite as old? The older the silver dollar, the more it’s worth—right?

These are all legitimate questions, especially for someone who may be completely unaware of the intricacies of the complex and ever-changing coin marketplace.

1893-S Morgan dollar

Morgan and Peace Dollars

If you own any common Morgan or Peace silver dollars that are in worn condition, these are usually worth very close to the current price of an ounce of silver. Rarities or those in exceptionally good condition can be worth hundreds or even thousands of dollars.

If any of your Morgan dollars bear a “CC” mintmark under the eagle on the reverse, then they’re worth at least $50 to $100 each, maybe more. And while all 1921 Morgan dollars are common, the 1921 Peace dollar is scarce, with most worth at least $50 or more.

Again, there are many circumstances like these in which one or two variations between coins of the same date can mean a piece that might buy you lunch versus one that will help pay off your mortgage.

Eisenhower Dollars

Got a bunch of Eisenhower silver dollars you want to sell? Unfortunately, most Eisenhower dollars aren’t even silver at all but rather made from a base-metal composition containing copper and nickel. When worn, these are worth only face value, so it’s safe to simply spend them or maybe give them to some children who might find these large dollar coins fascinating novelties.

Aside from extremely rare errors, all Eisenhower dollars with silver must contain an “S” mintmark, and even then only a portion of those are actually made from silver. Unless you know your Eisenhower silver dollars well, you may want to take your S-mint Eisenhower dollars to a numismatic professional who can tell you which are made from a silver composition.

Other Dollar Coins

Have any Susan B. Anthony dollars (seen above)? Virtually all that are worn are worth only face value, so it’s generally safe to spend those, too.

And those “golden” dollars (seen below) aren’t made from gold, nor are they rare. They can be spent along with your worn Susan B. Anthony dollars and Eisenhower dollars.

Image source: USA CoinBook

The American Silver Eagle dollars contain a full ounce of silver and are worth roughly the current value of one ounce of silver; these are worth selling if you wish to let go of the ones you have.

All commemorative silver dollars made since 1983 contain very close to an ounce of silver and are also worth selling if you don’t wish to keep them.

Have any of the really old silver dollars listed above, such as the Flowing Hair, Draped Bust, Gobrecht, Liberty Seated, or Trade dollars? These coins are worth significantly more than most Morgan or Peace dollars and are worthy of taking to your local coin dealer so you can find out what those specific pieces are worth.

Collecting Silver Dollars Can Become a Hobby

Whether your silver dollars are worth a little or a lot, hopefully they bring you joy and perhaps inspire you to collect more coins.

Even if you inherited your silver dollars from a loved one, perhaps your introduction to coins may inspire you to further build upon the collection you now have.

Junk Silver Dollars For Sale

Coin collecting is a fantastic hobby that can be enjoyed for a lifetime, bringing you great financial and personal fulfillment along your numismatic journey.

Bullion Silver Dollars For Sale

Joshua McMorrow-Hernandez is a journalist, editor, and blogger who has won multiple awards from the Numismatic Literary Guild. He has also authored numerous books, including works profiling the history of the United States Mint and United States coinage.

Silver Dollars For Sale 2020

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