Silver Dollar Value

Sometimes there can be confusion surrounding how much a silver coin is worth. That’s partly because there are many factors that can influence the value of a silver dollar. Over the past three centuries, a wide variety of silver dollars have been minted in the United States. Continue reading to learn more about silver dollar value.

Some varieties of silver dollars are more common than others, which will affect how much buyers are willing to pay. Other types of silver dollars can be worth thousands of dollars due to their mintage or rarity, so it’s important to pay attention to the coin’s details.

In this article, we’ll go over the characteristics of the most valuable silver dollar coins.

Silver Dollar Basics: Key Facts

The first silver dollars were struck at the United States Mint on October 15, 1794. Precisely 1,758 silver dollar coins were produced that day and immediately delivered to Mint Director David Rittenhouse, who distributed them to dignitaries as souvenirs.

Those first silver dollars are often called Flowing Hair dollars, named after the coin’s obverse portrait of Lady Liberty with her hair flowing freely behind her. The Flowing Hair Dollar is slightly larger and heavier than later versions, such as the Morgan Silver Dollar and Peace Dollar.

Most silver coins minted in the United States before 1965 were composed of 90% silver and 10% copper. Due to a dwindling supply of silver, a new law was passed (Public Law 88-36) in 1965, which reduced the amount of silver in U.S. coins from 90% to 40%.

As a result, silver dollars that contain 90% silver are more valuable based on their high silver content, making them highly sought-after by coin collectors and numismatists.

Face Value vs. Spot Price

The face value of coinage refers to the dollar amount the government assigns to a particular coin. You should be able to find the face value stamped on either side of the coin. It’s usually determined by the weight, metal content, and other factors related to the coin’s production.

The spot price refers to the current market value of commodities such as silver bullion or the type of metal(s) the coin is made with. The spot price is ever-changing since it fluctuates according to supply and demand factors in the global commodity markets. The gold or silver spot price can increase and decrease rapidly depending on economic conditions, geopolitical factors, and other market forces.

Old silver dollars produced between 1794 and 1935 have a high silver content. Subsequently, they’re typically worth more than their face value of one dollar based on the value or spot price of silver. Aside from these factors, silver dollar values can be worth much more if it’s a coin that attracts significant interest from coin collectors.

How Much Does an Ounce of Silver Cost?

At the time of writing this, the spot price of silver was $25.62 per ounce. You can calculate the melt value of a silver dollar by multiplying the silver content by the current spot price of silver.

For example, if a silver dollar contains 0.7735 troy ounces of pure silver, it would be worth a little less than $20 right now by calculating the metal value alone. Like other precious metals, silver prices are subject to market volatility, so keeping track of the current trade value before purchasing is important.

What Are Some of the Most Valuable Silver Dollar Coins?

Some silver dollar coins can also have numismatic value, meaning their value is influenced by additional factors such as where it was minted, the scarcity of the design, and historical significance.

A particularly rare piece can have a much higher value compared to the material value of the silver content. These types of rare coins will attract significant interest from coin collectors and enthusiasts of silver bullion, making them even more valuable. There have been several varieties of silver dollars over the years, including the well-known Morgan, Peace, and Eisenhower Dollars.

Read on to learn more about some of the most valuable silver dollar coins issued by the U.S. Mint.

1. 1839 Gobrecht Silver Dollar Jud-88 Restrike

The Gobrecht Silver Dollar was named after chief engraver Christian Gobrecht. It was minted from 1836 to 1839, and the first silver dollar struck for circulation after the U.S. Mint put a pause on the production of that denomination in 1806.

The Gobrecht Dollar was purposely struck in low numbers to determine whether the reintroduced silver dollar coin would be well received by Americans. Although they were only produced for a short time, there are many types of Gobrecht Dollars:

They can be broken down into three basic categories: original and circulation issues, patterns, and restrikes. The U.S. Mint began selling restrikes of rare coins as coin collecting began to increase in the mid-nineteenth century. The exact mintage figures and dates of production are unknown, but all varieties of Gobrecht Silver Dollars are considered rare. Judd-88 is an extremely rare entry in the series.

2. 1845 Seated Liberty

The Seated Liberty dollar was struck by the U.S. Mint from 1840 to 1873. They were the last silver dollar coins struck before the Coinage Act of 1873, which temporarily ended the production of silver coins for American commerce.

In over 20 years of production, mintage numbers ranged from extremely low levels to relatively high levels. With only a few more thousand produced from the previous year, 1845 was another low year with a mintage of 24,500 Seated Liberty dollars as the lack of silver bullion continued to be a problem.

During this time, large quantities of American silver coins were being exported. Circulated examples of this date are rare. Most known examples are low range, with Mint State survivors very scarce.

3. 1870-S Seated Liberty

The 1870-S Seated Liberty dollar is extremely rare and valuable, known for being one of the great rarities of United States numismatics. This is one of the few cases where the U.S. Mint has no official record of ever producing these silver coins, but they do exist. The “S” mint mark is associated with the San Francisco Mint.

Less than a dozen 1870-S Seated Liberty dollar coins are known or believed to exist. Only one of these coins is verified in Uncirculated condition and sold for over a million in 2003. Any 1870-S Seated Liberty, regardless of condition, would likely be worth six figures.

4. 1895 Morgan Dollar: Proof Only

Many people consider the 1895 Proof Morgan Dollar to be the “King of Morgans” because it is one of the most valuable coins in the entire Morgan Dollar series. The reason these Proofs are so highly desired by coin collectors is there has been no circulation strike Morgans from 1895.

Although the Philadelphia Mint facility reported the production of 12,000 circulation strike Morgan silver dollars that year, none have ever surfaced. With a relatively low mintage of 880 Proof coins, the demand is much higher than the supply.

Numismatists can’t agree whether the missing coins were never made, melted down, or lost at sea. Either way, the 1895 Proof Morgan silver dollar is the rarest of all Morgan dollars.

5. 1885 Proof Trade Dollar

The 1885 Proof Trade dollar is another extremely rare coin. American Trade dollars were minted from 1873 to 1885; however, only Proofs were issued after 1879.

During most years of production, mintage numbers ranged from 500 to 1,000 pieces. In the last two years, those numbers saw a dramatic decrease, with only five Proof Trade Dollars issued in 1885.

The 1885 Proof Trade dollar is one of the rarest coins in the history of U.S. coinage. This rare old coin is easily a solid seven-figure coin.

Discover More Rare Coins With Bullion Shark

At Bullion Shark, we offer a constantly evolving inventory of rare silver dollars that includes everything from Seated Liberty dollars to the rarest Peace silver dollars.

As experienced coin dealers, we have all types of coins and precious metals ranging from ancient shipwreck coins to uncirculated gems and more.

FAQ

What determines the value of a silver dollar?

The value of a silver dollar is determined by several factors including its condition (grade), rarity, historical significance, and the silver content. Collector interest and market trends also play a crucial role.

How much is a Morgan silver dollar worth?

The value of Morgan silver dollars varies widely. Common dates in circulated condition might fetch $20-$50, while rarer dates and those in higher grades (MS+) can command thousands of dollars.

What is the most valuable silver dollar?

One of the most valuable silver dollars is the 1804 Draped Bust silver dollar, known as the “King of American Coins.” Only 15 specimens are known, and they can sell for millions of dollars.

How much is a Peace silver dollar worth?

Peace silver dollars typically range from $40 for common dates in lower grades to over $100,000 for rare high-grade examples like the 1928 key date.

Can I find silver dollars in circulation?

It's highly unlikely to find silver dollars like Morgans or Peace dollars in circulation today. However, Eisenhower silver dollars, which contain no actual silver unless they are special collector's editions, might occasionally be found.

What year silver dollars are worth the most?

Specific years like 1893-S for Morgan dollars and 1928 for Peace dollars are worth more due to their lower mintages and higher collector demand.

Are all silver dollars made of silver?

Not all U.S. 'silver dollars' are made from silver. For example, Eisenhower dollars minted for general circulation from 1971 to 1978 do not contain silver, but the collector's editions from those same years do.

How do I sell my silver dollars?

Silver dollars can be sold to coin dealers, at coin shows, online via auctions or classified ads, or through an auction house. Make sure to get them appraised first to understand their value.

What is the silver content of a silver dollar?

Most true silver dollars (e.g., Morgan and Peace dollars) contain about 0.77344 troy ounces of silver. However, composition can vary, like in the Eisenhower collector's editions which are 40% silver.

How should I store my silver dollars?

Store silver dollars in a cool, dry place away from direct sunlight. Use holders like coin flips, capsules, or albums made from materials safe for coins to avoid any chemical reactions that can damage the coins.

Source:

One Hundred Years of Silver DollarCoinage (1878-1978) | The United States Mint

Early Dollars (1794-1804) | Coin Explorer

Public Law 88-36-JUNE 4, 1963 [77 STAT. | Congress.gov

Mint Marks | The United States Mint