How Much is a Silver Dollar Worth?

The value of a silver dollar might seem straightforward, but it’s rarely so simple. Most silver dollars today are collectors’ items, often worth much more than their face value.

Excluding the modern “golden dollars” produced post-2000, silver dollars range in value from around $27 to nearly $10,000. In fact, the most expensive silver dollar sold for $10,016,875 USD in 2013—a 1794 Flowing Hair silver dollar, one of the first ever minted, in exceptionally fine condition.

This guide helps you understand the factors that affect silver dollar values, whether you’re looking to buy or have coins to sell.

Bullion vs. Numismatic Value

Silver dollars have two main types of value: bullion and numismatic.

• Bullion Value: This is the raw metal value, or “melt” value, representing what the coin would be worth if melted down for its silver content.

• Numismatic Value: This value considers the coin’s rarity, condition, and historical significance. For example, the aforementioned 1794 Flowing Hair silver dollar’s bullion value is far below $10 million, but its historical rarity and condition drove its sale price into the millions.

Consider these examples:

• 1885-CC Morgan Silver Dollar Coin NGC MS67 – valued at approximately $9,599.

• Morgan Silver Dollar Cull – valued at about $30.20.

Both coins are Morgan dollars, containing the same silver content. However, the 1885-CC Morgan is in near-pristine condition and was minted in Carson City, a rare production site. In contrast, the culled Morgan is in poorer condition and likely saw significant use.

How to Calculate the Value of a Silver Dollar

To determine a silver dollar’s value, consider these steps:

• Silver Content: Silver dollars typically weigh 26.73 grams, or roughly 0.942 ounces. Depending on the coin’s vintage, silver dollars are either 90% or 40% silver.
• Condition: The coin’s condition is graded using the Sheldon Scale, ranging from 1 to 70, with 70 representing a flawless coin in mint condition.
• Rarity and Errors: Rare coins or those with minting errors often command higher prices.

Silver Content

Silver dollars generally fall into two categories:

• 90% Silver: This includes Seated Liberty, Morgan, and Peace dollars, each containing approximately 0.7734 troy ounces of silver. Based on silver prices alone, these coins are worth over $20.
• 40% Silver: The Eisenhower dollars from the 1970s were issued in two versions: cupronickel for circulation and silver-clad for collectors, with the latter containing 0.3161 ounces of silver, worth at least $10.

Condition

Silver dollars are graded on the Sheldon Scale:

• Mint State (60-70): Coins in this range have no visible wear or marks and have likely never been circulated. Differences between 60 and 70 are often microscopic.
• Circulated: Circulated coins range from heavily used (lower grades) to “About Uncirculated” (upper 50s), with minimal wear.
• Fine or Ungraded: Coins in fair condition, with visible features but possible chips or wear, generally rank at or above 10 on the scale.

Rare Coins and Errors

Rarity and errors also impact a silver dollar’s value. Older coins, such as those from the 1700s, tend to be rarer. A prime example is the 1804 dollar—of which only 15 exist, none minted in 1804. They were actually struck in 1835 and 1858 for diplomatic gifts and collectors, making them extremely rare and valuable.

While ultra-rare silver dollars are hard to find, there are other valuable coins that are more accessible to collectors.

Common Silver Dollar Types and Values

The three primary types of silver dollars are Seated Liberty, Morgan, and Peace dollars. Each type has unique design features, though all contain 90% silver and 10% copper.

Seated Liberty Dollars: Minted during the antebellum, Civil War, and Reconstruction eras, these coins carry historical value and are typically priced in the hundreds for low-grade examples, reaching tens of thousands for rare, high-grade pieces.

Morgan Silver Dollar: Issued between 1878 and 1921, Morgan dollars were created as a response to the Coinage Act of 1873. With over 650 million issued, many survive today, keeping prices relatively affordable.

• Entry-Level Morgans: Available for roughly $30, with better-condition examples under $50.
• Valuable Morgans: The 1893-S Morgan is exceptionally valuable due to low production numbers, often exceeding $1,000 even in circulated condition and reaching up to $735,000 for top-grade specimens.

Note: The U.S. Mint reissued Morgan dollars in 2021 for collectors, with these modern coins containing 99.9% silver.

Peace Silver Dollar: Created in the aftermath of World War I, the Peace dollar (1921–1928, 1934–1935) symbolizes the U.S. commitment to peace. With only 191 million minted, Peace dollars are rarer than Morgans.

• Early Years: The Treasury’s compliance with the Pittman Act saw heavy production in the early 1920s, especially in 1922, making these years more affordable (often under $40).
• Later Years: Production slowed in 1927, 1928, 1934, and 1935, making these dates more valuable, especially the 1928 Philadelphia issue, often priced in the hundreds.

The most valuable Peace dollar is a 1922 medium relief specimen, a rare experimental coin valued at around $400,000.

Other articles of interest:

• Which half dollars are silver?
• Which nickels are silver?
• What are the most valuable quarters?
• Silver rounds vs. silver coins

Conclusion

Whether you’re looking to buy silver dollars or sell, understanding their value is crucial. JM Bullion is here to help with fair offers, a wide selection, and expert guidance on your collection.

Reach out to our team any time to discuss your silver dollar needs. We’re open 24/7 and ready to assist.