Silver, which is currently trading at $30.41 per ounce, is used in various industries like medicine, defense, electronics, batteries, water purification systems, paints and photography. Because of its many uses and status as an inflation hedge, more investors are looking to add it to their portfolios. One of the easiest and most cost-effective ways to do this is by purchasing silver dollars.
Silver dollars are not just historical artifacts; they hold significant value in the numismatic market and among collectors. The worth of a silver dollar can vary greatly based on several factors including its date, mint mark, condition, and current market prices for silver. This guide will break down the types of silver dollars, how much a silver dollar is worth and how to trade them.
How Much Are the Most Popular Silver Dollars Worth?
Before breaking down how much silver dollars are worth you should learn more about all the most popular variations of the coin. Multiple different kinds silver dollars have been traded since the 1500s. Many types of silver dollars that vary in price from mint, purity, age and design are available. Some of the most common and accessible ones include the Morgan Silver Dollar, Peace Silver Dollar and American Silver Eagle.
Morgan Silver Dollar
Morgan Silver Dollars were designed by the U.S. Mint engraver George T. Morgan back in 1873. These coins were also used to stabilize the oversupply of silver back in the late 1800s.
Key Stats:
- Gross weight: 26.73 g
- Silver content: 0.77344 troy oz
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm
- Value: Ranges from $25 to $100+ for common dates in circulated condition; rare dates can be worth thousands.
Peace Silver Dollar
Peace Silver Dollars were first minted after the end of World War I to commemorate the peace following the war. Italian-born designer Anthony de Francisci created the coin’s design with Lady Liberty’s face and a bald eagle clutching an olive branch. It was minted from 1921-1935.
Key Stats:
- Gross weight: 26.73 g
- Silver content: 0.77344 troy oz
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm
- Value: Similar to Morgan dollars, with common dates valued at $25–$50 and rare coins much higher.
American Silver Eagle
American Silver Eagle coins were launched in 1986 and are the official version of the United States bullion silver coin. These coins are available in one-ounce denominations and contain 99.9% silver. It’s an especially valuable coin since it’s minted with silver from the U.S. and backed by the full faith of the U.S. government.
Key Stats:
- Weight: 1.000 troy oz (31.103 grams)
- Diameter: 1.598 inches (40.60 mm)
- Silver content: 1 troy ounce
- Composition: 99.9% pure silver
- Value: Closely tied to the current silver price, usually $25–$35 depending on premiums.
Remember that coin prices can vary, which is why you’ll need to call your dealer's support desk to know how much a silver dollar is worth.
Variations in the Price of Silver Dollars
Several factors impact the price of silver dollars.
Type of Coin
Some common coin types include proof vs. bullion. Proof coins are struck at least twice in their design and preserved to maintain their finish. They are more valuable than bullion ones, which aren’t nearly as refined.
Silver Purity
Some coins like the American Silver Eagle are made with 99.9% silver. Other coins have a lower amount of pure silver and are worth less.
Dealer
Some local dealers have much higher prices because of local taxes and commissions. With partners like Advantage Gold and American Hartford Gold, you can skip these fees and shop for multiple coins online in one place.
What is a Loco Swap?
A loco swap is a deal between a miner and a refinery that permits them to buy gold and silver from each other without physically shipping it. Each location can have a slightly different spot price based on freight charges as well as supply and demand.
If the spot price of London gold is slightly above the spot price of Zurich gold, then it’s trading at a premium. If the spot price of London were trading below Zurich, then it’d be at a discount.
Materials in a Silver Dollar
Most silver dollars aren’t made with 100% pure silver. It’s common to find traces of copper and zinc since those metals are used to maintain each coin’s shape and durability. Most silver dollars created before 1935 have at least 90% silver, with coins after that year having various amounts.
One example includes the Eisenhower silver dollars (1971-1978) that were issued in both proof and circulation versions. Circulation versions contain no silver, while proof versions have 40% silver.
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Are Silver Dollars Worth Buying?
Silver dollars are a good way to add silver to your portfolio without breaking the bank. You can also benefit from tax advantages when you trade them in a self-directed IRA.
However, silver prices can fluctuate based on supply and demand, interest rates, government policies and changes in technology. Silver can be a good inflation hedge, but it’s often more volatile than gold because of the smaller market and less liquidity.
Like with most types of investing, approach investing in silver with a long-term mindset and consider working with a financial professional to determine an appropriate portfolio allocation.
Frequently Asked Questions
Are silver dollars worth money?
How much is a $1 silver dollar worth?
Is a silver dollar 100% silver?
The term “silver dollar” typically refers to coins minted with a composition that is predominantly silver. In the case of classic silver dollars, such as the Morgan and Peace dollars issued by the United States Mint, these coins are indeed made of 90% silver and 10% copper.