Are All Silver Dollars Made of Silver?

While many assume “silver dollars” are entirely silver, the metallic composition of U.S. dollar coins has varied significantly over time. Whether a dollar coin contains silver depends on its specific mintage period and purpose. This evolution from precious metal coinage to base metal alloys and specialized collector issues reflects shifts in economic policy and the role of currency.

The Original Silver Dollars

Early U.S. dollar coins were made with high silver content, reflecting their intrinsic value. The Morgan Dollar, minted from 1878 to 1904 and again in 1921, consisted of 90% silver and 10% copper. The Peace Dollar, minted from 1921 to 1928 and again from 1934 to 1935, maintained the same composition. Both series were actively used in commerce, representing a period when silver played a direct role in the nation’s monetary system.

Dollars Without Silver

A significant shift occurred in U.S. coinage composition, moving away from precious metals due to rising bullion prices. By 1965, the U.S. Mint began producing copper-nickel clad coins, removing silver from circulating denominations. The Eisenhower Dollar (1971-1978) exemplifies this change, with circulating versions composed of outer layers of 75% copper and 25% nickel bonded to a pure copper core.

Subsequent dollar coins also lacked silver content and were designed for general circulation. The Susan B. Anthony Dollar (1979-1981, 1999) was copper-nickel clad, consisting of 91.67% copper and 8.33% nickel. The Sacagawea Dollar (2000) features a distinctive golden color from its manganese brass cladding over a pure copper core, composed of approximately 88.5% copper, 6% zinc, 3.5% manganese, and 2% nickel. The Presidential Dollar series (2007-2016, 2020) shares this same composition. These modern dollar coins were never intended to hold intrinsic value based on precious metal content.

Collector and Commemorative Silver Dollars

While circulating dollar coins ceased to contain silver decades ago, the U.S. Mint continues to produce dollar-denominated coins with significant silver content for collectors and investors. These special issues are distinct from everyday currency. The American Silver Eagle is the official silver bullion coin of the United States, first released in 1986. Each contains one troy ounce of 99.9% pure silver and carries a nominal face value of one dollar.

The U.S. Mint also issues commemorative silver dollars, which began in 1983. These coins often honor historical events, landmarks, or notable figures. While some commemorative silver dollars contain 90% silver, others, like the modern Morgan and Peace Dollar reissues, are struck in .999 fine silver. These collector-oriented coins are not designed for transactional use; their value is primarily driven by their silver content and appeal to numismatists.