Are Silver Dollars Still Made by the U.S. Mint?

While the U.S. Mint no longer produces traditional silver dollars for general circulation, it continues to mint modern versions. These contemporary silver dollars primarily appeal to collectors and investors rather than being used for commerce.

Historical US Silver Dollars

The United States once minted silver dollars for regular circulation, with early examples appearing shortly after the nation’s founding. These coins, such as the Morgan Dollar and Peace Dollar, were composed of 90% silver and 10% copper, serving as significant denominations in daily commerce. Production of these circulating silver dollars spanned various periods, with the last major series, the Peace Dollar, seeing its final issues in 1935.

The cessation of circulating silver dollar production was influenced by rising silver prices and legislative changes. As silver’s market value exceeded the coins’ face value, melting them became more profitable than spending them. This trend, combined with the Coinage Act of 1965, which removed silver from dimes and quarters and reduced it in half dollars, effectively ended the era of silver coins in general circulation. The last 90% silver coins for circulation were the 1964 Kennedy half dollars.

Modern US Silver Dollar Coins

Today, the U.S. Mint produces silver coins with a dollar denomination, though they differ significantly from their historical counterparts. A prominent example is the American Silver Eagle, first issued in 1986, which carries a legal tender face value of one dollar.

The American Silver Eagle is a bullion coin, meaning its value is primarily tied to its precious metal content, which is one troy ounce of .999 fine silver. Beyond bullion coins, the U.S. Mint also produces commemorative silver dollars. These coins are typically struck in .900 fine or .999 fine silver and honor significant American people, places, or events. They are sold directly to the public and are highly sought after by collectors.

Understanding Silver Dollar Value

The value of silver dollars, whether historical or modern, is determined by several factors. For older circulating silver dollars, their worth is largely influenced by their rarity, their physical condition or “grade,” and the specific mint mark indicating where they were produced. Coins from lower mintage years or those in exceptional states of preservation command higher prices among collectors.

For modern bullion coins like the American Silver Eagle, their value is primarily linked to the current spot price of silver on commodity markets. While they have a nominal face value, their intrinsic value as one troy ounce of pure silver far exceeds it. Commemorative silver dollars, on the other hand, derive their value from factors such as their limited mintage, unique designs, and the historical significance of the event they commemorate. Collector demand plays a significant role in their market price.