How Many Ounces of Silver Are in a Silver Dollar?

While the term “silver dollar” might suggest a significant silver presence, the amount of precious metal can vary widely, or even be completely absent in modern issues.

Understanding “Silver Dollar” Terminology

The term “silver dollar” broadly refers to U.S. dollar-denominated coins, but it does not guarantee a high silver content, especially for coins issued in recent decades. Historically, most circulating U.S. coinage, including dollar coins, contained a significant amount of silver until 1965. The Coinage Act of 1965 marked a shift, removing silver entirely from dimes and quarters and reducing the silver content in half dollars to 40% until 1970. Modern circulating dollar coins, such as the Eisenhower, Susan B. Anthony, and Sacagawea dollars, are primarily composed of copper and nickel, containing no silver.

Silver Content of Major U.S. Silver Dollars

Several notable U.S. dollar coins are recognized for their substantial silver content. Among the most widely encountered are the Morgan Dollar, Peace Dollar, and the American Silver Eagle.

Morgan Dollars

Morgan Dollars, minted from 1878 to 1904 and again in 1921, have a gross weight of 26.73 grams. They are composed of 90% silver and 10% copper, which translates to a fine silver content of 0.77344 troy ounces per coin.

Peace Dollars

Peace Dollars, produced from 1921 to 1928 and then again from 1934 to 1935, share the same metallic specifications as the Morgan Dollar. They also weigh 26.73 grams and are 90% silver and 10% copper, containing 0.77344 troy ounces of fine silver. The Peace Dollar was the last circulating U.S. dollar coin to be struck with 90% silver.

American Silver Eagle

The American Silver Eagle, first released in 1986, is a modern bullion coin. Unlike the earlier circulating silver dollars, the American Silver Eagle is struck to contain precisely 1 troy ounce of 99.9% pure silver. These coins have a nominal face value of one dollar but are primarily valued for their silver content.

Earlier U.S. Silver Dollars

Earlier U.S. silver dollars, such as the Flowing Hair (1794-1795) and Draped Bust (1795-1804) designs, also contained high silver purity. These early issues typically had a composition of 89.24% silver and 10.76% copper. Later, the Seated Liberty Dollars (1840-1873) and Trade Dollars (1873-1885) maintained a 90% silver content, similar to the Morgan and Peace Dollars.

Calculating Melt Value and Identifying Silver Dollars

The intrinsic “melt value” of a silver dollar is determined once its fine silver content is known. This value is calculated by multiplying the coin’s fine silver content in troy ounces by the current spot price of silver per troy ounce. For example, if a Morgan Dollar contains 0.77344 troy ounces of silver and the spot price of silver is $X per troy ounce, its melt value would be 0.77344 multiplied by $X.

Identifying Genuine Silver Dollars

Identifying genuine silver dollars involves examining specific physical characteristics. For Morgan and Peace Dollars, which are 90% silver, a key indicator is their reeded edge, which should appear uniform without a visible copper stripe. Coins minted after 1965, with the exception of 40% silver half dollars, will typically show a distinct copper layer when viewed from the side. Additionally, the weight of the coin can be an important factor; genuine Morgan and Peace Dollars should weigh approximately 26.73 grams.

Dates are also crucial for identification. Any U.S. dollar coin dated 1964 or earlier is generally made of 90% silver. American Silver Eagles are easily identifiable by their design, the “1 oz. Fine Silver” inscription, and their mint date, which started in 1986.

While melt value focuses on the metal content, it is important to remember that some silver dollars, particularly those that are rare or in excellent condition, can have a numismatic (collector’s) value significantly higher than their melt value.