How Much Are Old Silver Dollars Worth?

Old silver dollars represent a tangible link to American history. These coins, once common in daily commerce, now hold varied levels of worth influenced by several distinct characteristics. Understanding what makes these coins valuable can provide insight into their enduring appeal.

Key Features of Old Silver Dollars

Identifying old silver dollars involves recognizing their physical characteristics and distinct designs. Morgan Dollars, minted from 1878 to 1904 and again in 1921, and Peace Dollars, minted from 1921 to 1928 and again from 1934 to 1935, are both composed of 90% silver and 10% copper. Each coin weighs 26.73 grams, measures 38.1 millimeters in diameter, and contains approximately 0.7734 troy ounces of pure silver.

The obverse of a Morgan dollar features a profile of Liberty, while the reverse displays an eagle with outstretched wings. The Peace dollar’s obverse depicts the head and neck of the Goddess of Liberty, and its reverse features a bald eagle at rest clutching an olive branch, with the word “Peace” inscribed.

Mint marks are found on the reverse side of both coin types. For Morgan dollars, mint marks like “CC” for Carson City, “S” for San Francisco, “O” for New Orleans, and “D” for Denver are located above the “D” and “O” in “Dollar,” with Philadelphia-minted coins having no mark. Peace dollar mint marks (“D” for Denver, “S” for San Francisco) are found above the tip of the eagle’s wing or just below the word “ONE” on the reverse.

Factors Influencing Value

An old silver dollar’s worth is determined by its intrinsic silver content, or “melt value.” Since both Morgan and Peace dollars contain approximately 0.7734 troy ounces of pure silver, their baseline value fluctuates with the current market price of silver. The value can significantly exceed this melt value due to numismatic factors, which relate to a coin’s appeal to collectors.

Rarity plays a substantial role, influenced by the coin’s original mintage figures. Coins with lower production numbers for a specific year and mint mark are more sought after and command higher prices. For example, the 1893-S Morgan dollar had a mintage of only 100,000. The 1928-P Peace dollar is also considered a key date due to its low mintage of 360,649.

A coin’s condition, or grade, is another significant determinant of its value. Wear, scratches, and the presence of original luster directly impact how a coin is graded. Common grading terms include “Good” (G), “Fine” (F), “Very Fine” (VF), and “Uncirculated” (Unc or MS, for Mint State).

“Good” coins show circulation wear but retain major details. “Fine” coins have less wear, while “Very Fine” coins show medium to light wear with most details visible. “Uncirculated” coins show no signs of wear and retain their original mint luster.

Within the uncirculated designation, a numerical scale from 60 to 70 refines the grade based on surface preservation and eye appeal. “Key dates” refer to specific rare years and mint marks, while “varieties” are coins with minor design differences or errors.

Finding the Current Market Value

Determining the current market value of an old silver dollar involves consulting established numismatic resources. Reputable online price guides, such as those from Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS), offer regularly updated pricing information. These platforms allow users to cross-reference their coin’s date, mint mark, and estimated condition to find approximate market values.

Printed coin price books, like the “Red Book” (A Guide Book of United States Coins), also serve as valuable resources. When using these resources, it is important to accurately assess the coin’s condition, as even slight differences in wear can lead to significant variations in value.

For coins suspected of being rare or in high grades, seeking a professional appraisal is advisable. Reputable coin dealers or professional numismatists can provide expert evaluations. Organizations like the American Numismatic Association (ANA) offer directories to help locate certified dealers and appraisers. During an appraisal, an expert will thoroughly examine the coin’s authenticity, condition, and any unique characteristics to provide an informed valuation.

Preserving Your Silver Dollar’s Value

Maintaining the condition of your old silver dollar is essential for retaining its value. Always hold coins by their edges to avoid transferring oils, dirt, and acids from your skin onto the coin’s surface. Using soft cotton gloves during handling protects the coin.

Appropriate storage methods safeguard coins from environmental damage and physical wear. Store silver dollars in inert, non-PVC (polyvinyl chloride) holders or airtight capsules designed for coin preservation. Storing coins in a cool, dry environment with stable temperature and humidity levels also helps prevent tarnishing.

Numismatists universally advise against cleaning old silver dollars. Cleaning, even with seemingly gentle methods, can cause irreparable damage to the coin’s surface and significantly diminish its numismatic value. Cleaning can remove the coin’s original patina or toning, which is desirable for collectors and contributes to authenticity. Abrasive cleaners or harsh scrubbing can create microscopic scratches, alter the coin’s original surface, and erase fine details, all of which reduce its collectible worth.