How Much Silver Is in a Silver Dollar?
Uncover the precise silver content in various US dollar coins, from historical issues to modern versions. Understand their true metal value.
The term “silver dollar” refers to historical United States coins, known for their precious metal content. This article clarifies the varying silver content found in different US dollar coins throughout history, comparing historical pieces to modern dollar coins.
Understanding Silver Dollar Terminology
The phrase “silver dollar” primarily refers to US dollar coins historically minted with actual silver, distinguishing them from most modern dollar coins. Not all dollar-denominated coins from US history contained silver; their compositions changed over time. Coins like the Seated Liberty, Morgan, Peace, and certain Eisenhower dollar collector editions are key to understanding silver content. A coin’s face value, its stated worth, differs from its intrinsic metal value, the market value of its precious metals.
90% Silver Dollars
From 1794 to 1935, the United States minted dollar coins with 90% silver content. These included early Flowing Hair and Draped Bust dollars, and later Seated Liberty and Trade Dollars. The most recognized examples from this era are the Morgan Dollar, minted from 1878 to 1904 and again in 1921, and the Peace Dollar, minted from 1921 to 1928 and then from 1934 to 1935.
Morgan and Peace dollars share identical specifications. Each coin weighs 26.73 grams (412.5 grains). Their composition is 90% pure silver and 10% copper, often called .900 fineness. This results in an actual silver content of 0.77344 troy ounces. During this era, the intrinsic value of the metal closely aligned with the coin’s face value.
40% Silver Dollars
After the 90% silver dollars, a specific, limited period saw US dollar coins with 40% silver. This applied exclusively to certain Eisenhower Dollar issues minted from 1971 to 1978. These coins were produced as special collector’s editions, not for general circulation, and were typically identified by an ‘S’ mint mark.
The 40% silver Eisenhower dollars weigh 24.59 grams and are composed of 40% silver and 60% copper. This yields approximately 0.316 troy ounces of silver per coin. No circulating dollar coins contained 40% silver; this purity was reserved solely for commemorative and collector’s issues.
Modern Clad Dollars
All circulating US dollar coins minted after the 40% silver Eisenhower dollars contain no silver. These coins are known as “clad” coinage. Common examples include the Susan B. Anthony, Sacagawea, and Presidential dollars.
Clad coins are constructed with multiple layers of different metals. They feature an inner core of pure copper bonded between outer layers of other metals, such as a copper-nickel alloy. Susan B. Anthony dollars have an outer layer of 75% copper and 25% nickel over a pure copper core. Sacagawea and Presidential dollars feature a manganese-brass cladding over a copper core. The value of these modern dollar coins is solely their face value, as they contain no precious metal.