What Silver Dollars Are Silver & How to Identify Them

United States silver dollars hold a unique place in history, embodying periods of economic change and national identity. Many people encounter these older coins and wonder about their composition. Understanding which of these dollars genuinely contain silver and how to identify them is a common interest. This knowledge can help differentiate valuable pieces from common circulation coinage, providing insights into their worth.

Key Characteristics of Silver Dollars

Early United States dollar coins, such as the Flowing Hair, Draped Bust, and Seated Liberty dollars, contained significant silver content. These historic coins were 90% silver and 10% copper. Their issuance reflected the monetary policies of their respective eras, predating the widespread use of clad coinage.

The Morgan Silver Dollar, minted from 1878 to 1904 and again in 1921, represents a prominent example of a 90% silver dollar. Each of these coins weighs 26.73 grams, containing 0.7734 troy ounces of pure silver. These dollars were a direct result of the Bland-Allison Act, which mandated the Treasury to purchase and coin silver.

Following the Morgan Dollar, the Peace Silver Dollar was minted from 1921 to 1935, also with a 90% silver and 10% copper composition. Designed to commemorate the end of World War I, these coins also weigh 26.73 grams and contain 0.7734 troy ounces of silver. The Peace Dollar marked the last circulating U.S. dollar coin to be struck in 90% silver.

A notable exception to the 90% standard is found in some Eisenhower dollars, minted between 1971 and 1976. While most Eisenhower dollars were copper-nickel clad, specific collector versions contained 40% silver. These 40% silver “Ike” dollars were generally not intended for circulation and often came in special packaging, identifiable by an ‘S’ mint mark from the San Francisco Mint. Each contains approximately 0.3161 troy ounces of silver.

Distinguishing Silver and Clad Dollars

The most straightforward method to determine a dollar coin’s silver content involves examining its date of mintage. U.S. dollar coins dated 1964 and earlier contain 90% silver. After 1964, the composition of circulating coinage shifted to a copper-nickel clad, with the exception of specific collector-oriented Eisenhower dollars.

Observing the coin’s edge provides another reliable visual indicator. A truly silver coin will display a uniform silver color along its entire edge. In contrast, clad coins, made with layers of different metals, will reveal a distinct copper stripe in the middle of their edge. A faint copper trace on the edge might suggest a 40% silver composition, as seen in some later issues.

While less practical for a general audience, the weight of a coin can also offer clues. Silver coins are heavier than clad coins of the same denomination due to silver’s density. This method requires a precise scale and knowledge of the coin’s specifications for accurate assessment.

The “ping test” involves gently tapping the coin and listening to the resulting sound. Silver coins tend to produce a distinctive, higher-pitched, and sustained ringing sound. Non-silver or clad coins typically produce a duller thud. This test should be performed with care to avoid damaging the coin.

A magnet test can also be performed, though it is not definitive for all silver coins. Silver is not magnetic, so a genuine silver coin will not stick to a magnet. However, many non-silver clad coins are also non-magnetic, meaning this test primarily helps rule out magnetic counterfeits or foreign coins containing ferrous metals.

Factors Influencing Silver Dollar Value

A silver dollar’s value is determined by two main components: its intrinsic silver content and its numismatic value. Intrinsic value is directly linked to the current market price of silver. For a 90% silver dollar, containing approximately 0.7734 troy ounces of silver, its base value fluctuates with the daily silver spot price. Similarly, a 40% silver Eisenhower dollar holds value based on its 0.3161 troy ounces of silver and prevailing market rates.

Beyond the fluctuating metal price, a coin’s numismatic value considers its appeal to collectors. This value can exceed the intrinsic silver content. Factors such as the coin’s condition or grade play a role, with well-preserved coins exhibiting less wear generally commanding higher prices.

Rarity is another determinant of numismatic value. Coins with lower mintage numbers or those struck at specific mints, like the Carson City (‘CC’) mint mark on Morgan dollars, are often scarcer and more sought after by collectors. Collector demand for certain series or varieties can influence market prices, reflecting historical significance or unique characteristics. For accurate valuation, consulting reputable coin pricing guides or professional coin dealers is recommended, as they assess both intrinsic and numismatic aspects.