When Did Dollar Coins Stop Being Silver?
Explore the transformation of US dollar coins, tracing their metallic evolution from silver to modern compositions.
The United States has a rich history of coinage, with metallic compositions evolving significantly over centuries. The value of early coins was often tied directly to the intrinsic worth of metals like silver and gold. As the nation’s economy developed, currency materials shifted from these valuable metals to more common, less expensive alloys. This transition reflected changes in economic policy, metal availability, and the practical needs of circulating currency.
Early Silver Dollar Coinage
From its inception, the United States Mint primarily used silver for dollar denominations. The first U.S. silver dollar, the Flowing Hair Dollar, minted in 1794, contained 89.24% silver and 10.76% copper. This composition was later adjusted to a standard of 90% silver and 10% copper, a blend chosen for durability and intrinsic value. Early U.S. dollar coins like the Draped Bust (1795-1804) and Seated Liberty (1840-1873) also adhered to this 90% silver standard.
Throughout the 19th and early 20th centuries, prominent silver dollar series continued this tradition. The Morgan Dollar (1878-1904, 1921) and the Peace Dollar (1921-1935) both contained 90% silver. The Trade Dollar (1873-1885), primarily for commerce in Asia, was also 90% silver, though with a slightly higher silver weight.
The Transition to Non-Silver Compositions
The widespread use of silver in U.S. coinage faced challenges in the mid-20th century due to rising silver prices. By the early 1960s, the market value of silver in circulating coins approached, and sometimes exceeded, their face value, leading to widespread hoarding. This created significant coin shortages, prompting the government to reconsider currency composition and seek a more cost-effective circulating medium.
In response, Congress enacted the Coinage Act of 1965. This legislation eliminated silver from dimes and quarters and reduced the silver content of the half dollar from 90% to 40%. The Act also prohibited the minting of silver dollars for five years.
The Eisenhower Dollar, introduced in 1971, was the first dollar coin issued after this change. Circulating Eisenhower dollars were composed of a copper-nickel clad material, containing no silver. However, for collectors, special versions produced from 1971 to 1976 contained 40% silver. Thus, circulating U.S. dollar coins ceased to contain silver with the introduction of the copper-nickel clad Eisenhower dollar in 1971.
Modern Dollar Coins
After silver was removed from circulating dollar coins, the United States Mint continued to produce them using base metal compositions. The Eisenhower dollar (1971-1978) was made of a copper-nickel clad material, providing a durable and cost-effective coin for everyday transactions.
The Susan B. Anthony dollar, which replaced the Eisenhower dollar in 1979, also utilized a copper-nickel clad composition. This coin faced challenges in public acceptance due to its similar size to the quarter. The Sacagawea dollar, introduced in 2000, marked another evolution in dollar coin composition, featuring a distinctive golden color from its manganese brass cladding over a pure copper core.
The Presidential dollar series, launched in 2007, continued the use of the manganese brass clad composition. These modern dollar coins, including the Sacagawea and Presidential series, provide a visually distinct and durable alternative to paper currency.