When Were United States Silver Dollars Made?

United States silver dollars hold a significant place in the nation’s monetary history. These coins served as a tangible representation of economic strength and reflected various historical developments. From their inception, silver dollars were an important unit of currency. Their journey through different designs and periods of production highlights their continuous role in commerce and as a symbol of national progress. These coins offer a direct connection to the past, illustrating profound shifts in the country’s economic landscape and minting practices.

The First Silver Dollars

The United States began striking its own currency with the establishment of the U.S. Mint in Philadelphia. The Coinage Act of 1792 authorized the creation of the American dollar, laying the groundwork for silver coinage and a bimetallic monetary system. This legislative action paved the way for the production of the first silver dollars.

The initial silver dollar design, known as the Flowing Hair Dollar, was minted briefly from 1794 to 1795. This coin featured Lady Liberty with flowing hair on its obverse, while the reverse displayed a simple eagle. Its short production run makes it a notable piece of early American numismatic history.

Following the Flowing Hair design, the Draped Bust Dollar was introduced in 1795, continuing production until 1804. This coin presented a more refined portrait of Lady Liberty, distinguished by a draped bust. The 1804 Draped Bust Dollar is a famous variant, known for its rarity and high value among collectors.

Despite their early introduction, the widespread circulation of these silver dollars faced challenges. By 1806, President Thomas Jefferson ordered a halt to their minting because they were being exported in significant quantities to other countries, often for melting. During this period, the Spanish silver dollar remained a commonly used form of currency within the United States.

Mid-Period Silver Dollar Production

A new era in American coin design began with the introduction of the Seated Liberty Dollar, minted from 1840 to 1873. This coin depicted Liberty seated, holding a shield and a pole topped with a liberty cap. Its long production run spanned a period of considerable political and economic change, including the Civil War.

The Trade Dollar, produced from 1873 to 1885, was specifically designed for international commerce, particularly with Asian markets. It contained a slightly higher silver content than other U.S. dollars of the time, aiming to compete with foreign coinage. Its intended role primarily in foreign trade meant its use in domestic circulation was eventually discontinued.

The Morgan Dollar, one of the most widely recognized silver dollars, was first minted in 1878 and continued until 1904, with a brief resumption in 1921. Named after its designer George T. Morgan, this coin features a detailed design of Lady Liberty on the obverse and an eagle on the reverse. These coins became widely popular, especially in the American West, where they were commonly used for daily transactions.

The Peace Dollar followed the Morgan Dollar, introduced in 1921 and minted until 1935. This coin was created to commemorate the end of World War I, symbolizing peace. Its design features Lady Liberty with a radiate crown and an eagle with an olive branch. The minting of Peace Dollars was briefly discontinued in 1928 but resumed in 1934, influenced by legislation requiring the U.S. Mint to purchase large quantities of domestic silver.

The End of Circulating Silver Dollars

The regular production of silver dollars for general circulation largely concluded in the mid-20th century due to evolving economic conditions and the rising value of silver. A primary factor contributing to this cessation was the increasing market price of silver. By the early 1960s, the intrinsic metal value of silver in many coins began to exceed their face value, making them more valuable as bullion than as circulating currency.

This economic reality led to the widespread hoarding and melting of silver coins by the public, as their silver content made them profitable to sell for their metal. To address this issue and ensure the continued availability of circulating coinage, the United States government made significant changes to its monetary policy. The Coinage Act of 1965 largely removed silver from circulating dimes and quarters and reduced the silver content of the Kennedy Half Dollar from 90 percent to 40 percent.

While the last Peace Dollars intended for general circulation were minted in 1935, the broader shift away from silver in circulating coinage reflected a national move towards less expensive base metals for everyday transactions. This change marked the effective end of silver dollars as common currency in daily commerce. Although some later silver dollars, such as commemorative issues, were produced, they were not intended for widespread general circulation. In the late 1970s, soaring silver prices led to large-scale melting of these historic coins for their metal content.