A Guide to Morgan and Peace Silver Dollars

The Morgan Dollar: 1878–1921

The Morgan silver dollar is one of the most widely collected coins in American numismatics. Designed by George T. Morgan and first struck in 1878, these coins were produced in response to the Bland-Allison Act, which required the U.S. Treasury to purchase large quantities of silver and convert it into dollar coins. Morgan dollars were minted at Philadelphia (no mint mark), New Orleans (O), San Francisco (S), and Carson City (CC) through 1904, then briefly revived in 1921. The Carson City issues are especially prized by collectors due to their lower mintages and the romantic history of the Nevada mint.

The Peace Dollar: 1921–1935

The Peace dollar was introduced in late 1921 to commemorate the end of World War I. Designed by Anthony de Francisci, the coin features a profile of Liberty on the obverse and a bald eagle perched on a rock with the word PEACE on the reverse. The 1921 Peace dollar, struck in high relief, is a one-year design variant and is highly sought after. Production continued through 1928, paused, then resumed for a final year in 1934 and 1935. Key dates in the series include the 1928 (Philadelphia only, low mintage), the 1934-S, and the 1935-S. Peace dollars were minted only at Philadelphia, Denver (D), and San Francisco (S).

Key Dates and Mint Marks to Know

For Morgan dollars, the most valuable dates include the 1893-S (the undisputed key date with a mintage of just 100,000), the 1889-CC, 1884-S, and 1895 proof (no business strikes were made that year). Any Carson City Morgan dollar tends to carry a premium, particularly the 1879-CC, 1881-CC, and 1885-CC. For Peace dollars, focus on the 1921 high-relief issue, 1928-P (mintage of only 360,649), and the 1934-S. Mint marks on both series are found on the reverse, above the eagle's tail feathers on Morgans and below the word ONE on Peace dollars.

Grading and Silver Content

Both Morgan and Peace dollars contain 0.7734 troy ounces of silver, meaning every coin has meaningful melt value regardless of condition. However, the numismatic premium above melt value depends heavily on grade. When grading these coins, pay attention to the high points that wear first: on Morgans, look at Liberty's hair above her ear and the eagle's breast feathers. On Peace dollars, check Liberty's hair over her ear and the eagle's wing tips. Coins graded MS-63 and above command significant premiums over circulated examples, and original luster and eye appeal matter a great deal at higher grades.

Why Collectors Love Silver Dollars

Morgan and Peace dollars remain popular for several reasons. Their large size and beautiful designs make them visually impressive. They contain nearly three-quarters of an ounce of silver, providing a floor of intrinsic value. The series offer enough variety in dates, mint marks, and die varieties to keep a collector engaged for years, while common dates are affordable enough that beginners can start building a set without a large investment. Whether you collect by date and mint mark, focus on top-grade examples, or simply enjoy the history these coins represent, silver dollars are a rewarding area of the hobby.