Why These Silver Dollars Still Matter Today
If you’re exploring coin collecting or investing, Morgan and Peace dollars likely stand out. But why are they so valuable? The answer lies in U.S. history.
These coins weren’t just created—they were driven by financial laws, market shifts, and global conflict. Their stories help explain why some silver dollars are worth far more than their face value.
Morgan Dollar (1878–1921): Shaped by Silver Policy and Economic Instability
The Morgan dollar reflects a time when silver was central to U.S. monetary policy.
1. The Coinage Act of 1873
This law stopped the minting of standard silver dollars, removing silver from the list of legal tender. Mining interests in the West opposed this move, calling it the “Crime of ‘73.” Silver prices dropped, sparking public outcry.
2. Bland–Allison Act (1878)
This act required the Treasury to buy millions in silver each month and convert it into coins. That mandate created the Morgan dollar. It was both a political and economic compromise designed to calm silver-producing states.
3. Sherman Silver Purchase Act (1890)
The law forced the government to increase monthly silver purchases. It was meant to support the mining sector, but ended up contributing to the Panic of 1893. After the law was repealed, Morgan dollar production declined again.
4. Pittman Act (1918)
Over 270 million silver dollars—mostly Morgans—were melted to supply Britain with bullion during World War I. The act also allowed for coin replacement using new silver. That’s why Morgan dollars briefly returned in 1921 before being replaced.
5. The 1960s Treasury Discovery
In the early 1960s, bags of uncirculated Morgan dollars were uncovered in government storage. Among them were rare Carson City coins. These were released to the public through GSA auctions in the 1970s, reshaping collector demand and price trends.
Peace Dollar (1921–1935): Minted for a Nation at Peace
While Morgan dollars were tied to silver legislation, the Peace dollar marked a cultural shift after World War I.
1. Post-War Symbolism
Peace dollars were created to commemorate the end of World War I. Their design focused on themes of calm and rebuilding, far from the aggressive eagle poses of earlier coins.
2. Design Competition and Meaning
A public design contest led to Anthony de Francisci’s artwork being chosen. Lady Liberty’s soft features reflected youth and renewal. On the back, an eagle rests on a rock holding an olive branch, symbolising peace.
3. High-Relief Minting Challenge
The original 1921 Peace dollar was struck in high relief, which made mass production difficult. By 1922, the U.S. Mint adjusted to a flatter relief. As a result, 1921 Peace dollars are now among the most sought-after due to their unique detail and low mintage.
4. Limited Production and Rarity
Minting paused in 1929 due to the Great Depression and resumed only briefly in 1934 and 1935. The short production window made Peace dollars less common than Morgans, boosting their value among collectors.
What Drives the Value of These Coins?
The value of Morgan and Peace dollars doesn’t come from silver content alone. These factors all play a role:
Supply and Mintage: Some years had lower production or melting, increasing rarity.
Condition and Grade: Uncirculated coins or those with rare mint marks (like Carson City) hold more value.
Market Demand: Interest from both collectors and silver investors impacts prices.
Historical Ties: Coins linked to major events—wars, legislation, economic shifts—tend to carry historical weight and market appeal.
Silver Price Trends: As precious metal prices rise, so does the base value of these coins.
You can track real-time value trends on trusted sites like PCGS Price Guide.
Noteworthy Coins to Watch
1893-S Morgan Dollar
Known for its low mintage and high demand, this coin often breaks records at auctions.
1928 Peace Dollar
The lowest production year for the series, making it highly collectable.
Final Thought
Morgan and Peace dollars are more than just silver—they are living artifacts. Their value is deeply intertwined with the historical events that shaped the country. Whether you’re a seasoned collector or just starting out, understanding what makes these coins special can guide you in making more informed decisions about your collection. These coins offer a unique blend of numismatic value and rich American history, making them highly sought after by collectors and investors alike.
If you’re considering selling or adding to your collection, our experts can help you navigate the market and find pieces that not only hold financial value but also carry real historical significance. We offer a wide selection of Morgan and Peace dollars, along with professional appraisals to ensure you get the best price for your coins.
Explore Morgan and Peace dollars today at Mountain View US and Foreign Coins, and let us help you build a collection that not only holds value but tells a story. Whether you’re looking to buy, sell, or learn more, our team is here to guide your numismatic journey. If you already own Morgan or Peace dollars and are thinking about selling, we also offer expert evaluations to ensure you get the best return on your investment.