Guides Morgan & Peace Silver Dollar Value Guide
Guide · 6 min read
Morgan & Peace Silver Dollar Value Guide
Morgan and Peace dollars are the classic American silver dollars, and they are among the most collected coins in the country. If you have a few, or a whole roll, this guide explains what drives their value.
The short version: some are worth close to their silver, and some are worth a great deal more. The differences come down to date, mint mark, and grade.
Morgan dollars (1878 to 1921)
Morgan dollars were struck from 1878 to 1904 and again in 1921. They contain just over three-quarters of an ounce of silver, so even the most common examples carry a solid melt value plus a steady collector premium.
Mint marks appear on the reverse below the wreath and tell you where a coin was made: no mark for Philadelphia, O for New Orleans, S for San Francisco, D for Denver, and CC for Carson City. Carson City coins are especially prized.
Peace dollars (1921 to 1935)
Peace dollars replaced the Morgan design and were struck from 1921 to 1935. They contain the same amount of silver and are also in steady demand. The 1921 high-relief and the 1928 Philadelphia are among the more sought-after dates.
Key dates that carry big premiums
Certain dates are worth watching for, because they can be worth many times melt even in modest grades.
- 1889-CC Morgan, a famous Carson City rarity
- 1893-S Morgan, the key to the series
- 1895 Morgan (Philadelphia), known largely as a proof-only rarity
- 1928 Peace dollar (Philadelphia), the low-mintage key
- Any Carson City (CC) Morgan dollar
How grade affects the price
Condition matters enormously. A common date might be worth a modest premium in worn condition but a large multiple of that in high uncirculated grades. This is why silver dollars should be appraised one at a time rather than bagged together.
Never clean a silver dollar. A cleaned coin can lose most of its premium even if it looks brighter to the eye.
Key takeaways
- Morgan and Peace dollars contain about 0.77 oz of silver.
- Mint marks (especially CC) and dates drive value above melt.
- Key dates like 1889-CC and 1893-S are worth many times metal.
- Grade matters, so appraise dollars individually and never clean them.
FAQ
Common questions
Where is the mint mark on a Morgan dollar?
On the reverse, below the wreath and above the letters DO in DOLLAR. No mark means Philadelphia; O, S, D, and CC indicate New Orleans, San Francisco, Denver, and Carson City.
Are all old silver dollars valuable?
All contain silver and carry at least a melt-based value with a collector premium. Whether a specific dollar is worth much more depends on its date, mint mark, and grade, which is why each should be checked.
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