Morgan and Peace Silver Dollar Value Guide: What Your Silver Dollars Are Worth

Short answer: every Morgan and Peace silver dollar is worth at least its silver content, which is about three quarters of an ounce of pure silver. Many are worth more than that to a collector, depending on the date, the mint mark, and the condition. This guide walks you through what drives the value so you know roughly what you are holding, and we appraise silver dollars for free at our shop if you want a real number.

We are a family shop here in Greenville. Dan Hilliard started it in 2012, and his sons Michael and Greg are at the counter today. We have gone through a lot of silver dollars over 15+ years, everything from a single coin someone found in a drawer to inherited collections, so here is the honest version of how they are valued.

What a silver dollar is actually made of

Morgan and Peace dollars are 90 percent silver and 10 percent copper, and each one contains about 0.7734 of a troy ounce of pure silver. That silver content sets the floor. No matter how worn a coin is, it is worth at least its silver at the live spot price. That is the melt value, and it moves up and down with the silver market every day.

On top of that floor sits the collector value, and that is where silver dollars get interesting.

The two kinds of value: melt vs collector

Melt value is the metal. Take the silver in the coin, multiply by the live price, and that is the floor.

Collector, or numismatic, value is what a coin is worth to collectors above the metal. A common date in worn shape might be worth melt and a small premium. A key date, or the same coin in high grade, can be worth many times melt. We check every coin for both and pay the higher of the two.

What drives a silver dollar’s collector value

• Date. Some years were minted in the millions and are common. Others are scarce.
• Mint mark. The small letter that shows where the coin was struck: no letter for Philadelphia, and CC (Carson City), O (New Orleans), S (San Francisco), or D (Denver). On Morgans the mint mark is on the back below the eagle. Carson City coins in particular carry a premium.
• Condition, or grade. A coin with crisp, original detail is worth more than a worn one. Collectors grade on a long scale, but the short version is that sharper and more original is better.
• Rarity. The scarcer the date and mint combination, the more collectors will pay, especially in higher grades.

Morgan dollars (1878 to 1904, and 1921)

Morgan dollars are the classic American silver dollar, designed by George Morgan, with Liberty on the front and an eagle on the back. They were struck from 1878 to 1904 and then one more year in 1921.

Most 1921 Morgans and many common Philadelphia and San Francisco dates are affordable coins that trade near melt with a modest premium in worn grades. The ones collectors chase are the better dates and the Carson City issues. Well-known key and better dates include 1889-CC, 1893-S, 1893-CC, 1879-CC, 1895, and 1901, among others. The 1895 Philadelphia is famous as the “King of Morgans.” These can be worth hundreds to many thousands depending on grade, which is exactly why it pays to have an older Morgan looked at instead of guessing.

Peace dollars (1921 to 1935)

Peace dollars replaced the Morgan and were struck from 1921 to 1935, with Liberty on the front and an eagle at rest on the back, made to mark peace after World War I. The 1921 high relief first year, the 1928 Philadelphia, and the 1934-S are the standouts collectors look for. The rest are more common and trade closer to melt in worn condition, more as the grade climbs.

How to read your own coin

Two things tell you most of what you need. First, the date on the front. Second, the mint mark, that small letter. On a Morgan, look on the back, just below the eagle and above the letters DO in DOLLAR. On a Peace dollar, look on the back near the eagle’s wing, by the word ONE. No letter means Philadelphia. A CC is the one that gets people excited.

One thing to avoid: do not clean the coin to read it better. Cleaning hurts collector value. A little toning or grime is normal and collectors expect it.

A rough way to think about it

Without pinning exact prices, since silver moves daily and grade matters so much, here is the honest shorthand we use with folks at the counter:

• Common date, worn: mostly a silver coin. Worth its melt plus a small premium.
• Common date, high grade: a real step up as the detail gets sharper.
• Better date or Carson City: a premium over melt even worn, more in higher grades.
• Key date, or anything in top grade: a collector coin that can be worth many times melt. These are the ones you never want to sell as scrap.

That last line is the whole reason to get an appraisal first. We would rather tell you that your coin is a collector piece than buy it for melt.

How to find out what yours are worth

Bring them in. We appraise silver dollars for free at our shop in Greenville, one coin or a whole roll, and we will check each one for date, mint, and grade in front of you and tell you the number and how we got there. No charge to find out, and no pressure to sell.

Related pages: coin appraisal in Greenville, sell coins, and sell silver.

Silver dollar questions we hear

How much is a Morgan silver dollar worth?

Every Morgan dollar is worth at least its silver content, which is about three quarters of an ounce of pure silver, so the floor moves with the live silver price. Common dates in worn condition trade near that melt value with a small premium. Better dates, Carson City coins, and high-grade examples are worth more, sometimes many times melt. The date, mint mark, and condition decide where your coin lands, so the only way to know for sure is to have it looked at.

What makes a silver dollar valuable?

Four things on top of the silver itself: the date, the mint mark (where it was struck), the condition or grade, and how rare that combination is. A common date in worn shape is mostly a silver coin. A key date, or a common date in high grade, can be a serious collector coin.

Should I clean my silver dollars before selling?

No. Please do not clean them. Cleaning scratches the surface and almost always lowers what a coin is worth to a collector, sometimes a lot. Collectors want original surfaces. Bring your coins as they are and let us look at them first.

What is a Carson City silver dollar worth?

Carson City Morgans (the CC mint mark) came from a small frontier mint and are collector favorites, so they carry a premium over common dates even in worn condition. How much depends on the exact date and grade. Bring it in and we will check it against current collector demand.

Where can I get my silver dollars appraised near Greenville?

At our counter on Woodruff Rd. We appraise silver dollars for free, one coin or a whole roll, and tell you straight what is worth melt and what is worth more to a collector. See our coin appraisal page or just walk in.

Do you buy Morgan and Peace dollars in Greenville?

Yes. We buy Morgan and Peace dollars individually or by the roll, and value each on the higher of its silver content or its collector value. See our sell coins page or bring them in.

Get your silver dollars appraised

Greenville Gold & Silver, 1637 Woodruff Rd, Ste C, Greenville, SC 29607

Mon to Fri 10am to 6pm, Sat 10am to 3pm. No appointment needed. 864-901-7975