Silver dollar value depends on four things: which series it is, the date and mint mark, how much wear it has, and whether it is real. Most old US silver dollars are common dates that sell for their silver content plus a modest premium. A short list of key dates sells for thousands. If you are asking "how much is my silver dollar worth?", start by sorting yours into one of those groups.
Which silver dollar do you have?
- Morgan dollar (1878-1904, then 1921). Liberty faces left with a cap and wheat in her hair. The reverse shows an eagle with spread wings inside a wreath. 90% silver, 26.73 grams, 38.1 mm across, with 0.7734 troy ounces of pure silver (NGC Coin Explorer, November 2026).
- Peace dollar (1921-1935). Liberty wears a crown of rays, and the reverse shows an eagle at rest above the word PEACE. Same weight and silver content as the Morgan. None were struck from 1929 to 1933.
- Trade dollar (1873-1885). Liberty seated on bales of goods, with "TRADE DOLLAR" on the reverse. Made for trade in Asia; many show Chinese merchant chopmarks, and fakes are very common.
- Earlier dollars. Seated Liberty (1840-1873) and Draped Bust (1795-1804) dollars are scarce in any grade; have them authenticated before pricing.
Dollars that are not silver
Eisenhower dollars made for circulation (1971-1978) are copper-nickel clad. Susan B. Anthony, Sacagawea and Presidential dollars contain no silver at all, and nearly all of them are worth face value. The exception: collector Eisenhower dollars with an S mint mark that were struck in 40% silver for mint sets and proof sets (1971-1976). Those weigh 24.59 grams and hold about 0.3161 troy ounces of silver. Some S-mint Ikes are clad proofs, so check the edge: a copper stripe means no meaningful silver.
How to read the date and mint mark
The date is on the front (obverse), below Liberty's head. The mint mark is on the back (reverse):
- Morgan: a small letter below the wreath, just above the "DO" in DOLLAR. CC is Carson City, O is New Orleans, S is San Francisco, D is Denver (1921 only). No letter means Philadelphia.
- Peace: a small letter on the lower left of the reverse, below the word ONE and near the tip of the eagle's wing. D and S are the branch mints; no letter means Philadelphia.
Use a 5x to 10x loupe. On key dates, check that the mint mark has the same wear and color as the metal around it; added letters and altered dates are a known trick.
Common dates versus key dates
Most Morgan and Peace dollars were made by the tens of millions. The 1921 Morgan alone had a mintage of 44,690,000 (NGC Coin Explorer, November 2026). Coins like that trade close to their silver value in worn grades. A few dates stand apart:
- 1893-S Morgan. Mintage 100,000, the lowest of any regular Morgan. About $4,000 in Good condition (NGC Price Guide, November 2026). Heavily counterfeited.
- 1895 Morgan (Philadelphia). Known only as a proof, with a mintage of 880. NGC lists proofs from about $35,000 in the lowest grades (NGC Price Guide, November 2026). A circulated "1895" with no mint mark is almost always a fake or an altered date. The 1895-O and 1895-S are real business strikes and are also scarce.
- 1889-CC Morgan. Mintage 350,000, most of which were later melted. About $595 in Good (NGC Price Guide, November 2026).
- 1928 Peace. Mintage 360,649, the lowest of the regular Peace dollars. About $235 in Good (NGC Price Guide, November 2026).
Carson City (CC) Morgans carry a premium as a group. Also check the 1884-CC, 1893-O, 1894 and 1934-S.
Take a picture and check its value with the estimator at the top of this page.
Price guidance: melt value plus premium
For a common date in worn condition, start with melt value. The formula is simple: silver weight in troy ounces times today's spot price of silver. For a Morgan or Peace dollar that is 0.7734 times the spot price. For a 40% silver Ike it is 0.3161 times the spot price. Silver moves every day, so look up a live spot quote when you do the math.
Collectors then pay a premium on top. NGC lists a common 1921 Morgan at $46.50 in Good and $90 in MS 60, and a common 1922 Peace at $47.50 in Good and $61 in MS 60 (NGC Price Guide, November 2026). The gap between worn and uncirculated is small on common dates and very large on key dates. These are guide figures, not offers; dealers buy below them, so check recent sold listings for the same date, mint mark and grade.
How grade changes the number
Grade is the condition on a 1 to 70 scale. On a Morgan, look at the hair above Liberty's ear and the cheek, then the breast feathers of the eagle. Flattened, smooth high points mean wear. A coin with no wear is Mint State, where bag marks and luster decide the number.
Cleaning
Do not clean a silver dollar. Polish, silver dip, baking soda and wire brushes leave fine hairline scratches and an unnatural shine. A cleaned coin often sells for little more than melt.
Counterfeits
Fake Morgan and Trade dollars made in China are sold online and turn up in estate lots. Many are base metal with a thin silver plating. Three checks you can do at home:
- Weight: a genuine Morgan or Peace dollar weighs 26.73 grams. Use a scale that reads to 0.01 g. Light wear takes off only a little.
- Diameter: 38.1 mm. Measure with calipers.
- Date and mint combination: fakes often carry dates that were never made, such as a circulated 1895 with no mint mark, or a Morgan dated between 1905 and 1920.
A good fake can pass all three, so key dates still need professional authentication.
Photo tips for an accurate estimate
- Photograph both sides, one at a time, filling the frame.
- Use soft, low-angle side light. Direct flash hides wear and hairlines.
- Get the date and the mint mark in sharp focus. Add a close-up of the mint mark area on the reverse.
- Use a plain dark background, hold the coin by its edge, and add a photo of it on a scale if you have one.
When to get PCGS or NGC grading
PCGS and NGC charge a fee to authenticate, grade and seal a coin. It pays off for key dates (1893-S, 1889-CC, 1928 and similar), for any coin that looks uncirculated, and for Carson City coins you plan to sell to collectors. For a worn common date, the fee can eat most of the premium.
For more on other coins, see our coin value checker, and for how we build a range from a photo, see how we estimate.
Questions people ask
How much is a 1921 silver dollar worth?
The 1921 Morgan is the most common Morgan date, so worn examples trade close to melt (see the NGC figures above). The 1921 Peace dollar, struck in high relief, is worth more.
Is my silver dollar real silver?
Morgan, Peace and Trade dollars are 90% silver. Circulated Eisenhower, Susan B. Anthony and Sacagawea dollars are not. Weigh the coin: a Morgan or Peace dollar should be 26.73 grams.
Where is the mint mark on a Morgan dollar?
On the reverse, below the wreath and just above the letters "DO" in DOLLAR. No mint mark means it was struck in Philadelphia.
Are silver dollars worth more than melt value?
Almost always a little more, because collectors pay a premium for Morgan and Peace dollars. Key dates and uncirculated coins can be worth many times melt.
Should I clean my silver dollar before selling it?
No. Cleaning leaves hairline scratches that lower the value. Sell it as it is.