Silver dollars are not only a popular type of currency in the United States; they are some of the most valuable collectibles. However, there are some silver dollars worth more than others. The 1895 Morgan dollar with no mintmark can sell as high as $30,000, whereas the 1921 Peace dollar can sell for about $100 at auction. Each minted coin carries several defining characteristics and stories that ultimately determine its worth. Now, let’s explore the worth of these silver dollars, examine their historical significance, and discover the determining factors that influence their value.
The Historical Significance of Silver Dollars
Silver dollars have a rich history dating back to the late 18th century. The United States Mint first produced silver dollars in 1794, and these coins quickly became a symbol of national pride. This sense of pride continued for generations, with silver dollars being minted in various designs, featuring iconic figures such as Lady Liberty, presidents, and the Bald Eagle. As a result, these coins carry a deep historical significance, making them highly sought after by collectors and history buffs.
To get a sense of this historic worth, the Liberty Seated dollar, minted from 1840 – 1873, can be valued as high as $73,563 dollars!
Understanding Intrinsic Value
The intrinsic value of a silver dollar derives from the precious metal it contains. Historically, silver dollars consisted of 90% silver and 10% copper. Today, the U.S. Mint produces modern silver dollars in a limited-edition format, containing 99.9% pure silver, like the 2019-P Apollo 11 50th Anniversary silver dollar.
The market price of silver plays a crucial role in determining the intrinsic value of these coins. As the price of silver fluctuates, so does the intrinsic value of silver dollars. For instance, a 2021 silver Morgan dollar weighs 0.858 troy ounces. The spot price of silver on 6/14/23 was $23.20 per ounce, so its dollar value is $19.91.
Investors might only consider intrinsic value as part of their investment strategy for coins with 99.9% silver, because, as we mentioned, the historical value of older quarters oftentimes trumps their intrinsic value. A coin might be worth more because of its historical significance to collectors, even if its made with 90% silver.
Factors Influencing Numismatic Value
While intrinsic value is tied to silver content, the numismatic value of a silver dollar is determined by several factors that make each coin unique. These factors include:
a. Rarity: The rarity of a silver dollar significantly impacts its value. Coins with lower mintages or those with historical significance are often more sought after by collectors.
b. Condition: The condition or grade of a silver dollar is another vital factor in determining its worth. Collectors and grading agencies, like PCGS, assess factors such as wear, damage, and the overall preservation of the coin. Silver dollars in uncirculated or mint state conditions tend to command higher prices due to their superior quality.
c. Design and Variety: Silver dollars with unique or rare design elements often carry a premium. Certain minting errors, special editions, or variations in the design can make a coin more valuable and desirable among collectors. Several main factors to consider include the date of the coin, its mintmark and any errors associated with the coin.
Appraising Silver Dollars
If you own or plan to acquire these special coins, it’s essential to conduct thorough research and seek professional appraisals.
These coins represent a fascinating journey through history in America and offer an exciting investment and collecting opportunity. Whether you’re a collector or investor, the world of silver dollars offers a unique blend of history, artistry, and financial potential, making them priceless treasures in their own right.
At Garfield, we not only refine silver coins, but also offer a wide range of silver bullion and coins for purchase. If you’re looking to sell your coins for their intrinsic value or would like to add some silver to your collection, check out our options to learn more!