Morgan and Peace Silver Dollars are the last true circulating silver coins. These are the largest silver coins ever made for circulation – they are almost 1-1/2 inches in diameter and contain over 3/4 ounces of pure silver. The overall silver purity is the standard .900 pure.
The Morgan Silver Dollar is the legendary coin of the “Wild West.” As a result of its large size, solid silver content, stunning beauty, and historical importance, it is always in tremendous demand and is the most popular classic American coin.
The Morgan Silver Dollar was struck from 1878-1904 and again in 1921. It is named after its designer, George T. Morgan, who was an engraver with the U.S. Mint. The obverse portrays Lady Liberty wearing a slave’s cap (an ancient symbol of freedom) with the word “Liberty” inscribed on a ribbon. The reverse features an American eagle holding both the olive branch of peace and arrows of war.
The Morgan Silver Dollar was the favorite coin of settlers, outlaws, and prospectors alike in the “Wild West.” Back East, the new paper dollar bills were gaining popularity, but paper money never caught on in the west. Nowadays, Morgan Silver Dollars evoke images of iconic Wild West characters – Billy the Kid, Jesse James, Butch Cassidy, Annie Oakley. Never has an era been so immortalized and romanticized. No wonder why collectors love Morgan Silver Dollars!
Another appeal of the Morgan Silver Dollar is the variety of mint marks available. In addition to the recognizable Philadelphia, Denver, and Peace Mint Marks, there is the opportunity to see a New Orleans Mint Mark – designated by an “O” beneath the tail feathers on the reverse – and the “CC” – Carson City Mint. Built at the peak of the silver boom conveniently near a local silver mine, silver and gold coins were minted there between 1870 and 1893 bearing the “CC” mintmark. The mint was established in Carson City to facilitate the minting of silver coins from silver in the Comstock Lode in Nevada.
Popular ways to collect are year sets, a mint mark collection, or the complete set.
Prior to 1964, one could redeem a silver certificate for silver dollar coins; and after that, for the next four years, silver certificates were redeemable in silver “granules.” When this exchange program ended, the government had a large supply of original mint sealed bags of silver dollars. The hoard was dubbed the GSA (Government Services Administration) Hoard; they were named this because this was the branch of the government that was in charge of the dispersal of these coins. The hoard included over 3 million coins, most of which were minted in Carson City Nevada. Until the discovery of this hoard, CC dollars were thought to be relatively scarce in high grade. The GSA hoard contained up to 84% of the entire mintage of some CC dollars. In the table below you can see the mintages of the dates found and the percentage of the total mintage discovered in the hoard.
| Date | Mintage | Number Discovered | % of Total Mintage in Hoard |
| 1878 CC | 2,212,000 | 61,000 | 2.7% |
| 1879 CC | 756,000 | 4,100 | .54% |
| 1880 CC | 591,000 | 131,500 | 22.2% |
| 1881 CC | 296,000 | 147,500 | 49.8% |
| 1882 CC | 1,133,000 | 605,000 | 53.3% |
| 1883 CC | 1,204,000 | 755,000 | 62.7% |
| 1884 CC | 1,136,000 | 962,000 | 84.6% |
| 1885 CC | 228,000 | 148,300 | 65% |
| 1890 CC | 2,309,000 | 3,950 | .17% |
| 1891 CC | 1,618,000 | 5,700 | 0.35% |
The Peace Silver Dollar is also one of America’s favorite coins. It was the last Silver Dollar minted for circulation, but it has been out of circulation since the last coin was struck over 80 years ago in 1935.
The Peace Silver Dollar was first minted in 1921, and it was struck each year until 1928. No coins were struck in 1929, the year of the stock market crash and the start of the Great Depression, and it was not struck again until 1934. The last coin was minted in 1935.
The Peace Silver Dollar was issued as a celebration of world peace after World War I. Sculptor Anthony De Francisci portrayed his wife, Teresa, as Lady Liberty on the coin. The reverse shows an eagle holding only an olive branch of peace instead of the usual olive branch and arrows of war; this symbolized “peace.” The eagle is also sitting on a rock inscribed with the word “PEACE.”
Peace Silver Dollar Mint Marks include Philadelphia, Denver, and San Francisco. You can try and collect the entire set of 24 coins, or the year set of 10 coins. You can start small with a 3 coin Mint set of P, D & S Mints, or you can collect the only 5 Peace Silver Dollars struck at the Denver Mint – 1922, 1923, 1926, 1927, and 1934) The last Peace Silver Dollar was struck in 1935. Mint officials gave consideration to striking 1936 silver dollars, and in fact prepared working dies, but as there was no commercial demand for them, none were actually struck.[1] With Mint Chief Engraver Sinnock thinking it unlikely that there would be future demand for the denomination, the master dies were ordered destroyed in January 1937.[1]
What about the mysterious 1964 Peace Silver Dollars?
In August 1964, Congress approved the production of 45 million Silver dollars to prevent coin shortages throughout the country. President Lyndon Johnson approved the order, but after several months, no 1964-D Peace dollars were struck. Finally, on May 12, 1965, the Mint struck its first 1964-D Peace dollars; The coins were struck on 90% silver planchets, had an identical design to the Peace dollars struck from 1921-1935 (with the exception of the date), and had a D mintmark on the reverse. The Mint struck a total of 316,076 circulation strike 1964-D Peace dollars (not including 30 test strike pieces).
Congressional leaders convinced the White House to have the coins destroyed. On May 24, 1965, the White House rescinded the President’s instructions to produce the coins and ordered all 1964-D Peace dollars to be destroyed. There were several U.S. Mint personnel who witnessed the melting of these coins to ensure that all had been destroyed.
There were rumors that some 1964-D Peace dollars had escaped the U.S. Mint. And years later, according to Mint records, two test strikes resurfaced. Those two coins remained in the Treasury Vault until 1970 but were immediately destroyed by the U.S. Mint as soon as they were discovered. The Mint has stated that if any of these dollars exist, they are illegal to own. It’s been over 50 years since the 1964-D Peace dollars were struck and not one genuine example has surfaced. What do you think?
Morgan Silver Dollars and Peace Silver Dollars are highly collectible, but just a fraction of all coins remain today. Due to the massive amounts of silver in each coin, more than 50% of all coins were melted by the U.S. Government in the 1920s to help pay for World War I; millions more were melted for World War II; millions more were privately melted in the 1980s when silver reached $50 an ounce; millions were destroyed or worn out in circulation between 1878 and 1935.
Patriotic Mint is your source for Morgan and Peace Silver Dollars in a variety of Years, Grades, and Mint Marks. Browse our inventory to start or add to your collection!
- Burdette, Roger W. (2008). A Guide Book of Peace Dollars. Atlanta, Ga.: Whitman Publishing. ISBN 978-0-7948-2669-7. Pages 64, 78