Showing the Liberty Silver Dollar
When people talk about liberty silver dollar coins, they are often referring to several distinct U.S. silver dollars that feature the iconic image of Lady Liberty. These coins represent American history, art, and a tangible store of value. For those seeking to invest or collect, understanding these specific coins is key.
Here are the most commonly recognized U.S. coins referred to as "Liberty Silver Dollars":
- Morgan Dollar (1878-1904, 1921): This coin features a prominent profile of Lady Liberty on its obverse. It was minted to absorb surplus silver.
- Peace Dollar (1921-1935): Introduced after World War I, its design symbolizes peace. Lady Liberty is depicted looking left, wearing a radiate crown.
- American Silver Eagle (1986-Present): The official silver bullion coin of the United States. Its obverse proudly displays Adolph A. Weinman's full-figure "Walking Liberty" design.
As Eric Roach, my background in investment banking and M&A, alongside a deep understanding of physical gold and silver, positions me to guide you through the intricacies of the liberty silver dollar market. I help investors like you understand how these iconic coins can secure and grow your wealth in uncertain times.
At Summit Metals, we're passionate about helping you steer the exciting world of precious metals. Today, we're diving deep into the fascinating history and enduring value of the liberty silver dollar, exploring three of its most prominent iterations: the Morgan Dollar, the Peace Dollar, and the modern American Silver Eagle. We’ll uncover why these coins are not just beautiful pieces of art, but also smart additions to any diversified portfolio.
The Morgan Dollar (1878-1921): The Wild West's Silver Standard
Let's journey back to the days when six-shooters and steam trains ruled the frontier. The Morgan Dollar was the liberty silver dollar of that era, first struck in 1878 under the Bland-Allison Act, which required the Treasury to buy huge amounts of Western silver and coin it into dollars.
British-born engraver George T. Morgan gave the coin its name. On the obverse, Lady Liberty (modeled after Philadelphia school-teacher Anna Willess Williams) wears a Phrygian cap and laurel. The reverse shows an eagle clutching arrows and an olive branch—strength and peace in one image.
Composition is classic Constitutional silver: 90 % silver, 10 % copper, for 0.77344 troy oz of pure metal. Hundreds of millions were minted, but more than 270 million were later melted under the Pittman Act of 1918, creating key rarities.
Key Morgan Dollar Varieties for Your Portfolio
- "CC" Carson City issues (silver from the legendary Comstock Lode) were struck in far smaller numbers than those from Philadelphia, San Francisco or New Orleans. An 1878-CC is a prime prize.
- The 1921 one-year revival closed the Morgan era and offers an affordable entry point for beginners.
- In the 1970s the GSA Hoard revealed millions of uncirculated Carson City coins still sealed in Treasury bags—today they remain highly collectible.
- Since 2021, the U.S. Mint has released modern .999-fine Morgan Dollars, marrying the vintage look with pure-silver bullion appeal.
An Essential Guide to Valuing Constitutional Silver and More on Morgan Dollars can help you pinpoint which dates fit your goals.
Why the Morgan Is a Cornerstone Liberty Silver Dollar
- Historical significance: a tangible link to the Wild West and America’s industrial boom.
- High original mintage: common dates stay affordable, perfect for first-time collectors.
- Recognizable design: Lady Liberty’s profile is iconic, and the large 38 mm “cartwheel” size feels substantial in hand.
- Dual value: intrinsic silver plus potential numismatic premium—especially for CC-mint or low-survival dates.
Whether you chase a rare Carson City or stack common dates for silver content, the Morgan Dollar is a timeless piece of American heritage.
The Peace Dollar (1921-1935): A Symbol of a New Era
After World War I, America wanted a coin that celebrated hope instead of hardship. The result was the Peace Dollar, minted 1921-1928 and 1934-1935 under the same Pittman Act that had melted many Morgans.
Italian-American sculptor Anthony de Francisci crafted a youthful, Art-Deco Liberty (modeled by his wife Teresa). The first coins of 1921 were struck in eye-catching High Relief, but cracked dies forced the Mint to switch to a lower relief in 1922.
The reverse shows an eagle perched on a rock, olive branch in talon, the word “PEACE” boldly below. A proposed broken sword (meant to symbolize disarmament) was quickly removed after public backlash—one of the more dramatic design edits in U.S. coinage.
Like the Morgan, each Peace Dollar is 90 % silver, 0.77344 troy oz pure.
Rare and Valuable Peace Dollar Issues
- 1921 High Relief – just over 1 million struck, hard to find in high grade.
- 1928-P – lowest mintage of the series (360,649).
- 1934-S – heavily circulated in the West, scarcer in mint state.
- The never-released 1964-D remains a famous “ghost” coin (all 316,076 were reportedly melted). Read the full story: "1964-D Peace Dollars – Do They Really Exist?".
- Modern .999-fine commemoratives, first issued in 2021, bring the design to today’s bullion market.
Investing in the Peace Dollar
The Peace Dollar blends striking Art-Deco style, powerful post-war symbolism and relative scarcity—especially in high grades. Key dates such as 1921 and 1928-P often command sizeable premiums, while common dates remain an accessible way to hold vintage silver. For broader market insight, see our guide on Understanding the Gold Silver Ratio.
Modern "Liberty" Bullion: The American Silver Eagle (1986-Present)
Fast-forward to 1986 and meet the superstar of modern liberty silver dollar investing: the American Silver Eagle.
The obverse revives Adolph A. Weinman’s 1916 “Walking Liberty,” widely considered one of the most beautiful U.S. designs. Each coin holds 1 troy oz of .999 fine silver, fully guaranteed by the U.S. Government—making it IRA-eligible and among the most trusted bullion products worldwide.
Type 1 vs. Type 2: A Collector's Choice
- Type 1 (1986-2021 mid-year): John Mercanti’s heraldic eagle.
- Type 2 (mid-2021-present): Emily Damstra’s landing eagle plus improved security reeding.
Both designs were minted in 2021, turning that year into a mini “key” for collectors who want each type.
Why the Silver Eagle Is Today’s Go-To Liberty Silver Dollar
- Global liquidity: recognized and traded everywhere.
- Purity & consistency: easy to stack, count and store.
- Government backing: weight and metal content guaranteed.
If you’re building a physical silver position, Silver Eagles are the modern standard. Learn more in our guide: Is Silver a Good Investment.
Frequently Asked Questions about the Liberty Silver Dollar
We get a lot of questions about these beautiful pieces of American history, and for good reason! Here are some of the most common inquiries we receive about the liberty silver dollar family.
What's the difference between a Morgan and a Peace Dollar?
Ah, the classic showdown! While both are iconic liberty silver dollar coins, the Morgan and Peace Dollars come from different eras and carry distinct messages. Think of them as two different chapters in America's story.
Let's start with their looks. The Morgan Dollar features an older, more classical depiction of Lady Liberty. Her portrait, often called the "Morgan Head," has a somewhat stern gaze. Her eagle on the reverse is quite formal, with outstretched wings, clutching arrows and an olive branch. It’s a powerful, heraldic representation.
Now, the Peace Dollar offers a different vibe. Its Lady Liberty is youthful and serene, looking left with a radiant crown. This Art Deco style is softer and more modern for its time. The eagle on the reverse is more dynamic, perched on a mountain, with an olive branch and sun rays behind it. It's a much more artistic and less rigid depiction. These design choices truly reflect the designer's intent for each coin.
Beyond the design, their historical eras tell their own tale. The Morgan Dollar (1878-1904, 1921) was born during the post-Civil War industrial boom and the exciting Wild West expansion. It was created to absorb surplus silver from Western mines, a product of the Bland-Allison Act. It truly embodies an era of raw power and growth in America.
The Peace Dollar (1921-1935), on the other hand, was created as a direct response to World War I. Its very existence symbolizes the nation's profound desire for global peace. It represents a new, more hopeful, and forward-looking era for America.
So, while both feature Lady Liberty, the Morgan Dollar is a symbol of America's industrial might and frontier spirit. The Peace Dollar represents its aspirations for global harmony. Both coins contain 90% silver and share the same 38.1 mm diameter. You can dig into the broader context of silver's journey through history by checking out our Historical Price of Silver Graph.
Are old silver dollars a good investment?
This is a fantastic question, and the answer is a resounding "yes," with a few important caveats! Old liberty silver dollar coins, like the Morgan and Peace Dollars, offer a unique "dual value" proposition that makes them attractive to many investors.
First, there's the intrinsic silver content. Both Morgan and Peace Dollars, minted before 1965, are composed of 90% silver. This means they have a tangible, underlying value based on the fluctuating price of silver. Even if their numismatic (collector) value were to drop, you would still hold the value of the precious metal itself. This provides a solid floor for their worth and acts as a long-term store of value against inflation.
Second, there's the numismatic premium. This is where the magic really happens for collectors. The value of these coins often far exceeds their melt value due to factors like their rarity, condition, historical significance, and market demand. For instance, a rare date Morgan Dollar in uncirculated condition can fetch hundreds or even thousands of times its silver melt value! The 1921 High Relief Peace Dollar is another prime example of a coin where its rarity and historical context significantly boost its value.
The rarity factor plays a huge role. Coins with low original mintages, those that were heavily melted (like many Morgan Dollars under the Pittman Act), or those that are difficult to find in high grades, naturally command higher prices. Market demand is also crucial. Coins like the Morgan and Peace Dollars have enduring popularity among collectors worldwide, ensuring a consistent market. This demand, combined with their finite supply (they're not making any more of the vintage ones!), contributes to their potential for long-term appreciation.
At Summit Metals, we believe old silver dollars can be an excellent addition to a diversified portfolio. They offer the stability of precious metals combined with the exciting potential for numismatic growth. While we always advise doing your research and consulting with experts, the tangible nature and historical appeal of these coins make them a smart choice for many. And when the time comes to realize your gains, knowing When is the Best Time to Sell Your Silver Gold is key.
How can I tell if my Liberty Dollar is real?
Authenticating a liberty silver dollar is a crucial step for any collector or investor. While we always recommend professional grading for high-value coins, there are several tests you can perform at home to get a good indication of authenticity. (And a quick note: we're talking about official U.S. Mint Liberty Dollars here, not the privately issued "Liberty Dollar" currency that caused some legal kerfuffles years ago!)
First, check the weight specifications. Original Morgan and Peace Dollars (1921-1935) should weigh 26.73 grams (or 412.5 grains). Modern American Silver Eagles weigh exactly 1 troy ounce (31.1035 grams). Use a precise digital scale for this; significant deviations are a major red flag!
Next, measure the diameter. Both Morgan and Peace Dollars should be 38.1 mm (1.5 inches) across. American Silver Eagles are a bit larger at 40.6 mm. Digital calipers will give you an accurate measurement.
A simple yet effective test is the magnetism test. Silver is not magnetic. If your coin sticks to a strong magnet, it's almost certainly counterfeit. This is one of the easiest ways to spot a fake!
You can also try the sound or "ping" test. Hold the coin loosely between your thumb and forefinger, then gently tap it with another coin or a non-metallic object. Genuine silver coins produce a distinct, high-pitched, resonant "ping" sound that rings for a few seconds. Counterfeits often respond with a dull thud or a short, flat sound. It takes a little practice to train your ear, but it's very effective!
Finally, always conduct a thorough visual inspection and compare your coin to known genuine examples. Look closely at the details of the design, the lettering, and the edges. Compare your coin to high-resolution images of authenticated examples online. Look for crispness of detail, correct fonts, and proper spacing. Pay attention to the reeding (the ridges on the coin's edge) – it should be uniform and sharp. Counterfeits often have blurry details, incorrect fonts, or poorly executed reeding.
For valuable or questionable coins, the absolute best course of action is to send them to professional grading services like PCGS or NGC. These services authenticate, grade, and encapsulate coins, providing an expert opinion that adds significant value and liquidity.
By combining these methods, you can significantly increase your confidence in the authenticity of your liberty silver dollar coins.
Building Your Legacy with Liberty Silver Dollars
Well, what a journey we've been on together! We've traveled from the rugged, untamed spirit of the Wild West with the Morgan Dollar to the hopeful dawn of a new era with the artistic Peace Dollar, and finally, to the modern, globally recognized strength of the American Silver Eagle. Each of these incredible liberty silver dollar coins tells a unique story, not just about American history, but about the enduring appeal of silver itself.
These aren't just beautiful pieces of metal to admire (though they certainly are that!). They are truly tangible assets that you can hold in your hand, historical artifacts that connect you to generations past, and smart components for building a diversified portfolio. Whether you're captivated by the potential numismatic premium of a rare date, the deep historical significance embedded in every design, or simply the reliable pure silver content and global liquidity of modern bullion, there's a liberty silver dollar waiting to find its place in your collection.
At Summit Metals, nestled in the heart of Wyoming and with our team also serving folks from Utah and across the globe, we're passionate about helping you secure your financial future with authenticated precious metals. We believe in making this journey as clear and straightforward as possible. That's why we offer transparent, real-time pricing and incredibly competitive rates, all thanks to our ability to purchase in bulk. This commitment ensures you receive unparalleled trust and value with every single acquisition.
So, why just read about history when you can own a piece of it? It's time to start building your legacy. We invite you to explore our extensive collection of Constitutional Silver, where you're sure to find the perfect liberty silver dollar to add to your portfolio. We're here to guide you every step of the way, ensuring your investment journey is clear, secure, and wonderfully rewarding.
