We’re returning with part eleven in our journey through classic American coinage. This time, we’ll explore the history and highlights of iconic U.S. silver dollars. Let’s uncover these giants of our nation’s numismatic heritage, from early Flowing Hair issues to Morgan and Peace designs.
The Origins of Silver Dollars
The United States Mint first struck silver dollars in 1794 following authorization under the Coinage Act of 1792. The inaugural issue featured a right-facing bust of Liberty with flowing hair on the obverse surrounded by stars representing each state in the Union. The reverse depicted an eagle perched on a wreath and shield.
These large silver coins were intended for overseas trade but saw limited domestic use. The Flowing Hair design gave way to the Draped Bust motif in 1795, which itself was succeeded by the Seated Liberty concept starting in 1840. These early silver dollars are extremely scarce and valuable today, coveted by collectors.
The Morgan Silver Dollar 1878-1921
The Morgan dollar represents the most famous and heavily collected type of United States silver coin. Designed by British engraver George T. Morgan, the obverse depicts a profile portrait of Liberty wearing a Phrygian cap (Symbolizing Freedom & the Pursuit of Liberty in the American Revolution). The reverse features an eagle with wings spread against a background of stars framed by olive branches.
First minted in 1878, Morgans came from five different mints – Philadelphia, New Orleans, Carson City, San Francisco, and Denver when it opened in 1906. Hundreds of millions were produced over the series’ lifespan through 1904 and again in 1921 when the design resumed briefly before transitioning to Peace dollars.
Common date Morgans are widely available and affordable. But key dates like the 1893-S, 1895, 1903-S, and 1921 command huge premiums in top grades due to tiny original mintages. Toned, rainbow Morgans and coins with cameo contrast exhibit exceptional eye appeal. As the definitive silver dollar of its era, the Morgan design enjoys mass appeal among all collectors.
The Peace Silver Dollar 1921-1935
With America emerging from the devastation of World War I, a new hope-filled silver dollar design was sought to commemorate peace. Anthony de Francisci’s striking Peace dollar motif debuted in 1921, featuring a profile portrait of Liberty wearing a crown of rays and laurel leaves. The reverse depicts a majestic American eagle at rest clutching an olive branch, with the word “PEACE” below.
The 1921 high relief issues are considered patterns, while circulation strikes followed from 1922-1928 and again from 1934-1935. The San Francisco Mint coins are typically the scarcest, including keys like the 1927-S, 1928-S, and 1934-S. Brilliant white gems or attractively toned specimens represent the pinnacle of the series. Peace dollars make up many great collections.
Modern Silver Dollars
The classic Morgan and Peace designs went dormant for decades until revived in modernized form starting in 1971 under the legislative provision for new Eisenhower dollar coins. The large 38mm “Ike” dollars recalled the heft of old cartwheels, though with base metal compositions. They were followed by a special Bicentennial design in 1975-1976 featuring Liberty on the obverse and Independence Hall on the reverse.
The Susan B. Anthony dollar debuted in 1979 with a small size and reeded edge. However, it never caught on widely in circulation, leading to its 1981 demise. American Silver Eagles bullion coins minted since 1986 collectibility satisfy the demand for pure silver dollars. More recently, the U.S. Mint reintroduced larger-size silver dollars with .999 fine silver purity, including various Native American theme dollars. These provide a modern bookend to classic early dollars.
We hope you’ve enjoyed this look at famous silver dollars! Stay tuned for the twelfth and final part of our numismatic journey. And be sure to visit CV Coins and Collectables online or locally to explore silver dollars and other classic U.S. coins. Our experts stand ready to help you assemble a fantastic collection.
Check out the other parts in this series:
- Part 1: An Intro to Collecting Coins and Other Currency
- Part 2: Half Cents and Large Cents
- Part 3: Proof and Mint Sets & Commemoratives
- Part 4: Indian and Lincoln Cents
- Part 5: The Forgotten Coins: A Look at Two Cent and Three Cent Pieces
- Part 6: Silver Eagles and Commemoratives
- Part 7: Dimes and 20-Cent Pieces
- Part 8: Quarters
- Part 9: Half-Dollars
- Part 10: Nickels
- Part 11: Silver Dollars