Silver dollars are easy to undersell. They are big, heavy and obviously silver, so it is tempting to sell them by weight like any other silver. But silver dollars are also collected, and the difference between a common dollar and a sought-after one can be invisible to anyone who does not look at the date, the mint mark and the condition. Where to sell silver dollars comes down to one rule: sell them to someone who looks at each coin.
Where to sell silver dollars: Morgan and Peace dollars, coin by coin
Where To Sell Silver Coins is an independent referral service, not a buyer, pawnshop or dealer. When you call or send your coin list, we pass your details to an independent buyer in New York, who makes any offer, and you decide whether to take it.
The silver in a Morgan or Peace dollar
Both designs are the same coin underneath: the standard silver dollar of 412.5 grains, 900 fine. In metric terms that is 26.73 grams, of which 90% is silver. The US Mint’s own figure for the fine silver in a standard silver dollar is 371.25 grains, or 0.7734375 troy ounces. Round it to 0.7734 and you have the number to use.
| Silver dollar | Weight | Fineness | Silver |
|---|---|---|---|
| Morgan dollar | 412.5 grains (26.73 g) | 900 | 0.7734 troy oz |
| Peace dollar | 412.5 grains (26.73 g) | 900 | 0.7734 troy oz |
| Eisenhower dollar, 40% silver issue | 24.592 g | 40% overall | 9.837 g (0.3163 troy oz) |
| Eisenhower dollar, circulation | Copper-nickel clad | None | None |
Melt value is that silver weight times the spot price. If spot silver is X dollars per troy ounce, one Morgan or Peace dollar has a melt value of 0.7734 x X dollars, and a roll or a box of them is that figure times the count. Melt is the floor: it is what the coin is worth if nobody wants it as a collectible.
Morgan dollars and Peace dollars, briefly
The Bland-Allison Act of February 28, 1878 put the standard silver dollar back into production, and the dollars struck under it are the coins collectors call Morgan dollars. Under the Pittman Act of 1918, more than 270 million silver dollars were melted, most of the silver going to India, according to the Mint’s own records. The Mint then replaced them: 86,730,000 dollars of the old Morgan design from February 21, 1921, and 183,502,722 Peace dollars from December 21, 1921.
The Coinage Act of 1965 stopped the minting of standard silver dollars for five years, and a law of December 31, 1970 repealed the old silver dollar sections and created the Eisenhower dollar in their place. The same 1970 law sent about three million silver dollars still held in the Treasury to the General Services Administration to be offered to the public.
Why two silver dollars of the same weight sell differently
Two Morgan dollars hold exactly the same silver, yet they may not sell for the same amount. What can separate them:
- The date. Some years were struck in larger numbers than others, and a less common year can matter to collectors.
- The mint mark. A small letter on the coin shows which Mint struck it. The same year can be common from one Mint and scarce from another.
- The condition. Wear on the high points of the design, scratches and knocks to the rim are what a collector looks for. A coin that has hardly been handled may be worth more than a worn one of the same date.
This site does not list scarce dates or prices, because both depend on condition that only someone holding the coin can judge. What it can tell you is that a seller should never accept one flat price per coin for a group of silver dollars unless each dollar has been looked at first.
Leave the coins as they are
Do not polish, dip or scrub silver dollars. Cleaning cannot be undone, and a coin’s surface is part of what a collector judges. Leave the coins exactly as you found them.
When it is worth getting a silver dollar graded
Grading means sending a coin to a grading service, which returns it sealed in a clear holder with a printed label. Grading costs money and takes time, so it is worth asking about only for coins that may be worth well above melt. For common, worn dollars, the cost may outweigh any gain.
If your dollars are already in sealed holders, keep them sealed and give the buyer the label details. If they are not, ask the buyer whether any coin in your group looks worth grading before you sell. A buyer who sets two or three coins aside and explains why is doing exactly what you want.
Where to sell silver dollars
| Where | Suits | What to watch |
|---|---|---|
| Coin dealer who knows dollars | Mixed groups of Morgan and Peace dollars | Ask which coins were offered above melt and why |
| Coin show | Comparing several dealers on one visit | Get each offer in writing, on the same coins |
| Auction house | Scarce dates and high-grade or graded coins | Fees, time to sale, and no price promised |
| Bullion dealer | Worn, common dollars bought for their silver | Collectible coins may be priced as metal |
| Pawnshop | A loan against the coins, not a sale | A loan is not an offer to buy |
For most families, the right first step is a buyer who handles silver dollars every day, who will sort your coins into melt coins and coins worth a closer look. The general guide to who buys what is on sell silver coins, and the step-by-step list is in how to sell silver coins.
Selling Morgan dollars and Peace dollars: a checklist
- Separate the dollars from other coins, and keep any already in holders apart.
- Write down each date and mint mark. The mint mark is a small letter on the coin; note it, or note that there is none.
- Count them and work out melt: count x 0.7734 x the day’s spot price.
- Ask for an offer coin by coin, or ask which coins the buyer is valuing above melt.
- Get it in writing, then compare a second offer on the same coins.
- Bring photo ID. In New York City a licensed buyer must see it and record the sale.
Silver dollars from an estate
Silver dollars are often the heart of an inherited collection, kept in a box, an album or paper rolls for decades. Keep them together exactly as you found them until someone has looked at them: a dollar that was set apart in its own holder may have been set apart for a reason. If there are many coins, our guide on how to sell a coin collection covers inventories, heirs and taxes.
Other old coins in the same box
Boxes of silver dollars often come with dimes, quarters and halves. Those dated 1964 and earlier are 90% silver and are usually sold by face value; see how to sell junk silver. For anything older, foreign, or that you cannot identify, start with where to sell old coins. Modern dollar coins with no silver, including circulation Eisenhower dollars, are worth face value unless a collector wants them.
One more thing to know: a profit on coins may be taxed as a capital gain, at a maximum federal rate of 28% for collectibles (IRS Topic 409). Ask a tax professional about your sale.
Have Morgan or Peace dollars? Call, or send your coin list, and we pass it to an independent New York buyer, who can contact you about them.
Questions people ask
How much silver is in a Morgan dollar?
0.7734 troy ounces. A Morgan dollar weighs 412.5 grains (26.73 grams) at 900 fine; the US Mint gives its fine silver as 371.25 grains.
Is a Peace dollar the same silver as a Morgan?
Yes. Both are the standard silver dollar of 412.5 grains, 900 fine, holding 0.7734 troy ounces of silver.
Should I sell silver dollars by weight?
Not until each coin has been looked at. Common worn dollars sell for their silver, but some dates, mint marks and well-kept coins are worth more than melt.
Are Eisenhower dollars silver?
Most are not: circulation Eisenhower dollars are copper-nickel. The 1970 law also allowed a 40% silver issue, each coin holding 9.837 grams of silver.
Should I get my Morgan dollars graded before selling?
Only coins likely to be worth well above melt. Grading costs money and time, so ask a buyer which, if any, of your coins are worth it.
Where is the best place to sell silver dollars?
A buyer who handles silver dollars often and will look at each coin, give a written offer and explain it. Compare at least two offers on the same coins.
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