Are Silver Dollars Worth It?
Are silver dollars worth it? Investors have a near limitless supply of options when it comes to investing in silver bullion. Modern silver coins often feature a purity of either .999 or .9999, making these products the best way to buy as much pure silver as possible.
But there’s another way to invest in silver. For diehard silver stackers, this shouldn’t come as a surprise. American silver dollars are a time-honored tradition among silver collectors and numismatists. Since the very first silver dollars were released for circulation by the United States Mint, collectors can’t seem to get enough of these collectables.
Featuring brilliant designs, pure silver, and historical significance, silver dollars are a popular way to invest in cheap silver bullion. Are silver dollars worth it for your collection? We’re answering this question in today’s Bullion Academy blog post.
Types of Silver Dollars
Generally, we sell two main types of silver dollars: the Morgan and Peace variations. Are silver dollars worth it? These are two of the most common pure silver dollars on the market, and some investors consider them a great way to invest in cheap silver.
Morgan Silver Dollars
The Morgan Silver Dollar was one of the first silver dollars officially released into circulation by the U.S. Mint. On its obverse, the coin features a novel depiction of Lady Liberty. George T. Morgan was in charge of this artwork, and he did not disappoint. Here, Liberty is depicted with flowing hair covered partially by a bonnet. On her forehead, she wears a headband that says “liberty.”
Flip the coin over to find another classic piece of American iconography: the American bald eagle. Here, the eagle is featured flying into the air while carrying both an olive branch and a bundle of arrows. Are silver dollars worth it? Fans of history should strongly consider investing in the Morgan Silver Dollar.
This coin was minted from 1878 to 1904, and it’s been met with a near-constant state of popularity among collectors. Even today, the coin is one of the most popular methods of stacking silver on the market.
Peace Silver Dollars
Nearly 20 years after the United States Mint discontinued the Morgan Silver Dollar, numismatists and coin collectors lobbied to ask Congress to release a new silver dollar to celebrate the end of World War One.
What they received was the Peace Silver Dollar. Are silver dollars worth it for history fans? Whether you’re a fan of American history or coinage history in general, the Peace Silver Dollar is a must-have. On the obverse, we see another depiction of Lady Liberty. On this coin, she wears a crown that almost resembles the rays of a rising sun. Her hair flows in the wind.
Flip the coin over, and you’ll find another reimagining of the classic American bald eagle. Here, the bird perches on top of a cliff overlooking a rising sun. Along with the Morgan Silver Dollar, the Peace Dollar is a profound American tradition with a history of value among collectors. Are silver dollars worth it to investors? We think the answer is yes.
Do Silver Dollars Contain Real Silver?
This is a pretty common question. Are silver dollars worth it for their silver content? Investors should be careful before putting their money into silver dollars. Until 1935, all American silver dollars were minted with around 90% pure silver bullion.
But after that year, the U.S. Mint stopped using pure silver in their circulation coins. While some lower purity silver dollars were minted in the mid-1900s, most modern silver dollars contain no actual silver. Are silver dollars worth it if they don’t contain silver? Probably not! Certain extremely rare silver dollars may be worth millions, but this is the exception – not the rule.
For the most part, the value of a silver dollar comes primarily from its silver content.
Why Buy Silver Dollars?
Why should you buy silver dollars? There are a few advantages to investing in silver dollars, especially when we compare these products to other silver coins and bars.
Namely, silver dollars offer historical significance, pure silver content, and both numismatic and collectable value. Are silver dollars worth it to invest in? These three factors might help you make up your mind.
Historical significance is a big reason why investors choose to put their money into quality silver dollars. Many of these coins were released during pivotal times in American history. Take the Morgan Silver Dollar, for example. This coin stopped circulation in 1904, just four years after the turn of the century and only a decade before the outbreak of World War One.
Even modern coins from the U.S. Mint’s 2023 catalog owe quite a bit to the silver dollars that came from the early days of the United States. To some collectors with a penchant for history, this makes the silver dollar an ideal investment choice.
Are silver dollars worth it because of their historical significance? Let’s take a look at another reason why so many collectors can’t get enough of the Morgan and Peace Silver Dollars.
Pure Silver Bullion
Why are silver dollars worth it? If you’re a silver stacker, numismatics are only a bonus. For your portfolio, you’re looking to get as much silver as you can for your money. Some investors might balk at the cost of buying an American silver dollar in good condition. However, it’s important to remember that these coins do contain .90 fine silver bullion.
In fact, the silver dollars of America’s early history are actually some of the only silver circulation dollars to be minted using pure silver. In 1935, the U.S. Mint stopped using silver to create their silver dollars. Weird, right? It’s true – most modern silver dollars don’t actually contain any silver at all.
But for a period of time, American circulation dollar coins used genuine silver bullion. Today, you can buy silver dollars without paying some of the outrageous premiums associated with modern silver bullion coins. Are silver dollars worth it for stackers? We’d certainly say so, considering the high quantity of pure silver in most pre-modern silver dollars.
Collectable and Numismatic Value
If we had to pinpoint one main reason why silver dollars are worth it, we’d pick collectable value. Ever since the Morgan Silver Dollar was released by the United States Mint in 1878, collectors have been obsessed. These coins were never particularly popular for use in actual trade. However, they quickly found a home in a budding American coin collector culture.
This popularity hasn’t stopped in the 120 years since the Morgan Silver Dollar was removed from circulation. Collectors love the numismatic value of these coins, and many Morgan Silver Dollars tend to become more valuable over time. Are silver dollars worth it in 2023? Even today, these coins are extremely valuable and popular among a certain class of silver investor.
We always talk about the importance of diversifying your precious metals portfolio. There’s nothing wrong with filling your home safe with the modern coins we all know. The American Silver Eagle, Canadian Silver Maple, and British Silver Britannia are clearly popular choices, and we respect how important they are to the modern stacking community.
But if you’re looking to add some much-needed diversity to your collection, you want a coin valued for more than just its precious metals content. Are silver dollars worth it? If you’re able to get a good deal on a Morgan or Peace Silver Dollar, these coins can help you diversify and find new ways to profit from your silver stacking journey.
Silver Dollars: Are They a Good Investment?
Investors often ask us if silver dollars are a good investment. The answer is that it just depends on the kind of deal you’re able to find. Silver dollars are sometimes sold at a considerable premium over the spot price of the silver they contain. Sometimes, however, you might be able to buy “junk silver” dollars for a discount.
Silver dollars are a great investment if you’re someone who likes old collectable coins. As far as value appreciation goes, the investment potential of an American silver dollar mostly depends on the year, condition, and rarity of the coin you choose to buy.
Premium Prices for Silver Dollars
Like we mentioned above, premium prices for silver dollars can vary significantly. Both the coin you choose to buy and the dealer you buy from impact the price of the premium you’ll pay.
Luckily, Hero Bullion offers some of the most competitive prices on the market for our silver dollars. We’re happy to help walk you through our pricing model to help you find the silver dollars you need to expand your collection! Are silver dollars worth it? If you’re able to buy these coins without paying extreme premium fees, silver dollars might be the best way to invest in pure silver.
Silver Dollar Values Explained
How much is a silver dollar worth? Silver dollar prices vary based on several factors. A coin’s mintage figures are extremely important in determining its value on the secondary market. Generally, coin values go up when mintage figures go down. This should be a no-brainer. Fewer available coins on the market mean that coins from that year in great condition are worth more.
Are silver dollars worth it for your growing collection? We recommend doing some research into the most popular and the rarest silver dollars. Investors who buy silver dollars for their silver content alone should stray toward the popular – but common – dates.
If you’re someone who’s in the market for a rarer coin, take a look at some recent auction results and online coin pricing guides. These resources can help you make a more informed decision about which silver dollar is next on your wishlist!
How to Buy Silver Dollars
Are silver dollars worth it, and how do you buy silver dollars? We don’t want to hype you up with all this info about silver dollars without leaving you with some tips on how to buy them without losing out on unnecessary premium costs.
First, always cross-reference prices across multiple different dealers. We recommend a mix of online dealers and local coin shops. While local coin shops can’t offer the variety of a large online marketplace, they could potentially get you a better deal on specific silver dollars.
Additionally, pay careful attention to premiums and shipping costs. Premiums are small fees you pay on top of a silver product’s melt value. Melt value is determined by multiplying the current spot price of silver by the silver content of your coin in troy ounces. Higher premiums mean you’re paying more to get less silver.
Shipping fees should be something you think about when shopping for silver dollars. Are silver dollars worth it if they cost money to ship? This depends. Sometimes, companies charge reasonable shipping rates to make sure your coins get to your home safely and securely. But if a dealer charges an extremely high price just to ship your coins – that’s a red flag!
Final Thoughts: Are Silver Dollars Worth It?
So are silver dollars worth it, or are they an overpriced way to invest in silver? The answer, of course, just depends on who you ask. If you’re investing in high quality silver dollars from the earliest days of the U.S. Mint, you might end up paying quite a bit more than spot price for your silver.
But as for the silver dollars we sell at Hero Bullion, our competitive prices make it easy for new investors to put their money on high quality American silver. These coins aren’t just investments in silver. Instead, they represent the very best of a centuries-long tradition of excellence in American silver coinage.
We’re always here to help you build your silver stack with confidence. Are silver dollars worth it? We’ll leave that up to you to decide, but please feel free to reach out to our dedicated customer support team for individualized assistance.
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About The Author
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.