The Best Silver Dollars for Investors

Posted - December 27, 2023
best silver dollars for investors

While modern silver dollars contain no actual silver, this wasn’t always the case. In the beginning years of the United States Mint, making silver dollars without pure silver bullion was considered unthinkable. This is why American silver dollars minted before 1935 contain a standardized 90% silver content. 

However, this is only one reason why investors consider silver dollars a fantastic way to put their money into one of the world’s most popular precious metals. Even 100 years after the Morgan Silver Dollar ceased its initial production run (1921), these coins are still beloved by investors, collectors, and silver stackers all over the planet. 

Today, we’re walking readers through the best silver dollars for investors. Spoiler alert: we’re bullish on two of the most famous American silver dollars, the Morgan and Peace coins. Let’s dive right in! 

Are Silver Dollars a Smart Investment?

Are silver dollars the right investment choice for you? There are a couple of things investors need to know before they begin stacking silver dollars. 

First, silver dollars are considered numismatic coins. We’ll take a closer look at what this means later. For now, you should know that numismatic coins are mostly valued for their historical and collectable value, rather than just their silver content. 

Second, silver dollars contain .90 pure silver. If you compare the best silver dollars for investors to modern bullion coins, you’ll find that the modern silver coin contains a significantly higher silver purity at .999 or .9999. 

Comparing Numismatic and Bullion Silver Coins 

Let’s start with the basics. Numismatics refers to the study of collectable products, especially silver and gold coins. A numismatic coin can be valued for its precious metal content, which is silver in this case. But most of its value actually comes from something else: premiums. 

Morgan Silver Dollar Coin - 1878-1904 BU
BU Morgan Silver Dollar Coin

The best silver dollars for investors are historically important and valuable to collectors. Coins like the Peace Dollar and Morgan Silver Dollar can sell for several times their pure silver content, especially if they’re exceptionally rare or historically significant. 

Do Silver Dollars Contain Real Silver? 

The best silver dollars for investors do contain real silver. If you take a look at some of the most valuable silver dollars in history, you’ll notice something strange. Some of the best-selling silver dollars aren’t actually minted with pure silver. While this might make you think that you don’t need bullion to make a good investment, the truth is more complicated. 

Silver dollars like the Peace and Morgan Dollars are made using 90% pure silver. This means that they’re some of the best silver dollars for investors. Why are silver dollars such a good investment? To us, the investment value of a silver dollar comes from its ability to offer collectors multiple ways to profit. 

When you invest in the best silver dollars for investors, you make money when silver becomes more expensive. But more importantly, you also profit when collector interest in your particular silver dollar peaks. We call this concept versatility, and it’s a great way to diversify your portfolio and give yourself more ways to make money over time. 

Best Silver Dollars for Investors 

The two best silver dollars for investors are the Morgan Silver Dollar and Peace Silver Dollar. Both coins were minted during similar periods in American history, and they both include 90% fine silver bullion. 

Peace Silver Dollar Coin - VG Reverse
Peace Silver Dollar Coin – VG Condition

Below, we’ll take a look at two of the best silver dollars for investors. By the end of this short guide, you should have a pretty good idea of what makes these classic coins so popular among investors everywhere. 

Morgan Silver Dollars

The Morgan Silver Dollar is really the coin that started it all. According to numismatists, the Morgan Silver Dollar was the first standardized dollar coin minted following the 1873 Coinage Act. Before this law was passed, the U.S. and its affiliate mints adhered to a concept called “free coining.” 

Under this older monetary policy, a nearly unlimited number of legal tender silver coins could be produced. Believe it or not, you used to be able to trade any quantity of silver bullion to a mint and have it made into spendable silver dollars. 

But following 1873, the U.S. Mint abolished the free silver system. Instead, they opted to produce a limited, predetermined number of silver dollars each year. 

This is important because it set the stage for the modern era of coin collecting. The limited number of silver dollars produced each year made it possible for the coins to retain – and gain – value over time. 

Why Buy Morgan Silver Dollars?

Morgan Silver Dollars are universally considered one of the best silver dollars for investors. If you’re interested in putting your money into a diversified portfolio of silver bullion products, silver dollars are an excellent choice. 

These coins are valuable for both their silver content and their historical significance. Some Morgan Silver Dollars can actually be worth hundreds of times their silver melt value. This is great news for investors – especially if you’re someone who needs more diversity in your portfolio. 

Peace Silver Dollars

Peace Silver Dollars are our second pick for the best silver dollars for investors. Morgan Dollars were discontinued by the U.S. Mint in 1921, at which point they were replaced by the Peace Silver Dollar. 

The coin once again revived the obverse imagery of Lady Liberty on the obverse. This time, Lady Liberty wears a crown and is based off of the modeling work of Teresa de Francisci, the wife of mint sculptor Anthony de Francisci. 

Peace Silver Dollar Coin - BU
Peace Silver Dollar – BU Condition

The coin itself premiered right on the heels of the conclusion of World War One. Coin collectors and activists lobbied the U.S. Mint to produce a coin to commemorate the Allied victory in what had been the largest conflict in human history. The result was a reimagining of Lady Liberty, who now wears a crown resembling a rising sun on the Peace Dollar. 

What Makes Peace Dollars So Popular? 

Peace Silver Dollars have always been considered one of the best silver dollars for investors. We have no trouble understanding why. These coins check all the boxes – at least as far as numismatic silver coins are concerned. 

Peace Silver Dollars are rare, contain actual pure silver (90%), and come from an extremely important era of American history. 

Final Thoughts: What is the Best Silver Dollar to Invest In? 

What are the best silver dollars for investors? Collectors have many different choices when they look to diversify their silver portfolio with numismatic silver dollars. Still, there are two silver dollars that stand above the rest. 

At the end of the day, Peace and Morgan Dollars are two of the best silver dollars for investors. If you’re interested in adding these classic silver coins to your portfolio, consider checking out Hero Bullion’s competitively priced silver dollars for sale. 

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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.