What is the Best Silver Dollar to Buy?
The history of the U.S. Mint is filled with beautiful, classic coins. Silver dollars are an extremely important part of the culture of coin collecting – both inside and outside of the United States. Because of their numismatic value and relatively high silver content, these coins are a mainstay of silver portfolios all over the world.
It should come as no surprise that buying silver coins is a time-honored tradition for investors. These coins combine beautiful designs with pure silver bullion to make these investments a great choice for almost any silver stacker.
But what is the best silver dollar to buy? Morgan and Peace Dollars are two of the best silver dollars for investors. As you read this Bullion Academy guide, though, you’ll learn that the best silver dollar for you depends on several different factors, including your investment objectives and aesthetic preferences.
Should You Be Buying Silver Dollars?
Before we get into the best silver dollars to buy, new investors need a little bit of background. If you’ve been stacking silver dollars for decades, feel free to skip the following four subsections and get to the good stuff – our analysis of the best silver dollars money can buy.
For our new readers, it’s important to take a look at why so many investors love buying silver dollars. Should you start stacking silver dollars?
Advantages to Investing in Silver Dollar Coins
People put their money into silver dollars for several different reasons, but three main ones come to mind. Silver dollar coins offer numismatic value and portfolio diversification, beautiful antique designs, and a high concentration of pure silver bullion.
Below, we’ll take a look at the three greatest advantages of buying silver dollars.
Numismatic Value and Portfolio Diversification
Silver dollars have numismatic value. New investors, remember that numismatic value refers to the sale value a coin has beyond its silver bullion melt value. The best silver dollars to buy are those that are prized for far more than their silver content.
Since silver dollars possess numismatic value, these coins are a great choice for investors who need to diversify their portfolios. Diversification is an important part of any investing strategy, and precious metals are no exception to this rule.
Silver portfolios filled with bullion coins like the American Silver Eagle are fantastic, but they suffer from a big problem. When you only stack modern, high purity silver coins, the value of your portfolio is entirely dependent on the current spot price of silver.
Mixing a few numismatic silver dollars into the mix gives you another way to secure some profit. Even if silver’s spot price goes down over time, the collectability of your numismatic coins can keep you in the green.
Beautiful, Antique Designs
Anyone who’s had the pleasure of holding a genuine Morgan or Peace Silver Dollar in their hands knows that these coins offer investors a unique type of beauty. The best silver dollar to buy might very well come from one of these two storied series.
But even if you go further back in time, the beauty of genuine silver dollars is tough to argue. These coins don’t look much like modern U.S. Mint bullion products. However, these coins bear the evidence of a bygone time in American coinage history.
The antique, almost rustic look of a legitimate early American silver dollar is something you just don’t find on modern coins. Many investors love silver dollars for precisely this reason.
We mentioned portfolio diversification earlier in this guide, but it’s important for new investors to remember that diversification doesn’t just have to do with buying different types of precious metals. You can also diversify a precious metal collection by investing in different visual gems.
Adding some beautiful, classic coins to your portfolio is a great way to make your collection more visually diverse and appealing.
High Silver Purity (90%)
Although modern coins are made using an alloy of inexpensive metals, Silver Dollars minted before 1964 actually contained real silver bullion!
In fact, most silver dollars from the 19th century were given a standardized silver content of 90%. That’s right – Hero Bullion’s silver dollars for sale include .90 fine silver bullion. While this isn’t quite as pure as a modern American Silver Eagle, these coins are still pretty pure.
When we combine the purity of the average American silver dollar with the beautiful, classic designs on these coins, it’s pretty clear why some investors want to learn about the best silver dollar to buy.
Types of Silver Dollars
While the Peace and Morgan Dollars are undeniably the most popular American silver dollars, there is a wide range of silver dollars from early – and modern – American history for collectors to explore.
Below, we’ll take a look at the U.S. Mint’s greatest hits, including early American silver dollars, the Peace Dollar, and the ever-beloved Morgan Silver Dollar.
Early American Silver Dollars
The earliest silver dollars in American history predate the United States Mint. These include the Continental Currency Coins, a series of coins with various different designs that circulated informally during the American Revolutionary War.
After the U.S. Mint was established, three main coins broke into the market, becoming popular numismatic products still collected by investors today.
These three early American silver dollars include the Flowing Hair Dollar, Draped Bust Dollar, and Seated Liberty Dollar. If you can get your hands on one of these early American dollar coins, it might well be the best silver dollar to buy!
Flowing Hair Dollar
As the very first silver dollar minted by the newly formed United States government, the Flowing Hair Dollar has quite the reputation among silver coin collectors. In fact, some hardcore numismatists will claim that this is the best silver dollar to buy – if you can manage to buy one for your collection!
The coin’s design represents one of the first attempts at depicting Lady Liberty on American coinage. The obverse of the Flowing Hair Dollar depicts the bust of Lady Liberty as her hair flows in the wind.
Another classic American symbol makes its debut on this coin. The reverse features an American bald eagle surrounded on all sides by a wreath. The bird is skinnier than modern coin collectors are used to. However, the classic look and design of the Flowing Hair Dollar continues to impress collectors today.
Draped Bust Dollar
The U.S. Mint upped the ante in 1795, capitalizing on the reception of their Flowing Hair Dollar with a brand new silver dollar. This is the Draped Bust Dollar, and it might very well be the best silver dollar to buy for investors interested in beautiful old silver coins.
Interestingly enough, silver content for this coin was dialed back just a bit. Instead of the 90% pure silver featured in the previous dollar coin on our list, this piece includes only 89.2% fine silver bullion.
This isn’t a huge issue, considering the strides the U.S. Mint made when designing this brand new silver dollar. Lady Liberty appears once more on the obverse of the coin. Her hair flows, and mint artists added even more detail to her hair. They even managed to include more intricacy on her face, bringing Liberty to life for the first time.
On the reverse side of the Draped Bust Dollar, two different designs characterized the mintage history of the coin. The original design mirrors the bald eagle depiction used on the Flowing Hair Dollar.
But in 1798, the mint premiered a new take on the classic symbol. This time, they opted for the heraldic bald eagle, which would eventually become a mainstay for circulation coinage in the United States. The eagle wears the heraldic shield of the United States on its chest, and it holds both a bundle of arrows and an olive branch in its talons.
Seated Liberty Dollar
In 1836, the U.S. Mint once again revolutionized their efforts to depict American symbolism on their dollar coins. The reverse-side depiction of an eagle on this 90% pure coin adds even more detail than its predecessors. This time, the eagle’s feathers are rendered in exceptional detail as it turns its beak to the sky.
The eagle is in motion this time, although it still bears the American heraldic shield on its chest and carries the olive branch and arrows in its mighty talons.
On the obverse, Liberty is given a new look. She wears her gown, which would eventually become a foundation for future depictions of the beloved national symbol. She’s seated, and in one hand she holds a waving American flag.
In her other hand, she holds an American shield at her side. Seated Liberty is, according to some numismatists, the best silver dollar to buy for investors who want to celebrate early American coinage.
Morgan Silver Dollar
In our view, it’s possible to make a compelling case for the Morgan Silver Dollar as the best silver dollar to buy. Even today, the coin is considered a classic for investors around the globe, and its intricate designs were commemorated in 2023 with the Morgan and Peace Silver Dollar Sets from the U.S. Mint.
The reverse of the coin reminds us of the same skinny, flying eagle design used on earlier coins. The mint brings back the eagle’s olive branch and arrows, but the heraldic shield is missing on this silver dollar.
On the obverse, Lady Liberty is depicted in incredible detail and beauty by master mint artist George T. Morgan.
Peace Silver Dollar
No discussion of the best silver dollar to buy would be complete without mentioning the Peace Silver Dollar. The Peace Dollar was minted on the heels of both the conclusion of the Morgan Dollar series and the ending of World War One.
As a consequence, the coin bears symbolism meant to represent the relative peace the world enjoyed after the “Great War” concluded.
Artist Anthony de Francisci employed his wife to model for the coin, allowing wind from an open window in his studio to blow her hair back as he created the portrait. She wears a crown that closely resembles sun rays, which make their appearance on the unforgettable reverse side of the Peace Dollar.
On this side of the coin, the bald eagle gets, in our opinion, its best representation yet. America’s national bird perches high on a cliff as it overlooks a rising sun. To Americans at the time, the rising sun represented a bright future free of the bloodshed that characterized humanity’s most devastating world conflict.
Comparing Popular Silver Dollars
So what is the best silver dollar to buy? The answer depends on what kind of investor you are. Below, we’re outlining our picks for the best silver dollars for investors, coin collectors, and silver stackers.
Best Silver Dollars for Investors
The best silver dollar for investors is likely the modern 2023 Morgan and Peace Silver Dollar Set. This set of two coins is minted using .999 fine silver and takes the existing Morgan and Peace Dollars into the modern era of coinage.
We picked this coin as the best silver dollar to buy for investors because of its high silver content and exceptional numismatic potential. Since the release was limited, we expect Morgan and Peace Sets to appreciate considerably in the next decades.
Best Silver Dollars for Coin Collecting
If you’re a coin collector, the best silver dollar to buy is probably all of them. Many collectors will pay a hefty premium for a full set of silver dollars, so building a comprehensive collection can make your stack the envy of numismatists everywhere.
Best Dollar Coins for Silver Stackers
For silver stackers, the best silver dollar to buy depends on a couple of factors. Generally, the lowest premiums for silver dollars are reserved for common date/mint coins in low or cull condition.
If you plan on buying BU silver dollars, expect to pay a hefty premium over spot price. If you’re willing to compromise on quality and rarity, cull silver dollars from Hero Bullion are a great option for budget stackers.
Final Thoughts: What is the Best Silver Dollar to Buy?
What’s the best silver dollar to buy? The answer depends on what kind of investor you want to be, and what type of investment you’d like to make.
We recommend taking a closer look at Hero Bullion’s full inventory of silver dollars. We offer competitive prices, fair shipping fees, and some of the best customer service in the industry. We’re excited to help you build your silver stack using some of the best silver dollars from throughout American history.
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About The Author
Michael Roets
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.