Are silver dollars silver? This question often arises among collectors and enthusiasts of American coinage. The answer, however, is not as straightforward as one might think. While the term “silver dollar” suggests a coin made entirely of silver, the composition of these coins has evolved over time, leading to various interpretations of what constitutes a true silver dollar.
The original silver dollars, minted in the United States from 1794 to 1935, were indeed made of 90% silver and 10% copper. These coins, known as Flowing Hair dollars, Draped Bust dollars, and Seated Liberty dollars, were highly valued for their silver content and were widely used in commerce. The term “silver dollar” became synonymous with these coins, and their silver content was a significant factor in their popularity.
However, as the demand for silver coins decreased and the cost of silver rose, the U.S. Mint began to produce silver dollars with lower silver content. In 1878, the Mint introduced the Morgan dollar, which contained 90% silver and 10% copper, similar to the earlier designs. Despite the higher silver content, the Morgan dollar was not considered a true silver dollar by some collectors, as it was not made entirely of silver.
The composition of silver dollars continued to change in the 20th century. In 1935, the Mint introduced the Peace dollar, which contained only 60% silver and 40% copper. This change was made due to the rising cost of silver and the desire to reduce the Mint’s reliance on imported silver. The Peace dollar, while still called a silver dollar, was no longer made entirely of silver.
Today, the term “silver dollar” can refer to any coin with a face value of one dollar that contains some silver. However, the true silver dollars, made entirely of silver, are now highly collectible and can fetch significant prices at auction. Coins such as the 1804 silver dollar, known as the “King of American Coins,” are among the most valuable and sought-after pieces in numismatic circles.
In conclusion, while the term “silver dollar” suggests a coin made entirely of silver, the actual composition of these coins has evolved over time. The true silver dollars, made of 90% silver and 10% copper, are a cherished part of American numismatic history. However, the term “silver dollar” now encompasses a broader range of coins, each with its own unique characteristics and value.
