INDEXThe Morgan dollar (1878–1921) and Peace dollar (1921–1935) are struck to the same specification: 90% silver, 10% copper, 26.73 g, holding 0.7734 troy oz of silver each. At spot as of September 13, 2026, either melts at $49.88.
Side by side
| Years | 1878–1921 · 1921–1935 |
|---|---|
| Composition | 90% Silver, 10% Copper · 90% Silver, 10% Copper |
| Weight | 26.73 g · 26.73 g |
| Diameter | 38.1 mm · 38.1 mm |
| Actual silver weight | 0.7734 oz · 0.7734 oz |
| Melt value | $49.88 · $49.88 |
What differs
- The two dollars share one specification: the same alloy, weight and diameter, and so the same silver content and melt value.
- They differ in design and dates. The Peace dollar replaced the Morgan in late 1921, the Morgan’s final year.
- Neither trades at melt as a rule: a Morgan or Peace dollar’s value above its silver depends on date, mint mark and grade, which Coindex does not publish a price for on this page.
About the Morgan dollar
The Morgan dollar was minted from 1878 to 1904, then for one final year in 1921 before the Peace dollar replaced it. Designed by George T. Morgan (his "M" sits below Liberty's neck on the truncation), it was born from the Bland-Allison Act, which required the Treasury to buy western silver. The series covers four mints and hundreds of die varieties, making it one of the deepest rabbit holes in American numismatics. Serious date collectors chase the 1893-S and the proof-only 1895; casual collectors still find plenty of affordable Carson City issues.
Morgan dollar specifications by year and mintAbout the Peace dollar
The Peace dollar arrived in late 1921 to mark the end of World War I. Anthony de Francisci designed it; his wife Teresa was the model for Liberty. The 1921 high-relief version is sharply different from the reduced-relief coins made afterward, and the two types are frequently confused. Production stopped after 1928 when silver purchase obligations ended, then resumed briefly in 1934-35. A planned 1964 revival was cancelled after a small number were struck - those coins were melted. The 1928 Philadelphia is the key date in the regular series.
Peace dollar specifications by year and mintFigures as of the last site build. How Coindex makes and withholds these figures. Coindex does not sell bullion.