Morgan Dollar vs Peace Dollar
Two of the most beloved coins in American numismatic history — and both contain exactly the same amount of silver. Here's everything you need to know to decide which belongs in your collection or stack.
Side-by-Side Comparison
| Morgan Dollar | Peace Dollar | |
|---|---|---|
| Years Minted | 1878–1904, 1921 | 1921–1928, 1934–1935 |
| Silver Content | 0.77344 troy oz | 0.77344 troy oz |
| Purity | 90% silver | 90% silver |
| Weight | 26.73g | 26.73g |
| Diameter | 38.1mm | 38.1mm |
| Designer | George T. Morgan | Anthony de Francisci |
| Common Date Premium | $3–10 over melt | $3–8 over melt |
The Morgan Dollar
Designed by George T. Morgan and minted from 1878 to 1904, then again in 1921, the Morgan dollar is the most collected US silver coin. Lady Liberty faces left on the obverse; a heraldic eagle spreads its wings on the reverse.
The Morgan's appeal is its history — it was the coin of the American frontier, carried by cowboys, gamblers, and railroad workers. It was produced at five different mint facilities (Philadelphia, Carson City, New Orleans, San Francisco, and Denver) and mintmarks dramatically affect value. A 1921 Philadelphia Morgan might sell for $30; a 1893-S in fine condition can sell for over $100,000.
Most affordable Morgan dates:
- • 1921 (Philadelphia, Denver, San Francisco) — enormous mintages, always plentiful
- • 1900-O (New Orleans) — very common
- • 1884-O, 1885-O — common New Orleans dates
- • 1881-S, 1882-S — common San Francisco dates
The Peace Dollar
Designed by sculptor Anthony de Francisci to commemorate the end of World War I, the Peace Dollar was minted from 1921 to 1928 and again in 1934–1935. Lady Liberty faces right on the obverse; a bald eagle perches on a rock inscribed PEACE on the reverse.
Peace dollars have a softer, more artistic design and higher relief (especially the 1921 issue) compared to Morgans. They were never minted at Carson City, so they lack the most desirable CC mint marks that make some Morgans so valuable. The series is shorter — fewer date/mint combinations — making it easier to build a complete set.
Most affordable Peace dollar dates:
- • 1922 (Philadelphia) — highest mintage of the series (~51 million), always cheap
- • 1923 (Philadelphia) — second most common
- • 1924 (Philadelphia) — another very common date
- • 1925 (Philadelphia) — plentiful and affordable
Which to Buy: Stacker vs Collector
Buying for silver content (stacking)
Both contain identical silver (0.77344 oz at 90%). Buy whichever is cheapest at the moment — this changes weekly based on dealer inventory and demand.
Target common dates: 1921 Morgans or 1922–1923 Peace dollars in lower circulated grades (Good through Very Fine). Avoid paying premiums for condition if you only care about silver weight.
Buying for collecting
Both series are rewarding to collect. Morgans have more date/mint combinations and more dramatic key dates. The Peace series is shorter and easier to complete.
Either way: buy the best grade you can afford, focus on original skin (not cleaned or polished), and research key dates before spending significant premiums.
Frequently Asked Questions
How much silver is in a Morgan or Peace dollar?
Both contain exactly 0.77344 troy ounces of pure silver (90% silver, 26.73g total weight). At $30/oz spot, that's about $23.20 in melt value per coin — well above the $1 face value.
Which is more valuable — Morgan or Peace?
Common dates of both trade at similar premiums ($3–8 over melt). Key-date Morgans (1893-S, 1895, 1889-CC) command enormous premiums. As a stacker, buy whichever is cheapest. As a collector, research dates before buying.
What's the cheapest silver dollar to buy?
1921 Morgan dollars and 1922/1923 Philadelphia Peace dollars had the largest mintages and are consistently the most affordable — often available for just a few dollars over melt value in lower circulated grades.