Morgan vs. Peace Silver Dollars: How to Tell Them Apart and What They’re Worth
Morgan and Peace dollars are America's classic silver dollars. Learn how to tell them apart, which dates are scarce, and what drives their value.
If you’ve inherited a big, heavy silver dollar, odds are it’s a Morgan or a Peace dollar. They’re America’s classic silver dollars, and they’re among the most popular U.S. coins with collectors. Here’s how to tell them apart and what to look for.
Morgan Dollars (1878 to 1904, and 1921)
The Morgan dollar is named for its designer, George T. Morgan. The front shows Lady Liberty in profile, wearing a cap with LIBERTY on the band. The back shows an eagle with outstretched wings inside a wreath.
- Made from 1878 to 1904, and again in 1921
- Struck at Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and in 1921 at Denver (D)
- The mint mark is on the back, below the wreath
Hundreds of millions of Morgans were made, but many were melted. The Pittman Act of 1918 alone melted about 270 million silver dollars. Even so, a lot survived in bank and government vaults, which is why many dates are still available in nice condition.
Peace Dollars (1921 to 1928, 1934 to 1935)
The Peace dollar was created after World War I to celebrate peace. Designed by Anthony de Francisci, it shows a younger-looking Liberty with a spiky crown on the front, and an eagle at rest on a rock with the word PEACE on the back.
- Made from 1921 to 1928, then 1934 and 1935 (none were made from 1929 to 1933)
- Struck at Philadelphia, Denver (D), and San Francisco (S)
- The mint mark is on the back, lower left, below the word ONE
- The 1921 Peace dollar was struck in high relief and is scarcer than later dates
Quick Way to Tell Them Apart
| Morgan | Peace | |
|---|---|---|
| Liberty | Older profile, cap with LIBERTY on the band | Younger face, spiky crown |
| Eagle | Wings spread, inside a wreath | Perched on a rock, wings folded |
| Word on back | IN GOD WE TRUST above the eagle | PEACE at the bottom |
| Years | 1878 to 1904, 1921 | 1921 to 1935 |
How Much Silver Is in Them?
Both are 90% silver and weigh 26.73 grams, containing about 0.77 troy ounces of pure silver. That gives every Morgan and Peace dollar a solid base value, even in worn condition.
What Makes One Worth More
- Date and mint mark: Some dates had small mintages or were heavily melted. Famous scarce dates include the 1893-S and 1889-CC Morgans and the 1928 Peace dollar (one of the lowest-mintage Peace dollars).
- Carson City coins: “CC” Morgans carry a premium for their Old West history. See my Carson City Morgan guide.
- Condition: Bright, uncirculated coins with few marks are worth much more than worn ones, especially in high grades.
- Eye appeal: Attractive natural toning can add value. Cleaning always subtracts value.
Watch Out for Fakes
Morgan and Peace dollars are some of the most counterfeited U.S. coins, especially the scarce dates. Be cautious with online deals that look too good to be true. See my post on spotting counterfeit silver and gold.
More guides: Trade dollars, dollar coins, the cancelled 1870-CC die.
The Bottom Line
Morgan dollars have an older Liberty and an eagle in a wreath; Peace dollars have a crowned Liberty and an eagle perched on a rock. Both are 90% silver, both are popular, and some dates are worth far more than their silver. Check the date and mint mark, and don’t clean them.
Have Morgan or Peace dollars? JoCo Coin Shop offers honest, no-obligation appraisals across the Kansas City area. Contact me by phone, text, or email to get started.
