← Back to articles · Hobby & visiting shops ·
Morgan vs Peace dollars: two silver dollars, two jobs
Morgans (1878–1904 and 1921) and Peace dollars (1921–1935) are both 90% silver. Common worn dates are melt plus a little. A few dates are not. 1921 exists on both types.
A Morgan is the Liberty-head dollar George T. Morgan designed, struck 1878–1904 and again in 1921. A Peace dollar is the rayed-head dollar struck 1921–1935 to mark the end of the war. Both are .900 silver, about 0.773 troy ounces of fine silver. 90% silver. What a dollar is.
1921 is the overlap year. Both types exist. The 1921 Peace is the high-relief first issue and is its own conversation.
Common dates vs the ones we pull
Worn common Morgans (1881-O, 1883-O, 1921-P, and a long list) and common Peace (1922, 1923, 1924, 1925) are junk-plus: melt, plus a small collector add if they are problem-free. Cleaned, scratched, or holed: closer to melt. Don’t clean. Details grades.
Dates we actually stop for: 1893-S, 1889-CC, 1893-CC, 1895-O/S, a few others on the Morgan side; 1928-P and 1934-S on Peace. Mint mark first. Where is the mint mark? On these dollars it is on the reverse, above DO of DOLLAR (Morgan) or below ONE (Peace).
What this is not
A Morgan is not a Silver Eagle. An Eagle is a modern ounce. A Morgan is a 90% dollar with a collector market on top of the silver.
If the box is mixed Walkers, Morgans, and Peace, we count ounces first, then dates. Junk vs Eagles vs bars. Why US coins have eagles if you want the bird on the reverse explained.
Continue in the coin and money library. Related visitor guides: for shop visitors.
CC, O, S, and 1921
Carson City (CC) Morgans are the ones people hope for. Most CC dates are collected. A few are common-ish in low grade; a few are serious. New Orleans (O) and San Francisco (S) are where the sleepers and the traps both live. 1921-P is the most common Morgan there is.
Peace dollars never got a CC. The mint marks are P (no mark), D, and S.
People also ask
Is a Morgan more silver than a Peace? No. Same 90%, same fine ounces.
Should I slab a 1921 Morgan? Usually no. When to slab.
What about 2021 Morgan and Peace commemoratives? Modern Mint products. Different premium. 2026 Eagles is the modern bullion cousin, not these.