Morgan dollars and Peace dollars—commonly called “silver dollars”—are among the most sought-after U.S. coins after the Lincoln cent. Many are highly collectible and can command extraordinary prices in top condition, though not all are the absolute most expensive coins on record.
U.S. mints first struck silver dollars with a face value of $1 and a composition of roughly 90% silver in 1794. Since then, a wide variety of dollar designs have been produced. Only a handful, however, achieve values in the hundreds of thousands or even millions of dollars at auction, usually because of rarity, condition, or unusual history.
If you’re wondering how much silver dollars can be worth: values vary enormously. A rare piece in exceptional grade can sell for life-changing sums, particularly when it’s a unique variety, a mint error, or a historically significant specimen.
25. 1839 Gobrecht Silver Dollar Jud-88 Restrike
Stack’s Bowers
Sold at auction: $199,750
The Gobrecht dollars (1836–1839) marked a return to dollar coin production after a long pause. The Jud-88 restrike is particularly rare: it’s one of only three examples known with stars on both sides. With one example held by the American Numismatic Society, just two remain in private hands. The example sold graded 64+.
24. 1845 Seated Liberty
Heritage Auctions
Sold at auction: $207,000
This 1845 Seated Liberty proof dollar, graded PR-67, was part of the Jay Pittman Collection. Considered one of the finest proof Seated dollars of the decade, experts described it as essentially perfect. It is one of only three gem proofs known from that year.
23. 1798 Draped Bust 13 Stars Small Eagle
Heritage Auctions
Sold at auction: $230,000
This 1798 Draped Bust Small Eagle variety is notable as the only Small Eagle example with just 13 obverse stars. Graded AU58, its rarity and unique star count make it highly desirable. Draped Bust dollars succeeded the Flowing Hair design and were struck from 1795 through 1803.
22. 1922 Peace Silver Dollar (Trial)
Stack’s Bowers
Sold at auction: $325,000
This coin is one of roughly 3,200 experimental 1922 Peace dollars struck as production trials when George T. Morgan tried to reduce the coin’s relief. Among the trial group were examples with various finishes; the satin-finish trial offered in 2014 realized $325,000.
21. 1799 Draped Bust “No Berries”
Heritage Auctions
Sold at auction: $379,500
Known as the “No Berries” variety because the reverse’s olive branch lacks berries, this feature resulted from die lapping to remove flaws, which inadvertently erased the berry details. The example sold was graded MS-66. While around 400 Draped Bust dollars survive, very few are found in such exceptional mint state.
20. 1797 Draped Bust Small Stars, Small Letters
Heritage Auctions
Sold at auction: $381,875
This unique mint state example is the only known MS example of its specific die marriage (B-22, B-722 variety). Most survivors of 1797 dollars are low-grade; finding an MS-64 piece of this variety makes it exceptionally valuable.
19. 1801 Draped Bust Silver Dollar
Stack’s Bowers
Sold at auction: $399,500
Previously described as “Brilliant Proof” and once selling for as little as $100 in the distant past, this 1801 Draped Bust dollar realized nearly $400,000 in 2017. It’s considered among the finest examples known for that date.
18. 1896-O Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $528,000
An MS-66 specimen from the New Orleans Mint and once part of the Larry H. Miller Collection, this Morgan dollar is among the finest known for 1896-O. Its superb grade and provenance boosted its value at auction.
17. 1895-O Morgan Silver Dollar
Heritage Auctions
Sold at auction: $575,000
Only about ten 1895-O Morgan dollars are known in MS-65 or higher. The finest known example, graded MS-67, sold for $575,000 in 2005. New Orleans mint production quality for some years was inconsistent, which makes high-grade survivors especially valuable.
16. 1893-S Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $600,000
The 1893-S Morgan is among the rarest Morgans overall. Economic conditions during 1893 limited mintage; only about 100,000 were struck in San Francisco that year. Mint-state survivors are scarce, and the rarest mint-state examples fetch very high prices.
15. 1892-S Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $630,000
Once largely overlooked, 1892-S Morgans became highly collectible after dealer releases in the mid-20th century revealed their scarcity in uncirculated grades. The MS-68 example sold in 2020 is the finest known.
14. 1896-S Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $720,000
Mint-state 1896-S coins are rare, and just nine examples are graded MS-69. This well-preserved example surfaced publicly in 1980 and had been carefully preserved since, making it highly prized by collectors.
13. 1884-S Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $750,000
Because 1884-S coins circulated, finding them in gem condition is difficult. Some hundreds may have been preserved and later entered the market, but an MS-68 specimen—like the Larry H. Miller coin sold in 2020—commands top prices.
12. 1886-O Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $780,000
This 1886-O Morgan from New Orleans graded MS-67 with deep cameo contrast and spotless fields—indications it was struck early from fresh dies. Such high-grade New Orleans Morgans are rare, and the 2020 sale set a strong result for the type.
11. 1870-S Seated Silver Dollar (S-Memento)
Heritage Auctions
Sold at auction: $805,000
A very unusual 1870 Seated dollar bearing a small “S” on the reverse was likely struck as a memento for a groundbreaking ceremony and produced outside normal minting records. Believed to be one of roughly eleven examples, this clandestine piece sold for $805,000 in 2008.
10. 1795 Flowing Hair Silver Dollar (822.5)
Stack’s Bowers
Sold at auction: $822,500
Considered the finest known example of the 1795 Flowing Hair type, this MS-66 coin shows qualities often associated with proof-like preparation for the era. At the time of sale, no 1795 had been graded higher, making this piece exceptional among early dollars.
9. 1889-CC Morgan Silver Dollar
Stack’s Bowers
Sold at auction: $881,250
This MS-68 Morgan from Carson City came from the famed Louis E. Eliasberg Collection. While not the oldest Carson City dollar, it’s among the most pristine examples known, and its strong pedigree contributed to a dramatic price increase over prior sales.
8. 1795 Draped Bust Off-Center
Heritage Auctions
Sold at auction: $910,625
An otherwise regular 1795 Draped Bust can be modestly valued, but dramatic mint errors change that. This example was struck off-center, shifting the bust to one side and blending hair into the first star. In MS66+ condition, the error and high grade made it a six-figure rarity.
7. 1802 Novodel Silver Dollar
Heritage Auctions
Sold at auction: $920,000
Novodels are restrikes made after original issues, and the 1802 novodel proofs are especially mysterious. Only a dozen are reported, with even fewer confirmed. Their uncertain origin and extreme rarity make them prized among early-dollar specialists.
6. 1884 Silver Trade Dollar
Heritage Auctions
Sold at auction: $998,750
Only ten 1884 Trade Dollars are believed to exist, and their provenance is intertwined with controversial 19th-century dealers and restrikes. After careful study, a specimen accepted as an authentic Mint strike sold for nearly $1 million in 2014.
5. 1866 “No Motto” Seated Liberty Dollar
Heritage Auctions
Sold at auction: $1.05 million
Only two 1866 Seated Liberty dollars were struck without the “In God We Trust” motto, and one is in the Smithsonian’s National Numismatic Collection. That leaves essentially a single collectible example that periodically appears at auction. In April 2021, that coin sold for just over $1 million.
4. 1796 Small Date, Small Letters Silver Dollar
Heritage Auctions
Sold at auction: $1.175 million
This B-2, BB-64 variety is the only 1796 Small Date, Small Letters specimen graded mint by a major grading service. Early dollars are inherently scarce, but the combination of variety and exceptional preservation made this coin one of the most valuable 18th-century dollars sold in recent years.
3. 1804 Silver Dollar
Heritage Auctions
Sold at auction: $3,877,500
The 1804 silver dollar was actually struck decades later (in the 1830s) as diplomatic presentation pieces. Only eight are known among the classic “classes” of 1804 dollars, and they are often called the “King of American Coins.” Their rarity, historical significance, and storied provenance have produced multi-million-dollar results when top examples appear at auction.
2. 1885 Silver Trade Dollar
Heritage Auctions
Sold at auction: $3.96 million
Only five proof 1885 Trade Dollars were ever produced, and they remained unknown to the collecting public for decades. Once rediscovered and authenticated, proof examples of 1885 Trade Dollars reached extraordinary auction prices; a PR66 example sold for nearly $4 million in 2019.
1. 1794 Flowing Hair Silver Dollar
John Locher / AP Photo
Sold at auction: $10,016,875
USA Coin Book
The 1794 Flowing Hair dollar is often regarded as the “holy grail” of U.S. silver dollars and is widely believed to include some of the very first silver dollars struck by the United States. A near-flawless example graded in the mid-60s on the Sheldon scale sold for just over $10 million in 2013. Its rarity, superb condition, and historical importance place it at the top of any list of the most valuable American silver dollars.
In summary, silver dollar values depend heavily on rarity, condition, provenance, and historical context. Early issues, mint errors, private restrikes, and low-mintage proofs top the list of highest auction results. Collectors and investors driven by quality and story continue to push prices for the most exceptional pieces into the hundreds of thousands and millions of dollars.