The United States dollar has been the nation’s unit of currency since being authorized as such by the United States government in 1792. The dollar was modeled after the Spanish dollar or “pieces of eight,” which circulated widely throughout the colonies and served as an internationally accepted form of money for centuries. The dollar, which can be divided into 100 cents, has influenced not just the dynamics of the United States economy but has also served as a model of monetary systems around the world.
The first United States dollar was struck in 1794. While the iconic silver dollar was struck only intermittently over the next two centuries, the dollar remains an integral part of the nation’s economy. The dollar has manifested into a variety of forms, including base-metal coinage and commemorative coins, and this review will highlight the gamut of silver dollar coinage traditionally collected in type sets or date sets. They range from the early dollars of the fledgling federal era to the Morgan and Peace Dollars that represent two of the most widely collected coins in the American numismatic canon.
Flowing Hair Dollar (1794-1795)
The first silver dollar ever struck bore the Flowing Hair design by Robert Scot and appeared in the mid-1790s. While the dollar had been authorized for production by the Mint Act of April 2, 1792, the first silver dollars were not struck until October 1794. Output was small for the first batch of Flowing Hair Dollars emerging from the young U.S. Mint. The Mint lacked the equipment for adequately striking coins larger in size than the half dollar. Therefore, a sizable quantity of 1794 Flowing Hair Dollars (perhaps 10% or more by some scholarly estimates) were deemed inadequate in strike and overall quality; these rejects were eventually repurposed.
All told, only 1,758 examples of the 1794 Flowing Hair Dollar were released by the United States Mint. Approximately 150 survive, and all are highly sought after as the ultimate first-year issue for the silver dollar. Most 1794 Dollars are known in circulated grades, and many of these are cleaned, holed, plugged, or otherwise exhibit some signs of damage or tampering. Any specimen is treasured by collectors, but those in problem-free condition are especially valued.
PCGS estimates that 10 examples remain in uncirculated grade, and at least one specimen strike took the numismatic world by storm in 2013. This example, graded PCGS SP66, was widely hypothesized to be the very first 1794 Flowing Hair Dollar struck. It is further thought (though unproven and unverified) that the specimen might have therefore been handled for initial inspection by United States Mint Director David Rittenhouse and possibly President George Washington, former Secretary of State Thomas Jefferson, and Secretary of the Treasury Alexander Hamilton. That famous 1794 specimen strike served as the world’s most valuable coin for years after it traded hands at a 2013 Stack’s Bowers Galleries auction for $10,016,875.
The Flowing Hair Dollar was also struck in 1795, when a respectable 160,295 were produced. While there are many more 1795 Flowing Hair Dollars in the marketplace than 1794 survivors, the incredible demand for 1795 Dollar is strong – especially from type collectors. Therefore, 1795 Flowing Hair Dollars see lofty prices.
Draped Bust Dollar (1795-1804)
Only a year after the Flowing Hair Dollar debuted, the type was replaced by the Draped Bust Dollar. Like its predecessor, the Draped Bust Dollar was designed by sculptor-engraver Robert Scot and features a portrait of Miss Liberty that is hypothesized to have been modeled after Philadelphia socialite Anne Willing Bingham. The Draped Bust portrait on the obverse of the dollar marked the first time this widely familiar motif was used on any United States coin. When the Draped Bust Dollar debuted in 1795, the reverse carried a Small Eagle design similar to that seen on the Flowing Hair Dollar. However, the Small Eagle reverse was replaced with a Heraldic Eagle design in 1798 and stuck with the Draped Bust Dollar for the remainder of the coin’s run.
When it comes to collecting Draped Bust Dollars, the plurality of those who purchase this popular coin do so for the purposes of completing a type set. However, there are many collectors who pursue date sets and even dedicate themselves to collecting the Draped Bust Dollar series by variety. Generally speaking, Draped Bust Dollars from 1795 through 1797 are extraordinarily rare, while the 1798, 1799, and 1800 are the most “common” in the context of overall availability as compared to other dates in the series. The 1801, 1802, and 1803 dates are quite scarce, though usually prices are similar to examples dated 1798-1800, grade by grade. Then there is the legendary 1804 Draped Bust Dollar.
Often dubbed “the king of American coins,” the 1804 Draped Bust Dollar reigns as a poster child of American numismatics and for good reason – only 16 specimens are known to exist. There are three different types of 1804 Draped Bust Dollars, and they’re categorized as Class I, Class II, and Class III. The Class I dollars, of which eight are known to exist, were struck around 1834 and produced as proofs to be included in special proof sets furnished to heads of state around the world as diplomatic gifts. The Class II and Class III 1804 Draped Bust Dollars are recognized as restrikes of the Class I 1804 Draped Bust Dollars, the most valuable of which is graded PCGS PR68 and sold for $7,680,000 in 2021. Examples of the Class II and Class III strikings came after 1857, with only one known Class II and seven of the Class III – the seventh Class III specimen was previously unpublished and was graded PCGS PR65 prior to its December 2025 offering in the James A. Stack, Sr. Collection by Stack’s Bowers Galleries.
Liberty Seated Dollar (1795-1804)
More than three decades after the last circulation-strike Draped Bust Dollars rolled off the presses, the United States Mint began laying the groundwork for the Liberty Seated Dollar. Designed by Chief Engraver of the United States Mint Christian Gobrecht, the Liberty Seated Dollar was first produced in the 1830s across a series of strikings largely regarded as patterns. After sporadic strikings in 1836, 1838, and 1839, the first large-scale production of Liberty Seated Dollars designed for use in circulation came in 1840.
The Liberty Seated Dollar series is subdivided into two subtypes based on the absence or presence of the motto “IN GOD WE TRUST.” The series originally came without the motto, and these are aptly known as No Motto strikes. The motto was added in 1866, and this segment of the series is therefore classified as With Motto. The Coinage Act of 1873 demonetized silver, and this closed the books on the Liberty Seated Dollar that year.
Liberty Seated Dollars are categorically scarce regardless of grade, though there are many dates that are particularly rare. These include the 1851, 1852, and 1858 issues. Also scarce are the Carson City strikes of the 1870s. Then there is the 1870-S, which offers only a dozen known survivors. This famous rarity yields but one uncirculated specimen, which most recently garnered $1,092,500 when it was sold in a 2003 auction by the firm now known as Stack’s Bowers Galleries.
Trade Dollar (1873-1885)
The Trade Dollar arose in 1873 at a time when the United States government sought to create a coin that could compete against other large-size coins circulating in international trade with Asia. The primary coin of choice for those involved was the Mexican 8 reales silver coins, which weighed 420 grains – 1.8% heavier than the standard United States silver dollar in production at the time. This compelled U.S. officials to devise a silver coin of similar specifications.
The result was the Trade Dollar, tipping the scales at 420 grains and chiefly designed as a coin for export as opposed to domestic use in the United States. As the Coinage Act of 1873 had demonetized silver in the United States, the Trade Dollar was patently created for use overseas.
The coin saw limited legal-tender status in the United States, where it could be used in amounts up to $5. Meanwhile, the Trade Dollar made its way through Asia, where tens of millions of the coins filtered into commerce. It became somewhat customary for merchants accepting Trade Dollars to counterstamp them with markings known as “chops.”
The vast majority of Trade Dollars known today are circulated, though there are numerous uncirculated specimens for collectors. As vintage coin series go, some Trade Dollar issues are rarer than others. Trade Dollars from the Carson City Mint are categorically scarce. After circulation strikes came to an end for the series in 1878, the U.S. Mint continued producing proofs. A handful of proofs dated 1884 and 1885 are extremely rare and command astronomical prices. The 1884 proof is a six-figure coin, while the 1885 proof claims seven figures on the rare occasions it surfaces in public sales.
Morgan Dollar (1878-1921)
The Coinage Act of 1873 had demonetized silver, which was becoming more and more plentiful in the United States as western mines uncovered tons of the whitish-colored precious metal. As economic conditions worsened in the 1870s and as western mining interests gained more leverage in the halls of Congress, the Bland-Allison Act was passed in 1878. The law required the United States government to purchase silver at scale and convert the bullion into silver dollars. This resulted in the Morgan Dollar, which was first struck in 1878 and became one of the most popular collectible coins in the world.
The obverse carries a portrait of Miss Liberty, and the reverse features an ornate heraldic eagle. Both designs were the brainchildren of sculptor-engraver George T. Morgan, whose surname became the moniker for the coin. Morgan Dollars were struck at the mints in Philadelphia, Carson City, Denver, New Orleans, and San Francisco.
Most issues saw plentiful mintages, though there are many rarities known throughout the series. The most notable are the 1889-CC, 1893-S, and 1895 proof-only strike. All of the Carson City issues are also highly desired by collectors.
There is also the element of conditional rarity for most dates; these large, heavy silver coins were subject to multitudes of imperfections, such as deep scratches and contact marks when transported or stored in bag quantities. Some strikes produced prooflike fields and cameo (or frosted) devices, resulting in the PL (prooflike) and DMPL (deep mirror prooflike) grading designations that many collectors covet.
Morgan Dollars weren’t produced from 1905 through 1920, and a final emission in 1921 capped off the run for a series that arguably saw its most popular years after its production. These large silver coins saw heavy use in the Nevada casino circuit during the mid-20th century, and in the years that followed, several hoard discoveries cemented the coin’s allure in the public consciousness. The Morgan Dollar is also among the most widely collected coins by PCGS Set Registry Members, who have built more than 6,500 sets representing 40 different set categories – giving virtually every Morgan Dollar collector an exciting variety of set objectives tailored to their numismatic desires and budget.
Peace Dollar (1921-1935)
World War I brought the United States into an alliance with many nations, including Great Britain, which was fighting a propaganda campaign by the Germans suggesting that British banknotes in India could not be redeemed for silver. This caused a major run on Britain’s silver reserves. In response, the United States stepped up to provide silver bullion to Great Britain and did so under the authority of the Pittman Act, which provided for the melting of up to 350 million silver dollars. Ultimately, more than 270 million silver dollars were converted to bullion and sold to the British at $1 per ounce. Compensating for the massive number of melted coins, the U.S. Mint resumed striking silver dollars in 1921; this explains why Morgan Dollars were rolling off the production lines again following a 15-year hiatus.
Immediately following the war, there were many calls to commemorate peace on American coinage. This culminated in 1920, when a paper written by numismatist Farran Zerbe titled “Commemorate the Peace with a Coin for Circulation” was read before attendees at the American Numismatic Association convention in Chicago. This led to the formation of a powerful committee that convinced lawmakers to consider the matter. However, as the Morgan Dollar design was already 43 years old, no Congressional action was necessary to introduce a silver dollar with a new “peace” theme; the Morgan Dollar was already much older than the 25 years that had to pass before a coin could be redesigned without Congressional approval.
A number of well-known sculptor-engravers, including coin designers Adolph Weinman and Victor D. Brenner, were invited to submit designs for the new coin. However, Anthony de Francisci won unanimous approval with his design, with an obverse depicting a young Miss Liberty crowned with rays (in a similar fashion to the appearance of the Statue of Liberty in New York) and a reverse anchored by an eagle. Following minor changes to the designs as originally submitted by de Francisci, the first Peace Dollars were struck in the waning days of December 1921.
The Peace Dollar series continued until 1928, when the last coins struck under the provision of the Pittman Act were produced. Another Congressional act in 1934 instigated the production of more Peace Dollars in 1934 and 1935, though the lack of demand during the economic malaise of the Great Depression preempted further production. A limited run of 1964-D trial strikes was produced at the Denver Mint in 1965, though all were reportedly melted and none are known to survive; even those that did would be illegal to own since the coin was ordered for melting and never officially deemed legal tender.
The relatively short run of the Peace Dollar makes this series easier for some to collect, though there are some keys and semi-keys. Among the notables are the 1921 with its high-relief strike and mintage of just over 1 million, the 1928 Philadelphia strike (with its claim as the lowest-mintage circulation strike at 360,649 pieces), and the 1934-S – a coin that wasn’t saved in large quantities and is now very scarce in better grades. A handful of special 1921 and 1922 Peace Dollar strikings, some in high relief and others in low relief, showcase matte and satin finishes not seen on regular-production Peace Dollars and are highly rare and valuable.
In 2021, the U.S. Mint recognized the centennial of the last Morgan Dollars and first Peace Dollars with new silver dollars bearing both vintage designs and the current date. These contemporary Morgan and Peace Dollars are still being struck in various finishes and now constitute a new genre of silver dollars for collectors to enjoy.