Morgan Dollar vs. Peace Dollar: What's the Difference?
Morgan and Peace Dollars are both 90% silver, both weigh the same, and both contain the same 0.7734 troy ounces of silver — the real difference is design, era, and where their value tends to come from. Morgan Dollars (1878–1904, 1921) were struck at five different mints, which gives the series a lot of date-and-mint-mark variety for collectors to pursue. Peace Dollars (1921–1928, 1934–1935) are a shorter series struck at only three mints, with a more Art Deco design. For a buyer, the practical difference is how much of the price reflects silver melt value versus collector demand for a specific date or mint.
This guide compares specs, design, mint history, and what drives value for each series, then helps you decide which fits your goals. If you want to start with variety, our AU Morgan Dollar 10-Coin Set includes ten different dates and mint marks in one purchase.
Same Silver Content, Different Coins
Morgan and Peace Dollars share identical physical specifications: both are 90% silver, 10% copper, weigh 26.73 grams, and contain 0.7734 troy ounces of actual silver, according to federal legislation that later authorized modern anniversary versions of both coins. The two series are essentially the same silver dollar standard wearing two different designs from two different eras.
Design and History
The Morgan Dollar, named for its designer George T. Morgan, was first struck in 1878 following the Bland-Allison Act, which required the Treasury to purchase silver and mint it into coin. Production ran through 1904, then briefly resumed in 1921. The obverse shows a left-facing profile of Lady Liberty wearing a cap trimmed with wheat and cotton; the reverse depicts a heraldic eagle with outstretched wings, gripping arrows and an olive branch, inside a wreath. Morgan Dollars were struck at five mints — Philadelphia, Denver, San Francisco, Carson City, and New Orleans — which is a big part of why mint-mark variety matters so much to Morgan collectors.
The Peace Dollar succeeded the Morgan in 1921, designed by Anthony de Francisci after winning a competition organized by the American Numismatic Association. According to the U.S. Mint, the coin was created to commemorate the peace between the United States and Germany following World War I. The obverse shows Liberty with a radiant crown and flowing hair; the reverse depicts an eagle at rest on a rock, holding an olive branch, with the word PEACE inscribed beneath it. Peace Dollars were struck only at Philadelphia, Denver, and San Francisco — three mints instead of Morgan's five — and production paused between 1928 and 1934 before a final short run.
Side-by-Side: Morgan Dollar vs. Peace Dollar
| Factor | Morgan Dollar | Peace Dollar |
|---|---|---|
| Years minted | 1878–1904, 1921 | 1921–1928, 1934–1935 |
| Silver content | 0.7734 troy oz (90% silver) | 0.7734 troy oz (90% silver) |
| Weight / diameter | 26.73 g / 38.1 mm | 26.73 g / 38.1 mm |
| Designer | George T. Morgan | Anthony de Francisci |
| Mints used | Philadelphia, Denver, San Francisco, Carson City, New Orleans | Philadelphia, Denver, San Francisco |
| Design era | Late 19th-century classical | Early 20th-century Art Deco |
| What drives collector value | Mint mark and date rarity across five mints | Shorter series, fewer mints, strike-quality variation |
Choose Morgan Dollars If… Choose Peace Dollars If…
Choose Morgan Dollars if:
- You like the idea of chasing mint-mark and date variety across five different mints
- You want the longer, more established series with more collector infrastructure
- Classic 19th-century coin design appeals to you more than Art Deco
Choose Peace Dollars if:
- You want a shorter, more approachable series to work toward completing
- Art Deco design with a peace-commemorating theme appeals to you
- You're comfortable that strike quality varies more within this series and affects value
If Peace Dollars appeal to you, our Peace Silver Dollar Coins category is a good place to start. Either way, our broader Collectible Silver Dollars & Half Dollars category includes both series.
How Condition Affects Value in Both Series
For both series, condition matters more than it does for modern bullion coins. A worn, circulated Morgan or Peace Dollar trades close to its silver melt value, while an uncirculated example in a high grade from PCGS or NGC can be worth many times that, especially for scarcer dates and mint marks. Peace Dollars add a wrinkle: strike quality varied at the mint, so some dates never come fully struck regardless of how well-preserved the coin is — a genuine minting characteristic, not damage or wear, but something that still affects how a grading service scores the coin.
Frequently asked questions
Are Morgan Dollars worth more than Peace Dollars?
Not automatically. Common-date circulated examples of either coin trade close to silver melt value. Value beyond that depends on specific date, mint mark, and condition — some Morgan dates are far more valuable than most Peace dates, and vice versa.
Why do Morgan Dollars have so many mint marks?
Morgan Dollars were struck at five different mints — Philadelphia, Denver, San Francisco, Carson City, and New Orleans — over a longer production run than Peace Dollars, which were only struck at three. That wider mint variety is a major driver of collector interest in the Morgan series.
Why did Peace Dollar production pause between 1928 and 1934?
Silver dollar production wasn't a priority during the early years of the Great Depression, and the series didn't resume until 1934, running for two more years before ending in 1935. That gap makes the 1928 date notably scarcer than most other Peace Dollar years.
Do both coins contain the same amount of silver?
Yes. Both Morgan and Peace Dollars are 90% silver, weigh 26.73 grams, and contain 0.7734 troy ounces of actual silver content. They share the same physical specifications; only the design and years of production differ.
Which series is better for a beginner collector?
Peace Dollars are a shorter, more contained series, which can make it easier to work toward a complete date run. Morgan Dollars offer more variety through their five mints but represent a longer, larger series to pursue. Neither is objectively easier — it depends on what kind of collecting appeals to you.
Where to go from here
To browse more broadly, our silver coins category shows everything else we carry beyond vintage dollars. If you're weighing a vintage purchase against value you already hold, our guide on how to sell gold and silver coins for the best price and our look at how much over spot to pay for a Silver Eagle cover the value side of collecting.
This article is for general information only and is not financial, tax or legal advice. Precious metals prices fluctuate and past performance does not guarantee future results. Consult a licensed financial or tax professional about your own situation.