As a coin collector and silver investor, there are few areas of the hobby more intriguing than pre-1965 U.S. silver coins. These classic dimes, quarters, half dollars and silver dollars were a part of everyday commerce for generations of Americans. Yet today, they are also tangible links to the past that can be worth far more than their face value.
90% silver U.S. coins, struck between 1794 and 1964, represent one of the most widely collected and traded areas of the market. Rare dates and high grade examples have soared in value, with some specimens realizing over $1 million each. At the same time, even common date silver coins offer the appeal of investment-grade bullion.
Whether you‘re drawn to the stunning artistry of Adolph A. Weinman‘s Walking Liberty half dollar, the timeless portrait on George T. Morgan‘s silver dollar, or the chance to own a piece of history from the Carson City Mint – pre-1965 silver coins have something to offer every collector.
In this ultimate guide, we‘ll cover everything you need to know about collecting and investing in pre-1965 silver coins, including:
- The most valuable dates, mintmarks and varieties for each denomination
- How to calculate the intrinsic melt value of your silver coins
- Grading and authentication tips to avoid counterfeits and altered coins
- Advice on building a collection or investment portfolio of silver coins
- Key references, price guides and historical resources to learn more
Pre-1965 Silver Coin Melt Value Calculator
Let‘s start with the basics – how much are your silver coins worth? The first step is understanding the melt value. Pre-1965 dimes, quarters, and half dollars contain 90% silver, while some 1965-1970 coins have 40% silver content. Here‘s a breakdown:
| Denomination | Years | Silver % | Silver Content (Troy oz) |
|---|---|---|---|
| Dime | 1796-1964 | 90% | 0.07234 |
| Quarter | 1796-1964 | 90% | 0.18084 |
| Half Dollar | 1794-1964 | 90% | 0.36169 |
| Half Dollar | 1965-1970 | 40% | 0.14792 |
| Silver Dollar | 1794-1935 | 90% | 0.77344 |
To calculate the melt value of your coins, simply take the total silver content in troy ounces and multiply by the current spot price of silver. For example, at $25/oz, a 90% silver Washington quarter ($0.25 face) has a melt value of 0.18084 x $25 = $4.52.
Many bullion dealers sell 90% silver coins in $100 face value bags (approximately 71.5 troy oz of silver) or $1000 face value bags (approximately 715 oz). These are popular among investors seeking to own silver in a recognizable, liquid form.
Most Valuable Morgan and Peace Silver Dollars
Morgan silver dollars, minted between 1878 and 1921, are arguably the most widely collected classic U.S. coin. With dozens of dates and mintmarks from five different mints, they offer a real challenge for completists. Certain key dates, like the 1889-CC and 1893-S, rank among the most valuable U.S. coins.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1889-CC | 350,000 | 481 | $881,250 |
| 1893-S | 100,000 | 80 | $646,250 |
| 1895-P | Proof Only | 880 | $325,000 |
| 1895-O | 450,000 | 90 | $575,000 |
| 1895-S | 400,000 | 90 | $325,000 |
Peace silver dollars, issued between 1921-1935, are another popular series with collectors. Key dates like the 1921 and 1928 can bring substantial premiums, while the unique 1922 High Relief is a numismatic legend.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1922 High Relief | Unknown | 12 | $360,000 |
| 1921 | 1,006,473 | 65,577 | $172,500 |
| 1928 | 360,649 | 13,224 | $120,000 |
Key Date Walking Liberty and Franklin Half Dollars
The Walking Liberty half dollar series of 1916-1947 is considered one of the most beautiful coin designs in U.S. history. Scarce early dates and key issues like the 1921-S are always in demand with collectors.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1921-S | 548,000 | 1,440 | $279,000 |
| 1919-D | 1,165,000 | 5,400 | $172,500 |
| 1921-D | 208,000 | 1,080 | $163,200 |
| 1919-S | 1,552,000 | 504 | $97,750 |
Meanwhile, the Franklin half dollar series of 1948-1963 is more affordable, but key issues and varieties like the 1953-S still command a premium from specialists.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1953-S | 4,148,000 | 11,000 | $56,400 |
| 1961 Doubled Die | Unknown | Unknown | $86,250 |
The first Kennedy half dollars issued in 1964 were the final 90% silver composition. Special Mint Set (SMS) coins and 90% silver Proof issues are also highly collectible.
Washington Quarter Key Dates and Rarities
Washington quarters have been a numismatic mainstay since 1932. Pre-1965 examples contain the same 90% silver composition as other denominations of the era. The 1932-D and 1932-S represent major key dates, with other scarce issues sprinkled throughout the series.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1932-D | 436,800 | 6,200 | $143,750 |
| 1932-S | 408,000 | 6,500 | $117,500 |
| 1937 Double Die | Unknown | Unknown | $56,400 |
| 1943 Double Die | Unknown | Unknown | $32,900 |
Earlier Barber quarters from 1892-1916 are also 90% silver but are much scarcer and more conditionally challenging. The 1901-S and 1913-S are the keys to the series.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1901-S | 72,664 | 75 | $336,000 |
| 1913-S | 40,000 | 75 | $172,500 |
Mercury and Barber Dime Key Dates
Collectors of Mercury dimes (1916-1945) seek out key issues like the iconic 1916-D, as well as the 1921, 1921-D and condition rarities like the 1926-S and 1931-D.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1916-D | 264,000 | 2,400 | $207,000 |
| 1921 | 1,230,000 | 2,650 | $67,563 |
| 1921-D | 1,080,000 | 2,630 | $79,312 |
| 1926-S | 1,520,000 | 2,950 | $102,000 |
Barber dimes from 1892-1916 are exceptionally challenging, with many dates that are nearly impossible to find in mint state. The legendary 1894-S, with a mintage of just 24 pieces, is the pinnacle of the series and one of the rarest U.S. coins period.
| Date | Mintage | Mint State | Top Auction Price |
|---|---|---|---|
| 1894-S | 24 | 9 | $1,997,500 |
| 1895-O | 440,000 | 150 | $64,625 |
| 1896-S | 575,056 | 150 | $70,500 |
Tips for Collecting and Investing in Silver Coins
For many collectors, assembling a 90% silver type set containing one high grade example of each denomination (dollar, half, quarter, dime) is a popular way to start. From there, you can expand into collecting your favorite series by date and mintmark.
When buying silver coins, it‘s important to know how to spot counterfeits, altered coins, and damaged pieces. Look for certified examples graded by PCGS or NGC in tamper-proof holders. Learn the difference between original toning and artificial toning meant to deceive.
If you enjoy the thrill of the hunt, searching dealer inventories and even bank rolls for scarce dates and varieties can be a fun challenge. Numismatic clubs and shows are great places to meet fellow collectors and expand your knowledge. Online forums and social media groups provide venues to buy, sell and trade coins.
Some key reference books on U.S. silver coins include Q. David Bowers‘ Silver Dollars and Trade Dollars of the United States and the classic Guide Book of United States Coins (known as the "Red Book") issued annually by Whitman Publishing. PCGS CoinFacts and NGC Coin Explorer offer a wealth of online attribution and pricing data as well.
From an investment perspective, pre-1965 silver coins offer a chance to own a hard asset with tangible value that has appreciated over time. Many financial advisors recommend a diversified portfolio with a small percentage devoted to physical precious metals like silver.
Whether you‘re building a high-grade registry set, putting together a year set from your birth year, or simply appreciate the heft of a classic 90% silver coin in your hand – pre-1965 silver coins have earned a place in the collections and imaginations of generations of numismatists.
By studying the series in-depth, cultivating relationships with trusted dealers, and keeping an eye out for scarce dates and high grade pieces, you can assemble a collection that will provide a lifetime of enjoyment and a valuable legacy for the future. Until next time, happy collecting!
