The value of the silver contained within a U.S. silver dollar is contingent upon the specific type of coin, as the silver content varied across different series. The calculation of this intrinsic, or "melt," value is determined by multiplying the coin's actual silver weight in troy ounces by the current spot price of silver.
For the most common historical silver dollars, namely the Morgan Dollar (minted 1878-1921) and the Peace Dollar (minted 1921-1935), the composition is 90% silver. These coins contain 0.7734 troy ounces of pure silver. Based on a silver spot price of $29.28 per troy ounce, the melt value of the silver in one of these dollars is approximately $22.64.
A different standard applies to the Eisenhower dollars produced for collectors between 1971 and 1976. These coins were composed of 40% silver and contain a smaller amount of the precious metal, totaling 0.3161 troy ounces. Using the same spot price of $29.28, the intrinsic silver value of one of these 40% silver Eisenhower dollars is approximately $9.25.
It is critical to note that this melt value represents only the worth of the silver bullion itself. The actual market value of a silver dollar, particularly for older Morgan and Peace types, is often dictated by its numismatic or collector value. Factors such as the coin's date, mint mark, rarity, and physical condition can result in a value that is substantially higher than its intrinsic silver worth. The melt value simply provides a baseline for the coin's value, which fluctuates daily with the market price of silver.
