Based on an analysis of United States currency, a critical distinction must be made between silver dollars intended for general circulation and those produced for collectors and investors. The production of silver dollars as a circulating medium ceased in 1935 with the final minting of the Peace Dollar, which had a composition of 90% silver. For several decades following this, no silver dollars were issued by the U.S. Mint.
The practice of minting dollar coins containing silver was revived, albeit not for circulation, in 1971 with the Eisenhower dollar. While the versions of this coin intended for public use were a copper-nickel clad, special collector's editions were struck with a 40% silver composition. This marked a shift in the role of silver in U.S. dollar coinage from a standard for commerce to a feature for numismatic products.
In the contemporary era, the United States Mint continues to produce silver dollars annually. The American Silver Eagle program, which commenced in 1986, is the primary example. These coins have a legal tender face value of one dollar but are not intended for circulation. Instead, they are bullion and proof coins prized by collectors and investors for their composition of one troy ounce of .999 fine silver. Therefore, while the minting of silver dollars for everyday use ended in 1935, the U.S. Mint still produces non-circulating, legal tender silver dollars to this day.
