When Was The Last Silver Dollar Made?

When was the last silver dollar made? The last circulating silver dollar minted for use in the United States was the Peace dollar, the last of which was struck in 1935. Since then, various commemorative and collectible silver dollars have been produced, with the most recent being the American Silver Eagle bullion coins which continue to be made today.

The End of the Peace Dollar

Final year of production in 1935

The last year the U.S. Mint produced the Peace dollar was 1935. After nearly 15 years of production since 1921, Congress passed legislation to end the production of the coin due to having a sufficient supply to meet collector and commercial demand.

Approximately 312 million 90% silver Peace dollars were minted during its run.

Several factors contributed to the halt in production of the iconic Peace dollar in 1935:

By 1933, over 270 million Peace dollars were put into circulation, mainly through the export of U.S. silver. This led to an oversupply situation domestically.
The repeal of the Sherman Silver Purchase Act reduced the requirement of mandatory silver purchases to back currency in 1933.
Significant hoarding of silver coins during the first few years of production of the Peace dollars caused a shortage in circulation.

So with high inventories, reduced silver purchase requirements, and hoarding issues, the U.S. Mint deemed continued Peace dollar production unnecessary in 1935. Collectors, investors and the curious can still obtain Peace dollars at USMint.gov auctions or coin dealers.

Reasons for stopping production

When production of the Peace dollar stopped in 1935 under the Silver Purchase Act, several economic and logistical factors contributed to this decision:

There was an economic depression during this period, so demand for silver coins significantly declined both domestically and overseas.
The price ratio between gold and silver caused silver coins to be overvalued compared to their intrinsic worth.
Continued production was causing a glut in silver reserves held by the U.S. government.
Shortages caused by hoarding and melting made circulating silver coins difficult.

Given the global economic struggles and disruptions to the supply of silver at the time, stopping Peace dollar coinage addressed several critical issues. This included reducing government silver oversupply, realigning intrinsic silver value, and normalizing coin circulation.

While this iconic coin’s roughly 15-year production run came to an end, the Peace dollar remains a highly collected and traded silver coin to this day.

Commemorative Silver Dollars

Key dates and mints

The United States Mint has produced commemorative silver dollars since the early 20th century to mark important events and milestones in American history. Some of the most popular and sought-after commemorative silver dollars include:

The 1895 Morgan Silver Dollar – With a mintage of just 880 coins, this is one of the key dates for the Morgan Silver Dollar series. Coins from the Carson City and New Orleans mints are particularly prized by collectors.

While modern U.S. Mint commemorative coins generally have much higher mintages, these older classic commemoratives are typically the most popular with serious collectors due to their rarity and historical significance.

Popularity with collectors

Commemorative silver dollars have always been popular collectibles due to their unique and historically significant designs. Some of the most popular commemorative dollars include:

The 1900 Lafayette Commemorative Silver Dollar – Honoring the Marquis de Lafayette, these coins were struck in Paris! Just 36,000 were minted.
The 1984 Los Angeles Summer Olympics Silver Dollar – Over 6 million were struck, making ample supplies available for collectors.

While modern U.S. commemorative coins are produced solely for collectors and speculators, many classic era commemoratives like the 1900 Lafayette dollar saw some general circulation at the time of issue. This lends an extra air of nostalgia that appeals to many collectors.

According to the Numismatic Guaranty Corporation (NGC), commemorative silver dollars have been among the fastest-growing segments of the rare coin market in recent years. As new collectors enter the hobby, commemoratives are an ideal area to start thanks to their unique designs, strategic mintages, and historical connections.

American Silver Eagle Bullion Coins

First released in 1986

The American Silver Eagle coin was first released by the United States Mint on November 24, 1986. This marked the first time the U.S. had minted a bullion coin since the Liberty Head half dollar ceased production in 1915.

The Silver Eagle was authorized under the Liberty Coin Act which was passed by Congress in 1985. The legislation called for the coin to be minted only from silver mined in the United States. This ensured the coin would have a minimum purity of .999 fine silver.

Continued annual production

Since its inaugural year, the U.S. Mint has continued to produce American Silver Eagle coins every year without interruption. Annual production numbers have varied widely depending on precious metals market conditions.

For example, over 40 million Silver Eagles were struck in 2015 alone. By contrast, 2021 saw the mintage fall below 20 million for the first time in over a decade. Nevertheless, the coin remains an immensely popular investment and collecting product.

Details and specifications

American Silver Eagle coins have a face value of $1 and are guaranteed to contain one troy ounce of .999 fine silver. The diameter measures 40.6 mm and the thickness is 2.98 mm.

The obverse depicts Walking Liberty in full stride, a design adapted from Adolph A. Weinman’s classic artwork that originally appeared on half dollars from 1916 to 1947. The reverse features a heraldic eagle sculpted by John Mercanti, encircled by inscriptions including “UNITED STATES OF AMERICA” and “1 OZ. FINE SILVER~ONE DOLLAR.”