Silver dollars coins are the second-largest coin that is currently in circulation, falling short to the half dollar and it is worth the same as a one dollar bill. The phrase “silver dollar” is commonly used when referring any silver metal coin that is produced by the United States and has a value of $1. This coin was first circulated in 1794 but other countries had been using the design long before. click here for more details.
Silver Pieces of Eight
Coins from other countries such as Spain, had been circulating through the American colonies before the Revolutionary War had started. A major coin had been the Spanish silver dollar coins, also referred to as pieces of eight. You probably have heard of that term a lot if you watch pirate movies. In fact these pieces of eight, amongst others, were a form of currency in America until 1857.
The Continental Dollar
Did you know that the Continental Congress once created their own kind of silver dollar? In 1776, they decided to create a silver coin to match their form of paper money at the time (the Continental). There were several examples of the coin made in different kinds of metal, such as bronze, silver and pewter but the coin was never actually put into circulation. This was primarily due to lack of funding at the time due to the war.
The Coinage Act of 1792
It wasn’t until 1792 that silver dollars coins were actually produced in the United States Mint. The Coinage Act of 1792 allowed their production to commence and the Mint circulated the coins from 1794 until 1804 and then halting production until 1836. Coins that were produced during this time are considered very valuable (some being currently worth upwards of $10,000).
The 1804 Valuable Misprint
In 1804, an error caused all silver dollars produced by the Mint in that year to be dated with the year 1803. Any silver dollars that were produced with the date of 1804 weren’t until 1834, when the Department of State decided to use silver dollars as a trade advantage. Why were the dated 1804? Well, the last year the Mint was producing these coins was in 1804 and they had to look legitimate. Only 15 of these coins are known to exist and are worth several million dollars. for more info, visit : http://www.coinfacts.com/silver_dollars/1804_dollars/1804_draped_bust_silver_dollar.htm
The Seated Liberty Dollar
After the long break from circulation, the silver dollar returned with the Seated Liberty silver dollar coin. These were the first to officially circulate since 1803 and they weren’t received well. This coin remained in circulation until 1873, being redesigned once to include the motto: “In God We Trust.” In February of 1873, the Mint Act stopped the production of the Seated Liberty to make room for the new Trade Dollar.
Make Way For The Trade Dollar
The Trade Dollar was a silver dollar created to compete with other silver dollar coins in circulation the 1870s, primarily in Asia. They were first struck in 1873 and most ended up being sent to China. Eventually the coin made its way into American circulation but rapidly lost popularity due to some only trading the coins for less than the value of a dollar. They were demonetized in 1876 but continued to stay in circulation until 1883.
The Peace Dollar
This beautiful silver dollar coin was minted from 1921 until 1928. It featured a woman’s head (representing the Goddess of Liberty) with a crown upon her head, the reverse side showing an eagle holding an olive branch in its claws. This was the last silver dollar coin to be produced in the United States in silver. The Mint officially stopped producing these coins in 1928, however more were made in 1934 and 1935.