Major types of US dollars Coins

Dollars appear in nine major types, which we discuss in this article.

Flowing Hair (1794–1795)

The first U.S. silver dollars bore Robert Scot's Flowing Hair design. Because the U.S. Mint relied on depositors for its silver (see the "Flowing Hair half dollars (1794–1795)" section, earlier in this chapter), mintages are spotty. In fact, less than 2,000 1794 silver dollars were struck. As expected, the 1794 is rare, but the 1795 is affordable.

Draped Bust (1795–1804)

The Draped Bust silver dollar comes in two subtypes: one with the plain eagle design of 1795 and a later version with an eagle with a shield. The rarest date in this series is the 1804, one of the greatest rarities in all of U.S. numismatics (holder of a record price of $4.14 million — see Chapter 24). Funny thing, though: The 1804 dollar wasn't struck until at least 1834, when some were made as special presentation pieces for overseas VIPs. Several collectors are working on die-variety sets from this type, but the high cost of the coins keeps most collectors out.

Seated Liberty (1836–1873)

No silver dollars were struck for circulation between 1804 and 1836, which was an awfully long time to go without one of the bedrocks of the U.S. money system. In 1836, an employee of the U.S. Mint named Christian Gobrecht designed a new silver dollar featuring a Seated Liberty design that was to become a standard on all silver coins just a few years later. The reverse of the coin shows an eagle in flight amidst a field of stars (this beautiful Flying Eagle reverse was never adopted for use on silver dollars, but it did eventually appear on the new small cents of 1856–1858). By the time Gobrecht's silver dollar made it into general circulation in 1840, the reverse design of the coin was changed to a plain eagle with arrows and an olive branch in its talons.

Trade (1873–1885)

In 1873, the U.S. Mint began producing a special silver dollar to circulate in the Orient and compete with similar coins from other nations (see Figure 11-30). The new trade dollar bore a modified version of the Seated Liberty design — this time, Liberty is seated on a bale of cotton, and she offers an olive branch to an unknown recipient on the other side of the ocean. The trade dollar enjoyed some popularity in Asia, where merchants would punch their special marks into the coin to give it their stamp of approval. Even though the trade dollar was heavier than the regular U.S. silver dollars, it was good only for purchases up to $5 in the United States. After that, the trade dollar was worth only its bullion value, which was less than its face value. As a result, many of the coins found their way back into the United States, where they could be spent at a profit.

Morgan (1878–1921)

George T. Morgan never could have guessed that his new silver dollar of 1878 would become the most important silver coin in the United States and the most widely collected coin in all of numismatics. Morgan's design is simple yet elegant, with a classic head of Liberty and an eagle with outstretched wings. Thanks to large hoards of silver dollars uncovered over the years, sufficient quantities of Uncirculated coins exist to support the active collector market. Key dates in this series include the 1889-CC, 1892-S, 1893-S, and the proof-only 1895. Certain Uncirculated silver dollars have mirrored surfaces ranging from partially mirrored to deeply mirrored. A deep mirror proof-like is the collector's dream, and some dates are extremely rare in this format.

Peace (1921–1935)

Following World War I, everybody wanted peace. Some Americans wanted it so badly that they petitioned for a peace dollar and got it. Unfortunately, by the time the design was finished, peace turned out to be nothing more than a small word on the back of the coin. In a nod to classical ancient styling, the designer used a Roman spelling for the motto In God We Trust, using a V instead of a U. This simple change accounts for a large portion of the phone calls received by dealers every day: New owners of peace dollars think they have a rare error. Peace dollars were made from 1921 to 1935. The first year had an unusually high relief that was lowered in subsequent years. All dates are available and affordable, although the 1928 and 1934-S can be a challenge in nice condition.

Eisenhower head (1971–1978)

The Eisenhower dollar was originally meant to honor the astronauts of Apollo 11 for their historic landing on the moon. However, a portrait of Ike was placed on the front of the coin because he died a few months before the lunar landing took place. The reverse of the coin shows an eagle landing on the moon with an olive branch in its talons. The Ike dollars made for general circulation were made of the same copper-nickel-clad metal used on other U.S. coins beginning in 1965, but collectors were allowed to purchase specially packaged Uncirculated and proof example in 40 percent silver. In 1975 and 1976, a special design was used to celebrate the U.S. bicentennial.

Anthony head (1979–1999)

The Susan B. Anthony Dollar replaced the Eisenhower dollar in 1979. Susan B. Anthony fought for women's rights, especially the right to vote, in the 1800s. When a new, smaller $1 coin was being considered, Suzie turned out to be one of the more popular subjects. Mint officials thought a smaller dollar would circulate better than the old 38-millimeter version, but the public absolutely hated the new coin because it was too easily confused with a quarter dollar (shades of the old 20-cent piece all over again). Millions of the Anthony dollars remained unissued in the government's vaults.

Sacagawea (2000 to present)

Despite the failures of the 20-cent piece and the Susan B. Anthony dollars, and despite resistance from the general public, the U.S. government persists in developing small-size dollar coins. Its latest experiment, the Sacagawea dollar, has met with some success.