It is a banner day for silver coin collectors as the United States Mint unveils two highly anticipated tributes to iconic American coinage. Today marks the release of the 2025-P Uncirculated Morgan and Peace Silver Dollars, honoring two beloved designs from the nation’s numismatic history.
Each coin is struck in 99.9% fine silver at the Philadelphia Mint and goes on sale beginning at noon ET. Mintage limits are capped at 150,000 per design, with an initial household order limit of 10 for each.
The two coins are modern-day examples of pieces that played important roles in U.S. history. According to the U.S. Mint’s website:
"The United States Mint first struck the Morgan Silver Dollar from 1878 – 1904 and again in 1921," explains the U.S. Mint’s website "This coin circulated through American hands during the Nation’s westward expansion, industrial revolution, and ultimate rise to prominence on the world stage. Morgan Silver Dollars are a favorite among numismatists and are some of the most collected American coins in the world.
"The Peace Silver Dollar, first struck from 1921 – 1928 and again from 1934 – 1935, marked the end of World War I and the era of peace and prosperity that followed. True to its name, the Peace Silver Dollar features an eagle clutching an olive branch on its reverse side, symbolizing the United States’ return to peacetime."
In 2021, the U.S. Mint resumed production of Morgan and Peace silver dollars to mark 100 years since the end of Morgan dollar coinage and the beginning of Peace dollar production. Their creation was authorized by Public Law 116-286, the 1921 Silver Dollar Coin Anniversary Act. Five Morgans were issued that year: one with a ‘CC’ privy mark representing the former Carson City Mint; one with an ‘O’ privy mark for the former New Orleans Mint; a no-privy-mark Morgan (struck at the Philadelphia Mint); and coins bearing the San Francisco (S) and Denver (D) mintmarks. A single 2021 Peace dollar was also released, struck at the Philadelphia Mint without a mintmark.
The series took a break in 2022 as the Mint faced a shortage of silver blanks. Morgan and Peace silver dollars returned in 2023 and 2024, with sales through July 6 as follows:
| 2024-S Morgan & Peace Silver Dollar Reverse Proof Set | 154,168 |
| 2024-S Proof Morgan Silver Dollar | 173,712 |
| 2024-S Proof Morgan Silver Dollar (Bulk – 40 Coins) | 304 |
| 2024-S Proof Peace Silver Dollar | 156,532 |
| 2024-S Proof Peace Silver Dollar (Bulk – 40 Coins) | 304 |
| 2024-P Uncirculated Morgan Silver Dollar | 164,640 |
| 2024-P Uncirculated Morgan Silver Dollar (Bulk – 40 Coins) | 316 |
| 2024-P Uncirculated Peace Silver Dollar | 156,579 |
| 2024-P Uncirculated Peace Silver Dollar (Bulk – 40 Coins) | 309 |
| 2023-S Morgan & Peace Silver Dollar Reverse Proof Set | 247,820 |
| 2023-S Proof Morgan Silver Dollar | 363,141 |
| 2023-S Proof Morgan Silver Dollar (Bulk – 40 Coins) | 443 |
| 2023-S Proof Peace Silver Dollar | 328,007 |
| 2023-S Proof Peace Silver Dollar (Bulk – 40 Coins) | 438 |
| 2023-P Uncirculated Morgan Silver Dollar | 260,527 |
| 2023-P Uncirculated Morgan Silver Dollar (Bulk – 40 Coins) | 330 |
| 2023-P Uncirculated Peace Silver Dollar | 260,450 |
| 2023-P Uncirculated Peace Silver Dollar (Bulk – 40 Coins) | 338 |
As shown in the table, both proof and uncirculated Morgan and Peace Silver Dollars have been issued in recent years, along with special reverse proof two-coin sets. That pattern continues in 2025, with these Philadelphia-struck uncirculated coins to be followed by 2025 Proof Morgan and Peace Silver Dollars from the San Francisco Mint on September 11, and a 2025 Morgan and Peace Dollar Two-Coin Reverse Proof Set scheduled for release later in the fall.
Morgan and Peace Dollar Designs
Historical artifacts and modern-day technology were used by the U.S. Mint to enhance the designs of today’s Morgan and Peace dollars.
U.S. Mint Chief Engraver George T. Morgan (1845–1925) originally created the designs for the coins that now bear his name. The obverse (heads side) features a profile of Liberty wearing a cap adorned with flora and a crown incused with the word "LIBERTY." Thirteen stars complete the design, along with the inscriptions "E PLURIBUS UNUM" and "2025."
The reverse (tails side) of the Morgan dollar depicts an eagle with outstretched wings clutching arrows and an olive branch, framed by a large wreath. The inscriptions read "UNITED STATES OF AMERICA," "IN GOD WE TRUST," and "ONE DOLLAR."
Renowned Italian-American sculptor Anthony de Francisci (1887–1964) created the design for the Peace Dollar. Its obverse shows a profile of Liberty wearing a radiant crown, with the inscriptions "LIBERTY," "IN GOD WE TRUST," and "2025."
The reverse features an eagle at rest, holding an olive branch above the word "PEACE." Additional inscriptions include "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," and "ONE DOLLAR."
Morgan and Peace Silver Dollar Specifications
| Denomination: | $1 |
|---|---|
| Finish: | Uncirculated |
| Composition: | 99.9% silver |
| Silver Weight: | 0.859 troy oz. |
| Diameter: | 1.500 inches (38.10 mm) |
| Edge: | Reeded |
| Mint and Mint Mark: | Philadelphia – No Mint Mark |
| Privy Mark: | None |
Ordering and Limits
The 2025-P Uncirculated Morgan and Peace Silver Dollars may be ordered from the U.S. Mint’s page of silver dollar products. Each has a mintage limit of 150,000 with an initial household order limit of 10.
Each coin has a mintage limit of 150,000 and an initial household order limit of 10.
Pricing is set at $91, unchanged from last year’s release.
