U.S. Mint Launches 2025-S Proof Morgan & Peace Silver Dollars

Numismatic nostalgia blends with modern craftsmanship in today’s launch of two new coins from the United States Mint — the 2025-S Proof Morgan and Peace Silver Dollars. Struck from 99.9% fine silver, this pair marks another revival of two of America’s most beloved coins from a century ago.

Both coins are struck at the San Francisco Mint, with mintages limited to 180,000 for the Morgan dollar and 170,000 for the Peace dollar, each priced at $95. Sales open at Noon ET today, with initial household order limits of 10 per product.

The Morgan silver dollar, first issued in 1878, was struck through 1904 and once more in 1921. Designed by U.S. Mint Chief Engraver George T. Morgan (1845–1925), the coin became a hallmark of the nation’s growth in the late 19th and early 20th centuries.

The Peace silver dollar followed later in 1921, continuing through 1928 and then briefly again in 1934 and 1935. Issued in the aftermath of World War I, its name reflects a hopeful new era of peace. The design was the work of Italian-American sculptor Anthony de Francisci (1887–1964).

Congress mandated a centennial remembrance of the two coins with the passage of Public Law 116-286, the 1921 Silver Dollar Coin Anniversary Act. Under the law, five new Morgan dollars were issued in 2021: 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 2021 Peace dollar was also struck at the Philadelphia Mint and released without a mintmark.

Owing to a shortage of silver blanks, no Morgan or Peace dollars were produced in 2022. The series resumed in 2023 with issues from San Francisco and Philadelphia and has continued annually since. Details of each year’s coins and their cumulative sales are shown in the table below, through Sept. 7:

Morgan & Peace Silver Dollars (2023-2025)

As shown in the chart above, 2025 Morgan and Peace dollars in uncirculated quality were released in July, struck at the Philadelphia Mint. Later this year, a reverse proof two-coin set from the San Francisco Mint is scheduled for release.

Morgan and Peace Silver Dollar Designs

When the new Morgan and Peace dollars were first issued in 2021, the Mint combined historical artifacts with modern technology to more closely reflect the artists’ original intentions for the designs. This approach has continued through today’s release.

The obverse (heads side) of the Morgan dollar 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) 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."

Anthony de Francisci’s obverse design for the Peace dollar shows a profile of Liberty wearing a radiant crown, accompanied by the inscriptions "LIBERTY," "IN GOD WE TRUST," and "2025."

The reverse depicts 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 & Peace Silver Dollar Specifications

Ordering

The 2025-S Proof Morgan and Peace silver dollars will be available for ordering beginning at Noon ET from the U.S. Mint’s page of silver dollar products.

Each coin comes encapsulated in a U.S. Mint clamshell case housed within a black presentation box.