Among the most distinctive and anticipated U.S. Mint releases of the year, the 2025-S Morgan and Peace Silver Dollar Reverse Proof Set goes on sale at noon ET today. Struck at the San Francisco Mint, both coins feature a reverse proof finish — polished, mirror-like design elements contrasted against frosted fields.
Priced at $215, the same price as last year’s release, each coin contains 0.859 ounces of 99.9% fine silver and showcases iconic designs from America’s numismatic history.
This two-coin set continues the U.S. Mint’s modern series of Morgan and Peace dollars, which began in 2021. Those first issues were authorized by Congress under the 1921 Silver Dollar Coin Anniversary Act (Public Law 116-286) to mark the centennial of the final Morgan dollar and the first Peace dollar.
No coins were released in 2022 as the Mint cited a shortage of silver blanks. The program resumed in 2023 and has since offered several annual products, shown below with their sales through Dec. 7:
Morgan & Peace Silver Dollars (2023-2025)
| Sales | |
| 2025-S Proof Morgan Silver Dollar | 131,032 |
| 2025-S Proof Morgan Silver Dollar (Bulk – 40 Coins) | 328 |
| 2025-S Proof Peace Silver Dollar | 118,692 |
| 2024-S Proof Peace Silver Dollar (Bulk – 40 Coins) | 328 |
| 2025-P Uncirculated Morgan Silver Dollar | 102,980 |
| 2025-P Uncirculated Morgan Silver Dollar (40 – Bulk) | 318 |
| 2025-P Uncirculated Peace Silver Dollar | 98,917 |
| 2025-P Uncirculated Peace Silver Dollar (40 – Bulk) | 320 |
| 2024-S Morgan & Peace Silver Dollar Reverse Proof Set | 158,227 |
| 2024-S Proof Morgan Silver Dollar | 176,443 |
| 2024-S Proof Morgan Silver Dollar (Bulk – 40 Coins) | 304 |
| 2024-S Proof Peace Silver Dollar | 158,256 |
| 2024-S Proof Peace Silver Dollar (Bulk – 40 Coins) | 304 |
| 2024-P Uncirculated Morgan Silver Dollar | 165,667 |
| 2024-P Uncirculated Morgan Silver Dollar (40 – Bulk) | 316 |
| 2024-P Uncirculated Peace Silver Dollar | 157,258 |
| 2024-P Uncirculated Peace Silver Dollar (40 – Bulk) | 309 |
| 2023-S Morgan & Peace Silver Dollar Reverse Proof Set | 247,820 |
| 2023-S Proof Morgan Silver Dollar | 364,785 |
| 2023-S Proof Morgan Silver Dollar (Bulk – 40 Coins) | 443 |
| 2023-S Proof Peace Silver Dollar | 329,137 |
| 2023-S Proof Peace Silver Dollar (Bulk – 40 Coins) | 438 |
| 2023-P Uncirculated Morgan Silver Dollar | 260,527 |
| 2023-P Uncirculated Morgan Silver Dollar (40 – Bulk) | 330 |
| 2023-P Uncirculated Peace Silver Dollar | 260,450 |
| 2023-P Uncirculated Peace Silver Dollar (40 – Bulk) | 338 |
As displayed in the chart above, the U.S. Mint has already issued proof and uncirculated Morgan and Peace silver dollars this year. The uncirculated coins debuted on July 10th with the proof versions making their debut on September 11th.
Last year’s 2024-S Morgan & Peace Silver Dollar Reverse Proof Set was first offered on November 21st.
Morgan and Peace Dollar Designs
To update the Morgan and Peace dollars for the modern era, the U.S. Mint incorporated both historical artifacts and advanced technology to enhance the original designs.
On the obverse of the Morgan dollar, Liberty appears in profile wearing a cap adorned with floral details and a crown inscribed with "LIBERTY." She is surrounded by 13 stars and the inscriptions "E PLURIBUS UNUM" and "2025." The reverse shows an eagle with outstretched wings holding arrows and an olive branch, framed by a large wreath, with inscriptions reading "UNITED STATES OF AMERICA," "IN GOD WE TRUST," and "ONE DOLLAR."
The obverse of the Peace dollar features Anthony de Francisci’s Liberty in profile, wearing a radiant crown, with "LIBERTY," "IN GOD WE TRUST," and "2025" inscribed. The reverse depicts an eagle at rest on a rock with an olive branch above the word "PEACE," alongside the inscriptions "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," and "ONE DOLLAR."
Morgan and Peace Silver Dollar Specifications
| Denomination: | $1 |
|---|---|
| Finish: | Reverse Proof |
| Composition: | 99.9% silver |
| Silver Weight: | 0.859 troy oz. |
| Diameter: | 1.500 inches (38.10 mm) |
| Edge: | Reeded |
| Mint and Mint Mark: | San Francisco – S |
| Privy Mark: | None |
Ordering and Limits
The 2025-S Morgan and Peace Dollar Reverse Proof Set is available directly through the U.S. Mint’s silver dollar product page.
The set has a maximum mintage of 160,000 — 102,500 fewer than last year’s — with an initial household order limit of five.
Last year’s release remains available, while the one from 2023 debuted at $185 and sold out in 24 hours.
