Welcome to the field of silver dollars and trade dollars!

Actually, silver dollars is a misnomer when applied to coins dated after 1935 (except for the 1964-D), for that precious metal was abandoned as a coinage alloy for circulating pieces, which were then made of "clad" metal-nickel alloy bonded to a copper core. However, some later silver pieces were made especially for collectors.

From the first year of production, 1794, down to recent times, many types and varieties of silver dollars were produced. A truly complete collection of dates and mintmarks would involve over 200 coins, and a complete collection of die varieties would go far beyond that. In fact, no one has ever completed the latter. Researchers Leroy C. Van Allen and A. George Mallis have identified 230 different die varieties of the Philadelphia Mint 1878 Morgan dollar alone!

That reminds me that at a convention in California, a gentleman of serious mien came up to my bourse table, Van Allen and Mallis book in hand, and showed me an AU 1878 silver dollar, ostensibly worth, say $15, for which he had just paid $1,300, and considered it a bargain. It was a rare die variety he hadn't seen before. This goes to show that if you ever get deeply involved, you might find a treasure cheaply; such as this coin for $15, from someone who did not bother checking the variety. It has happened. In fact, the late Walter H. Breen was forever telling of great rarities in various series he found in dealers' "junk boxes." Once, he paid $5 for a coin he sold for $4,000!

If you are typical, you will want to collect silver dollars by design types-that is, one representative specimen of each major design-or will

want to form a basic date and mintmark set, say of Morgan dollars and Peace dollars. However, once you familiarize yourself with the series, you may want to specialize in die varieties, say of a date such as the 1878 Morgan dollar. Who knows? Perhaps, you'll find an unlisted die variety!

Dollars dated 1794 are rarities today, and even a well-worn specimen will bring thousands of dollars. The design is what collectors know as the Flowing Hair obverse and Small Eagle reverse.

The obverse depicts the head of Miss Liberty facing right, with hair flowing behind. The reverse shows a "small" and rather delicate eagle perched on a rock, surrounded by a wreath. This same style was continued throughout most of 1795.

The next design type is known as the Draped Bust obverse, Small Eagle reverse, except that the "small eagle" on the reverse is different from that used in 1794-1795 and is, in fact, a bit larger and now perches on a cloud (if, indeed, this is possible). The obverse depicts Miss Liberty with Draped Bust or bosom, as designed by noted artist Gilbert Stuartyou may remember him for his unfinished portrait of George Washington, copies of which hang in many schoolrooms.

Dollars of the new Draped Bust, Small Eagle type were produced in late 1795, all of 1796 and 1797, and early 1798. Those dated 1798 are scarcer than the others.

In the latter year, 1798, the Draped Bust obverse was combined with the Heraldic Eagle reverse. This new style was continued through the end of the series in 1804. Coinage in the early years was limited to the Philadelphia Mint. No dollars were struck at any branch until years later, when the 1846-0 Liberty Seated dollar made its appearance; but I am getting ahead of myself at this point.

After 1804, no silver dollars were struck for many years. Following a hiatus of more than two decades, in 1836, 1,000 Liberty Seated silver dollars were produced, called the Gobrecht design today, from the efforts of Chief Engraver Christian Gobrecht. The obverse depicts Miss Liberty seated on a rock, while the reverse shows an eagle flying upward to the left. In 1837, 600 additional pieces bearing the 1836 date were made. In 1839 the design was modified somewhat, and 300 pieces were produced. In addition, many different Gobrecht silver dollar patterns were made dated 1836, 1838, and 1839.

In 1840, what is known as the Liberty Seated silver dollar made its debut. The obverse was essentially the same Liberty Seated figure as used on the Gobrecht silver dollar of 1836. The reverse was different and showed a perched eagle. Dollars of this design were produced continuously through 1873, with a change effected in 1866 with the addition of the motto IN GOD WE TRUST on the reverse.

Today, Liberty Seated silver dollars are very popular with collectors. Rare dates include 1851, 1852, 1858, 1870-S (the great rarity of the series; only about a dozen are known), and the Carson City issues of the early 1870s. Additionally, several semi-rare or scarce dates are distributed through the series.

Rare issues include 1879-CC, 1889-CC, 1893-S, and 1895. This series is also remarkable for some issues that are quite common when well worn but are great rarities if in high levels of Mint State; examples include 1886-0, 1895-0, 1896-0, and 1901. Well worn, some coins can be worth $10 to $15, while in gem Mint State-65, the same variety can be worth $50,000 or more!

Peace silver dollars are next in the chronology, were designed by Anthony de Francisci, and were minted for circulation from 1921 through 1935 inclusive, plus a small coinage dated 1964-D (these later pieces were melted). Peace dollars of the 1921-1935 years are very collectable, as there are no great rarities, although 1934-S is regarded as elusive in higher grades.

Next come Eisenhower dollars, designed by Frank Gasparro, and struck from 1971 through 1978 inclusive, among which will be found the 1776-1976 Bicentennial issues.

Susan B. Anthony "mini-dollars" were next in line, were also by Frank Gasparro, and were made briefly, just from 1979 through 1981. Today, the Treasury Department still has just under 150 million undistributed Anthony dollars in its vaults (but they are going fast).

That's it for regular issue dollars. In addition, numerous commemorative silver dollars have been produced, beginning with the 1900 Lafayette dollar and continuing in modern times beginning with the 1983 Olympic Games dollar. These were discussed in another volume, the "Buyer's Guide" on commemoratives, and represent a different discipline.