Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Update: COMEX Silver Drawdown Partially Reversed Last Week

Wed, 30 Sep 2026 00:00:00 EST

Last week, I reported that over https://www.moneymetals.com/news/2026/09/21/7-million-ounces-of-silver-left-comex-vaults-last-week-with-a-spike-in-deliveries-005220";>7 million ounces of gold flowed out of COMEX vaults the week of Sept. 10-17.

Last week, silver flowed back into the COMEX system, partially reversing the drawdown.

During the week of Sept. 18-25, around 2.5 million ounces of silver entered COMEX vaults. With the additional metal, total inventory stood at 332.6 million ounces on Sept. 25, about 4.6 million ounces below the Sept. 10 level.

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Registered inventory (silver eligible for delivery) fell by 1 million ounces last week. However, eligible inventory (silver in the COMEX system but not available for delivery) grew by 3.5 million ounces.

In a nutshell, registered silver stocks declined, but total physical stocks increased. This signals category movement and net deposits, not escalating depletion of physical silver.

This takes the threat of an imminent silver squeeze off the table for the time being. While the outflow during the week of September 10 was unusually large, it looks more like a discreet withdrawal, not the beginning of persistent vault depletion.

However, given that total COMEX inventory remains 4.6 million ounces below levels reported earlier this month, you should continue to closely watch silver flows in and out of the COMEX system. With global silver supply tightness, a metal shortage could develop quickly.

Dollar Club: Weaponization of the Dollar Has Some People Wanting Out

Wed, 30 Sep 2026 00:00:00 EST

The U.S. government has weaponized the dollar as a foreign policy billy club. This might be good foreign policy, but it carries some significant economic risk.

In this episode of the Midweek Memo podcast, Mike Maharrey explains how the U.S. has weaponized its currency and the world's response, highlighting the accelerating pace of de-dollarization and what it could mean for the U.S. economy.

This week, Mike also shares a story underscoring the durability of silver money.

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Mike opens the show with a hypothetical scenario.

"If you were standing on a big rug and some people grabbed one end and threatened to pull it out from under you, what would you do?

"You’d probably get off the rug, right? You might even get the rug out of the room so they couldn’t catch you off guard.

This is exactly what a lot of countries are doing when it comes to the dollar. They know the US could pull the dollar rug out from under them, so they’re getting the heck off that dollar rug!"

Mike notes that he hangs out with a lot of Canadians.

"It comes with being a hockey player. I generally like them. They tend to be friendly, laid-back people. But I’ve never really been particularly concerned about their political opinions or what they think about US policy. It’s like the little kid who lived next door to us when I was growing up. He was about five years younger than I. I was more than happy to throw a football around with him in the backyard, but I wasn’t about to ask his advice about girls or to help me with my homework. His opinions on those subjects were irrelevant to me.

"But let’s say, hypothetically, I had a crush on his sister. I did not, but stay with me here. I’m making a point. If he had a sister that I liked, it would have behooved me to listen to what he had to say on the subject. After all, he would have had information that could impact my life. When someone says something relevant, it’s wise to listen, even if you don’t generally care about their opinion or even respect what they have to say.

"I say all of that because the Canadian prime minister had some things to say about the dollar, and we might be wise to listen."

Mike sets up the prime minister's comments with context, pointing out that the 10-year Treasury yield hit its highest level since 2007 last week and remains at elevated levels.

"That’s a problem when you have $40 trillion in debt. Interest gets expensive fast when interest rates are climbing. The US is already paying more than $1 trillion per year on interest expense. Interest is the second-biggest spending category for the US government right now. It costs more than national defense. It costs more than Medicare. The only thing more expensive is Social Security. It’s gotten so bad that the Treasury Department is buying back long-term bonds in an effort to drive yields a little lower. By the way, it’s not working."

So, why are Treasuries selling off?

Mike says Canadian Prime Minister Mark Carney is telling us if we choose to listen.

Carney says the world needs to find an alternative to the US dollar.

"Now, you might not care what Canadians think. You might think Carney is the son of a silly person. Nevertheless, the head of a neighboring country that has traditionally been a close U.S. ally just called for the world to dump the dollar or at least minimize its role as the global reserve.

"And a lot of people are out there nodding in agreement.

"That’s why so many https://www.moneymetals.com/news/2026/09/03/central-banks-piled-in-more-gold-in-july-005182";>central banks are buying gold and shedding U.S. Treasuries."

Mike explains that the mainstream calls this dollar selloff "https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>the debasement trade."

"It is an investment strategy emphasizing holding tangible assets such as gold, silver, and other commodities to protect against the decline of fiat currencies caused by monetary debasement."

Mike points out two primary drivers behind the debasement trade.

The Debt Black Hole
The weaponization of the dollar

Having talked extensively about the debt black hole over the last several months, Mike turns his attention to the weaponization of the dollar, noting that this seems to be the bee in Carney's bonnet.

Mike explains how the U.S. aggressively sanctioned Russia after it invaded Ukraine and is doubling down on its economic warfare against Iran. Most recently, Treasury Secretary Scott Bessent announced secondary sanctions on any country or company that supports Iranian airlines.

Mike emphasises that thanks to the dollar's reserve status, the U.S. can back up its threats.

"Much of the global economy runs on dollars, and governments or companies that cross Washington risk having access to that system restricted or cut off. The U.S. government can exert this pressure by freezing assets under U.S. jurisdiction, limiting dealings with U.S. companies, and restricting foreign banks’ access to U.S. banking accounts."

This may be a great strategy from a foreign policy standpoint. It incentivizes other countries to isolate Iran and Russia, furthering U.S. aims. However, it also comes with some perverse incentives.

"It motivates them to limit their exposure to the dollar system. After all, if somebody is threatening to pull a rug out from under you, the smart move is to get the rug out of the room. Enter de-dollarization. Many countries have seen the writing on the wall. Not wanting to be under the U.S. government’s thumb, they’ve started taking steps to limit their exposure to the dollar and dollar assets. After all, the U.S. can’t sanction your dollar activities if you don’t have any."

Mike highlights Prime Minister Carney's comments, explaining how he's calling for a "multipolar" financial system with several reserve currencies.

Mike emphasizes that despite the growing number of people who agree with Carney's position, he's not predicting an imminent dollar collapse.

"I’m not saying that the dollar is at immediate risk of falling off its perch, but you ignore voices like Carney’s at your own risk. He’s telling you exactly why de-dollarization is growing. You may not like it. You may think it’s dumb. You may laugh Carney off as a left-wing nut-job. You may not care what Canada thinks. You may believe the U.S. has every right to use the dollar as a weapon and that it’s good foreign policy. But what you think doesn’t change reality. And the reality is the guy running the 11th-largest economy in the world is saying he wants to minimize the role of the dollar."

Mike explains the de-dollarization is a problem for the U.S., even if the greenback maintains its reserve status.

"The dollar’s role as the world's reserve currency is the only reason the U.S. can borrow, spend, and run massive budget deficits to the extent it does. It creates a built-in global demand for dollars and dollar-denominated assets. This absorbs the Federal Reserve’s money creation and helps maintain dollar strength despite the Federal Reserve’s inflationary policies. But what happens if that demand drops? A de-dollarization of the world economy could cause a dollar glut. The U.S. currency could further depreciate. At the extreme, global de-dollarization could spark a currency crisis. You and I would feel the impact through higher price inflation, eating away at the dollar's purchasing power. In the worst-case scenario, it could lead to hyperinflation."

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Mike emphasizes that even if you don't particularly care about what Carney has to say, you'd be wise to listen.

"He reflects a growing global consensus. The U.S. can’t be trusted. It's risky to hold rapidly devaluing dollars. Maybe we should try something else!

"If you’re saving in dollars, you might want to try something else too. You want sound money – gold and silver."

Mike highlights some https://www.moneymetals.com/buy/specials";>Money Metals specials for listeners who want to act.

To close the show, Mike highlights the recent discovery of 2,000-year-old Roman coins. He contrasts that with a box of 2,000-year-old $100 bills. He concludes, "Paper doesn’t stand the test of time – kind of like the value of any fiat currency."

Mike points out that the guy who found those Roman denarii could immediately find a place to spend the money.

"They might not take it at Walmart, but I guarantee I could quickly find someone who would accept the denarii. Because silver has value, and virtually everybody in the world knows it. That’s why I find these treasure discoveries so fascinating. It boggles my mind that 2,000-year-old money is as valuable as it was the day it was buried. Silver and gold stand the test of time."

Mike calculates the melt value of the Roman coins, revealing that their silver content alone is worth over $5,000.

"Now, consider again what you might be able to buy with paper dollars in 2,000 years!"

Mike notes that $5,000 buried just 50 years ago is only worth about $860 today.

He goes on to point out that durability is one of Aristotle's four characteristics of money.

"In other words, money must stand the test of time. It can’t break down, rot, or corrode easily.

"Silver fits the bill.

"Gold fits the bill.

"Paper – not so much.

"And you can’t print silver or gold. That means governments can’t devalue silver money by printing more."

Mike wraps up the show with a call to action, urging listeners to get sound money today by calling 800-800-1865 and talking with a Money Metals special metals specialist.

Articles Mentioned During the Show

https://www.moneymetals.com/news/2026/09/28/the-bond-bloodbath-spreads-005245";>The Bond Bloodbath Spreads

https://www.moneymetals.com/news/2026/09/24/treasury-announces-second-oversized-bond-buyback-as-it-tries-to-put-a-lid-on-yields-005234";>Treasury Announces Second Oversized Bond Buyback to Put a Lid on Yields

https://www.moneymetals.com/news/2026/09/04/if-rats-can-eat-your-money-its-probably-not-good-money-005184";>If Rats Can Eat Your Money, It's Probably Not Good Money

Seated Liberty Silver Dollar Value - No Motto and With Motto Prices From 1840 to 1873 - 1870-S, 1866 No Motto, and 1873-CC Rarities Collectors Chase - Money Metals

Tue, 29 Sep 2026 00:00:00 EST

A Seated Liberty Dollar’s value depends almost entirely on three factors: date, mint mark, and condition. A well-worn, common-date example has generally traded for at least a couple hundred dollars in collectible grades. However, there are a few genuine rarities that have sold for well over $1 million.

Struck from 1840 to 1873 in 90% silver, the series covers a wide enough range of mintages that “how much is mine worth” almost never has a one-size answer. This guide will explore how you can tell the differences between coins and figure out your coin’s worth.

What Is a Seated Liberty Dollar?

The Seated Liberty Dollar is a U.S. silver dollar struck by the United States Mint from 1840 to 1873, designed by Chief Engraver Christian Gobrecht. It takes its name from the obverse: Liberty seated on a rock, holding a shield in one hand for preparedness and a pole topped with a liberty cap in the other for freedom. The reverse shows a heraldic eagle grasping arrows and an olive branch, with "ONE DOLLAR" below.

Every coin in the series shares the same physical specifications, regardless of date or mint: 26.73 grams, 38.1 millimeters in diameter, struck in https://www.moneymetals.com/buy/silver/junk-silver";>90% silver and 10% copper, for 0.7734 troy ounces of pure silver per coin.

The design comes in two types. Coins struck from 1840 through 1865 carry no motto on the reverse. Starting in 1866, in the aftermath of the Civil War, the Mint added "IN GOD WE TRUST" on a scroll above the eagle, a wording change made across most circulating U.S. coinage of the era.

Mint marks split the series further: Philadelphia struck the coin throughout its run and carries no mark, New Orleans (O) joined in 1846, San Francisco (S) in 1859, and Carson City (CC) only in the series' last few years, starting in 1870.

Production stopped with the Coinage Act of 1873, which ended the standard silver dollar for domestic use and authorized the trade dollar for export commerce instead. That's why no Seated Liberty Dollar is dated later than 1873.

How Much Is a Seated Liberty Dollar Worth?

There's no single number for the series. Mintages vary dramatically across the series. Some issues were produced in relatively substantial numbers, while scarce dates such as 1851 and 1852 had reported mintages of just 1,300 and 1,100 coins. A few verified reference points show the spread:

As of a 2014 market survey, no Seated Liberty Dollar in collectible condition was trading for less than roughly $280, a useful floor for the most common dates in worn condition, though https://www.moneymetals.com/silver-price";>silver prices and the coin market have both moved since then.
The 1870-CC, from the Carson City Mint, is scarce but not a top-tier rarity: an MS64 example sold for $126,500 at auction in August 2012, while lower-grade, circulated examples trade far more affordably and appear regularly in the market.
The 1870-S, a genuine rarity with roughly a dozen known survivors, has reached seven figures: the finest known example, graded MS62, sold for $1,092,500 in 2003.
The 1866 "No Motto" variety, of which only two examples are known, sold for $1,207,500 in 2005.

Those auction results are historical reference points, not current pricing. For an up-to-date estimate on a specific coin, https://www.pcgs.com/";>check a current PCGS or NGC price guide. Alternatively, you can have the coin professionally graded: condition affects value on this series more than almost any other factor.

Seated Liberty Dollar Value by Date and Mint Mark

The following tables categorize the Seated Liberty Dollar in two broad groups: No Motto (1840-1865) and With Motto (1866-1873).

No Motto type (1840-1865)

Date	Good-4	XF-40	MS-60
1840	$325	$1,500	$7,000
1841	$350	$1,100	$5,000
1842	$285	$1,025	$3,250
1843	$285	$1,025	$3,500
1844	$400	$1,500	$8,000
1845	$350	$1,500	$7,500
1846	$285	$1,025	$2,750
1846-O	$285	$1,250	$8,250
1847	$285	$1,025	$3,250
1848	$650	$2,500	$9,000
1849	$350	$1,100	$3,750
1850	$650	$3,500	$7,500
1850-O	$400	$2,100	$15,000
1851	$14,000	$27,500	$65,000
1852	n/a*	$30,000	$60,000
1853	$500	$2,500	$6,500
1854	n/a*	$6,000	$19,000
1855	$750	$5,000	$19,000
1856	n/a*	$2,750	$11,250
1857	n/a*	$2,750	$8,500
1858	Proof-only issue (mintage 210); no circulated business-strike value applies
1859	n/a*	$1,100	$5,500
1859-O	$285	$675	$2,750
1859-S	n/a*	$2,000	$11,000
1860	$285	$850	$3,600
1860-O	$285	$675	$2,750
1861	n/a*	$3,500	$9,500
1862	$1,600	$5,000	$8,500
1863	$1,000	$4,000	$7,500
1864	$900	$3,000	$8,500
1865	$900	$3,250	$7,250
1866, No Motto	Transitional rarity, roughly two known; not a market-priced date

*n/a = not listed at that grade in the price guide, typically because the date rarely trades that low.

With Motto type (1866-1873)

Date	Good-4	XF-40	MS-60
1866	$525	$1,750	$3,850
1867	$700	$2,000	$5,500
1868	$500	$1,750	$4,750
1869	$500	$1,250	$4,000
1870	$400	$875	$2,750
1870-CC	$2,000	$7,500	$30,000
1870-S	Key rarity, roughly 12 known; realized $1,092,500 at auction in 2003 (finest known, MS62)
1871	$400	$875	$2,750
1871-CC	$6,000	$21,000	$95,000
1872	$400	$875	$2,750
1872-CC	$2,750	$11,000	$30,000
1872-S	$1,150	$4,000	$17,500
1873	$400	$875	$5,000
1873-CC	$18,500	$37,500	$185,000
1873-S	Mintage of 700 recorded, but no example is known to have survived

What Do the Mint Marks Mean?

The mint mark sits below the eagle on the reverse and tells you where the coin was struck:

No mark: Philadelphia, the original mint for the series starting in 1840
O: New Orleans, added to the series in 1846
S: San Francisco, added in 1859
CC: Carson City, added in 1870, the final and shortest-lived mint in the series

Branch-mint coins usually struck far fewer pieces than Philadelphia and tend to carry a premium. The Carson City branch in particular tended to strike fewer coins than many others. And yet, as the 1870-CC shows, the CC mint mark alone does not guarantee extreme rarity.

Are Seated Liberty Dollars Rare?

The coins are not uniformly rare. Most of them are common-date, well-circulated Philadelphia strikes. While these are genuinely collectible, they are not rare coins.

Rarity in this series concentrates on a short list of specific dates, mints, and high grade coins. It does not affect the series as a whole.

Knowing the date and mint mark on a specific coin matters more than any general statement about the series.

Why Are Seated Liberty Dollars So Rare and Valuable?

Many Seated Liberty Dollars are scarce today because they saw limited use in the United States. The California Gold Rush played a major role in this unusual history.

When people discovered gold in California, it led to surges of gold entering the economy. This changed the value of gold compared with silver. Gold became cheaper relative to silver because it had a stronger supply. That meant the silver inside U.S. coins became more valuable.

That created an issue for the economy. A silver dollar could contain https://www.moneymetals.com/buy/silver";>silver worth more as bullion than the coin’s face value. That led to many people hoarding silver coins, melting them down, or selling them overseas.

As a result, many silver coins left circulation. That explains why the United States Mint produced so few Seated Liberty Dollars during certain years. Only 1,300 were struck in 1851, followed by just 1,100 in 1852.

The problem continued well past the initial Gold Rush years. In 1863, Mint Director James Pollock reported that the few silver dollars being produced were intended for Asia and other foreign markets. He noted that they were rarely seen in domestic circulation.

The Coinage Act of 1873 eventually ended production of the standard silver dollar. The law replaced it with the Trade Dollar, which was designed for foreign commerce.

Today, this history helps explain the value of many Seated Liberty Dollars. Low mintages were only part of the story. Melting, exports, decades of loss, and strong collector demand further reduced the number of desirable coins that survive.

What's the Rarest Seated Liberty Dollar?

There’s a persistent mix-up worth clearing up: it’s common to see the 1870-CC named as the series’ rarest coin, but the numbers don’t support that. The 1870-CC had a mintage of roughly 12,462 pieces, with an estimated 1,000 or so surviving across all grades: scarce, but well within reach for collectors, and regularly available in circulated condition.

A few other dates round out the series' short list of true rarities:

1866 "No Motto": a transitional variety with only two known examples, one of which sold for over $1.2 million
1870-S: One of the great mysteries of the series, with roughly a dozen examples known. Mint records do not show 1870-dated dollar obverse dies being sent to San Francisco, adding another layer of intrigue to an already exceptionally rare issue.
1873-S: officially struck with a mintage of 700, but no confirmed surviving example is known today
1851 and 1852: low original mintages tied to the Gold Rush-era silver shortage, making both genuinely scarce in any condition

Getting a Coin Evaluated

The date and mint mark are the starting point for figuring out what your Seated Liberty Dollar is worth. However, it is the condition that determines whether a coin is worth a few hundred dollars or several thousand.

Since grading is so influential when it comes to value, it’s best to have coins professionally authenticated and graded. https://www.ngccoin.com/";>Services like NGC or PCGS are the most reliable organizations to get a value estimate for your coin.

Inflation in Pictures

Tue, 29 Sep 2026 00:00:00 EST

Ask pretty much anybody, and they’ll tell you we have an inflation problem.

But what does that mean?

And how did it happen?

Most people have no clue.

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The first problem is that policymakers and the media use a very imprecise definition of inflation. For most people, the word just means “rising prices.”

But that doesn’t really tell us anything, does it?

All kinds of things can cause rising prices. For instance, the ongoing Iran War oil shock is driving up prices throughout the economy. So, is inflation Iran’s fault?

Probably not. After all, we had inflation long before the Strait of Hormuz closed.

Perhaps it was Putin’s price hikes.

Or maybe not.

https://www.moneymetals.com/news/2024/08/16/can-a-greedy-politicians-really-stop-price-inflation-with-a-price-gouging-ban-003384";>Greedy corporations could theoretically drive prices higher. That was a common narrative during the post-pandemic inflation spike. So, does that mean corporations are somehow less greedy during low-inflation periods?

Probably not.

So, maybe it has something to do with money printing?

Ah! Now we’re getting closer to the answer.

If we go back about 45 years, we discover that inflation wasn’t always defined simply as “rising prices.” https://youtu.be/lmvFyBBJORM"; target="_blank" rel="noopener">Economists understood it as an increase in money and credit.

In other words, “inflation” was shorthand for “monetary inflation.”

Price inflation, measured by the CPI, is one symptom of monetary inflation.

The fact that we now use the same word for both monetary and price inflation creates a great deal of confusion. In his essay “Inflation in One Page,” Henry Hazlitt warned about this confusion, pointing out that it hides the culprit behind rising prices.

“Inflation is an increase in the quantity of money and credit. Its chief consequence is soaring prices.

“Therefore inflation—if we misuse the term to mean the rising prices themselves—is caused solely by printing more money. For this the government’s monetary policies are entirely responsible. (Emphasis added)”

Economist Ludwig von Mises made a similar point.

“People today use the term `inflation' to refer to the phenomenon that is an inevitable consequence of inflation, that is the tendency of all prices and wage rates to rise.

“The result of this deplorable confusion is that there is no term left to signify the cause of this rise in prices and wages. There is no longer any word available to signify the phenomenon that has been, up to now, called inflation… As you cannot talk about something that has no name, you cannot fight it.”

Economist Milton Friedman declared that inflation is “always and everywhere a monetary phenomenon.” If he’s right, rising prices should follow an expansion of the money supply.

Turns out that they do.

As this chart shows, CPI spikes almost always follow sharp rises in the money supply with a one-to-two-year lag:

https://www.moneymetals.com/uploads/content/CPI-and-M2-annual-change-1970-2025.png"; width="800" height="450" class="mx-auto p-3" alt="" />

If you look closely at the chart, you might notice an anomaly. Money supply grew significantly during the Great Recession. However, there wasn’t a corresponding spike in price inflation, as measured by the CPI.

That’s because although rising consumer prices are one symptom of monetary inflation, they aren't the only ones. Monetary inflation also manifests in asset price inflation.

A chart showing the trajectory of the S&P 500 and the growth of the M2 money supply reveals a surge in the stock market after both rounds of money creation during the Great Recession.

https://www.moneymetals.com/uploads/content/m2-sp500-annual-change-1980-2025-2.png"; width="800" height="450" class="mx-auto p-3" alt="" />

In other words, while consumer prices remained relatively steady, the monetary inflation showed up in stocks.

We see a similar phenomenon when we chart housing prices with money supply growth. Housing prices tend to go up within a year or two of a burst of monetary inflation.

https://www.moneymetals.com/uploads/content/m2-growth-vs-us-home-price-growth-1990-2025.png"; width="800" height="450" class="mx-auto p-3" alt="" />

If we chart money supply growth with the S&P 500, the CPI, and home prices, we find significant price increases follow every substantial increase in the money supply. Sometimes, CPI spikes higher. Sometimes, stocks surge. Sometimes, inflation shows up more clearly in real estate. But it always shows up somewhere (assuming the level of goods and services and the velocity of money remain relatively constant).

https://www.moneymetals.com/uploads/content/m2-sp500-cpi-home-prices-annual-change-1990-2025.png"; width="800" height="450" class="mx-auto p-3" alt="" />

Where inflation manifests depends on the prevailing economic policies. During the Great Recession, banks were incentivized to hold newly created cash as reserves. As a result, inflation showed up more clearly in the financial system and less so in consumer prices. However, during the pandemic, government stimulus released a lot of newly created money into the economy, and inflation showed up in the CPI as well as asset prices. Money creation during the run-up to the 2008 financial crisis showed up in real estate thanks to government incentives at the time.

As I already said, many things can cause some prices to rise. Some things can cause many prices to rise. Only one thing causes a general rise in the price level -- monetary inflation. But sometimes you have to look carefully to suss it out.

The bottom line is if you want to track inflation, you need to pay attention to the money supply. Inflationary price increases always follow monetary expansion. But they won’t always show up in the same way. You can have inflationary periods with relatively tame CPI, as we saw during the Great Recession.

NOTE: I have intentionally ignored the impact of the velocity of money and increases/decreases in the quantity of goods and services in the economy for this illustration. Those factors also influence how inflationary pressure manifests in the economy. However, it is safe to say that prices will be higher than they otherwise would have been with an increase in the supply of money and credit.

Canadian Prime Minister Reveals Motives Behind De-Dollarization

Tue, 29 Sep 2026 00:00:00 EST

Do you want to know why the U.S. Treasury market is selling off?

Listen closely to Canadian Prime Minister Mark Carney. He thinks the world should find an alternative to the U.S. dollar.

Now, you might not care what Canadians think. You might think Carney is the son of a silly person. Nevertheless, the head of a neighboring country that has traditionally been a close U.S. ally just called for the world to dump the dollar, or at least minimize its role as the global reserve.

And a lot of people agree with him.

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That’s why so many https://www.moneymetals.com/news/2026/09/03/central-banks-piled-in-more-gold-in-july-005182";>central banks are buying gold and shedding U.S. Treasuries.

They call this dollar selloff “https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>the debasement trade.” It is an investment strategy emphasizing holding tangible assets such as gold, silver, and other commodities to protect against the decline of fiat currencies caused by monetary debasement.

Two things are driving the debasement trade.

First, many countries and investors have grown wary of lending the U.S. more money, with its https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>$40 trillion debt and no inclination to slow borrowing and spending.

https://www.theglobeandmail.com/opinion/article-carneys-call-alternatives-us-dollar-will-get-backs-up-in-washington/"; target="_blank" rel="noopener">As The Globe and Mail explained, “The dollar’s pre-eminence stems from the sophistication, liquidity and depth of U.S. financial markets, and the perception that U.S. Treasury bonds remain the world’s safest asset.”

However, America’s fiscal malfeasance has undermined that narrative.

“The latter assumption is increasingly being called into question as the U.S. federal debt surpasses $ 40 trillion and as President Donald Trump undermines the rules-based foundations of the international trading system that the United States created.”

Second, the U.S. has https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>weaponized the dollar, turning it into a foreign policy billy club. It’s no coincidence that the debasement trade took off around the same time the U.S. and its Western allies aggressively sanctioned Russia and effectively locked it out of the global financial system after it invaded Ukraine.

https://www.moneymetals.com/news/2026/09/22/us-doubling-down-on-weaponization-of-the-dollar-005224";>The U.S. recently doubled down on its weaponization of the currency, threatening to sanction any company or country supporting Iranian airlines. Treasury Secretary Scott Bessent warned any party suspected of supporting Iranian air travel could be “knocked out” of the dollar system.

Dollar weaponization seems to be the bee in Prime Minister Carney’s bonnet.

In a speech last week before the EU Parliament, he warned, “financial mechanisms are being used for coercive purposes,” and he hinted at the need for closer cooperation between Canada and Europe in developing “payment systems” that bypass those controlled by the U.S.

In a New York Times interview, Carney doubled down, saying the world needs to move to a “multipolar system” using several reserve currencies. He said this would “provide more flexibility.”

Carney words reflect the actions of many policymakers around the world. They are looking for ways to minimize their dependence on the dollar. And it makes sense when you think about it. If somebody threatens to pull a rug out from under you, you want to get the rug out of the room.

Enter de-dollarization.

Many countries have seen the writing on the wall. Not wanting to be under the U.S. government’s thumb, they’ve started taking steps to limit their exposure to the dollar and dollar assets. As Carney hinted, the U.S. can’t sanction your dollar activities if you don’t have any.

“It’s the ‘fool me once, fool me twice’ point. Once you see that, then you start to think, how do I diversify away?”

Carney served as Bank of England governor and in 2019, he floated a proposal for a “synthetic hegemonic currency” (SHC). It would be a hybrid money made up of central bank digital currencies. At the time, Carney said, “An SHC could dampen the domineering influence of the U.S. dollar on global trade.” (This is a horrible idea, by the way.)

This isn’t likely any time soon, and the dollar isn’t at immediate risk of falling off its perch, but you ignore voices like Carney’s at your own risk.

He’s telling you exactly why de-dollarization is growing.

!!--Product-Random-Best-All--!!

You may not like it. You may think it’s dumb. You may laugh Carney off as a left-wing nut-job. You may not care what Canada thinks. You may believe the U.S. has every right to use the dollar as a weapon and that it’s good foreign policy. But what you think doesn’t change reality.

And the reality is the guy running the 11th-largest economy in the world is saying he wants to minimize the role of the dollar.

That's significant, whether we agree with his assessment or not. It's even more significant if other world leaders agree. (And they do.)

If the de-dollarization trend continues, it spells big trouble for the U.S. – even if the dollar maintains its reserve status.

Earlier this month during a CNBC interview, Bessent declared, “Dollar dominance is essential.”

He went on to insist, “I think we should not be shy about flexing where we have advantages … and push back on those who are not aligned with us.”

But Bessent may be overstating his case. Yes. Dollar dominance is essential for the U.S. For the rest of the world – not so much.

Simply put, the United States depends on the global demand for dollars to underpin its bloated government. De-dollarization threatens an inflation tsunami as those unwanted dollars make their way back to the U.S.

The dollar’s role as the world's reserve currency is the only reason the U.S. can borrow, spend, and run massive budget deficits to the extent it does. It creates a built-in global demand for dollars and dollar-denominated assets. This absorbs the Federal Reserve’s money creation and helps maintain dollar strength despite the Federal Reserve’s inflationary policies.

But what happens if that demand drops?

A de-dollarization of the world economy could cause a dollar glut. The U.S. currency could further depreciate. At the extreme, global de-dollarization could spark a currency crisis. You and I would feel the impact through higher price inflation, eating away at the dollar's purchasing power. In the worst-case scenario, it could lead to hyperinflation.

Whether you like Carney or not, you’d be wise to listen to the words coming out of his mouth. He reflects a growing global consensus. The U.S. can’t be trusted. It's risky to hold rapidly devaluing dollars. Maybe we should try something else.

Peace Dollar Value - Value by Date, Mint Mark, and Grade - 1921 High Relief, 1928-P, and 1934-S Key Dates and What Dealers Pay - Money Metals

Mon, 28 Sep 2026 00:00:00 EST

Typically, Peace dollars trade for their melt value. The coins contain 0.77344 troy ounces of 90% pure silver, which gives it exposure to the silver spot price. Its melt value rises and falls with the silver market.

However, a short list of dates is worth much more than the melt value. The 1921 High Relief, the 1928 Philadelphia, and a handful of others carry genuine collector premiums. Everything else comes down to condition, and condition is where most people overestimate what they own.

This guide will help you place your coin in the right category. It also covers what a dealer will actually pay you for it, which is a different number from the retail figure a price guide publishes.

Peace Dollar Value Chart by Date and Mint Mark

The U.S. Mint produced 24 Peace dollar issues between 1921 and 1935. The table below lists every one of them alongside its mintage and an approximate https://www.pcgs.com/prices/detail/peace-dollar/26/most-active";>value range by guide.

Look closely at the final column. It tells you whether your coin trades on its silver content or on collector demand. The majority of these coins trade on their silver value.

Date	Mintage	Good-VF	XF-AU	MS-63	MS-65	Melt or Numismatic?
1921 High Relief	1,006,473	200-353	416-508	1,050-1,350	4,000-5,250	Key date
1922-P	51,737,000	65-83	86-90	100-105	175-250	Silver-driven
1922-D	15,063,000	65-85	89-94	150-175	575-1,100	Silver-driven
1922-S	17,475,000	65-85	89-94	130-175	1,450-7,000	Silver-driven
1923-P	30,800,000	65-83	86-90	100-105	175-250	Silver-driven
1923-D	6,811,000	65-83	90-96	260-315	1,100-1,650	Silver-driven
1923-S	19,020,000	65-83	90-96	125-190	2,850-10,000	Silver-driven
1924-P	11,811,000	65-83	86-90	100-105	225-285	Silver-driven
1924-S	1,728,000	79-100	105-132	725-775	7,200-11,000	Modest premium
1925-P	10,198,000	65-83	86-90	100-105	175-240	Silver-driven
1925-S	1,610,000	70-90	101-113	425-460	31,500-140,000	Modest premium
1926-P	1,939,000	67-86	90-100	150-180	525-750	Modest premium
1926-D	2,348,700	67-86	93-113	450-485	1,200-1,900	Modest premium
1926-S	6,980,000	67-86	90-96	225-240	950-2,100	Silver-driven
1927-P	848,000	79-100	109-127	325-375	2,000-4,500	Semi-key
1927-D	1,268,900	78-98	121-163	850-925	4,000-9,500	Semi-key
1927-S	866,000	78-98	121-163	850-950	6,000-27,500	Semi-key
1928-P	360,649	289-385	416-478	900-1,000	4,250-8,750	Key date
1928-S	1,632,000	78-96	113-152	650-750	18,500-70,000	Modest premium
1934-P	954,057	78-96	101-121	300-360	900-1,350	Semi-key
1934-D	1,569,500	78-96	109-132	400-450	2,000-3,500	Modest premium
1934-S	1,011,000	109-127	188-538	7,500-8,150	11,500-17,500	Key in mint state
1935-P	1,576,000	78-96	101-127	275-300	900-1,100	Modest premium
1935-S	1,964,000	79-100	121-163	650-700	1,800-2,500	Semi-key

Peace Dollar Specifications and Silver Content

Every Peace dollar struck between 1921 and 1935 shares the same specifications:

Silver content: 0.77344 troy ounces of pure silver
Total weight: 26.73 grams
Fineness: .900 fine, meaning 90% silver and 10% copper
Diameter: 38.1 mm
Designer: Anthony de Francisci
Years produced: 1921 through 1928, and 1934 through 1935

A quick note about the Peace dollar. The U.S. Mint revived the Peace dollar design in 2021, but that modern coin is completely different from its original predecessor. This coin contains 0.858 troy ounces of .999 fine silver. The valuations on this page do not apply to it.

How Much Silver Is in a Peace Dollar, and What That Silver Is Worth Today

You can find the melt value of a Peace dollar with this simple mathematical formula:

0.77344 × silver spot price = melt value

For example, let’s say the spot price of silver was $65. If you plug that number into the formula above, you would find the melt value of a Peace dollar is roughly $50.

That figure establishes the floor. The result gives you the coin’s theoretical silver value. Actual dealer bids can differ because of spreads, market conditions, and the condition of the coin.

When a Peace Dollar Stops Being a Collector Coin

Common-date Peace dollars live in two different markets, and the silver price decides which market they belong to on any given day.

When silver prices decline, a 1925 Peace dollar trades as a collector coin and buyers pay a premium for the date and the appearance. When silver is expensive, that same coin trades as bullion. The metal inside it is then worth more than a collector will pay for the date.

This is why a coin passed through a family collection may now sell as metal, not a numismatic piece. Nothing about the coin changed. What did change was the silver value.

Most circulated Peace dollars sit firmly in the bullion market today. That is why dealers quote them as a percentage of melt rather than pricing them date by date.

Peace Dollar Melt Value Calculator

Our https://www.moneymetals.com/silver-price";>silver melt value calculator prices your coins at the current spot price. Enter how many Peace dollars you hold and it handles the arithmetic.

Which Peace Dollars Are Actually Worth Real Money

A small group of dates carries value well beyond their silver content. These are the ones worth checking for.

1921 High Relief

The first Peace dollar is the only genuine design variety in the series, and the Philadelphia Mint produced 1,006,473 of them in late 1921.

The design sits noticeably higher off the surface than later issues. Its sculptor, Anthony de Francisci wanted depth and detail. The Mint found the coins hard to strike properly and lowered the relief for 1922.

How to identify one: start with the date, because only 1921 coins are High Relief. Liberty’s hair and cheek stand well above the surrounding field, and the date sits lower on the coin than it does on later issues. Many 1921 examples show weak detail in the hair above the ear, since the dies struggled to fill that area completely.

This is the most valuable Peace dollar that most people will ever hold. Even heavily worn examples bring several times their melt value.

1928 Philadelphia

Only 360,649 were struck. That is the lowest business-strike mintage in the entire series.

There is a complication that other guides tend to skip, though. The Mint announced the limited production in advance, so collectors and dealers deliberately saved rolls of them.

The result is that the 1928-P is genuinely scarce in worn grades but appears more often in mint state than its tiny mintage would suggest.

The lesson applies across the series: mintage alone does not determine value, because survival rate matters just as much.

1934-S

The 1934-S is straightforward to find in circulated grades and quite difficult to find in MS-65, because very few were preserved.

This coin is the clearest demonstration that grade matters more than date. A worn 1934-S brings a small premium over melt, while a gem example brings thousands of dollars.

If you own a 1934-S that seems bright and unworn, get it certified. This is one of the few dates where the grading fee reliably pays for itself.

1927-D, 1927-S, 1935-S, and the Other Semi-Keys

These dates all had mintages below two million. They bring modest premiums in circulated grades and much stronger premiums in mint state.

Stay on the lookout for the 1927-P, 1927-D, 1927-S, 1934-P, and 1935-S. None of these will make you wealthy in worn condition. Nevertheless, all of them are worth significantly more than the coin’s melt value.

The 1964-D Peace Dollar: The One You Cannot Own

The Denver Mint struck 316,076 Peace dollars dated 1964. Not a single one ever reached the public.

The Treasury reversed its decision and ordered the entire production melted. The Mint reclassified them as trial strikes, and every coin was destroyed under heavy security.

No verified example is known to exist today. Owning one would not be legal, because the Mint never officially issued them. PCGS has maintained a six-figure standing reward for a genuine specimen, and nobody has ever claimed it.

Why Your 1922 Peace Dollar Probably Isn't Rare

People often search this coin online in the hopes of confirming that their coin is a rare and valuable coin. Unfortunately, in many cases, the coin is not likely to be a rare treasure.

Philadelphia struck 51,737,000 Peace dollars in 1922. It is the highest mintage in the series by an enormous margin. When you add in the Denver and San Francisco production numbers, the 1922 total climbs above 84 million coins.

A circulated 1922 Peace dollar is worth its silver content with a modest premium attached. That holds true for the Philadelphia, Denver, and San Francisco issues alike.

What would actually make a 1922 valuable:

A grade of MS-65 or better, which is scarce for this date
A 1922 High Relief, https://www.moneymetals.com/2023-s-proof-peace-silver-dollar-858-asw/3214";>struck as a proof or pattern, of which very few examples survive
A confirmed die variety, verified by a professional grading service

Everything that does not meet these criteria is a common coin. That is not bad news. A common Peace dollar still holds real silver, which is the primary reason most people buy this coin.

Where Is the Mint Mark on a Peace Dollar?

Turn the coin over and look at the lower left of the reverse. Mint marks appear just below the word ONE and above the eagle’s wing.

D indicates Denver
S indicates San Francisco
No mark indicates Philadelphia

The mark is small enough that you should use a loupe or the zoom function on your phone’s camera.

Is a Peace Dollar With No Mint Mark Rare?

A Peace dollar without a mint mark is most likely not rare. Unless it is a coin whose mint mark has been worn away, no mint mark indicates the coin came from Philadelphia. The Philadelphia mint produced more Peace dollars than the Denver and San Francisco mints combined.

A missing mint mark simply means your coin came from Philadelphia. It is not an error and it does not add value.

The single exception is 1921. Every 1921 Peace dollar came from Philadelphia, and every one of these coins is High Relief. A blank mint mark position is normal on that date, and the coin still commands a strong premium.

1923, 1924, 1925, and 1926 Values

These four years are the workhouse dates of the series. The Mint produced tens of millions of them.

1923-P is the second most common Peace dollar at 30,800,000 struck, so expect melt plus a small premium in circulated grades.
1924-P and 1925-P are both common. Their San Francisco counterparts had mintages below two million and bring much more.
1926 coins from all three mints had lower mintages than the early 1920s issues and bring modest premiums as a result.

Condition drives the price across all four years. A gem example of any of these dates is worth many times what a circulated one brings.

"IN GOD WE TRVST" - Is My Peace Dollar a Misspelling Error?

Look closely at your coin and you will see the motto reads IN GOD WE TRVST.

That V is not an error. Every Peace dollar reads this way. The phrase shows up across all 24 issues, all three mints, and all fifteen years of production.

The V is Latin. Classical Roman inscriptions used V for the U sound. That was because the original Roman alphabet did not contain a separate letter U.

The Peace dollar was designed in a neoclassical, Greco-Roman style. Because of that, Anthony de Francisci chose this spelling to match the style.

Does the V add any value? No. Since all Peace dollars carry it, it does not make any individual coins more scarce.

We understand that is not the answer most people are hoping for. However, the good news is that the coin still contains a little more than three quarters of a troy ounce of silver. It is worth roughly 77% of the current silver spot price, and its date, mint mark, and grade may add more on top of that. Check the chart above to see where yours lands.

Peace Dollar Errors and Varieties Worth Checking For

Genuine varieties of this series do exist. Collectors have made a meticulous catalog of them through the VAM system. The system gets its name from the researchers Leroy Van Allen and George Mallis. VAM numbers identify small differences between individual dies.

A few Peace dollar varieties command strong premiums:

Doubled dies, where the design shows a distinct second image
The 1922 "extra hair" type varieties
Substantial die breaks and cracks, which collectors call die gouges
Off-center strikes and clipped planchets

Here is the part most pages leave out entirely. The overwhelming majority of “errors” that people discover are not errors at all.

Scratches, dents, and gouges from decades in a cash drawer are simply damage. Grainy or mushy detail comes from worn dies, which are not necessarily uncommon. The Mint often continued using dies until they failed completely. Neither factor adds any value, but both can reduce it.

If you think you found a genuine variety, compare your coin against photos in a VAM reference before you pay for certification.

Has My Coin Been Cleaned?

Cleaning is the most common problem found on inherited Peace dollars. People often clean their coins in the hope of making that historic item shine. The problem is that this practice depletes the numismatic value significantly.

Signs that a coin has been cleaned:

Fine parallel scratches, called hairlines, running across the open fields
An unnatural bright white or pinkish tone
Shine in the recessed areas, where an original coin remains dark
No toning whatsoever on a coin that clearly saw heavy circulation

A cleaned Peace dollar can lose 20% to 50% of its value. Grading services will often refuse to assign a numerical grade and return the coin labeled “cleaned” or “details” instead.

If your coins look dull or dark, that is not a problem. It does not need to be cleaned. Toning is normal and experienced buyers expect it, so never polish, scrub, or dip a silver dollar.

How to Grade a Peace Dollar Yourself

You do not need professional training for this. You only need to know where to look.

Peace dollars show wear first on the high points of the design, so check these four locations:

Liberty's hair above the ear. On a circulated coin the individual strands blur together into one mass.
Liberty's cheek. Flatness and small contact marks appear here before anywhere else.
The eagle's back feathers. Look for distinct feather lines rather than a smooth patch.
The eagle's wing edge. Sharp on an uncirculated coin and rounded on a worn one.

For pricing purposes, three tiers matter:

Circulated (Good through Very Fine). Obvious wear on the hair and cheek, and most surviving coins fall into this range.
About Uncirculated. Light wear on the high points only, with the original luster still largely intact.
Mint State (MS-60 and above). No wear at all, though bag marks from Mint handling are normal and expected.

Within mint state, the jump from MS-63 to MS-65 affects the price more than the date does on most coins. That gap depends on luster, strike quality, and how few contact marks the coin carries.

Is It Worth Paying to Have Your Peace Dollar Graded?

This decision is straightforward arithmetic, and almost nobody runs the numbers for you.

The Costs of Coin Grading

Grading service fee at the economy tier
Annual membership, where the service requires one
Insured shipping to the grading service
Insured return shipping
All-in cost per coin

The break-even rule: Run the numbers to find what your coin is worth, and compare it with the costs of coin grading. For most coins, certification costs more than it adds. Submit the coin and you lose money.

Coins that usually clear the threshold:

A 1921 High Relief in any grade above Fine
A 1928-P in essentially any grade
Any Peace dollar you believe grades MS-64 or better
A 1934-S showing no wear
A confirmed die variety

Coins that do not clear it:

Circulated common dates from 1922 through 1926
Any coin that shows evidence of cleaning
Culls, holed coins, and heavily damaged pieces

If you have forty common Peace dollars sitting in a coffee can, do not send them for grading. Sell them as silver instead.

What a Dealer Will Actually Pay for Your Peace Dollars

Here is the gap that nobody bothers to explain. A price guide is not an offer.

PCGS and NGC publish retail values. Those values represent what a collector might pay a dealer. Likewise, Greysheet publishes wholesale sheet prices. That sits closer to a dealer-to-dealer figure.

All of these figures can give you a helpful reference point when you consider selling or buying a coin. However, none of these is the same thing as a bid on the coins in your hand.

When you sell, you receive the bid. The bid always sits below the ask.

Why the spread exists. Every coin that arrives gets weighed, authenticated, and sorted by date and grade, and that represents real labor. We carry the inventory and absorb the silver price risk until the coin sells. We ship the coins insured in both directions. Any dealer quoting you a bid at full retail will not be in business next year.

Culls and Damaged Peace Dollars

Price guides usually do not list culls. We do, because we buy and sell these coins every day.

A cull is a Peace dollar that has been drilled, bent, gouged, worn smooth, or cleaned beyond recovery. It carries no collector value at all.

And yet the coin contains silver. A cull retains its silver content just as much as any rare issue does. It trades close to its melt value, and it is one of the least expensive ways to own recognizable U.S. silver.

If your inherited coins are rough, that is perfectly fine, because rough coins still sell. See our https://www.moneymetals.com/cull-peace-silver-dollars/238";>cull Peace dollars page for current pricing on both sides of the trade.

Selling to a Coin Shop, an Online Dealer, or eBay

Each route costs you something different. We’ll offer a quick overview of your options here.

Local coin shop. You walk out with cash the same day and pay nothing for shipping. Spreads tend to run wider than online because the shop carries rent expenses and moves less volume. It’s usually best practice to compare at least two quotes before you commit.

Online dealer. Spreads are tighter and pricing is posted publicly online. That allows you more freedom to compare before you ship anything. You wait a few days for payment, and you handle the packing and insurance yourself. However, please note that most dealers cover shipping on larger lots.

eBay. The headline price looks best until the fees arrive. Final value fees plus payment processing will consume a portion of the sale. On top of that, you add in shipping and insurance fees. There is also the risk of a chargeback or a return.

Run the math before assuming eBay is the best bet. Common Peace dollar lots can get devoured by eBay fees.

Peace Dollars as an Investment or as a Collection

People usually have two distinct reasons for buying Peace dollars. Both of these are valid options, but they lead to different buying decisions.

For silver stackers. Peace dollars are 90% silver. Moreover, they are easy to recognize and hard to counterfeit well. They are divisible in a way that a 100-ounce bar simply is not. If you are a silver stacker, you can buy these coins in circulated common conditions and culls for the lowest premium over melt. There’s no need to pay attention to the dates.

For collectors. A complete Peace dollar set runs 24 coins. That makes it one of the few classic U.S. silver series an ordinary person can finish. Buy the best grade you can afford, prioritize eye appeal, and have the key dates certified.

Do not mix the two objectives in a single purchase. Paying a collector premium for a coin you intend to sell as silver is how people lose money in this market.

Are Peace Dollars IRA-Eligible?

No. Peace dollars cannot be held inside a https://www.moneymetals.com/programs/iras";>precious metals IRA.

IRS rules establish a minimum fineness for silver held in a retirement account, and Peace dollars are .900 fine. That falls below the .999 standard.

If you want silver in a retirement account, the best path forward is looking at IRA-approved products such as https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>American Silver Eagles and .999 fine bars and rounds. Our precious metals IRA page lists everything that qualifies.

Peace dollars remain perfectly sensible to own outside a retirement account, and many of our customers hold both.

Taxes When You Sell

The IRS treats physical silver as a collectible, and that classification matters more than most sellers expect.

Long-term gains on collectibles face a maximum federal rate of 28%, while stocks held for the same period top out at 20%. Short-term gains follow your ordinary income rate.

Your cost basis is whatever you paid, including the premium over spot, so keep your receipts. Inherited coins generally receive a stepped-up basis as of the date of death, which can reduce the tax owed to almost nothing.

Dealers must file Form 1099-B on certain sales that meet IRS thresholds for specific products and amounts. Ask about that reporting before you sell if this concerns you.

This is general information and not tax advice. Consult a tax professional about your particular situation.

How to Spot a Counterfeit Peace Dollar

Counterfeit Peace dollars are common, and most of them come from overseas and target buyers who never check the fundamentals. Three simple tests catch nearly all of them.

Weigh it. A genuine Peace dollar weighs 26.73 grams. Counterfeits usually come in light, because the base metals substituted for silver weigh less. An inexpensive kitchen scale that reads to a tenth of a gram is the most useful tool you can own.

Measure it. The diameter is 38.1 mm, and counterfeits frequently miss by at least a millimeter.

Test it with a magnet. Silver is not magnetic, so if a magnet grabs the coin or drags across its surface, walk away. This catches counterfeits built around an iron or steel core.

However, it is worth noting that not all counterfeit metals used for silver coins are magnetic, either. The magnetic test can rule out coins that are attracted, but does not necessarily validate coins that are not attracted.

Should You Buy Raw or Certified?

Buy raw when your goal is silver. You are paying for metal, and a plastic holder adds cost without adding a single ounce.

Buy certified when you want a key date, a coin grading above MS-63, or anything you intend to resell to a collector. The holder settles the grading question and confirms the coin is authentic.

For a stacker, circulated common dates from a dealer you trust represent the better value. For a collector chasing a 1921 High Relief or a gem 1934-S, certification is not optional.

Additional red flags:

Soft, mushy detail in the eagle's feathers
Incorrect letter shapes in TRVST or LIBERTY
A dull thud when you balance the coin and tap it, instead of a long clear tone
A visible seam around the edge
A price well below melt value, which no honest seller would offer

If a coin passes the weight and diameter tests but still looks wrong to you, send it for authentication. Verifying a coin costs far less than buying a bad one.

Frequently Asked Questions

The 1921 High Relief is the most valuable date that most people will ever encounter. In top grades, gem examples of the 1934-S and 1928-P can bring more. The 1964-D would be worth a fortune, except that none exist and owning one would not be legal.

Each Peace dollar contains 0.77344 troy ounces of pure silver. Multiply the current spot price by 0.77344 to calculate it yourself at any time.

No. Peace dollars are .900 fine, which means 90% silver and 10% copper, and the copper adds enough hardness for the coin to survive circulation. Total weight is 26.73 grams, of which 0.77344 troy ounces is pure silver.

The Denver Mint struck 15,063,000 Peace dollars in 1922, so the date is common. A circulated 1922-D is worth close to melt plus a small premium, while mint state examples bring more and gem grades bring considerably more.

Check the grade first, because a 1922 with no wear and strong luster is worth a closer look. Then compare it against a VAM reference for die varieties. Most 1922 coins are common in any circulated grade, whatever the mint mark.

It came from Philadelphia, which struck 51,737,000 that year, the highest mintage in the series. A circulated example is worth close to its silver content.

Only 1921 coins are High Relief. The design stands well above the field, Liberty's hair shows deep separation between the strands, and the date sits low on the coin. If your coin is dated 1922 or later, it is not a High Relief.

They are a straightforward way to own recognizable U.S. silver. Common dates track the silver price, so your return follows silver, while key dates add both collector risk and collector upside. Neither approach substitutes for a plan.

Both contain the identical 0.77344 troy ounces of silver, so melt value is the same. Morgan dollars are older, scarcer in their key dates, and more popular with collectors, so Morgans usually bring more above melt.

The Bond Bloodbath Spreads

Mon, 28 Sep 2026 00:00:00 EST

The factors driving yields higher are extremely bullish for gold, silver, and every metal and commodity.

While the trading algos in charge of pricing assets on a daily basis care about nothing outside of central bank policy, these drivers guarantee much higher prices for commodities over the long term.

Another day, another https://www.moneymetals.com/news/2026/09/14/bond-vigilantes-smell-blood-in-the-water-005202";>step higher in bond yields.

And I’m not talking about just https://www.moneymetals.com/news/2026/09/24/treasury-announces-second-oversized-bond-buyback-as-it-tries-to-put-a-lid-on-yields-005234";>U.S. Treasurys — the rise in bond yields has not only been relentless but also boundless. Yields have been climbing for virtually every sovereign bond around the globe.

https://www.moneymetals.com/uploads/content/10-Year-U.S.-Treasury-Yield.png"; width="800" height="500" class="mx-auto p-3" alt="10-Year U.S. Treasury Yield" />

10-Year U.S. Treasury Yield

The pundits will tell you that investors are scared of the inflationary pressures built up from higher energy prices and the AI spending boom. And yes, that has something to do with what we’re seeing right now in the markets.

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But the primary driving force behind falling bond values is best described not by “inflation” but “depreciation.”

And the factors that demand an accelerated depreciation in currencies are as old as human nature and as unavoidable.

“Nothing Stops This Train”

My friend Lyn Alden is famous for, among many other things, popularizing the quote above.

Lyn's referencing the inevitable debt spiral that’s in play at the moment, after decades of ever-easier money and ever-greater debt accumulation.

This process is inevitable and irreversible, as thousands of years of human history clearly show.

Every civilization has eventually overspent its means and ended its currency through depreciation to vaporize those debts. And thus, every currency has eventually been depreciated to zero.

My friend Frank Giustra (who’s speaking this year in https://neworleansconference.com/bl"; target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://enews.jeffersoncompanies.com/q/AZBw5uMZRmInQW-E0X2bLKy_tfxMt3XPUtAFZcOJU1RFRkFOLkdMRUFTT05AaW5kZXBlbmRlbnRsaXZpbmdidWxsaW9uLmNvbcOIIYG2UdTEdoU8RCN9HtaowSCAtA&;amp;source=gmail&ust=1790700164919000&usg=AOvVaw1tLNdlZMdcvcxtB2RoRKgX" rel="noopener">New Orleans) recently posted that governments will choose to massively print currency to address today’s unmanageable debt burdens.

My reply was that this wasn’t necessarily a choice: “...To be fair to those before us, that path wasn’t so much chosen as forced. In other words, once you get to this point…there is no choice.”

In other words, the destruction of fiat currencies isn’t a policy, but rather an unavoidable outcome.

And on a day when gold and silver are being driven lower by short-term algo traders focused on central bank policy decisions and month-end expiries of futures contracts, we need to remember that the train driving currencies lower and metals higher over the long term will not be stopped.

As I also https://x.com/Brien_Lundin/status/2104553102062039295?s=20"; target="_blank" rel="noopener">posted this morning:

https://x.com/Brien_Lundin/status/2104553102062039295?s=20"; target="_blank" rel="noopener">https://www.moneymetals.com/uploads/content/X-Brien_Lundin-September-28-2026.png"; width="800" height="275" class="mx-auto p-3" alt="" />As I was talking to so many of my friends and colleagues at the elite Beaver Creek mining conference last week, I sensed no panic — and not even the slightest concern — over the bond-market turmoil that even Bloomberg had dubbed a “bloodbath.”

Even though metals prices were slipping along with bond prices, reversing the trend of recent weeks, these investors continued to have confidence in the longer-term drivers I’ve described above.

In fact, this downturn has made a mining stock market that was already flush with opportunities even more attractive.

To get Brien Lundin’s ongoing commentary on the markets at no charge, https://goldnewsletter.com/golden-opportunities-sign-up/?tblci=GiBdY-MYH1-nD-WW6UXCXAtHBPIEdPpDc50r48qPeOICrCDKuWUow8jry8SFw-EvMLzYPQ"; target="_blank" rel="noopener">click here to subscribe to his free Golden Opportunities newsletter.

Gold & Silver Just Got Slammed... But Something Doesn't Add Up

Mon, 28 Sep 2026 00:00:00 EST

Gold and silver investors are having an ugly start to the week.

Gold fell below $4,200 an ounce on Monday, down nearly 3% at one point, while silver was hit even harder – plunging roughly 5% and briefly breaking down to $61 an ounce.

The latest selloff follows an already difficult week, with gold losing roughly 2% last week to finish near $4,285 while silver ended around $64.30.

The main culprit isn't difficult to identify: interest rates.

The yield on the 10-year U.S. Treasury surged above 5% last week, reaching levels not seen since 2007. Higher yields have been accompanied by a stronger Federal Reserve note, creating a nasty one-two punch for precious metals.

And this is where things get strange.

The Middle East remains a powder keg. Oil prices are surging. Inflation remains stubbornly high. And investors are confronting a federal government buried under a mountain of debt.

Those don't exactly sound like bearish fundamentals for gold. Yet traders are selling gold and silver because these problems may force the Federal Reserve to raise interest rates even further.

Oil jumped again this morning after President Trump rejected Iran's latest proposal for reopening the Strait of Hormuz. Brent crude surged above $107 per barrel and approached $108 at one point.

And despite all the talk about potentially reopening Hormuz, actual shipping traffic through this critical waterway remains a fraction of normal levels.

Some reports show only 132 vessels transited the strait during the entire week ended September 27. Before the war, roughly 130 vessels passed through each day.

Higher energy costs ripple through virtually everything else in the economy, which means the Fed's inflation problem isn't going away.

The central bankers already raised their benchmark interest rate by a quarter point earlier this month. Now traders are assigning a substantial probability to yet another hike in October, while several Fed officials have been busy warning that additional tightening may be necessary.

So gold finds itself in a bizarre position. Pundits say war is bad for gold because it pushes oil higher. Higher oil is bad for gold because it pushes inflation higher. And higher inflation is bad for gold because the Fed responds by raising interest rates.

At least that's how Wall Street's current logic goes.

But investors shouldn't confuse the short-term trading narrative with the longer-term monetary picture. Consider what's happening in China.

The Chinese imported more than 1,000 metric tons of gold during the first eight months of 2026 – already more than the country imported during all of last year. Meanwhile, the People's Bank of China continues adding gold to its reserves, reporting another 20.2 metric tons in August – its largest monthly purchase in nearly three years.

And China isn't alone. Western investors have suddenly rediscovered gold as well. Global gold-backed exchange-traded funds attracted a whopping $18 billion in August, the second-largest monthly inflow on record. ETF holdings jumped by 121 metric tons to a record 4,189 tons.

In other words, underneath a nasty correction in the futures markets, investors around the world continue moving substantial amounts of capital into gold.

Why? Perhaps they're looking beyond the Fed's next meeting. The central bankers can push interest rates higher. They can talk tough about inflation. And Wall Street traders can dump gold futures whenever another supposedly "hawkish" Fed official steps in front of a microphone.

But none of that fixes Washington's fiscal mess. It doesn't shrink the federal debt. It doesn't eliminate trillion-dollar deficits.

It doesn't restore the purchasing power already lost by the Federal Reserve note. And it certainly doesn't resolve the geopolitical conflicts now threatening global energy supplies.

Silver is suffering even more than gold during the current correction – which isn't unusual. Silver tends to exaggerate moves in both directions.

The white metal broke through $63 and briefly traded down to $61 this morning, a decline of more than 5% at its worst levels. Gold, meanwhile, broke decisively below $4,200.

But the bigger picture hasn't changed. Governments are borrowing enormous sums. Central banks are accumulating gold. Investors are increasingly questioning paper assets and sovereign debt. And geopolitical tensions are putting additional strain on an already fragile monetary system.

Gold and silver don't move higher in a straight line. Sometimes the sharpest corrections occur while the fundamental reasons for owning them are actually getting stronger.

This may be one of those times.

Big Chinese Banks Ending Retail Leveraged Gold and Silver Futures Trading

Sun, 27 Sep 2026 00:00:00 EST

At least a dozen large Chinese banks plan to end leveraged precious metals futures contracts.

Specifically, banks are shutting down Shanghai Gold Exchange margin-traded deferred contracts, including Au(T+D) and Ag(T+D).

The move could potentially increase demand for physical metal in China, the world's largest gold market.

Beijing-based China Everbright Bank is the latest Chinese institution to announce an end to leveraged precious metals trading, targeting an exit sometime after Oct. 19.

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Earlier this month, Shanghai Pudong Development Bank made a similar announcement.

These banks join at least 10 other major Chinese lenders that have already exited or announced plans to leave the leveraged futures business, including ICBC, the country’s largest bank, along with Bank of China (BOC) and China Construction Bank.

Shanghai-based Orient Futures analyst Xu Ying called it “an inevitable shift” and predicted every major bank will eventually exit the business.

Sources at two banks told the South China Morning Post that the Shanghai Gold Exchange (SGE) directed the move. The SGE is China’s primary platform for physical precious metal trading physical gold and silver.

Officials also appear to be phasing out unleveraged spot gold futures contracts for retail customers.

In practice, leveraged trades allow investors to borrow money to speculate on gold and silver futures. Chinese banks have allowed leveraged precious metals trading for more than two decades. The SGE general sets margin requirements, allowing retail customers to post as little as one-sixth of the contract value.

Of course, borrowing money to speculate on the price movement of gold and silver comes with a high level of risk. Xu told the South China Morning Post this makes leveraged trades “a poor fit for domestic retail clients,” adding that most have “limited trading know-how and tend to be risk averse.”

As precious metals volatility has increased, banks have progressively raised margin requirements. By the end of the first quarter, state-owned banks had raised them to 100 percent, effectively eliminating leverage.

The oil price collapse in April 2020 focused attention on leveraged trading. Many retail investors saw their entire portfolios wiped out by the “fiasco.” An unnamed source with Bank of China told the South China Morning Post that after the incident, regulators began “mulling a broader phase-out of retail commodity-linked trading products offered by domestic banks.”

“The fiasco itself was so disruptive that it prompted sweeping regulatory caution towards retail leverage instruments.”

The same source said mainland lenders will now be expected to offer “only physical gold and non-leveraged gold-accumulation plans – products that let investors buy small, regular amounts of gold over time without borrowed funds – for retail investment purposes.”

The move could shift some speculative paper trading into physical gold and silver.

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Based on SGE data, three major deferred gold and silver contracts generated roughly 12.6 trillion yuan ($1.9 trillion) in two-sided trading value in 2025. That covers the entire market for those contracts, not just retail trading. These figures also measure repeated trading, not just the amount of cash investors committed.

Public figures do not show how much money those customers might now have to redirect elsewhere. However, if these investors want to maintain exposure to gold and silver, they will need to pivot to physical metal, https://www.moneymetals.com/programs/monthly-program";>long-term accumulation plans, ETFs, or digital gold products.

Chinese banks seem to be directing customers to physical metal and bank-run accumulation plans, while ETFs are available through securities investment accounts.

India Gold Market Cautiously Optimistic With Approach of Festive and Wedding Seasons

Sun, 27 Sep 2026 00:00:00 EST

The Indian gold market is cautiously optimistic as we approach the festive gold-buying season.

Higher prices continue to weigh on gold jewelry demand even as they support investment purchases. Meanwhile, wedding buying appears “resilient,” according to the World Gold Council.

India ranks as the world’s second-largest gold market.

Gold prices surged in August before pulling back in the early weeks of September.

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Gold prices recorded one of their strongest monthly gains in nearly three decades in August. The London Gold Price PM rose 13 percent, ending August at $4,386 per ounce. That was slightly lower than the 14 percent gain recorded in January.

However, https://www.moneymetals.com/news/2026/09/17/hut-hut-hike-the-fed-raised-rates-now-what-005211";>the Fed’s September rate hike and another spike in oil prices created headwinds for gold in the first two weeks of September, causing a sharp price drop.

Gold was up 12 percent in rupee terms last month, closing August at ₹158,854 per 10 grams. The price fell 4.6 percent through the first two weeks of September.

According to the World Gold Council, gold continues to trade at around 2 percent below import parity. This indicates local supply is adequate compared to demand.

Discounts widened from an average of $34 per ounce in July to $51 in August. The discount widened further to $78 per ounce as of Sept. 11.

World Gold Council analysts said, “Market feedback suggests that the exchange of old gold for new jewelry has boosted local supply and helped keep domestic prices below the landed cost. The availability of unofficial supply is also cited as a contributing factor behind the widening discount.”

Demand for gold typically surges in India during the fall. The festive season begins in September, building into Navratri (Oct. 11), and peaking around Dhanteras (Nov. 6) and Diwali (Nov. 8). Buying typically continues into the winter wedding season.

There was strong demand in late August as the run-up to the festive season began but cooled in early September. According to the World Gold Council, volatility, with a sharp price rise in August followed by the September sell-off, left many Indian consumers in a “wait-and-see mode.”

“Retailers have also been cautious about inventory building, preferring to replenish based on realized demand, while some manufacturers have reported delays in uptake of orders by retailers. Wedding-related demand, however, has remained relatively resilient.”

World Gold Council analysts said large retailers have reported “comparatively stronger demand” and have stepped up new product launches, marketing initiatives, and promotional campaigns.

“Despite the recent moderation, the trade remains cautiously optimistic about demand during the peak festive and wedding season."

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Meanwhile, investment demand remains “steady,” although there appears to be a modest shift from physical to digital gold.

Inflows into Indian gold ETFs rose 67 percent month-on-month to ₹25.97 billion ($272 million) last month. Indian ETF gold holdings rose by 1.6 tonnes to 121.3 tonnes in August.

Gold inflows into Indian funds slowed from the exceptionally strong pace of Q1 but have remained positive on “a near-sustained basis” throughout the year. World Gold Council analysts said this underscores investor appetite for gold as a portfolio allocation.

About 4,000 new gold ETF accounts were added in August, increasing ETF folios to 12.54 million. The pace of account growth has slowed significantly from an average monthly increase of 330,000 from January to July. According to the WGC, this suggests that while existing investors continue to accumulate gold through ETFs, new investor entry has slowed.

ETFs are a convenient way for investors to play the gold market, but https://youtu.be/7aP6VbgXVeM?si=O3yPeFkTYFHOXrHe"; target="_blank" rel="noopener">owning ETF shares is not the same as holding physical gold.

Digital gold purchases held steady from June to August, averaging around ₹25 billion ($262 million) per month. Demand was significantly higher year-on-year, with August digital gold purchases rising by 110 percent.

Consumers can purchase digital gold online or through an app. The provider holds the physical gold in a vault. In many cases, investors can take possession of physical gold under the company's terms.

Indian gold imports fell by 45 percent in August. Volumes were estimated between 15 and 20 tonnes. According to the World Gold Council, “This fall in imports suggests that existing domestic supply remained sufficient to meet expected demand.”

Looking ahead, World Gold Council analysts said they expect demand to improve as we move into the festive and wedding season, “supported by steady investment demand and resilient wedding-related buying, though elevated prices and volatility may continue to constrain discretionary buying.”

Indians love gold for both cultural and economic reasons.

The yellow metal is deeply interwoven into India’s marriage ceremonies, as well as religious and cultural rituals. Festival seasons typically boost gold demand.

Indians also value the yellow metal as a store of wealth, especially in poorer rural regions. Around two-thirds of India’s gold demand comes from outside urban centers, where many people operate outside the tax system. Many Indians use gold jewelry not only as an adornment but to preserve wealth.

In the West, gold is generally viewed as a luxury item.

Not in India. Even poor Indians buy gold.

According to a 2018 ICE360 survey, half of India's households had purchased gold within the last five years. Overall, 87 percent of Indian households own some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to https://www.moneymetals.com/buy/gold";>buy some gold.

The yellow metal serves as a lifeline for Indians buffeted by the economic storm caused by the government's response to COVID-19. After the Indian government locked down the country, banks tightened credit to mitigate the default risk. Unable to secure traditional loans, Indians used gold to secure financing. As Indians endured a second wave of lockdowns, many Indians resorted to selling gold outright to make ends meet.

Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Update: COMEX Silver Drawdown Partially Reversed Last Week

Dollar Club: Weaponization of the Dollar Has Some People Wanting Out

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Why Your 1922 Peace Dollar Probably Isn't Rare

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Frequently Asked Questions

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The Bond Bloodbath Spreads

“Nothing Stops This Train”

Gold & Silver Just Got Slammed... But Something Doesn't Add Up

Big Chinese Banks Ending Retail Leveraged Gold and Silver Futures Trading

India Gold Market Cautiously Optimistic With Approach of Festive and Wedding Seasons