Silver commemorative coins from the U.S. Mint have collectible value and historical significance. Some commemoratives are highly valuable, and as with other coins, their value depends on factors such as the grade, rarity of the issue, and market demand. Other factors that may drive the value of a commemorative coin include its historical context, precious metal content, and numismatic value, although rarity is the primary value driver. Many early silver commemorative coins have gained immense value, and while some modern silver commemorative coins are valuable today, their values are likely to grow in the coming years.
What is a Commemorative Coin?
The legacy of commemorative coins dates to Greek and Roman issues that recorded and reported news of the day and important events. U.S. Mint silver commemorative coins are produced to celebrate and remember notable people, events, institutions, and places that have contributed to the cultural landscape of the nation. Commemoratives are struck with designs that reflect the subject they honor and are produced in limited mintages with limited availability. The U.S. Mint issues them under Congressional authority, and modern commemoratives are not intended for general circulation. Like bullion coins, they have a nominal face value that pales compared to their melt and numismatic value. Many issues are sold to raise funds for organizations and projects related to the commemorated event, person, place, or institution. There are two primary categories of silver commemorative coins: early commemorative silver coins and modern commemorative silver coins.
Early Commemorative Silver Coins
Early silver commemorative coins were issued between 1892 and 1954. Like modern issues of commemorative coins, many early commemorative silver coins were produced in low numbers and sold to help provide funding for events and organizations. Unlike modern commemorative silver coins, the early issues served commemorative and monetary purposes and were often circulated for use in everyday transactions. This widespread use resulted in shrinking populations, and the surviving coins demonstrate a wide range of conditions from wear during circulation. And as the populations of early silver commemoratives dwindle, the value of those in lower grades is poised for growth.
The First Commemorative Silver Coins
The first silver commemorative coin was the 1892 Columbian Exposition half dollar, which was struck to commemorate the quatercentenary or 400th anniversary of Christopher Columbus’s voyage to the Americas. Although this is the oldest commemorative silver coin, it was produced with a higher mintage over two years for a total mintage of more than 2.5 million coins. Despite this higher mintage, examples in higher grades are scarce and sell for more than $350 in higher grades, and lower-graded or cleaned coins can sell for $20
The second commemorative coin was the 1893 World’s Columbian Exposition Isabella quarter, which has the notable distinction of being the only early commemorative silver quarter dollar. The Isabella quarter also celebrated the quatercentenary of Christopher Columbus’s voyage to the Americas, in which Queen Isabella of Spain played a pivotal role in supporting the exploration. The Isabella quarter had a much smaller mintage with fewer than 25,000 pieces, and as a result, these silver quarters often sell for $350 or more in AU grades. There are few in higher grades, and less than 2,000 coins are graded MS-65 or higher. Coins in MS-68 grades are rare and may sell for more than $60,000.
The Lafayette dollar was released in 1900 in conjunction with the 1900 Paris World’s Fair to honor Marquis de Lafayette, a French military officer who volunteered to fight for the Continental Army. The third silver commemorative had a slightly higher mintage than the Isabella quarter, with about 36,000 coins minted. The Lafayette Memorial Commission sold them for $2 each, and today, they sell for $500 in XF grades, and in grades like MS-65, they can sell for over $5,000.
Modern Commemorative Silver Coins
The modern commemorative silver coin program was launched in 1982, and since then, a silver commemorative has been issued every year, with the exception of 1985. Over the last 42 years, the U.S. Mint has raised more than $500 million for projects and organizations that benefit communities and local areas within the United States. Many of these issues have successfully raised funds to build memorials, repair existing structures, and support communities around the nation.
The 1982 George Washington half dollar was the first commemorative coin issued since 1954 and the first 90% silver coin struck since 1964. It commemorated the semiquincentennial, or 250th anniversary, of the Founding Father’s birth. The funds raised from the 7 million coins sold supported the restoration of Mount Vernon, George Washington’s home, and other projects related to his legacy. The 1982 Washington commemorative half dollar sells for upwards of $70 today, depending on its grade.
The 1986 Stature of Liberty Centennial half dollar celebrated the 100th anniversary of the Statue of Liberty and was issued as a 90% silver coin and as a clad coin. The issue was struck to raise funds for the restoration of Ellis Island and the Statue of Liberty, which both needed of substantial repairs. The 1986 Statue of Liberty Centennial commemorative coin and related issues raised more than $78 million to restore Ellis Island and the Statue of Liberty. Today, these coins sell for between $6 to $130, depending on the condition and composition.
