The Morgan Silver Dollar stands as one of America’s most iconic coin designs, originally struck from 1878 to 1904 and again in 1921. Its revival in modern times has created a new chapter for collectors and enthusiasts. With the U.S. Mint shifting production away from the San Francisco Mint, the early years of this revived series—particularly the 2021 anniversary issues and the 2025 releases—are already emerging as key dates that serious collectors will seek to acquire.

United States Mint, 2025 Silver Morgan Dollar Proof Coin

The 2025 Morgan Dollar Proof Coin (San Francisco)

The 2021 Revival: Launching the Modern Series with Centennial Significance

In 2021, the U.S. Mint reintroduced both the Morgan and Peace Silver Dollars to mark the 100th anniversary of the final original Morgan Dollar and the first Peace Dollar. These .999 fine silver coins (distinct from the original 0.900 silver composition) featured uncirculated finishes and were struck at multiple facilities: Philadelphia (no mint mark, plus privy-marked versions honoring the historic Carson City “CC” and New Orleans “O” mints), Denver (“D”), and San Francisco (“S”).

Mintage limits were set around 175,000 per Morgan variety. They sold out rapidly, demonstrating immediate collector enthusiasm. The 2021 issues established the template for the modern program: varied limited production, multiple mint marks and privy marks in the debut year, and strong secondary-market interest.¹

No regular production occurred in 2022 due to a shortage of silver blanks, which some coin collectors grumbled over. However, the series resumed in 2023 as an annual program, offering an uncirculated version from Philadelphia and proof/reverse proof versions from San Francisco. This created consistent annual collecting opportunities with variety across finishes and facilities.

The San Francisco Mint is Ending Production of Morgan Silver Dollar Proof Coins : Why the Mint Move Matters

A pivotal development for the modern Morgan Silver Dollar series is the end of production at the San Francisco Mint. Multiple reports and Mint product information confirm that 2026 Morgan and Peace Dollars will be struck at Philadelphia (with “P” marks on some) and West Point (with “W” marks on enhanced uncirculated and other versions). The 2025-S proof issues represent the final San Francisco-minted coins with the traditional “S” mint mark in this program. This shift mirrors dynamics in the original Morgan series, where coins from specific mints (especially Carson City and certain San Francisco issues) became key dates due to lower survival rates or distinctive appeal. For the modern series, the S-mint marked coins—2021-S, the 2023–2025 San Francisco proofs, and any intervening years—now stand as a defined “era” with a clear endpoint. Collectors building complete sets or focusing on mint-mark varieties will view these as essential. Those interested in key years would find the final 2025 variants appealing due to Donald Trump's inauguration and the ending of the production of Morgan Silver Dollars in San Francisco.

The combination of finite mintages, changing production locations, and the closure of the San Francisco chapter creates natural key years analogous to the classic series. Early issues (especially 2021 varieties) and terminal San Francisco issues gain added significance and exposure.

The 2025 Morgan Silver Dollars: Essential Coins for Collectors and Enthusiasts

For collectors and numismatists, the 2025 releases exemplify why these years matter. The U.S. Mint offered:

Uncirculated 2025 Morgan Dollar — Struck at Philadelphia.
Proof 2025-S Morgan Dollar — Struck at San Francisco with a mintage limit of 180,000. Strong initial sales (over 130,000 standalone units moved quickly after the September 2025 launch) confirmed ongoing demand.²
Reverse Proof two-coin set pairing Morgan and Peace Dollars.

These Morgan Dollars serve multiple roles: they complete the US Mint's 2025 annual set, capture the final San Francisco-minted examples with the “S” mark, and provide options across finishes (uncirculated, proof, reverse proof). For collectors assembling year sets or focusing on the San Francisco era, the 2025 issues are foundational rather than optional.

The modern series is still young. Its long-term classic status will depend on sustained collector engagement, condition-sensitive premiums, and broader market conditions. Original Morgans benefited from over a century of history; the modern versions are building theirs now. As it's complications continue, for collectors, this complexity adds value; it doesn't decrease it.

Ultimately, the modern Morgan Silver Dollar program has moved from commemorative revival to an established annual series. The closure of San Francisco Mint production for these coins marks a natural turning point in the modern series that has rocked the numismatic world. The 2021 anniversary issues and the 2023–2025 San Francisco products—capped by the 2025 releases—stand out as the key years that collectors will want in their hands. With limited mintages, multiple finishes, and a clear production endpoint at one of America’s historic mints, these coins are well-positioned to form the cornerstone of what could become a classic modern series.