1840 Silver Dollar Coin Value: How Much Is It Worth Today?

Are you a fan of the Seated Liberty coin series? Are you interested in building a collection of this historical coin? If so, you are probably curious about the 1840 silver dollar value. We wrote this guide just for you!

As the flagship issue of the Seated Liberty dollar, the 1840 silver dollar is highly sought after by collectors. Few survivors exist today, but even in worn, circulated condition, this silver dollar can command enviable premiums.

If this sounds like the type of coin that deserves a spot in your collection, read on to learn more about it. This guide will walk you through the origins of the Seated Liberty dollar, its standout features, and how to grade your silver coin. You’ll also discover fascinating minting errors that can make your coin even more valuable.

So, let’s find out: How much is a 1840 silver dollar worth?

1840 Silver Dollar Value Chart
Mint Mark	Good	Fine	Extremely Fine	Uncirculated
1840 No-Mintmark Silver Dollar Value	$425	$650	$1,300	$45,000
1840 Proof Silver Dollar Value	–	–	–	$42,000

 

 

History of the 1840 Silver Dollar

The 1840 silver dollar belongs to the Seated Liberty coin series struck by the United States Mint between 1840 and 1873. The conception of the silver dollar began as early as 1835 when Mint Director Robert M. Patterson asked artists Thomas Sully and Titian Peale to create new designs for American silver coins.

Patterson proposed that the obverse of the silver dollar feature an image of Liberty seated on a rock, adorning a Phrygian cap and holding a pole in her hand. He also suggested that the reverse feature a more realistic image of the flying eagle. Mint Chief Engraver William Kneass executed Patterson’s ideas but left the job halfway after suffering a stroke. Kneass’s assistant, Christian Gobrecht, took over from where he left, completing the work of engraving the designs on copper plates to be later transferred onto planchets.

After several strikes and a few changes, the Mint produced Gobrecht dollars in December 1836. Production of the Gobrecht dollar continued until 1839; these coins were seen as experimental and helped to gauge the public’s sentiments on the new silver dollar. Full-scale production of the silver dollar resumed in 1840, but this time the image of the soaring eagle on the reverse was replaced by an eagle with a shield upon its breast. Stars were also added on the obverse, encircling Liberty’s portrait.

In July 1840, a small mintage of about 12,500 was struck, followed by another consignment of 41,000 silver dollars in November and another 7,505 in December. Despite being a first-year issue, the 1840 silver dollar had one of the lowest mintages in the entire Seated Liberty coin series. Being an early coin, survivors of the 1840 silver dollar are few, and even lower-grade examples can be a valuable addition to your collection.

Also read: 12 Most Valuable One-Dollar Coin Worth Money

 

Features of the 1840 Silver Dollar

Next, we’ll look at the features of the 1840 silver dollar. By familiarizing yourself with these features, you can grade and authenticate your silver coin, and even identify Seated Liberty dollars worth money.

Obverse of the 1840 Silver Dollar

The “heads” features the portrait of a seated Liberty looking over her shoulder. In her left hand, she holds a staff topped with a Phrygian cap, and in her right hand is a shield inscribed with LIBERTY.

Thirteen stars appear in an arc around Liberty’s portrait, seven to the left and six to the right. The stars represent the first thirteen states to join the union. The date, 1840, appears at the bottom while the rim is decorated with numerous small denticles.

Reverse of the 1840 Silver Dollar

The “tails” shows an image of a left-facing heraldic eagle with a shield on its breast, symbolizing sovereignty and defense. The eagle holds an olive branch in its left talon, representing peace, while the arrows in the right talon represent victory and self-defense.

The inscriptions, UNITED STATES OF AMERICA, appear in an arc at the top while the denomination, ONE DOLLAR, is inscribed at the bottom. Similar to the obverse, the rim is decorated with small denticles all around.

Other Features of the 1840 Silver Dollar

Additional features worth noting include:

• Diameter: 38.10 millimeters
• Weight: 26.73 grams
• Edge: Reeded
• Metal composition: 90% Silver, 10% Copper
• ASW: 0.7734oz
• Fineness: 0.9

Also read: 14 Most Valuable Coins In Circulation

 

1840 Silver Dollar Value Guides

Now, let’s answer the big question: Just how much is an 1840 silver dollar? The value of this early coin depends on its condition and rarity.

We’ll look at two varieties of the 1840 silver dollar:

• 1840 No-Mint mark Silver Dollar
• 1840 Proof Silver Dollar

1840 No-Mint mark Silver Dollar Value

In 1840, only the Philadelphia Mint struck silver dollars. With just 61,000 coins minted, this first-year issue had one of the lowest mintages in the series. Despite the significantly low mintage, the survival rate for this date is surprisingly high, indicating that examples were hoarded as souvenirs.

Here’s a breakdown of the values:

• Circulated Examples: These are relatively scarce, and survivors are heavily worn. Still, even lower-grade examples are worth good money. In Poor/Average condition, examples can sell for up to $300 and as much as $425 in Good (G). Examples graded Fine (F) are few and will bring in up to $650, while an even scarcer Extremely Fine (XF) grade will sell for $1,300. In About Uncirculated (AU58), expect at least $4,750.
• Mint State Examples: The population of uncirculated survivors is, surprisingly, more than expected for a date with such a low mintage. Many of these coins were held as souvenirs and are generally in good condition, although Gems in MS65 and higher are extremely scarce. That said, even in lower grades, Mint State survivors are worth a premium. In MS60, examples will command as much as $6,000 and double the price at $12,750 in MS62. An extremely rare MS64 can sell for as much as $45,000. All in all, about 276 Mint State 1840 Silver Dollars are certified by the Professional Coin Grading Service (PCGS) and are graded MS62 to MS63. Only three MS64 examples have been certified to date.
• Auction Record: In 2022, Heritage Auctions sold an MS64 for a remarkable $57,600, making this one of the most valuable 1840 silver dollars.

1840 Proof Silver Dollar Value

In addition to regular business strikes, the Philadelphia Mint also produced Proofs of the Seated Liberty dollar.  About 15 to 20 proof silver dollars are believed to have been struck that year, mostly due to a lack of knowledge about proof coins among collectors and low demand for these special strike dollars.

Most survivors are graded PF62 to PF64, and Gems or those graded PF66 and higher are exceedingly rare. According to PCGS records, a few of the survivors are in PF65, and only one cameo in MS64 has been certified.

Here’s what to expect:

• Regular Proofs: The sheer rarity of 1840 silver dollar proofs means that even in lower grades, these special strike coins command a premium. For example, in PF60, a piece is worth at least $12,500, an MS62 can fetch up to $19,000, and an extremely rare PF64 can command as much as $42,000. In 2007, Heritage Auctions sold a PF65 for a record-shattering $74,750.
• Cameos: Cameos are genuinely rare, with none finer than PF64, which can sell for as much as $100,000. In a record-breaking sale in 2013, Heritage Auctions sold a Cameo PR64 for $85,188.

Also read: Top 10 Most Valuable Morgan Silver Dollar Worth Money

 

1840 Silver Dollar Grading

When grading a 1840 silver dollar, your main focus should be on the extent of wear and the coin’s luster or eye-appeal. Start by examining the high contact points that show wear first.

On the obverse, the high contact points include Liberty’s head, chest area, and knees. Also, pay attention to the lines on the shield as well as the stars and date. On the reverse, wear is most visible on the shield, the eagle’s wing feathers, and talons, including the olive branch and arrows.

Flatness, smoothness, and heavy wear point to a lower grade, while sharp, crisp details are visible on the higher-grade coins. In addition, check for mint luster and a problem-free surface; the absence of cleaning marks, dings, and scratches is seen in higher grade coins.

 

Rare 1840 Silver Dollar Errors List

Minting errors are part of the coin production process. These errors alter the coin’s appearance, sometimes for the better, as some minting flaws can significantly raise the value of a regular coin. Because 1840 silver dollars were minted manually, there aren’t as many minting errors in this series. But the few that show up can be a valuable addition to your collection.

Here are some 1840 silver-dollar minting errors to look out for:

1. 1840 Silver Dollar Doubled Die Error

A doubled-die error occurs when the die strikes the planchet at different positions, causing an overlapping or doubling effect on the design elements or inscriptions.

On 1840 silver dollars, doubling is more common on Liberty’s portrait on the obverse and the inscriptions on the reverse, i.e., UNITED STATES OF AMERICA and ONE DOLLAR. Stronger, more visible doubling is generally more valuable than coins with only subtle doubling.

In 2017, Heritage Auctions sold an 1840 silver dollar graded About Uncirculated (AU58) with a strong obverse and reverse doubled die error for an impressive $4,900.

2. 1840 Silver Dollar Re-punched Date Error

Another error commonly seen on 1840 silver dollars is the re-punched date, which happens as a result of the date being punched into the die multiple times at different positions. When the die strikes the planchet, the date shows a visible ghost outline around one or more of the digits. For example, the numbers 4 or 0 might show some overlapping due to the manual re-punching of the date.

In 2008, an eBay collector paid $7,700 for an 1840 silver dollar graded MS60 with a visible re-punched date error, making this error a worthwhile addition to any collection.

3. 1840 Silver Dollar Struck-Through Error

A struck-through occurs when a foreign object, such as a small piece of wood or metal, a strand of hair, or string, is caught between the die and planchet. When the object is struck, it leaves its impression on the coin’s surface and falls off.

Struck-through errors can leave an interesting and sometimes dramatic impression, instantly making the coin stand out. In 2020, Stack’s Bowers auctioned an 1840 silver dollar graded Fine (F) with an obverse struck-through error for an impressive $790.

4. 1840 Silver Dollar Die Crack Error

Despite its low mintage, about four die pairings were used to strike the 1840 silver dollar.  The use of multiple dies could’ve been due to the poor minting techniques and die quality. Low-quality dies wear faster, and the effect is often seen on coins in the form of die cracks.

Die cracks appear like raised bumps on either side of the coin. They occur when cracks develop on the die’s surface and are gradually filled with small metal pieces as the die continues striking. Eventually, the metal-filled cracks leave their impression on the coin’s surface in the form of raised vertical or horizontal lines.

Larger, more dramatic die cracks are generally more eye-catching and valuable than smaller, subtle ones. In 2018, a collector on eBay paid $1460 for an 1840 silver dollar graded Extremely Fine (XF) with a die crack just above Liberty’s portrait.

 

Where to Sell Your 1840 Silver Dollar?

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

FAQs

How much is a 1840 dollar coin worth?

The value of an 1840 silver dollar depends on its condition and rarity. Circulated examples are worth between $300 and $4,750 from lower to higher grades, while uncirculated, Mint State pieces can command as much as $45,000 or more.

Are 1840 silver dollars rare?

Yes, Mint State examples of the 1840 Seated Liberty silver dollar are scarce to rare. Those graded MS60 to MS64 are still collectible, but any pieces higher than MS65 are extremely difficult to come by. Worn examples in higher grades can also be rare; all in all, the most common survivors are in the lower grades and will show heavy wear.

Why are seated Liberty dollars so expensive?

Seated Liberty dollars, including the flagship 1840 silver dollars, can be pricey even in lower grades because these coins are generally rare. Due to age, damage, and loss, only a few survivors exist today, which increases their demand. The truth is, building a Mint State collection of 1840 silver dollars can be an expensive affair for many collectors. Scarcity typically increases the price of commodities, and this applies to coins too.