1994 Silver Dollar Value Guide

Due to its silver content and being a bullion, you could use the American Silver Eagle coin to fund your Individual Retirement Account investments. Interesting, right? Let’s learn more about the American Silver Dollar in this article, especially the bullion series of 1994.

What Is the 1994 American Silver Dollar Made Of?

The US Mint certified the mass, content, and purity of the American Silver dollar. As you can see, it is made of 99.9% silver and 0.1% copper with a reeded edge. It is struck only in the one-troy ounce (31.101 grams) and has a diameter of 40.6 mm and thickness of 2.98 mm.

The American Silver dollar, or the American Silver Eagle, is the US’ official silver bullion coin with a face value of $1.00. A bullion coin is a coin struck from refined precious metals like silver. Instead of releasing the coin in circulation for day-to-day transactions, the bullion coin is kept as a store of value or investment.

The American Silver dollar bullion coins do not have mint marks. From 1986 to 1998, the coins were minted at the San Francisco Mint, and from 1999 to 2000, they were produced at the Philadelphia and West Point Mints. As for 1994 American Silver Dollar Proof coins, the pieces minted at Philadelphia bear mint marks.

The coin legislation began with the aim of selling government-owned silver to help balance the federal budget. So then Senator McClure introduced the S. 2598 bill on May 27, 1982, stating that the disposal of silver at the Defense National Stockpile Center (DNSC) would be through the issuance of silver coins.

On January 27, 1983, similar to the S. 2598 bill, the senator again issued another bill (S. 269) that legislates when the President proposes. Congress authorized the sale of silver from DNSC; this would be through the minting and distribution of a silver-bearing coin.

Photo source: USA Coin Book

The 1994 American Silver Dollar’s obverse design was taken from Adolph A. Weinman’s “Walking Liberty” design for the Walking Liberty Half Dollar coin, issued in 1916-1947. The obverse is inscribed with the following:

• IN GOD WE TRUST
• LIBERTY
• 1994

The Walking Liberty is an iconic design that was fascinated and beloved by many of any US coinage of modern times. This was also why it was used for the American Silver Dollar. 

The reverse, on the other hand, was designed by John Mercanti. It depicts a heraldic eagle behind a shield grasping an olive branch on its right foot and arrows on its left, symbolizing the Great Seal of the United States. Above the eagle are the thirteen five-pointed stars that represent the Thirteen Colonies. The reverse is inscribed with the following:

• UNITED STATES OF AMERICA
• 1 OZ. FINE SILVER~ONE DOLLAR
• E PLURIBUS UNUM is written on the eagle’s banner in its beak
• A mint mark for Proof coins

The American Silver Dollar is recognized immediately because of the phrase “1OZ FINE SILVER” on the reverse. However, other designs do not have this phrase in them.

1994 American Silver Dollar Varieties

The 1994 American Silver Dollar has only two versions: Bullion and Proof. Specifically, its varieties were: 1994-S, 1994-W, and 1994-Proof.

Here’s a quick look at these varieties, along with their mintage:

These coins produced in 1994 were among the lowest mintage totals in program history. The US Mint in Philadelphia showed a steep decline in production than the previous year’s spikes.

Overall, only a total of 4.59 million American Silver Eagles were made in 1994. Aside from that, there are over a hundred thousand of one-dollar coins with the Capitol and POW design.

1994 S American Silver Dollar

Photo Source: USA Coin Book

The San Francisco mint produced over 791 thousand American Silver Dollars in 1994. Most 1994 Uncirculated American Silver Dollars come in between MS66 and MS68 condition. Coins in MS69 condition are still available but are hard to find.

1994 W American Silver Dollar

Photo Source: USA Coin Book

The mint at West Point produced over 3 million American Silver Dollars in 1994. This number was low in terms of demand for bullion coins at that time. There are still available bullion versions in NGC MS70 but not PCGS MS70.

1994 P Proof American Silver Dollar

Photo Source: PCGS

The 1994-P Proof American Silver Eagle was produced in the lowest mintage in program history at 372,168. Given its lowest mintage, the 1994 American Silver Dollar Proof coins can be sold at a premium, even as high as $700 apiece.

1994 D Capitol One Dollar

Photo Source: PCGS

The 1994 one-dollar coin with the Capitol design is a special kind of coin. With that, only about 68 thousand examples were issued.

1994 S Proof Capitol One Dollar

Photo Source: PCGS

The 1994 Capitol one-dollar coin also comes in a proof version. The public also showed interest in having a proof version of this coin, and thus, almost 280 thousand examples were issued in 1994.

1994 W National Prisoner of War (P.O.W.) Museum one dollar

Photo Source: PCGS

The 1994 POW one-dollar coin was made to honor the prisoners of war during World War II. Thus, you’ll find the National Prisoner War Museum on the obverse while a flying eagle is on the reverse side.

List of 1994 Silver Dollar Errors

While these coins were made for Uncirculated conditions, the 1994 American Silver Eagle was not spared from a mint error during minting. Out of 4.5 million coins produced, some are made with errors due to equipment malfunctions, deteriorating machines, or human errors.

Though these errors are unintentional, they make the coins more valuable to many collectors because they sell them at a premium.

Photo Source: eBay

While we can’t determine the exact error that occurred for each of these 1994 American Silver Dollar coins, some common mint errors are hub or die errors, strike errors, planchet errors, etc.

How Much Is the 1994 Silver Dollar Worth Today?

All 1994 American Silver Eagle coins comprised one ounce of pure silver (.999 fine). This makes it one of the most popular silver bullion pieces ever made. In addition, the precious coin’s design features the Walking Liberty by Adolph Weinman on the obverse and the heraldic eagle by John Mercanti on the reverse adding its exceptional value.

Overall, the worth of the 1994 American Silver Dollar depends on its MS condition. For example, the graded ones (MS65-MS68) could cost $62 to $300, based on the PCGS year 2022 pricing. The MS70 piece graded by PCGS sold at $11,000, the highest price thus far at an auction.

Regarding the melting value, the 1994 American Silver Eagle is valued at $23.7317.

To appreciate the value of the 1994 silver one-dollar coin, check out this table that compares the auction records for each variety:

How Does The Grading System Work?

The grading system for any coin is always done using an accurate tool called the Sheldon Scale. This scale uses the PR system for Proof coins and the MS system for Circulated and Uncirculated coins. It’s a 70-point coin grading scale with indicators as Poor (P – 1) being the worst condition and Perfect (MS – 70) being the perfect and flawless condition.

Generally, since the 1994 American Silver Dollars are Uncirculated bullion and proof coins, numismatists are usually assessing these valuable pieces based on the following:

• Luster: Excellent
• Contact Marks: No post-production contact marks
• Strike: Complete and sharp
• Eye Appeal: Outstanding

Where to Buy or Sell the 1994 Silver Dollar?

Of course, the easiest way to find the 1994 American Silver Dollars is on the web. You can check some reputable coin sites like JM Bullion, NGC, PGCS, USA Coin Study, etc. They provide information, including the grade and pricing of the coins.

Aside from that, posting them on eBay and Amazon would be great if you were to sell your 1994 American Silver Dollar collections. But you can also go for auction houses to offer your collections.

It’s always advisable to have your coin collections checked by coin professionals before selling them so you can name your price. Knowing that these coins are made of fine and pure silver, it is best to have it assessed first. Being bullion, this is a great way to use for investments as well.

FAQs

What is a 1994 American Eagle silver dollar worth?

As mentioned, the worth of the 1994 American Silver Dollar depends on assessing its condition and quality. You will also consider the current buying or selling price of an ounce of silver. For a bullion variant in MS65 condition, for example, it could cost $47, while if it’s Proof, it could be worth as much as $900 for PR70 (PCGS price).

Where is the mint mark on a 1994 silver dollar?

The 1994 American Silver Dollar has no mint mark for its bullion variant, while the “P” mint mark is found on the reverse for the Proof variant. This indicates that the coin is struck at the Philadelphia Mint.