The U.S. Mint launched the 2026 Enhanced Uncirculated Morgan and Peace Silver Dollars on August 25 at noon ET, priced at $169 each. Through September 7, the Mint has sold 100,461 Morgan dollars and 92,804 Peace dollars, a combined 193,265 coins against a 250,000-per-design mintage cap. These are the second pair of semiquincentennial silver dollars following the reverse proofs released July 9.
The enhanced uncirculated finish was new territory for the Morgan and Peace dollar program. This is the first time either design has been struck in this finish, and the coins carry a detail that generated immediate attention in collector circles: despite being struck at West Point, they carry no mint mark.
What “Enhanced Uncirculated” Means
The enhanced uncirculated finish uses a combination of polished and laser-frosted surfaces at varying intensity levels. Different areas of the design receive different treatments, creating depth and contrast without the mirrored fields found on a proof. It sits between a standard uncirculated strike and a proof in terms of visual complexity, but the look is distinct from both.
For grading purposes, PCGS designates enhanced uncirculated coins as “SP” (Specimen), while NGC uses “MS” (Mint State). The same coin can carry a different prefix depending on which service grades it. Collectors buying graded examples on the secondary market should be aware of this labeling difference.
Specifications
| Detail | Morgan (26XE) | Peace (26XH) |
|---|---|---|
| Composition | .999 fine silver | .999 fine silver |
| Silver weight | 0.859 troy oz | 0.859 troy oz |
| Diameter | 38.1 mm | 38.1 mm |
| Finish | Enhanced Uncirculated | Enhanced Uncirculated |
| Mint | West Point | West Point |
| Mint mark | None | None |
| Dual date | 1776 ~ 2026 | 1776 ~ 2026 |
| Privy mark | Liberty Bell “250” | Liberty Bell “250” |
| Face value | $1 | $1 |
| Price | $169 | $169 |
| Mintage limit | 250,000 | 250,000 |
| Sales (Sep 7) | 100,461 | 92,804 |
The Mint Mark Question
Both coins are struck at the West Point Mint, but neither carries a “W” mint mark. The Mint’s own specification sheets list the mint mark as “No Mint Mark.” This is unusual for West Point products, which have carried the W designation on collector coins for decades.
The reverse proofs released July 9 were struck at Philadelphia and carry a P mint mark. The enhanced uncirculated coins are the only 2026 Morgan and Peace issue without a mint mark. Third-party grading services attribute the coins to West Point in their holder labels, which helps collectors distinguish them from Philadelphia-struck issues.
For collectors building a complete set of modern Morgan and Peace dollars, the absence of a mint mark on a West Point product creates a distinct variety in the series.
How They Compare to the Reverse Proofs
The reverse proofs launched July 9 at $173 each, $4 more per coin than the enhanced uncirculated versions. Both finishes share the same 250,000 mintage cap per design, the 1776~2026 dual date, and the Liberty Bell “250” privy mark. The key differences are the finish itself (reverse proof uses mirrored devices on frosted fields; enhanced uncirculated uses multiple laser-frosted textures on unpolished fields) and the production mint (Philadelphia for reverse proofs, West Point for enhanced uncirculated).
Demand for the reverse proofs has been stronger. Through September 7, the Mint has sold 161,304 Morgan and 146,292 Peace reverse proofs, a combined 307,596 coins. That is about 60% higher than the enhanced uncirculated pace at the same point in their sales cycle. The Morgan continues to outsell the Peace by roughly 8% to 10% across both finishes. For a deeper look at reverse proof performance, see our full reverse proof sales analysis.
The Full 2026 Silver Dollar Program
The enhanced uncirculated coins are the second of three releases in the 2026 Morgan and Peace program. Here is how the year looks:
| Release | Finish | Mint | Price | Date | Status |
|---|---|---|---|---|---|
| Morgan & Peace | Reverse Proof | Philadelphia (P) | $173 each | July 9 | On sale (307,596 sold) |
| Morgan & Peace | Enhanced Uncirculated | West Point (none) | $169 each | August 25 | On sale (193,265 sold) |
| Diamond Field Set | Diamond Field | Philadelphia (P) | $375/set | November 12 | 160,000-set limit |
The Mint revealed the Diamond Field Morgan and Peace Silver Dollar Set on September 12. The finish covers the coin fields with a repeating diamond pattern, a treatment never before used on a silver dollar. The two-coin set is priced at $375 with a 160,000-set mintage limit, no household order cap, and a November 12 sale date. That makes 2026 the most varied year in the modern Morgan and Peace program’s history: three distinct finishes from two mints.
Collectors buying every individual coin plus the Diamond Field set are looking at a total 2026 Morgan and Peace outlay of roughly $1,059 at issue prices.
Collector vs. Bullion Value
At $169 for 0.859 troy ounces of silver, each coin carries a steep premium over its metal content. With silver spot near $64, the melt value is roughly $55. These are collector coins, not bullion plays. The value proposition is the semiquincentennial theme, the enhanced uncirculated finish (a first for this series), and the mintage cap.
For readers looking for silver closer to its metal value, our closest-to-spot silver page tracks the lowest bullion premiums available across dealers. For the collector audience, the reverse proofs are already trading on the secondary market above issue price, and the enhanced uncirculated coins have begun establishing their own market tier.
For set builders, the three-finish lineup (reverse proof, enhanced uncirculated, and Diamond Field) creates a natural collection anchored by the 250th anniversary design elements that will not repeat in future years.
Related
- 2026 Diamond Field Morgan and Peace Silver Dollar Set: Specs, price, and sell-out analysis for the November 12 release
- 2026 Morgan and Peace Reverse Proof: Release Day Recap: What sold and what changed on July 9
- 2026 Morgan and Peace Sales Update: Sales data and 2023 comparison
- Morgan Silver Dollars: Browse Morgan dollar offerings
- Peace Silver Dollars: Browse Peace dollar offerings
- Closest to Spot Silver: Lowest bullion premiums on silver
Disclaimer: This article is for informational and educational purposes only. It is not financial or investment advice. FindBullionPrices.com is a price comparison platform and does not sell bullion or coins.
