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The production of large numbers of U.S. gold coins (The first $1 and $20 gold coins were minted in 1849) from the new California mines lowered the price of gold, thereby increasing the value of silver. By 1853, the value of a U.S. silver dollar contained in gold terms, $1.04 of silver, equal to $38.09 today.
The restoration of the old 0.9028 fineness in the Mexican peso after 1821, however, increased the latter's silver content to 24.44 g and reduced the export demand for U.S. dollars. Before the American Revolution , owing to British mercantilist policies, there was a chronic shortage of British currency in Britain's colonies.
The weight of the United States dollar was defined in 1788 as 371.25 grains of fine silver (or 24.057 g) based on the average silver content of worn peso coins. The full 0.9028 fineness was restored by Mexico after its independence in 1821.
The value of silver dollars can vary greatly, whether it’s the 1964 Kennedy half dollar or the 1922 silver dollar coin. And some rare specimens fetch astounding amounts at auctions.
The standard composition of these coins was billon, an alloy of 90% copper and 10% silver. This coin was not placed into production as it was expensive to extract the silver from the alloy, and the coins were difficult to eject from the dies. Additionally, a drop in the price of copper temporarily eliminated the need to replace the large cent.
The Spanish silver dollar created a global silver standard from the 16th to 19th centuries. The silver standard [a] is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873.