Question

The Morgan silver dollar as a mass of 26.73 g. By law, it was required to contain 90% silver, with the remainder being copper. When the coin was minted in the late 1800s, silver was worth $1.18 per troy ounce (troy ounce = 31.1 g). At this price, what is the value of the silver in the silver dollar?

Answer 1

Multiply the mass of the coin by 90% to find the amount of silver used:

26.73 x 0.9 = 24.057g of silver used.

Divide the amount of silver used by the troy ounce conversion to get ounces:

24.057 / 31.1 = 0.77353 troy ounces of silver.

Multiply the price for one once by the amount in the coin:

1.18 x 0.77353 = 0.9137

Rounded to the nearest cent = $0.91