Inflation Adjusted Silver Price – Chart and Yearly Prices in Today's Dollars Since 1913 – Real 1980 Peak Explained, CPI-U Math, and Biggest Real Drops – Money Metals

<p>Silver made headlines for its January 29, 2026 high of $121. This price was reported as a historic high, and it was &hellip; until you factor in inflation. Adjusted for inflation, the <em>real</em> historic high for silver was <strong>$212.91 per ounce in August 2026 dollars</strong>.</p>
<p>That figure starts with the $49.45 <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price&quot;>LBMA silver fix</a> on January 18, 1980. It then restates that price with the <a href="https://data.bls.gov/timeseries/CUUR0000SA0&quot;>Consumer Price Index for All Urban Consumers (CPI-U)</a>. With the mid-morning price of $61.36 per ounce on Monday, September 28, 2026, silver sits at roughly 70% below that historic high.</p>
<p><strong>Key figures (August 2026 dollars)</strong></p>
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<th class="p-3 text-left text-sm font-semibold">Measure</th>
<th class="p-3 text-left text-sm font-semibold">Price</th>
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<td class="p-3 text-sm text-slate-700">Real 1980 peak (January 18, 1980 LBMA fix)</td>
<td class="p-3 text-sm text-slate-700">$212.91</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Real 2011 peak (April 28, 2011 LBMA fix)</td>
<td class="p-3 text-sm text-slate-700">$72.53</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">January 29, 2026 nominal high, in real terms</td>
<td class="p-3 text-sm text-slate-700">$125.31</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Spot price, September 28, 2026</td>
<td class="p-3 text-sm text-slate-700">$61.36</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Spot as a share of the real 1980 peak</td>
<td class="p-3 text-sm text-slate-700">28.8%</td>
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<p>You may have seen other figures reported for the 1980 high when adjusted for inflation. There is a range of figures running from about $148 to $213. This page shows where each one comes from, so you can see why they differ.</p>
<h2>Inflation-Adjusted Silver Price Chart (1913 to 2025)</h2>
<!– EDITOR NOTE (from draft, not published): CHART: draft image. Production version should be interactive (hover values, log/linear toggle), built from chart_series data. –>
<figure class="mm-silver-chart" style="margin: 0 0 1.5em; max-width: 760px;"><svg viewbox="0 0 760 470" style="width: 100%; height: auto; display: block;" role="img" aria-labelledby="mm-silver-title mm-silver-desc" font-family="system-ui, -apple-system, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif" xmlns="http://www.w3.org/2000/svg&quot;>
<title id="mm-silver-title">Inflation-adjusted silver price, 1913 to 2025</title>
<desc id="mm-silver-desc">Line chart on a log scale comparing silver's nominal annual average price with its real price in August 2026 dollars, 1913 to 2025. The real price peaked at a yearly average of $85.28 in 1980, but the single-day record was the January 18, 1980 LBMA fix, worth $212.91 in August 2026 dollars. Other single-day peaks: April 28, 2011 at $72.53 real and January 29, 2026 at $125.31 real. The real price fell sharply during the 1930s deflation. Before 1969 the data is the USGS unit value of apparent consumption; from 1969 it is the market annual average.</desc> <rect width="760" height="470" fill="var(–mm-surface, #fcfcfb)"></rect> <text x="8" y="30" text-anchor="start" font-size="20" font-weight="600" fill="var(–mm-ink, #1f1f1d)">Inflation-Adjusted Silver Price, 1913 to 2025</text> <text x="8" y="52" text-anchor="start" font-size="14" fill="var(–mm-ink-2, #52514e)">Annual averages, log scale. Dots mark single-day records.</text> <g font-size="14" fill="var(–mm-ink, #1f1f1d)"><line x1="12" y1="68" x2="34" y2="68" stroke="var(–mm-real, #2a78d6)" stroke-width="2.5" stroke-linecap="round"></line><text x="40" y="72" text-anchor="start">Real (August 2026 dollars)</text> <line x1="247" y1="68" x2="269" y2="68" stroke="var(–mm-nominal, #eb6834)" stroke-width="2.5" stroke-linecap="round"></line><text x="275" y="72" text-anchor="start">Nominal (dollars of the day)</text></g> <rect x="166.3" y="84" width="23.4" height="326" fill="var(–mm-band, #efeee8)"></rect> <g font-size="13" fill="var(–mm-ink-2, #52514e)"> <line x1="64" y1="379.4" x2="736" y2="379.4" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="383.4" text-anchor="end">$0.25</text> <line x1="64" y1="350.5" x2="736" y2="350.5" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="354.5" text-anchor="end">$0.50</text> <line x1="64" y1="321.7" x2="736" y2="321.7" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="325.7" text-anchor="end">$1</text> <line x1="64" y1="292.8" x2="736" y2="292.8" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="296.8" text-anchor="end">$2</text> <line x1="64" y1="254.6" x2="736" y2="254.6" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="258.6" text-anchor="end">$5</text> <line x1="64" y1="225.7" x2="736" y2="225.7" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="229.7" text-anchor="end">$10</text> <line x1="64" y1="196.8" x2="736" y2="196.8" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="200.8" text-anchor="end">$20</text> <line x1="64" y1="158.7" x2="736" y2="158.7" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="162.7" text-anchor="end">$50</text> <line x1="64" y1="129.8" x2="736" y2="129.8" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="133.8" text-anchor="end">$100</text> <line x1="64" y1="100.9" x2="736" y2="100.9" stroke="var(–mm-grid, #e6e5df)" stroke-width="1"></line><text x="56" y="104.9" text-anchor="end">$200</text> <text x="110.7" y="430" text-anchor="middle">1920</text> <text x="227.6" y="430" text-anchor="middle">1940</text> <text x="344.5" y="430" text-anchor="middle">1960</text> <text x="461.4" y="430" text-anchor="middle">1980</text> <text x="578.2" y="430" text-anchor="middle">2000</text> <text x="695.1" y="430" text-anchor="middle">2020</text> <line x1="64" y1="410" x2="736" y2="410" stroke="var(–mm-ink-2, #52514e)" stroke-opacity=".5" stroke-width="1"></line> </g> <line x1="394.2" y1="118" x2="394.2" y2="410" stroke="var(–mm-ink-2, #52514e)" stroke-width="1" stroke-dasharray="2 3" stroke-opacity=".7"></line> <g font-size="12.5" fill="var(–mm-ink-2, #52514e)"><text x="388.2" y="402" text-anchor="end">USGS unit value</text><text x="400.2" y="402" text-anchor="start">Market average</text> <text x="177.9" y="390.9" text-anchor="middle">1930s</text><text x="177.9" y="403.9" text-anchor="middle">deflation</text></g> <path d="M69.8 342.3 L75.7 345.8 L81.5 349.7 L87.4 338.4 L93.2 328.9 L99.1 322.5 L104.9 316.9 L110.7 320.8 L116.6 340.8 L122.4 337.7 L128.3 339.6 L134.1 338.4 L140.0 337.1 L145.8 341.6 L151.7 345.1 L157.5 344.5 L163.3 348.2 L169.2 362.0 L175.0 373.3 L180.9 374.7 L186.7 365.2 L192.6 352.3 L198.4 340.2 L204.2 354.8 L210.1 354.8 L215.9 356.9 L221.8 361.0 L227.6 365.2 L233.5 365.2 L239.3 362.0 L245.1 354.8 L251.0 354.8 L256.8 348.9 L262.7 331.0 L268.5 335.4 L274.4 334.2 L280.2 335.4 L286.1 334.2 L291.9 326.5 L297.7 328.5 L303.6 328.5 L309.4 328.5 L315.3 326.5 L321.1 325.5 L327.0 325.5 L332.8 326.5 L338.6 325.5 L344.5 325.5 L350.3 325.1 L356.2 318.1 L362.0 311.3 L367.9 311.0 L373.7 311.0 L379.5 311.0 L385.4 303.4 L391.2 290.0 L397.1 297.2 L402.9 297.9 L408.8 303.7 L414.6 300.0 L420.5 282.7 L426.3 257.4 L432.1 259.6 L438.0 260.4 L443.8 257.7 L449.7 251.2 L455.5 221.5 L461.4 194.8 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L198.4 207.0 L204.2 222.3 L210.1 223.8 L215.9 224.8 L221.8 228.3 L227.6 233.1 L233.5 235.1 L239.3 236.1 L245.1 231.6 L251.0 232.2 L256.8 226.9 L262.7 212.7 L268.5 222.5 L274.4 224.5 L280.2 225.0 L286.1 224.5 L291.9 220.1 L297.7 222.7 L303.6 223.0 L309.4 223.2 L315.3 221.3 L321.1 221.0 L327.0 222.3 L332.8 224.3 L338.6 224.0 L344.5 224.5 L350.3 224.3 L356.2 217.8 L362.0 211.7 L367.9 211.9 L373.7 212.5 L379.5 213.8 L385.4 207.4 L391.2 195.5 L397.1 205.0 L402.9 208.1 L408.8 215.6 L414.6 213.3 L420.5 198.5 L426.3 177.6 L432.1 183.5 L438.0 186.5 L443.8 186.5 L449.7 183.1 L455.5 157.8 L461.4 136.4 L467.2 169.4 L473.0 183.6 L478.9 169.6 L484.7 185.5 L490.6 198.8 L496.4 204.3 L502.3 195.4 L508.1 200.1 L513.9 209.2 L519.8 216.8 L525.6 225.8 L531.5 228.2 L537.3 225.7 L543.2 218.3 L549.0 220.1 L554.9 221.3 L560.7 224.8 L566.5 220.3 L572.4 223.7 L578.2 227.3 L584.1 233.6 L589.9 232.2 L595.8 230.6 L601.6 218.8 L607.4 216.3 L613.3 198.6 L619.1 193.6 L625.0 190.4 L630.8 191.2 L636.7 178.6 L642.5 156.8 L648.3 162.6 L654.2 174.5 L660.0 184.4 L665.9 192.6 L671.7 189.3 L677.6 190.4 L683.4 194.9 L689.3 194.3 L695.1 184.7 L700.9 178.5 L706.8 187.7 L712.6 186.5 L718.5 179.4 L724.3 166.2" fill="none" stroke="var(–mm-real, #2a78d6)" stroke-width="2.25" stroke-linejoin="round" stroke-linecap="round"></path> <g font-size="14" font-weight="600" fill="var(–mm-ink, #1f1f1d)"> <circle cx="461.6" cy="98.3" r="5" fill="var(–mm-real, #2a78d6)" stroke="var(–mm-surface, #fcfcfb)" stroke-width="2"></circle> <text x="451.6" y="102.3" text-anchor="end">Jan. 1980: $212.91</text> <circle cx="644.4" cy="143.2" r="5" fill="var(–mm-real, #2a78d6)" stroke="var(–mm-surface, #fcfcfb)" stroke-width="2"></circle> <text x="634.4" y="147.2" text-anchor="end">Apr. 2011: $72.53</text> <circle cx="730.6" cy="120.4" r="5" fill="var(–mm-real, #2a78d6)" stroke="var(–mm-surface, #fcfcfb)" stroke-width="2"></circle> <text x="734.6" y="108.4" text-anchor="end">Jan. 2026: $125.31</text> </g> <g class="hit"> <g tabindex="-1">
<title>1913: real $20.65, nominal $0.61 (USGS unit value)</title>
<rect x="66.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1914: real $18.79, nominal $0.56 (USGS unit value)</title>
<rect x="72.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1915: real $16.87, nominal $0.51 (USGS unit value)</title>
<rect x="78.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1916: real $20.58, nominal $0.67 (USGS unit value)</title>
<rect x="84.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1917: real $21.99, nominal $0.84 (USGS unit value)</title>
<rect x="90.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1918: real $21.73, nominal $0.98 (USGS unit value)</title>
<rect x="96.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1919: real $21.73, nominal $1.12 (USGS unit value)</title>
<rect x="102.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1920: real $17.07, nominal $1.02 (USGS unit value)</title>
<rect x="107.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1921: real $11.76, nominal $0.63 (USGS unit value)</title>
<rect x="113.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1922: real $13.55, nominal $0.68 (USGS unit value)</title>
<rect x="119.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1923: real $12.72, nominal $0.65 (USGS unit value)</title>
<rect x="125.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1924: real $13.10, nominal $0.67 (USGS unit value)</title>
<rect x="131.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1925: real $13.23, nominal $0.69 (USGS unit value)</title>
<rect x="137.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1926: real $11.70, nominal $0.62 (USGS unit value)</title>
<rect x="142.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1927: real $10.93, nominal $0.57 (USGS unit value)</title>
<rect x="148.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1928: real $11.38, nominal $0.58 (USGS unit value)</title>
<rect x="154.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1929: real $10.35, nominal $0.53 (USGS unit value)</title>
<rect x="160.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1930: real $7.67, nominal $0.38 (USGS unit value)</title>
<rect x="166.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1931: real $6.39, nominal $0.29 (USGS unit value)</title>
<rect x="172.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1932: real $6.84, nominal $0.28 (USGS unit value)</title>
<rect x="177.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1933: real $9.01, nominal $0.35 (USGS unit value)</title>
<rect x="183.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1934: real $12.02, nominal $0.48 (USGS unit value)</title>
<rect x="189.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1935: real $15.66, nominal $0.64 (USGS unit value)</title>
<rect x="195.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1936: real $10.87, nominal $0.45 (USGS unit value)</title>
<rect x="201.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1937: real $10.48, nominal $0.45 (USGS unit value)</title>
<rect x="207.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1938: real $10.23, nominal $0.43 (USGS unit value)</title>
<rect x="213.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1939: real $9.40, nominal $0.39 (USGS unit value)</title>
<rect x="218.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1940: real $8.37, nominal $0.35 (USGS unit value)</title>
<rect x="224.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1941: real $7.99, nominal $0.35 (USGS unit value)</title>
<rect x="230.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1942: real $7.80, nominal $0.38 (USGS unit value)</title>
<rect x="236.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1943: real $8.69, nominal $0.45 (USGS unit value)</title>
<rect x="242.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1944: real $8.56, nominal $0.45 (USGS unit value)</title>
<rect x="248.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1945: real $9.72, nominal $0.52 (USGS unit value)</title>
<rect x="253.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1946: real $13.68, nominal $0.80 (USGS unit value)</title>
<rect x="259.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1947: real $10.80, nominal $0.72 (USGS unit value)</title>
<rect x="265.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1948: real $10.29, nominal $0.74 (USGS unit value)</title>
<rect x="271.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1949: real $10.16, nominal $0.72 (USGS unit value)</title>
<rect x="277.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1950: real $10.29, nominal $0.74 (USGS unit value)</title>
<rect x="283.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1951: real $11.44, nominal $0.89 (USGS unit value)</title>
<rect x="289.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1952: real $10.74, nominal $0.85 (USGS unit value)</title>
<rect x="294.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1953: real $10.67, nominal $0.85 (USGS unit value)</title>
<rect x="300.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1954: real $10.61, nominal $0.85 (USGS unit value)</title>
<rect x="306.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1955: real $11.12, nominal $0.89 (USGS unit value)</title>
<rect x="312.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1956: real $11.19, nominal $0.91 (USGS unit value)</title>
<rect x="318.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1957: real $10.87, nominal $0.91 (USGS unit value)</title>
<rect x="324.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1958: real $10.35, nominal $0.89 (USGS unit value)</title>
<rect x="329.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1959: real $10.42, nominal $0.91 (USGS unit value)</title>
<rect x="335.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1960: real $10.29, nominal $0.91 (USGS unit value)</title>
<rect x="341.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1961: real $10.35, nominal $0.92 (USGS unit value)</title>
<rect x="347.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1962: real $12.08, nominal $1.09 (USGS unit value)</title>
<rect x="353.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1963: real $14.00, nominal $1.28 (USGS unit value)</title>
<rect x="359.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1964: real $13.93, nominal $1.29 (USGS unit value)</title>
<rect x="364.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1965: real $13.74, nominal $1.29 (USGS unit value)</title>
<rect x="370.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1966: real $13.29, nominal $1.29 (USGS unit value)</title>
<rect x="376.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1967: real $15.53, nominal $1.55 (USGS unit value)</title>
<rect x="382.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1968: real $20.65, nominal $2.14 (USGS unit value)</title>
<rect x="388.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1969: real $16.44, nominal $1.80 (market average)</title>
<rect x="394.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1970: real $15.27, nominal $1.77 (market average)</title>
<rect x="400.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1971: real $12.74, nominal $1.54 (market average)</title>
<rect x="405.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1972: real $13.46, nominal $1.68 (market average)</title>
<rect x="411.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1973: real $19.24, nominal $2.55 (market average)</title>
<rect x="417.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1974: real $31.73, nominal $4.67 (market average)</title>
<rect x="423.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1975: real $27.57, nominal $4.43 (market average)</title>
<rect x="429.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1976: real $25.61, nominal $4.35 (market average)</title>
<rect x="435.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1977: real $25.65, nominal $4.64 (market average)</title>
<rect x="440.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1978: real $27.83, nominal $5.42 (market average)</title>
<rect x="446.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1979: real $51.10, nominal $11.07 (market average)</title>
<rect x="452.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1980: real $85.28, nominal $20.98 (market average)</title>
<rect x="458.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1981: real $38.65, nominal $10.49 (market average)</title>
<rect x="464.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1982: real $27.49, nominal $7.92 (market average)</title>
<rect x="470.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1983: real $38.41, nominal $11.42 (market average)</title>
<rect x="476.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1984: real $26.28, nominal $8.15 (market average)</title>
<rect x="481.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1985: real $19.09, nominal $6.13 (market average)</title>
<rect x="487.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1986: real $16.72, nominal $5.47 (market average)</title>
<rect x="493.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1987: real $20.70, nominal $7.02 (market average)</title>
<rect x="499.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1988: real $18.50, nominal $6.53 (market average)</title>
<rect x="505.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1989: real $14.86, nominal $5.50 (market average)</title>
<rect x="511.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1990: real $12.38, nominal $4.83 (market average)</title>
<rect x="516.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1991: real $9.99, nominal $4.06 (market average)</title>
<rect x="522.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1992: real $9.43, nominal $3.95 (market average)</title>
<rect x="528.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1993: real $9.99, nominal $4.31 (market average)</title>
<rect x="534.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1994: real $11.96, nominal $5.29 (market average)</title>
<rect x="540.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1995: real $11.43, nominal $5.20 (market average)</title>
<rect x="546.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1996: real $11.11, nominal $5.20 (market average)</title>
<rect x="551.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1997: real $10.23, nominal $4.90 (market average)</title>
<rect x="557.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1998: real $11.38, nominal $5.54 (market average)</title>
<rect x="563.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>1999: real $10.50, nominal $5.22 (market average)</title>
<rect x="569.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2000: real $9.63, nominal $4.95 (market average)</title>
<rect x="575.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2001: real $8.27, nominal $4.37 (market average)</title>
<rect x="581.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2002: real $8.57, nominal $4.60 (market average)</title>
<rect x="587.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2003: real $8.89, nominal $4.88 (market average)</title>
<rect x="592.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2004: real $11.81, nominal $6.66 (market average)</title>
<rect x="598.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2005: real $12.54, nominal $7.31 (market average)</title>
<rect x="604.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2006: real $19.19, nominal $11.55 (market average)</title>
<rect x="610.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2007: real $21.62, nominal $13.38 (market average)</title>
<rect x="616.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2008: real $23.32, nominal $14.99 (market average)</title>
<rect x="622.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2009: real $22.91, nominal $14.67 (market average)</title>
<rect x="627.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2010: real $31.02, nominal $20.19 (market average)</title>
<rect x="633.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2011: real $52.30, nominal $35.12 (market average)</title>
<rect x="639.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2012: real $45.45, nominal $31.15 (market average)</title>
<rect x="645.4" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2013: real $34.21, nominal $23.79 (market average)</title>
<rect x="651.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2014: real $26.98, nominal $19.07 (market average)</title>
<rect x="657.1" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2015: real $22.13, nominal $15.66 (market average)</title>
<rect x="663.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2016: real $23.96, nominal $17.17 (market average)</title>
<rect x="668.8" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2017: real $23.33, nominal $17.07 (market average)</title>
<rect x="674.6" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2018: real $20.96, nominal $15.71 (market average)</title>
<rect x="680.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2019: real $21.25, nominal $16.22 (market average)</title>
<rect x="686.3" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2020: real $26.78, nominal $20.69 (market average)</title>
<rect x="692.2" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2021: real $31.08, nominal $25.14 (market average)</title>
<rect x="698.0" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2022: real $24.91, nominal $21.76 (market average)</title>
<rect x="703.9" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2023: real $25.66, nominal $23.34 (market average)</title>
<rect x="709.7" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2024: real $30.39, nominal $28.46 (market average)</title>
<rect x="715.5" y="84" width="5.8" height="326"></rect></g> <g tabindex="-1">
<title>2025: real $41.73, nominal $40.11 (market average)</title>
<rect x="721.4" y="84" width="5.8" height="326"></rect></g> </g> </svg>
<figcaption>Silver's real (inflation-adjusted) price versus its nominal price, 1913 to 2025. Real prices use BLS CPI-U (U.S. city average, all items, not seasonally adjusted), restated to August 2026. Lines are annual averages: USGS Data Series 140 unit value of apparent consumption for 1913 to 1968, and Money Metals market annual averages from 1969. Dots mark single-day records: the LBMA fixes of January 18, 1980 and April 28, 2011, and the January 29, 2026 spot high.</figcaption>
</figure>
<h3>Nominal vs Real Silver Prices</h3>
<p>The nominal price is the number of dollars an ounce costs on any given day. It is the number you see reported in headlines and on spot price trackers on precious metals sites.</p>
<p>A real price measures something different. Rather than simply asking how many dollars silver ounces are worth, the real price measures the buying power of that ounce.</p>
<p>To find that answer, economists scale old prices by the change in a price index. Here, that index is CPI-U which tracks what U.S. households pay for a broad basket of goods and services.</p>
<p>There can be a serious disparity between those two figures. A single dollar in January 1980 bought about 4.3 times as much as a dollar in August 2026. That means the $49.45 silver price of the time carried the same purchasing power as $212.91 carries today.</p>
<p>The chart above shows two lines. The orange line is the price people paid at the time. The blue line is that same price in August 2026 dollars. The chart uses a log scale, so equal gaps show equal percent moves.</p>
<p>Three dots mark single-day records. The lines are yearly averages, so they sit below the dots. A yearly average smooths away a spike that lasted only days, like the one in January 1980.</p>
<p>The dotted line at 1969 marks a change in data. Prior to 1969, the chart uses the <a href="https://www.usgs.gov/media/files/silver-historical-statistics-data-series-140&quot;>U.S. Geological Survey&rsquo;s silver statistics</a>. USGS reports a &ldquo;unit value of apparent consumption.&rdquo; That is a cost per ton of silver used in the U.S., not a trading price. After 1969 and onward, the chart uses the market averages in our <a href="https://www.moneymetals.com/silver-price-history&quot;>silver price history table</a>.</p>
<h2>What Was the Highest Inflation-Adjusted Silver Price?</h2>
<p>Silver&rsquo;s highest real price is $212.91 per ounce, a record it reached on January 18, 1980. That is the $49.45 London fix from that day, but adjusted with CPI-U to August 2026 dollars. You can track the live nominal price on our <a href="https://www.moneymetals.com/silver-price&quot;>silver price page</a>.</p>
<p>There are two data inputs that decide any real price. First is the 1980 price you choose to start with. The second is which month&rsquo;s CPI you use as the present value. Change either input, and the real price can move by tens of dollars.</p>
<h3>Why You See So Many Different Numbers for the 1980 High</h3>
<p>Here are the figures that show up most often online. The last column explains the gap.</p>
<div class="mt-8 flow-root">
<div class="-mx-4 -my-2 overflow-x-auto sm:-mx-6 lg:-mx-8">
<div class="inline-block min-w-full py-2 align-middle sm:px-6 lg:px-8">
<div class="overflow-hidden rounded-lg border border-slate-800 w-full">
<table class="min-w-full divide-y divide-slate-300 not-prose">
<thead class="bg-slate-800 text-white">
<tr class="divide-x divide-slate-200">
<th class="p-3 text-left text-sm font-semibold">Source</th>
<th class="p-3 text-left text-sm font-semibold">Real 1980 figure</th>
<th class="p-3 text-left text-sm font-semibold">1980 price used</th>
<th class="p-3 text-left text-sm font-semibold">CPI "today" month</th>
<th class="p-3 text-left text-sm font-semibold">Why it differs</th>
</tr>
</thead>
<tbody class="divide-y divide-slate-200 bg-white">
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Money Metals (this page)</td>
<td class="p-3 text-sm text-slate-700">$212.91</td>
<td class="p-3 text-sm text-slate-700">$49.45 LBMA fix, Jan. 18, 1980</td>
<td class="p-3 text-sm text-slate-700">August 2026</td>
<td class="p-3 text-sm text-slate-700">Benchmark peak, latest CPI month</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://www.herobullion.com/silvers-highest-price-ever/&quot;>Hero Bullion</a></td>
<td class="p-3 text-sm text-slate-700">$203.15</td>
<td class="p-3 text-sm text-slate-700">$49.45</td>
<td class="p-3 text-sm text-slate-700">Not stated</td>
<td class="p-3 text-sm text-slate-700">CPI month not named</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://www.moneymetals.com/news/2026/01/07/why-silver-is-not-in-a-bubble-004594&quot;>Jesse Colombo, Money Metals</a> (Jan. 7, 2026)</td>
<td class="p-3 text-sm text-slate-700">About $200</td>
<td class="p-3 text-sm text-slate-700">Not stated</td>
<td class="p-3 text-sm text-slate-700">Not stated</td>
<td class="p-3 text-sm text-slate-700">Read from a chart, rounded</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://www.apmex.com/silver-price&quot;>APMEX</a></td>
<td class="p-3 text-sm text-slate-700">$194.42</td>
<td class="p-3 text-sm text-slate-700">$49.45</td>
<td class="p-3 text-sm text-slate-700">2025</td>
<td class="p-3 text-sm text-slate-700">Uses 1980's full-year CPI, not January's</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://www.reddit.com/r/Silverbugs/comments/1lz1erq/the_highest_price_of_silver_ever_was_not_50_it/&quot;>Reddit r/Silverbugs thread</a></td>
<td class="p-3 text-sm text-slate-700">About $190</td>
<td class="p-3 text-sm text-slate-700">About $50</td>
<td class="p-3 text-sm text-slate-700">Not stated</td>
<td class="p-3 text-sm text-slate-700">Forum estimate</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://inflationdata.com/articles/inflation-adjusted-silver-prices/&quot;>InflationData</a></td>
<td class="p-3 text-sm text-slate-700">$172.86</td>
<td class="p-3 text-sm text-slate-700">$41.50</td>
<td class="p-3 text-sm text-slate-700">December 2025</td>
<td class="p-3 text-sm text-slate-700">Lower January 1980 price</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://tavexbullion.co.uk/silver-prices-over-the-last-100-years-inflation-adjustment/&quot;>Tavex</a></td>
<td class="p-3 text-sm text-slate-700">About $170</td>
<td class="p-3 text-sm text-slate-700">$50</td>
<td class="p-3 text-sm text-slate-700">Not stated</td>
<td class="p-3 text-sm text-slate-700">"Depending on the inflation rate"</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700"><a href="https://inflationdata.com/articles/inflation-adjusted-silver-prices/&quot;>InflationData</a></td>
<td class="p-3 text-sm text-slate-700">$148.21</td>
<td class="p-3 text-sm text-slate-700">$36.09 (Feb. 1980 average)</td>
<td class="p-3 text-sm text-slate-700">December 2025</td>
<td class="p-3 text-sm text-slate-700">Monthly average smooths the spike</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p>Two of these can be checked with math. APMEX&rsquo;s $194.42 matches $49.45 multiplied by August 2025 CPI (323.976), divided by 1980&rsquo;s yearly average CPI (82.4). But silver peaked in January, when CPI was only 77.8. Using the yearly average makes the 1980 dollar look weaker than it was. That lowers the answer.</p>
<p>InflationData&rsquo;s $172.86 matches $41.50 times December 2025 CPI (324.054), divided by January 1980 CPI (77.8). The math works out, it just starts from a lower price and an older &ldquo;today.&rdquo;</p>
<p>Our own <a href="https://www.moneymetals.com/price/silver-price-all-time-high&quot;>silver price all-time high page</a> uses the same basis as this page. It rounds the result to about $213.</p>
<h3>Intraday Spike, Daily Fix, or Monthly Average: Which One Counts?</h3>
<p>Each basis answers a slightly different question.</p>
<div class="mt-8 flow-root">
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<div class="inline-block min-w-full py-2 align-middle sm:px-6 lg:px-8">
<div class="overflow-hidden rounded-lg border border-slate-800 w-full">
<table class="min-w-full divide-y divide-slate-300 not-prose">
<thead class="bg-slate-800 text-white">
<tr class="divide-x divide-slate-200">
<th class="p-3 text-left text-sm font-semibold">1980 price basis</th>
<th class="p-3 text-left text-sm font-semibold">Nominal price</th>
<th class="p-3 text-left text-sm font-semibold">Real price (August 2026 dollars)</th>
</tr>
</thead>
<tbody class="divide-y divide-slate-200 bg-white">
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">COMEX intraday high</td>
<td class="p-3 text-sm text-slate-700">$50.35</td>
<td class="p-3 text-sm text-slate-700">$216.79</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">LBMA fix, Jan. 18, 1980</td>
<td class="p-3 text-sm text-slate-700">$49.45</td>
<td class="p-3 text-sm text-slate-700">$212.91</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">February 1980 monthly average</td>
<td class="p-3 text-sm text-slate-700">$36.09</td>
<td class="p-3 text-sm text-slate-700">$153.22</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p>We use the LBMA fix in this piece. It is a public benchmark price that sets once a day. Buyers and sellers could trade at that price.</p>
<p>The COMEX intraday high of $50.35 was very brief. In a short period, the price fell back down to lower levels. That&rsquo;s an important thing to note when it comes to silver prices. Often, people use monthly averages to track the development of the silver price. Monthly averages are helpful, but they are not the price anyone paid on a given day. Our <a href="https://www.moneymetals.com/gold-price-history&quot;>gold price history page</a> uses the same benchmark approach for gold.</p>
<h2>Silver's Record Highs in Today's Dollars</h2>
<p>This table lets you place today&rsquo;s spot price against each major peak. The last column shows how much of each peak&rsquo;s buying power silver has today.</p>
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<div class="overflow-hidden rounded-lg border border-slate-800 w-full">
<table class="min-w-full divide-y divide-slate-300 not-prose">
<thead class="bg-slate-800 text-white">
<tr class="divide-x divide-slate-200">
<th class="p-3 text-left text-sm font-semibold">Peak</th>
<th class="p-3 text-left text-sm font-semibold">Date</th>
<th class="p-3 text-left text-sm font-semibold">Nominal price</th>
<th class="p-3 text-left text-sm font-semibold">Real price (August 2026 dollars)</th>
<th class="p-3 text-left text-sm font-semibold">Spot ($61.36) as share of peak</th>
</tr>
</thead>
<tbody class="divide-y divide-slate-200 bg-white">
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Post-WWI high (yearly average, USGS)</td>
<td class="p-3 text-sm text-slate-700">1919</td>
<td class="p-3 text-sm text-slate-700">$1.12</td>
<td class="p-3 text-sm text-slate-700">$21.64</td>
<td class="p-3 text-sm text-slate-700">284%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Hunt brothers peak</td>
<td class="p-3 text-sm text-slate-700">Jan. 18, 1980</td>
<td class="p-3 text-sm text-slate-700">$49.45</td>
<td class="p-3 text-sm text-slate-700">$212.91</td>
<td class="p-3 text-sm text-slate-700">28.8%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Post-crisis peak</td>
<td class="p-3 text-sm text-slate-700">Apr. 28, 2011</td>
<td class="p-3 text-sm text-slate-700">$48.70</td>
<td class="p-3 text-sm text-slate-700">$72.53</td>
<td class="p-3 text-sm text-slate-700">84.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Nominal all-time high</td>
<td class="p-3 text-sm text-slate-700">Jan. 29, 2026</td>
<td class="p-3 text-sm text-slate-700">$121.67</td>
<td class="p-3 text-sm text-slate-700">$125.31</td>
<td class="p-3 text-sm text-slate-700">49.0%</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p>The 1919 figure is a yearly USGS unit value, so treat it as a rough guide. The others are single-day prices.</p>
<h3>Is Silver Still Below Its 1980 High?</h3>
<p>Silver still trades far below its 1980 high. In August 2026 dollars, the 1980 peak is $212.91. Silver at $61.36 is $151.55 short. It would need to rise about 247% just to match its 1980 buying power.</p>
<p>The 1980 spike had unusual causes. By the end of 1979, the Hunt brothers and their partners <a href="https://en.wikipedia.org/wiki/Silver_Thursday&quot;>controlled about 195 million ounces of silver</a>. When their buying collapsed, so did the price. On March 27, 1980, known as Silver Thursday, silver closed at $10.80 on COMEX.</p>
<p>Despite its impressive achievement, even silver&rsquo;s record run in 2025 and 2026 fell short of the 1980 real price. Silver&rsquo;s $121 high was the highest real price reached <em>since</em> 1980, but it still only reached 59% of that 1980 peak.</p>
<h3>How Today's Price Compares With the 2011 Peak</h3>
<p>The 2011 peak is a closer target. Silver&rsquo;s $48.70 fix on April 28, 2011, equals $72.53 in August 2026 dollars.</p>
<p>Silver passed that level in December 2025, when its <a href="https://www.moneymetals.com/precious-metals-charts&quot;>monthly average</a> topped the real 2011 mark. It stayed above it through the January 2026 high. After a steep drop, silver at $61.36 now sits about $11 below the real 2011 peak.</p>
<p>That means that silver <em>has</em> done something new in terms of real price: it beat 2011, then fell back under it. The 2011 line of nearly $72.50 is the level to watch for buyers who track real prices.</p>
<h3>Using Real Peaks as Price Targets</h3>
<p>Some investors set buy or sell targets based on real peaks. If you do, keep in mind that the targets move. Each month that CPI rises, the real value of every past peak rises with it.</p>
<p>For example, the real 2011 peak was $70.17 in December 2025 dollars. By August 2026, it had grown to $72.53. A target you set a year ago may now be a few dollars too low. Recheck real targets each time BLS releases a new CPI figure, usually in the middle of each month.</p>
<h2>Inflation-Adjusted Silver Prices by Year</h2>
<p>The tables below show yearly average prices. Each real price uses that year&rsquo;s average CPI-U. A single year is one row, so you can look up any year you need.</p>
<h3>Silver Prices by Decade</h3>
<div class="mt-8 flow-root">
<div class="-mx-4 -my-2 overflow-x-auto sm:-mx-6 lg:-mx-8">
<div class="inline-block min-w-full py-2 align-middle sm:px-6 lg:px-8">
<div class="overflow-hidden rounded-lg border border-slate-800 w-full">
<table class="min-w-full divide-y divide-slate-300 not-prose">
<thead class="bg-slate-800 text-white">
<tr class="divide-x divide-slate-200">
<th class="p-3 text-left text-sm font-semibold">Year</th>
<th class="p-3 text-left text-sm font-semibold">Average nominal price</th>
<th class="p-3 text-left text-sm font-semibold">Average real price (August 2026 dollars)</th>
<th class="p-3 text-left text-sm font-semibold">Source</th>
</tr>
</thead>
<tbody class="divide-y divide-slate-200 bg-white">
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1920</td>
<td class="p-3 text-sm text-slate-700">$1.02</td>
<td class="p-3 text-sm text-slate-700">$17.05</td>
<td class="p-3 text-sm text-slate-700">USGS unit value</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1930</td>
<td class="p-3 text-sm text-slate-700">$0.38</td>
<td class="p-3 text-sm text-slate-700">$7.61</td>
<td class="p-3 text-sm text-slate-700">USGS unit value</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1940</td>
<td class="p-3 text-sm text-slate-700">$0.35</td>
<td class="p-3 text-sm text-slate-700">$8.40</td>
<td class="p-3 text-sm text-slate-700">USGS unit value</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1950</td>
<td class="p-3 text-sm text-slate-700">$0.74</td>
<td class="p-3 text-sm text-slate-700">$10.30</td>
<td class="p-3 text-sm text-slate-700">USGS unit value</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1960</td>
<td class="p-3 text-sm text-slate-700">$0.91</td>
<td class="p-3 text-sm text-slate-700">$10.32</td>
<td class="p-3 text-sm text-slate-700">USGS unit value</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1970</td>
<td class="p-3 text-sm text-slate-700">$1.77</td>
<td class="p-3 text-sm text-slate-700">$15.27</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1980</td>
<td class="p-3 text-sm text-slate-700">$20.98</td>
<td class="p-3 text-sm text-slate-700">$85.28</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1990</td>
<td class="p-3 text-sm text-slate-700">$4.83</td>
<td class="p-3 text-sm text-slate-700">$12.38</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2000</td>
<td class="p-3 text-sm text-slate-700">$4.95</td>
<td class="p-3 text-sm text-slate-700">$9.63</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2010</td>
<td class="p-3 text-sm text-slate-700">$20.19</td>
<td class="p-3 text-sm text-slate-700">$31.02</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2020</td>
<td class="p-3 text-sm text-slate-700">$20.69</td>
<td class="p-3 text-sm text-slate-700">$26.78</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2025</td>
<td class="p-3 text-sm text-slate-700">$40.11</td>
<td class="p-3 text-sm text-slate-700">$41.73</td>
<td class="p-3 text-sm text-slate-700">Market average</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p>Rows marked &ldquo;USGS unit value&rdquo; are not market prices. They measure the cost of silver used in the U.S. each year. Use them for broad trends, not exact comparisons.</p>
<h3>Answers for Common Years</h3>
<ul>
<li><strong>1965:</strong> Silver cost about $1.29 per ounce, per USGS. That is about $13.72 in August 2026 dollars. It was the year the Coinage Act of 1965 began removing silver from dimes and quarters.</li>
<li><strong>1985:</strong> Silver averaged $6.13. That equals about $19.09 today.</li>
<li><strong>2000:</strong> Silver averaged $4.95. That equals about $9.63 today. The years around 2000 were silver&rsquo;s cheapest in real terms since at least 1969.</li>
</ul>
<h3>Full Table: Silver Prices by Year, 1969 to 2025</h3>
<div class="mt-8 flow-root">
<div class="-mx-4 -my-2 overflow-x-auto sm:-mx-6 lg:-mx-8">
<div class="inline-block min-w-full py-2 align-middle sm:px-6 lg:px-8">
<div class="overflow-hidden rounded-lg border border-slate-800 w-full">
<table class="min-w-full divide-y divide-slate-300 not-prose">
<thead class="bg-slate-800 text-white">
<tr class="divide-x divide-slate-200">
<th class="p-3 text-left text-sm font-semibold">Year</th>
<th class="p-3 text-left text-sm font-semibold">Average nominal price</th>
<th class="p-3 text-left text-sm font-semibold">Average real price (August 2026 dollars)</th>
<th class="p-3 text-left text-sm font-semibold">Real change from prior year</th>
</tr>
</thead>
<tbody class="divide-y divide-slate-200 bg-white">
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1969</td>
<td class="p-3 text-sm text-slate-700">$1.80</td>
<td class="p-3 text-sm text-slate-700">$16.44</td>
<td class="p-3 text-sm text-slate-700">n/a</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1970</td>
<td class="p-3 text-sm text-slate-700">$1.77</td>
<td class="p-3 text-sm text-slate-700">$15.27</td>
<td class="p-3 text-sm text-slate-700">-7.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1971</td>
<td class="p-3 text-sm text-slate-700">$1.54</td>
<td class="p-3 text-sm text-slate-700">$12.74</td>
<td class="p-3 text-sm text-slate-700">-16.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1972</td>
<td class="p-3 text-sm text-slate-700">$1.68</td>
<td class="p-3 text-sm text-slate-700">$13.46</td>
<td class="p-3 text-sm text-slate-700">+5.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1973</td>
<td class="p-3 text-sm text-slate-700">$2.55</td>
<td class="p-3 text-sm text-slate-700">$19.24</td>
<td class="p-3 text-sm text-slate-700">+43.0%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1974</td>
<td class="p-3 text-sm text-slate-700">$4.67</td>
<td class="p-3 text-sm text-slate-700">$31.73</td>
<td class="p-3 text-sm text-slate-700">+64.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1975</td>
<td class="p-3 text-sm text-slate-700">$4.43</td>
<td class="p-3 text-sm text-slate-700">$27.57</td>
<td class="p-3 text-sm text-slate-700">-13.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1976</td>
<td class="p-3 text-sm text-slate-700">$4.35</td>
<td class="p-3 text-sm text-slate-700">$25.61</td>
<td class="p-3 text-sm text-slate-700">-7.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1977</td>
<td class="p-3 text-sm text-slate-700">$4.64</td>
<td class="p-3 text-sm text-slate-700">$25.65</td>
<td class="p-3 text-sm text-slate-700">+0.2%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1978</td>
<td class="p-3 text-sm text-slate-700">$5.42</td>
<td class="p-3 text-sm text-slate-700">$27.83</td>
<td class="p-3 text-sm text-slate-700">+8.5%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1979</td>
<td class="p-3 text-sm text-slate-700">$11.07</td>
<td class="p-3 text-sm text-slate-700">$51.10</td>
<td class="p-3 text-sm text-slate-700">+83.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1980</td>
<td class="p-3 text-sm text-slate-700">$20.98</td>
<td class="p-3 text-sm text-slate-700">$85.28</td>
<td class="p-3 text-sm text-slate-700">+66.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1981</td>
<td class="p-3 text-sm text-slate-700">$10.49</td>
<td class="p-3 text-sm text-slate-700">$38.65</td>
<td class="p-3 text-sm text-slate-700">-54.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1982</td>
<td class="p-3 text-sm text-slate-700">$7.92</td>
<td class="p-3 text-sm text-slate-700">$27.49</td>
<td class="p-3 text-sm text-slate-700">-28.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1983</td>
<td class="p-3 text-sm text-slate-700">$11.42</td>
<td class="p-3 text-sm text-slate-700">$38.41</td>
<td class="p-3 text-sm text-slate-700">+39.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1984</td>
<td class="p-3 text-sm text-slate-700">$8.15</td>
<td class="p-3 text-sm text-slate-700">$26.28</td>
<td class="p-3 text-sm text-slate-700">-31.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1985</td>
<td class="p-3 text-sm text-slate-700">$6.13</td>
<td class="p-3 text-sm text-slate-700">$19.09</td>
<td class="p-3 text-sm text-slate-700">-27.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1986</td>
<td class="p-3 text-sm text-slate-700">$5.47</td>
<td class="p-3 text-sm text-slate-700">$16.72</td>
<td class="p-3 text-sm text-slate-700">-12.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1987</td>
<td class="p-3 text-sm text-slate-700">$7.02</td>
<td class="p-3 text-sm text-slate-700">$20.70</td>
<td class="p-3 text-sm text-slate-700">+23.8%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1988</td>
<td class="p-3 text-sm text-slate-700">$6.53</td>
<td class="p-3 text-sm text-slate-700">$18.50</td>
<td class="p-3 text-sm text-slate-700">-10.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1989</td>
<td class="p-3 text-sm text-slate-700">$5.50</td>
<td class="p-3 text-sm text-slate-700">$14.86</td>
<td class="p-3 text-sm text-slate-700">-19.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1990</td>
<td class="p-3 text-sm text-slate-700">$4.83</td>
<td class="p-3 text-sm text-slate-700">$12.38</td>
<td class="p-3 text-sm text-slate-700">-16.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1991</td>
<td class="p-3 text-sm text-slate-700">$4.06</td>
<td class="p-3 text-sm text-slate-700">$9.99</td>
<td class="p-3 text-sm text-slate-700">-19.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1992</td>
<td class="p-3 text-sm text-slate-700">$3.95</td>
<td class="p-3 text-sm text-slate-700">$9.43</td>
<td class="p-3 text-sm text-slate-700">-5.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1993</td>
<td class="p-3 text-sm text-slate-700">$4.31</td>
<td class="p-3 text-sm text-slate-700">$9.99</td>
<td class="p-3 text-sm text-slate-700">+6.0%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1994</td>
<td class="p-3 text-sm text-slate-700">$5.29</td>
<td class="p-3 text-sm text-slate-700">$11.96</td>
<td class="p-3 text-sm text-slate-700">+19.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1995</td>
<td class="p-3 text-sm text-slate-700">$5.20</td>
<td class="p-3 text-sm text-slate-700">$11.43</td>
<td class="p-3 text-sm text-slate-700">-4.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1996</td>
<td class="p-3 text-sm text-slate-700">$5.20</td>
<td class="p-3 text-sm text-slate-700">$11.11</td>
<td class="p-3 text-sm text-slate-700">-2.8%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1997</td>
<td class="p-3 text-sm text-slate-700">$4.90</td>
<td class="p-3 text-sm text-slate-700">$10.23</td>
<td class="p-3 text-sm text-slate-700">-7.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1998</td>
<td class="p-3 text-sm text-slate-700">$5.54</td>
<td class="p-3 text-sm text-slate-700">$11.38</td>
<td class="p-3 text-sm text-slate-700">+11.3%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">1999</td>
<td class="p-3 text-sm text-slate-700">$5.22</td>
<td class="p-3 text-sm text-slate-700">$10.50</td>
<td class="p-3 text-sm text-slate-700">-7.8%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2000</td>
<td class="p-3 text-sm text-slate-700">$4.95</td>
<td class="p-3 text-sm text-slate-700">$9.63</td>
<td class="p-3 text-sm text-slate-700">-8.3%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2001</td>
<td class="p-3 text-sm text-slate-700">$4.37</td>
<td class="p-3 text-sm text-slate-700">$8.27</td>
<td class="p-3 text-sm text-slate-700">-14.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2002</td>
<td class="p-3 text-sm text-slate-700">$4.60</td>
<td class="p-3 text-sm text-slate-700">$8.57</td>
<td class="p-3 text-sm text-slate-700">+3.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2003</td>
<td class="p-3 text-sm text-slate-700">$4.88</td>
<td class="p-3 text-sm text-slate-700">$8.89</td>
<td class="p-3 text-sm text-slate-700">+3.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2004</td>
<td class="p-3 text-sm text-slate-700">$6.66</td>
<td class="p-3 text-sm text-slate-700">$11.81</td>
<td class="p-3 text-sm text-slate-700">+32.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2005</td>
<td class="p-3 text-sm text-slate-700">$7.31</td>
<td class="p-3 text-sm text-slate-700">$12.54</td>
<td class="p-3 text-sm text-slate-700">+6.2%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2006</td>
<td class="p-3 text-sm text-slate-700">$11.55</td>
<td class="p-3 text-sm text-slate-700">$19.19</td>
<td class="p-3 text-sm text-slate-700">+53.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2007</td>
<td class="p-3 text-sm text-slate-700">$13.38</td>
<td class="p-3 text-sm text-slate-700">$21.62</td>
<td class="p-3 text-sm text-slate-700">+12.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2008</td>
<td class="p-3 text-sm text-slate-700">$14.99</td>
<td class="p-3 text-sm text-slate-700">$23.32</td>
<td class="p-3 text-sm text-slate-700">+7.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2009</td>
<td class="p-3 text-sm text-slate-700">$14.67</td>
<td class="p-3 text-sm text-slate-700">$22.91</td>
<td class="p-3 text-sm text-slate-700">-1.8%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2010</td>
<td class="p-3 text-sm text-slate-700">$20.19</td>
<td class="p-3 text-sm text-slate-700">$31.02</td>
<td class="p-3 text-sm text-slate-700">+35.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2011</td>
<td class="p-3 text-sm text-slate-700">$35.12</td>
<td class="p-3 text-sm text-slate-700">$52.30</td>
<td class="p-3 text-sm text-slate-700">+68.6%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2012</td>
<td class="p-3 text-sm text-slate-700">$31.15</td>
<td class="p-3 text-sm text-slate-700">$45.45</td>
<td class="p-3 text-sm text-slate-700">-13.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2013</td>
<td class="p-3 text-sm text-slate-700">$23.79</td>
<td class="p-3 text-sm text-slate-700">$34.21</td>
<td class="p-3 text-sm text-slate-700">-24.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2014</td>
<td class="p-3 text-sm text-slate-700">$19.07</td>
<td class="p-3 text-sm text-slate-700">$26.98</td>
<td class="p-3 text-sm text-slate-700">-21.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2015</td>
<td class="p-3 text-sm text-slate-700">$15.66</td>
<td class="p-3 text-sm text-slate-700">$22.13</td>
<td class="p-3 text-sm text-slate-700">-18.0%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2016</td>
<td class="p-3 text-sm text-slate-700">$17.17</td>
<td class="p-3 text-sm text-slate-700">$23.96</td>
<td class="p-3 text-sm text-slate-700">+8.3%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2017</td>
<td class="p-3 text-sm text-slate-700">$17.07</td>
<td class="p-3 text-sm text-slate-700">$23.33</td>
<td class="p-3 text-sm text-slate-700">-2.7%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2018</td>
<td class="p-3 text-sm text-slate-700">$15.71</td>
<td class="p-3 text-sm text-slate-700">$20.96</td>
<td class="p-3 text-sm text-slate-700">-10.2%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2019</td>
<td class="p-3 text-sm text-slate-700">$16.22</td>
<td class="p-3 text-sm text-slate-700">$21.25</td>
<td class="p-3 text-sm text-slate-700">+1.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2020</td>
<td class="p-3 text-sm text-slate-700">$20.69</td>
<td class="p-3 text-sm text-slate-700">$26.78</td>
<td class="p-3 text-sm text-slate-700">+26.0%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2021</td>
<td class="p-3 text-sm text-slate-700">$25.14</td>
<td class="p-3 text-sm text-slate-700">$31.08</td>
<td class="p-3 text-sm text-slate-700">+16.1%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2022</td>
<td class="p-3 text-sm text-slate-700">$21.76</td>
<td class="p-3 text-sm text-slate-700">$24.91</td>
<td class="p-3 text-sm text-slate-700">-19.9%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2023</td>
<td class="p-3 text-sm text-slate-700">$23.34</td>
<td class="p-3 text-sm text-slate-700">$25.66</td>
<td class="p-3 text-sm text-slate-700">+3.0%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2024</td>
<td class="p-3 text-sm text-slate-700">$28.46</td>
<td class="p-3 text-sm text-slate-700">$30.39</td>
<td class="p-3 text-sm text-slate-700">+18.4%</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">2025</td>
<td class="p-3 text-sm text-slate-700">$40.11</td>
<td class="p-3 text-sm text-slate-700">$41.73</td>
<td class="p-3 text-sm text-slate-700">+37.3%</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<h2>Silver's Biggest Real Price Drops and Longest Recoveries</h2>
<p>Silver can lose most of its real value and take decades to win it back. The table below measures each major fall in August 2026 dollars.</p>
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<th class="p-3 text-left text-sm font-semibold">Peak</th>
<th class="p-3 text-left text-sm font-semibold">Low</th>
<th class="p-3 text-left text-sm font-semibold">Real decline</th>
<th class="p-3 text-left text-sm font-semibold">Years from peak to low</th>
<th class="p-3 text-left text-sm font-semibold">Real peak regained?</th>
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<td class="p-3 text-sm text-slate-700">1919 ($21.64 real, yearly average)</td>
<td class="p-3 text-sm text-slate-700">1932 ($6.87 real)</td>
<td class="p-3 text-sm text-slate-700">-68%</td>
<td class="p-3 text-sm text-slate-700">13</td>
<td class="p-3 text-sm text-slate-700">Yes, in 1974 (per USGS real values)</td>
</tr>
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<td class="p-3 text-sm text-slate-700">Jan. 1980 ($212.91 real)</td>
<td class="p-3 text-sm text-slate-700">2001 ($7.70 real)</td>
<td class="p-3 text-sm text-slate-700">-96%</td>
<td class="p-3 text-sm text-slate-700">21</td>
<td class="p-3 text-sm text-slate-700">No, not after 46 years</td>
</tr>
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<td class="p-3 text-sm text-slate-700">Apr. 2011 ($72.53 real)</td>
<td class="p-3 text-sm text-slate-700">Dec. 2015 ($19.40 real)</td>
<td class="p-3 text-sm text-slate-700">-73%</td>
<td class="p-3 text-sm text-slate-700">4.7</td>
<td class="p-3 text-sm text-slate-700">Yes, in December 2025</td>
</tr>
<tr class="divide-x divide-slate-200 even:bg-slate-50">
<td class="p-3 text-sm text-slate-700">Jan. 2026 ($125.31 real)</td>
<td class="p-3 text-sm text-slate-700">Sept. 28, 2026 ($61.36)</td>
<td class="p-3 text-sm text-slate-700">-51% so far</td>
<td class="p-3 text-sm text-slate-700">Ongoing</td>
<td class="p-3 text-sm text-slate-700">Not yet</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p>The 2001 low uses that year's lowest price, $4.07, and 2001's average CPI. The 2015 low uses the $13.70 low from December 2015.</p>
<h3>What These Drops Mean for a Buyer</h3>
<p>Let&rsquo;s imagine three different buyers as an example. One buyer paid the $48.70 fix in April 2011. In real terms, that buyer did not break even until December 2025, more than 14 years later. A buyer at the 1980 peak is still 71% behind in real terms, 46 years on. A buyer at the January 2026 high is about half underwater today.</p>
<p>Past drops do not predict future ones. But they show how long real losses can last when someone buys near a spike.</p>
<h3>The Largest Declines</h3>
<p>The fall from 1980 to 2001 is the biggest real drop in silver&rsquo;s modern history. Silver lost 96% of its buying power over 21 years. If we look at this through nominal terms, the sharpest fall came in 1980 alone. That year, silver fell from the $49.45 fix in January to a $10.80 COMEX close on March 27. That represents a 78% decline.</p>
<p>This raises a question that concerns many silver investors. Many people invest in precious metals as a way to hedge their assets against inflation and preserve purchasing power. If silver can experience such dramatic declines in purchasing power, can it actually preserve your assets? We explore that question in our <a href="https://www.moneymetals.com/investment/investing-in-silver&quot;>guide on silver investing</a>.</p>
<h2>Silver's Real Price in Deflation and High-Inflation Periods</h2>
<p>Real prices behave differently when overall prices fall or rise fast. Here is what the numbers show in three periods.</p>
<p><strong>The 1930s deflation.</strong> Consumer prices fell about 25% from 1929 to 1933. Silver fell faster. Its USGS unit value dropped 47% from 1929 to 1932. In real terms, silver lost about a third of its value, even though each dollar bought more. Silver then rebounded after the Silver Purchase Act of 1934. By 1935, its real price was more than double its 1932 level.</p>
<p><strong>The 1970s inflation.</strong> Consumer prices rose 112% from 1970 to 1980. Silver&rsquo;s average price rose more than elevenfold. In real terms, the 1980 yearly average was 5.6 times the 1970 average.</p>
<p><strong>The 2021 to 2023 inflation.</strong> Consumer prices rose about 18% from 2020 to 2023. Silver&rsquo;s yearly average rose 13%. So silver lost about 4% in real terms over that stretch. In 2022 alone, when CPI rose 8%, silver&rsquo;s real average fell 20%.</p>
<p>Silver has beaten inflation in some periods and trailed behind it in others. The biggest factor in these cases is timing.</p>
<h2>Silver vs Gold Adjusted for Inflation</h2>
<p>Gold has already passed its 1980 real high. Silver has not yet made the same leap.</p>
<p>Gold&rsquo;s January 1980 benchmark of $843 equals $3,629.67 in August 2026 dollars. Our gold price history shows gold did not top that real level until September 2025. At $4,139.84 on September 28, 2026, gold sits about 14% above its 1980 real peak.</p>
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<th class="p-3 text-left text-sm font-semibold">Metal</th>
<th class="p-3 text-left text-sm font-semibold">1980 benchmark peak</th>
<th class="p-3 text-left text-sm font-semibold">Real 1980 peak (August 2026 dollars)</th>
<th class="p-3 text-left text-sm font-semibold">Spot, Sept. 28, 2026</th>
<th class="p-3 text-left text-sm font-semibold">Spot as share of real peak</th>
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<td class="p-3 text-sm text-slate-700">Gold</td>
<td class="p-3 text-sm text-slate-700">$843.00</td>
<td class="p-3 text-sm text-slate-700">$3,629.67</td>
<td class="p-3 text-sm text-slate-700">$4,139.84</td>
<td class="p-3 text-sm text-slate-700">114%</td>
</tr>
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<td class="p-3 text-sm text-slate-700">Silver</td>
<td class="p-3 text-sm text-slate-700">$49.45</td>
<td class="p-3 text-sm text-slate-700">$212.91</td>
<td class="p-3 text-sm text-slate-700">$61.36</td>
<td class="p-3 text-sm text-slate-700">28.8%</td>
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<p>Silver&rsquo;s 1980 peak was more extreme than gold&rsquo;s. The Hunt brothers&rsquo; attempt to corner the market pushed silver far above its usual range. That is one reason silver still trails its 1980 mark while gold has moved past it.</p>
<p>The gold-to-silver ratio tells the same story. On January 18, 1980, an ounce of gold cost about 17 ounces of silver ($843 &divide; $49.45). On September 28, 2026, it cost about 67 ounces ($4,139.84 &divide; $61.36). This math shows that gold&rsquo;s real gains since 1980 have been significantly larger than silver&rsquo;s.</p>
<h2>How to Calculate the Inflation-Adjusted Silver Price</h2>
<p>You can check any real silver price yourself. You need two CPI numbers and one simple formula.</p>
<p><strong>Real price = old price x (CPI today &divide; CPI in the old month)</strong></p>
<p>Here&rsquo;s a breakdown of the 1980 peak, step by step:</p>
<ol>
<li>Start with the old price: $49.45 on January 18, 1980.</li>
<li>Find CPI-U for January 1980: 77.8.</li>
<li>Find CPI-U for the "today" month. For August 2026, it is 334.980.</li>
<li>Divide: 334.980 &divide; 77.8 = 4.30566.</li>
<li>Multiply: $49.45 &times; 4.30566 = $212.91.</li>
</ol>
<p>The same steps work for any date. For the April 28, 2011 fix of $48.70, April 2011 CPI-U was 224.906. So $48.70 &times; (334.980 &divide; 224.906) = $72.53.</p>
<p>Two tips help avoid common mistakes. First, use the CPI for the month of the price, not the yearly average. Second, name your "today" month. A real price without a base month can't be checked.</p>
<p>Both CPI figures come from the <a href="https://data.bls.gov/timeseries/CUUR0000SA0&quot;>Bureau of Labor Statistics CPI-U series</a>. You can also run the numbers in the <a href="https://www.bls.gov/data/inflation_calculator.htm&quot;>BLS CPI Inflation Calculator</a>.</p>
<!– EDITOR NOTE (from draft, not published): CALCULATOR EMBED: add once the Money Metals calculator is live. –>
<h3>Why Our Figure Differs From Macrotrends, InflationData, and APMEX</h3>
<ul>
<li><a href="https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart&quot;><strong>Macrotrends</strong></a> charts monthly closing prices adjusted with CPI. A monthly close misses a spike that rises and falls inside the month. So its 1980 peak reads lower than a single-day figure.</li>
<li><strong>InflationData</strong> starts from a lower January 1980 price ($41.50) and uses December 2025 as &ldquo;today.&rdquo; It does not name its CPI series.</li>
<li><strong>APMEX</strong> gives no method. Its $194.42 matches the 1980 yearly average CPI with an August 2025 index, as shown above.</li>
</ul>
<h3>Monthly CPI vs Other Inflation Measures</h3>
<p>We use CPI-U because it is the official, public, and widely used U.S. price index. Anyone can check it. Other measures would produce different answers of varying degrees of difference.</p>
<p>A yearly average CPI, as noted above, lowers the real 1980 price. CPI methods have also changed over time. In January 1983, BLS changed how CPI-U measures housing costs for homeowners. It did so by switching to owners&rsquo; equivalent rent.</p>
<p>Some critics argue CPI understates the severity of inflation. If you use a faster-rising measure, the real 1980 peak climbs higher. We have opted to use CPI-U so that every number in the article can be checked in the same way against the same data sources.</p>
<h2>What Would $200, $500, or $1,000 Silver Mean in Real Terms?</h2>
<p>People often ask whether silver could hit $200, $500, or even $1,000. We don't forecast prices. But we can show what those prices would mean against the real 1980 peak of $212.91.</p>
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<th class="p-3 text-left text-sm font-semibold">Share of the real 1980 peak (August 2026 dollars)</th>
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<td class="p-3 text-sm text-slate-700">$200</td>
<td class="p-3 text-sm text-slate-700">94%</td>
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<td class="p-3 text-sm text-slate-700">$500</td>
<td class="p-3 text-sm text-slate-700">235%</td>
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<td class="p-3 text-sm text-slate-700">$1,000</td>
<td class="p-3 text-sm text-slate-700">470%</td>
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<p>So $200 silver would still fall just short of 1980 in real terms when measured in August 2026 dollars.</p>
<p>The target also keeps rising. Inflation lifts the real 1980 peak every year. If inflation were to rise at a 2% annual rate, the 1980 peak would reach roughly $230 by August 2030. At 3%, it would reach about $240. To set a new real record, silver has to beat a moving mark.</p>
<h2>Methodology and Data Sources</h2>
<p>This page follows the same method as our <a href="https://www.moneymetals.com/gold-price-history&quot;>gold price history</a>.</p>
<ul>
<li><strong>Deflator:</strong> CPI-U, U.S. city average, all items, not seasonally adjusted, from the <a href="https://data.bls.gov/timeseries/CUUR0000SA0&quot;>Bureau of Labor Statistics</a>.</li>
<li><strong>Base month:</strong> August 2026, the latest month published. All real prices are in August 2026 dollars.</li>
<li><strong>Record prices:</strong> Single-day records use the LBMA silver fix for 1980 and 2011. The 2026 high uses the $121.67 spot high from our <a href="https://www.moneymetals.com/price/silver-price-all-time-high&quot;>all-time high page</a>.</li>
<li><strong>Yearly prices:</strong> 1969 to 2025 use the yearly averages in our <a href="https://www.moneymetals.com/silver-price-history&quot;>silver price history</a>. Years before 1969 use <a href="https://www.usgs.gov/media/files/silver-historical-statistics-data-series-140&quot;>USGS Data Series 140</a>. That series is a unit value of apparent consumption, not a market benchmark.</li>
<li><strong>Missing data:</strong> BLS <a href="https://www.bls.gov/cpi/additional-resources/2025-federal-government-shutdown-impact-cpi.htm&quot;>did not collect CPI data from October 1 to November 12, 2025</a>. No October 2025 index appears in the series. Our 2025 average uses the 11 months that were published.</li>
<li><strong>Updates:</strong> We restate real prices when BLS publishes a new CPI month. Yearly figures are finalized after each calendar year closes. We do not revise them afterward except to correct an outright error, and we note any correction.</li>
</ul>
<!– EDITOR NOTE (from draft, not published): CSV DOWNLOAD: annual nominal and real prices, 1913 to 2025 –>
<h3>Frequently Asked Questions</h3>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemOne" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemOne" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>What is silver's inflation-adjusted all-time high?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>Silver&rsquo;s inflation-adjusted all-time high is $212.91 per troy ounce in August 2026 dollars. It comes from the $49.45 LBMA fix on January 18, 1980, adjusted with CPI-U.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemTwo" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemTwo" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Is silver still below its 1980 high?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>Yes, silver remains far below its January 1980 high. Silver traded at $61.36 on the morning of September 28, 2026, which is 28.8% of its real 1980 peak. Even if you use the $121.67 figure for the 2026 high, the record only reached 59% of that level in real terms.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemThree" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemThree" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>How much was 1 oz of silver in 1965 in today's dollars?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>Silver cost about $1.29 per ounce in 1965, per USGS. That equals about $13.72 in August 2026 dollars.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemFour" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemFour" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>How much did 1 oz of silver cost in 2000?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>Silver averaged $4.95 per ounce in 2000. In August 2026 dollars, that is about $9.63.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemFive" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemFive" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>What is the biggest price drop in silver history?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>In real terms, the biggest drop ran from January 1980 to 2001. Silver lost about 96% of its buying power, from $212.91 to about $7.70 in August 2026 dollars. The fastest nominal crash came in 1980, when silver fell 78% within the year.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemSix" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemSix" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Will silver hit $200 an ounce?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>No one can know. What we can say is that $200 would equal 94% of silver&rsquo;s real 1980 peak, measured in August 2026 dollars. Because of inflation, the 1980 mark keeps rising each year.</p>
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<h4 class="text-xl font-semibold"><button id="controlsAccordionItemSeven" type="button" class="flex w-full cursor-pointer items-center justify-between gap-2 bg-slate-200 p-4 text-left underline-offset-2 duration-200 hover:bg-slate-100 focus-visible:bg-slate-50 focus-visible:underline focus-visible:outline-hidden" aria-controls="accordionItemSeven" x-on:click="isExpanded = ! isExpanded" x-bind:class="isExpanded ? 'font-bold' : 'font-medium'" x-bind:aria-expanded="isExpanded ? 'true' : 'false'"> <span>Is silver a good inflation hedge?</span> <svg xmlns="http://www.w3.org/2000/svg&quot; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''"> <path stroke-linecap="round" stroke-linejoin="round" d="M19.5 8.25l-7.5 7.5-7.5-7.5"></path> </svg> </button></h4>
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<p>The answer depends on timing. Silver beat inflation in the 1970s, but it trailed behind from 2020 to 2023. Anyone who bought at the 1980 peak is still behind in real terms. For more information, read our guide on how silver hedges against inflation.</p>
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<p>Want to track silver against these real peaks? Check the live <a href="https://www.moneymetals.com/silver-price&quot;>silver price</a>, or explore <a href="https://www.moneymetals.com/buy/silver&quot;>silver bullion</a> when you're ready to buy.</p>

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