1 Peso Morelos (1947-1948): Silver Content & Value

If you inherited a heavy silver peso with a man's profile on it, you likely have a 1 Peso Morelos from 1947 or 1948. The honest answer up front: in circulated condition it is worth a few dollars, driven almost entirely by its silver content. A certified uncirculated example can bring more, but this is not a rare-date rarity. Here is what actually determines the price.

What you have

The 1 Peso Morelos struck in 1947 and 1948 is a coin of 0.999 fine silver (99.9 percent pure), weighing 14 grams and measuring 32 millimeters across. It shows the bust of José María Morelos y Pavón, a leader of Mexico's War of Independence, which is where the nickname comes from. It is a substantial coin, one you feel in your hand, and it was among the last regular Mexican peso coins struck in nearly pure silver.

This piece sits at a turning point for the silver peso. For decades the circulating peso was silver, but the fineness and metal content kept dropping as the price of silver climbed. The 1947-1948 Morelos kept a very high fineness of 0.999 while carrying less weight than its predecessors. The issues that followed used lower fineness, so this type effectively closes the chapter on fine silver in the Mexican peso.

What it's worth in 2026

Value on this coin comes from two things: its silver, and its grade. It is not scarce in circulated condition, so worn examples trade close to their melt value.

• Circulated (worn, scratched, cleaned): Value tracks the silver content. At 14 grams of 0.999 silver, that is roughly 0.45 troy ounces of pure silver. Expect roughly a few dollars to around 10 USD depending on the spot price of silver on the day.
• Uncirculated, uncertified: A clean coin with original luster and no wear on Morelos's profile typically brings a modest premium over melt, often in the 10 to 25 USD range.
• Certified high grade (NGC or PCGS MS-64 and up): This is where the real money lives. Top-grade examples with full mint luster can bring 40 to several hundred USD, with the strongest gems occasionally reaching more.

Coin	Years	Fineness	Silver weight	Typical value (USD)
1 Peso Morelos	1947	0.999	~0.45 oz	Melt to a few hundred (top grade)
1 Peso Morelos	1948	0.999	~0.45 oz	Melt to a few hundred (top grade)

These are catalog and market ranges, not a single fixed figure. The exact number depends on the silver price the day you sell and, for high grades, on the certified grade.

The myth: "old peso, must be a fortune"

Because this coin is heavy, silver, and carries a hero of Independence, people assume it is worth hundreds or thousands. For the average circulated example, it is not. Its floor is the value of the metal, and its ceiling depends on grade, not age. A worn 1947 Morelos is a silver bullion coin with a nice design. That is a fair and honest thing to own, but do not expect a windfall from a circulated piece.

The coins that break out of the melt range are the certified gems: original luster, sharp strike, no rub on the high points of the portrait. If yours looks like it sat in a pocket for years, it belongs in the bullion tier.

How to tell if yours is genuine

• Weigh it. A real one is 14.00 grams. If your coin is off by more than a fraction of a gram, be suspicious.
• Measure it. Diameter should be 32 mm.
• Ping test. Genuine 0.999 silver rings with a high, sustained tone when balanced on a fingertip and tapped lightly. Base-metal fakes sound dull and short.
• Certify it for value. If your coin looks uncirculated, submitting it to NGC or PCGS is the only way to lock in a high-grade price. A raw "looks great" coin sells for far less than the same coin in a certified holder.

Counterfeits of Mexican silver do exist, especially online, so verify weight and diameter before you pay or accept payment.

Where to sell it

Because value tracks silver plus grade, sell where the buyer can inspect the coin.

• A verified dealer from the Pesoteca shop directory will weigh it and quote you on the spot.
• The Pesoteca buy-and-sell forum puts you in front of collectors who know this type.
• Photograph the obverse, reverse, and edge before you list it, and check the range in this guide first.

Avoid dumping it to the first offer on social media. For a certified high-grade example, a specialist auction house will reach the buyers who pay top dollar.

Have a Morelos peso and not sure whether it's a bullion coin or a certified gem? Post clear photos of both sides on the Pesoteca forum and let collectors weigh in before you sell.