Annual Silver Values for Industry and Investment
Silver combines industrial applications with monetary and investment demand. This archive presents USGS annual silver unit values.
Annual silver values and average prices: USGS nominal unit values converted from dollars per metric ton of silver to dollars per troy ounce. Annual observations, not daily highs or lows. From 2021, the series uses the annual average price table in Mineral Commodity Summaries 2026. The 2025 value is a USGS estimate.
Drag to pan, scroll to zoom, and hover for annual values.
Detailed analysis of secular supercycles, wartime allocations, and price shocks
Silver demand spans electronics, jewelry, investment and industrial production. Annual values show longer market cycles while smoothing the short-lived spikes visible in daily quotations.
Nominal vs. Real Inflation-Adjusted Prices in 2026 USD
| Year | Nominal Price ($/troy oz) | Real Price (2026 USD) | CPI / Historical Estimate | Historical Context / Market Event |
|---|---|---|---|---|
| 2025 | $38.00 | $39.54 | 321.9 | USGS estimate |
| 2024 | $28.37 | $30.30 | 313.7 | Industrial Solar & AI Electronics Acceleration |
| 2023 | $23.54 | $25.88 | 304.7 | Structural Supply Deficits in Silver Institute Data |
| 2022 | $21.88 | $25.04 | 292.7 | Solar Photovoltaic Demand Takes Off |
| 2021 | $25.23 | $31.19 | 271.0 | — |
| 2020 | $20.56 | $26.61 | 258.8 | COVID-19 Rebound & Reddit 'Silver Squeeze' |
| 2019 | $15.92 | $20.87 | 255.7 | — |
| 2018 | $15.74 | $21.00 | 251.1 | — |
| 2017 | $17.08 | $23.34 | 245.1 | — |
| 2016 | $17.14 | $23.92 | 240.0 | — |
| 2015 | $15.71 | $22.20 | 237.0 | — |
| 2014 | $19.10 | $27.02 | 236.7 | — |
| 2013 | $23.86 | $34.30 | 233.0 | — |
| 2012 | $31.10 | $45.38 | 229.6 | — |
| 2011 | $35.15 | $52.34 | 224.9 | Speculative Frenzy (Intraday Peak $49.51/oz) |
| 2010 | $20.03 | $30.77 | 218.1 | — |
| 2009 | $14.68 | $22.92 | 214.5 | — |
| 2008 | $14.99 | $23.33 | 215.3 | GFC Liquidity Squeeze (Dips to $8.80) |
| 2007 | $13.41 | $21.66 | 207.3 | — |
| 2006 | $11.60 | $19.28 | 201.6 | iShares Silver Trust (SLV) ETF Launched |
| 2005 | $7.34 | $12.59 | 195.3 | — |
| 2004 | $6.69 | $11.86 | 188.9 | — |
| 2003 | $4.91 | $8.95 | 184.0 | — |
| 2002 | $4.63 | $8.63 | 179.9 | — |
| 2001 | $4.39 | $8.30 | 177.1 | — |
| 2000 | $5.01 | $9.74 | 172.2 | — |
| 1999 | $5.26 | $10.57 | 166.6 | — |
| 1998 | $5.54 | $11.38 | 163.0 | — |
| 1997 | $4.88 | $10.19 | 160.5 | Warren Buffett Berkshire Hathaway Buys 130M oz |
| 1996 | $5.19 | $11.09 | 156.9 | — |
| 1995 | $5.16 | $11.35 | 152.4 | — |
| 1994 | $5.29 | $11.95 | 148.2 | — |
| 1993 | $4.29 | $9.95 | 144.5 | — |
| 1992 | $3.95 | $9.43 | 140.3 | — |
| 1991 | $4.04 | $9.94 | 136.2 | — |
| 1990 | $4.82 | $12.36 | 130.7 | — |
| 1989 | $5.50 | $14.86 | 124.0 | — |
| 1988 | $6.53 | $18.49 | 118.3 | — |
| 1987 | $7.01 | $20.67 | 113.6 | — |
| 1986 | $5.47 | $16.72 | 109.6 | — |
| 1985 | $6.14 | $19.11 | 107.6 | — |
| 1984 | $8.14 | $26.24 | 103.9 | — |
| 1983 | $11.44 | $38.48 | 99.6 | — |
| 1982 | $7.95 | $27.60 | 96.5 | Hunt Brothers Liquidation |
| 1981 | $10.52 | $38.76 | 90.9 | — |
| 1980 | $20.63 | $83.87 | 82.4 | Silver Thursday Crash (Intraday Peak $49.45/oz) |
| 1979 | $11.09 | $51.18 | 72.6 | Hunt Brothers Corner Accelerates |
| 1978 | $5.40 | $27.74 | 65.2 | — |
| 1977 | $4.62 | $25.53 | 60.6 | — |
| 1976 | $4.35 | $25.62 | 56.9 | — |
| 1975 | $4.42 | $27.52 | 53.8 | — |
| 1974 | $4.71 | $32.00 | 49.3 | — |
| 1973 | $2.56 | $19.32 | 44.4 | Hunt Brothers Begin Accumulation |
| 1972 | $1.68 | $13.46 | 41.8 | — |
| 1971 | $1.55 | $12.82 | 40.5 | Nixon Closes Gold Window |
| 1970 | $1.77 | $15.28 | 38.8 | — |
| 1969 | $1.79 | $16.34 | 36.7 | — |
| 1968 | $2.14 | $20.60 | 34.8 | — |
| 1967 | $1.55 | $15.53 | 33.4 | — |
| 1966 | $1.29 | $13.35 | 32.4 | — |
| 1965 | $1.29 | $13.73 | 31.5 | Coinage Act of 1965 Removes Silver from US Coins |
| 1964 | $1.29 | $13.95 | 31.0 | — |
| 1963 | $1.28 | $14.03 | 30.6 | Silver Content in US Dimes/Quarters Halted |
| 1962 | $1.09 | $12.08 | 30.2 | — |
| 1961 | $0.921 | $10.31 | 29.9 | — |
| 1960 | $0.911 | $10.31 | 29.6 | — |
| 1959 | $0.911 | $10.49 | 29.1 | — |
| 1958 | $0.890 | $10.31 | 28.9 | — |
| 1957 | $0.911 | $10.86 | 28.1 | — |
| 1956 | $0.911 | $11.22 | 27.2 | — |
| 1955 | $0.890 | $11.12 | 26.8 | — |
| 1954 | $0.849 | $10.57 | 26.9 | — |
| 1953 | $0.849 | $10.65 | 26.7 | — |
| 1952 | $0.849 | $10.73 | 26.5 | — |
| 1951 | $0.890 | $11.46 | 26.0 | — |
| 1950 | $0.740 | $10.29 | 24.1 | — |
| 1949 | $0.718 | $10.11 | 23.8 | — |
| 1948 | $0.740 | $10.29 | 24.1 | — |
| 1947 | $0.718 | $10.79 | 22.3 | — |
| 1946 | $0.799 | $13.73 | 19.5 | — |
| 1945 | $0.519 | $9.67 | 18.0 | WWII Manhattan Project Silver Borrowing |
| 1944 | $0.451 | $8.58 | 17.6 | — |
| 1943 | $0.451 | $8.73 | 17.3 | — |
| 1942 | $0.379 | $7.80 | 16.3 | — |
| 1941 | $0.351 | $8.01 | 14.7 | — |
| 1940 | $0.351 | $8.41 | 14.0 | — |
| 1939 | $0.389 | $9.37 | 13.9 | — |
| 1938 | $0.429 | $10.20 | 14.1 | — |
| 1937 | $0.451 | $10.49 | 14.4 | — |
| 1936 | $0.451 | $10.87 | 13.9 | — |
| 1935 | $0.641 | $15.67 | 13.7 | — |
| 1934 | $0.479 | $11.97 | 13.4 | Silver Purchase Act of 1934 |
| 1933 | $0.351 | $9.06 | 13.0 | — |
| 1932 | $0.280 | $6.84 | 13.7 | Great Depression All-Time Low ($0.28/oz) |
| 1931 | $0.290 | $6.39 | 15.2 | — |
| 1930 | $0.379 | $7.61 | 16.7 | — |
| 1929 | $0.529 | $10.36 | 17.1 | Wall Street Crash |
| 1928 | $0.579 | $11.33 | 17.1 | — |
| 1927 | $0.569 | $10.96 | 17.4 | — |
| 1926 | $0.619 | $11.71 | 17.7 | — |
| 1925 | $0.690 | $13.22 | 17.5 | — |
| 1924 | $0.669 | $13.10 | 17.1 | — |
| 1923 | $0.650 | $12.73 | 17.1 | — |
| 1922 | $0.681 | $13.58 | 16.8 | — |
| 1921 | $0.631 | $11.82 | 17.9 | — |
| 1920 | $1.02 | $17.09 | 20.0 | — |
| 1919 | $1.12 | $21.68 | 17.3 | Pittman Act Melting & Post-WWI Demand |
| 1918 | $0.980 | $21.74 | 15.1 | — |
| 1917 | $0.840 | $21.98 | 12.8 | — |
| 1916 | $0.669 | $20.55 | 10.9 | — |
| 1915 | $0.510 | $16.92 | 10.1 | — |
| 1914 | $0.560 | $18.75 | 10.0 | — |
| 1913 | $0.610 | $20.63 | 9.9 | — |
| 1912 | $0.622 | $21.62 | 9.6 | — |
| 1911 | $0.529 | $18.94 | 9.3 | — |
| 1910 | $0.529 | $18.94 | 9.3 | — |
| 1909 | $0.529 | $19.63 | 9.0 | — |
| 1908 | $0.529 | $19.63 | 9.0 | — |
| 1907 | $0.653 | $23.36 | 9.4 | — |
| 1906 | $0.684 | $25.44 | 9.0 | — |
| 1905 | $0.622 | $23.17 | 9.0 | — |
| 1904 | $0.591 | $21.97 | 9.0 | — |
| 1903 | $0.529 | $19.63 | 9.0 | — |
| 1902 | $0.529 | $20.34 | 8.7 | — |
| 1901 | $0.591 | $23.69 | 8.4 | — |
| 1900 | $0.622 | $24.98 | 8.3 | Sherman Silver Purchase Act Legacy |
Targeted answers to high-frequency historical and economic queries
U.S. Geological Survey (USGS): Silver Historical Statistics, Data Series 140
U.S. Geological Survey (USGS): Mineral Commodity Summaries 2026: Silver
Commodities History Project. (2026). Silver Historical Prices and Inflation-Adjusted Series (1900–2025) [Data set]. CommoditiesHistory.com. https://commoditieshistory.com/silver
@dataset{commoditieshistory_silver_2026,
author = {{Commodities History Project}},
title = {Silver Historical Prices and Inflation-Adjusted Series (1900–2025)},
year = {2026},
publisher = {CommoditiesHistory.com},
url = {https://commoditieshistory.com/silver}
}