This is certainly far from the only way of spotting a fake but as a rule of thumb they should not be magnetic. Silver and gold are non-magnetized, so take a strong magnet and hold it over the coin/item. If you feel a pull or if it sticks it is not genuine, it must contain some zinc, nickel or other filler. Local coin shows or antique shops usually have someone who is educated and willing to help for little to no cost.
1794/5 Flowing hair silver/copper dollar
The first official US silver dollar is now called the "Flowing Hair" design. It featured an image of Miss Liberty with long hair appearing to flow in the wind. The reverse showed an eagle surrounded by a wreath.
No such coin as a "Liberty Silver Dollar" exists. All U.S. one dollar coins From 1794 to 2012 have the word LIBERTY on them. Please post a new question with the date on the coin.
1794/5 Flowing hair silver/copper dollar. $10,000,000
1794/5 Flowing hair silver/copper dollar U.S.
I really hate to give you the bad news but silver dollar you have, if it were in near perfect condition would be worth as much as $500,000. A 1794 flowing hair dollar is valued at over $2,000,000. The hole drilled in yours makes it almost worthless.
1794/5 Flowing hair silver/copper dollar
The first US one dollar coin was issued in 1794, post new question.
That describes any silver dollar minted from 1794 to 1935. Please post a new question with its date and mint mark.
All silver dollars issued from 1794 to 1935 carry a picture of Miss Liberty, as in "Statue of ..."
An 1804 silver dollar sold at auction at PRF-68 for $4,000,000. Fewer than 15 are known.UpdatesIn 2010 a 1794 flowing hair silver dollar sold for almost $8 million.
If you go by the strict definition of "Liberty dollar" (i.e. a silver dollar made from 1794 to 1935) the answer is yes - these coins are 90% silver and 10% copper. But many people mistakenly call newer $1 coins "Liberty dollars" because they either have the word Liberty or a picture of the Statue of Liberty on them. These coins are either copper-nickel or brass, but not silver.