You’ll find Peace Silver Dollars by searching coin dealers, estate sales, and online marketplaces for these 90% silver coins minted from 1921-1935. Look for mint marks (D, S, or none for Philadelphia) on the reverse near the eagle’s tail feathers, and distinguish between scarce 1921 high-relief strikes and common low-relief issues. Key dates like 1928-P and 1934-S command significant premiums, while circulated examples trade near their 0.7734 troy ounce silver content. The all-encompassing guide below reveals authentication techniques, grading standards, and strategic collecting approaches.
Key Takeaways
- Peace Dollars were minted from 1921-1935 and contain 0.7734 troy ounces of 90% fine silver, making them valuable collectibles.
- Check the reverse bottom-left for mint marks: no mark (Philadelphia), “D” (Denver), or “S” (San Francisco) to identify origin.
- Key rare dates include 1928-P, 1921 high-relief, and 1934 variants, with values ranging from $500 to over $80,000.
- Authenticate coins by verifying 38.1mm diameter, 26.73-gram weight, reeded edges, and sharp design details before purchasing.
- Locate Peace Dollars through coin dealers, online marketplaces, auctions, or estate sales; certification enhances value and authenticity assurance.
The Origins and Historical Significance of the Peace Dollar
When the Pittman Act passed in 1918, it authorized the melting of up to 350 million silver dollars—a staggering quantity that fundamentally altered American coinage.
You’ll find this legislation wasn’t just economic necessity; it represented metallic partnerships between the U.S. and Britain during wartime crisis.
The Act sold silver at $1 per ounce plus fees, then mandated replacement with new coins of equivalent content.
The Pittman Act required dollar-for-dollar silver replacement, selling bullion at regulated prices while mandating future coinage of identical precious metal content.
The Peace dollar emerged from this requirement, celebrating WWI’s end and answering the American Numismatic Association‘s 1920 proposal.
First struck December 28, 1921, this coin engraving marked America’s shift from conflict to optimism.
The design competition held by the Commission of Fine Arts in late 1921 brought together eight prominent sculptors, with Italian immigrant Antonio de Francisci ultimately winning the honor.
De Francisci’s obverse design featured Lady Liberty’s radiant crown, embodying the nation’s strength and progressive spirit in the post-war era.
You’re examining the last circulating silver dollar—a numismatic symbol that replaced the Morgan’s tarnished legacy while establishing your nation’s monetary sovereignty.
Anthony De Francisci’s Award-Winning Design
You’ll find that Anthony de Francisci secured his place in numismatic history at age 34 when he won the Commission of Fine Arts’ 1921 design competition, beating seven established New York sculptors including his own mentors MacNeil and Weinman.
His winning submission earned him a $1,500 grand prize and unanimous approval from the reviewing commission.
The obverse features Liberty’s profile with a radiant crown inspired by the Statue of Liberty, while the reverse underwent significant modification when the Mint removed the controversial broken sword that symbolized WWI’s end but was misinterpreted as defeat. De Francisci originally modeled Lady Liberty after his wife, incorporating her likeness into the flowing hair and profile that became iconic on the coin’s obverse. The initial high-relief design faced durability issues that caused excessive wear on the dies, leading to a transition to low-relief coins starting in 1922.
Competition Win and Commission
How did a novice coin designer triumph over several established sculptors in one of numismatics’ most significant competitions?
In late 1921, Anthony de Francisci—the youngest among eight invited participants—won the Commission of Fine Arts’ silver dollar design competition with his $1,500 prize-winning submission. His artistic techniques impressed President Harding despite competing against renowned designers like Victor D. Brenner and Hermon A. MacNeil, who later sent congratulatory notes acknowledging his achievement.
De Francisci’s collaboration with Philadelphia Mint engravers refined his vision, though officials rejected his alternate reverse showing an eagle destroying a sword. De Francisci used wife Mary Teresa as the model for the Liberty head, aiming to capture America’s vigor and vitality in the design. The obverse features Liberty wearing a radiant crown, with detailed flowing hair and inscriptions including “LIBERTY” and “IN GOD WE TRVST.”
The final design featured an olive branch-bearing eagle, ultimately producing over 190 million Peace Dollars from 1921-1935. These coins, distinguished by their characteristic metal patina and symbolic sun rays, launched de Francisci’s prominent career in American numismatics.
Liberty’s Symbolic Design Elements
At the heart of De Francisci’s winning design lies a commanding obverse portrait of Liberty in profile, her features immortalizing his wife Teresa’s classical beauty. You’ll notice her flowing hair crowned with radiant sun rays—powerful Liberty symbolism representing enlightenment and America’s emerging global prominence.
The inscription “LIBERTY” arcs along the top edge, while “IN GOD WE TRUST” appears below her neckline. De Francisci’s monogram “AF” sits discreetly beneath her neck.
The reverse showcases Peace motifs through a resting bald eagle clutching an olive branch, perched confidently on a mountaintop.
Bold sun rays harmonize with the obverse crown, while “PEACE” inscribes the bottom edge—a direct reference to post-World War I resolution. The design was created to commemorate the end of World War I and promote lasting peace between nations.
You’re holding numismatic art that rejected initial sword-breaking imagery in favor of peaceful symbolism. Teresa’s childhood fascination with Liberty had inspired her role as the model for this iconic representation.
Understanding the Composition and Physical Characteristics
You’ll find that Peace Dollars maintain the .900 fine silver standard established by the Coinage Act of 1792, combining 90% silver with 10% copper for durability.
The coin’s specifications mirror the Morgan Dollar it replaced— weighing 26.73 grams (0.859 troy ounces gross) with a 38.1mm diameter and distinctive reeded edge.
This composition yields 0.7734 troy ounces of pure silver content, making it the last circulating U.S. dollar coin struck in 90% silver.
The bullion value fluctuates around $14 based on current silver market prices, though historical melt values have ranged from approximately $11.29 depending on market conditions.
Silver and Copper Blend
When the U.S. Mint struck Peace Silver Dollars from 1921 to 1935, you’ll find they used a standardized 90% silver and 10% copper composition. This copper alloy wasn’t arbitrary—it provided essential structural integrity to offset silver’s natural malleability.
You’re holding exactly 0.77344 troy ounces of pure silver per coin, with copper comprising the remaining tenth by weight.
The silver purity standard matched Morgan Dollars and met specifications for circulating coinage.
While copper’s melt value remains negligible at roughly $0.026 per coin, it’s critical for durability. Without this hardening agent, your Peace Dollar’s reeded edge would wear excessively, and striking details would deteriorate faster.
Modern reissues use 99.9% fine silver, fundamentally differing from vintage coins you’ll encounter when building your collection independently.
Weight and Diameter Measurements
Key measurement characteristics include:
- Gross weight tolerance: Genuine pieces may vary by approximately 0.011 troy ounces (0.37 grams), representing less than 0.275% deviation.
- Diameter precision: Maintains exact 38.1mm specification across all strikes, matching the historical U.S. silver dollar standard from 1840-1978.
- Pure silver content: Contains 0.7734 troy ounces ASW (Actual Silver Weight) at 90% fineness.
Understanding these specifications empowers you to identify counterfeits and verify authenticity without relying solely on third-party certification.
Reeded Edge Design
Since their introduction in 1921, Peace dollars have featured distinctive reeded edges—narrow, parallel ridges running vertically around the coin’s circumference that serve both functional and security purposes.
This edge construction represents a critical anti-counterfeiting measure, making it harder for forgers to replicate authentic specimens or shave precious metal from the coin’s perimeter.
The reeding process occurs during minting, when striking pressure creates uniform ridge patterns along the 38.10-millimeter diameter.
You’ll find this edge treatment consistent across all variants from 1921-1935 and modern 2021-date issues, maintaining design continuity throughout the series.
When authenticating Peace dollars, examining the reeded edge provides immediate verification—genuine coins display sharp, evenly-spaced ridges that counterfeiters struggle to reproduce accurately.
Identifying Mint Marks and Production Facilities
Understanding the mint mark placement on Peace Dollars proves essential for accurate attribution and valuation.
You’ll locate these identifiers on the reverse, positioned in the bottom-left quadrant near the eagle’s tail feathers, below “ONE.”
The minting process employed three facilities throughout the series:
- Philadelphia Mint: No mint mark appears on these strikes, though you’ll note the 1928-P represents the series’ key date with just 360,649 produced.
- Denver Mint: “D” designation marks Colorado production.
- San Francisco Mint: “S” identifier denotes California origin.
Each facility operated during 1921–1928 and resumed 1934–1935.
Modern authentication techniques require examining this specific placement, as counterfeits often misposition marks.
Philadelphia’s absence of mintage marks doesn’t indicate lesser value—your 1928 and 1934 Philadelphia specimens command premium prices despite lacking visible identifiers.
High-Relief vs. Low-Relief Strikes: What Collectors Need to Know
Beyond examining mint marks for authentication, you’ll encounter a defining characteristic that separates 1921 Peace Dollars from their successors: the high-relief versus low-relief distinction.
High-relief strikes feature pronounced three-dimensional elements with touchable concaves, where Liberty’s hair above her ear stands prominently and the date appears noticeably raised. These artistic masterpieces caused rapid die cracking during production, forcing the shift to low-relief in 1922.
With only 35,401 high-relief coins minted and approximately seven survivors, you’re hunting genuine rarities worth $80,000-$309,656 in premium grades.
Low-relief versions flattened the design, improving stacking efficiency and reducing die wear. Avoid coin polishing high-relief specimens—their original surfaces command maximum premiums.
Identification markers include the longer sun ray touching “N” in “ONE DOLLAR” on high-relief reverses.
The Rarest Dates and Most Valuable Examples
Five distinct issues dominate the Peace Dollar hierarchy, commanding premiums that separate casual enthusiasts from serious collectors. The 1928 Philadelphia issue, with just 360,649 struck, represents the undisputed key date among circulation strikes. You’ll pay $275 in VF, escalating to $900 in AU.
Key dates and rare mintages include:
- 1921 Matte Proof—fewer than 12 pieces minted, PR65 specimens commanding $100,000
- 1925-S—while 1,610,000 were struck, MS-65 examples reach $70,000 due to abysmal survival rates
- 1934 variants—under one million produced, with Doubled Die Obverse and Small D varieties adding complexity
The 1924-S demonstrates how condition rarity transforms value: $100 in common MS grades versus $5,500 in MS-65. These aren’t arbitrary premiums—they’re market realities reflecting actual scarcity and collector demand for complete sets.
Building Your Peace Dollar Collection
Whether you’re working with $500 or $50,000, your Peace Dollar collection strategy should align with specific goals rather than arbitrary accumulation. Type collectors need just one representative example ($500-1,500).
While, on the other hand, completists pursuing full business-strike sets in AU50-MS63 face $8,000-15,000 investments.
Key date approaches focusing on 1921, 1928, 1934-D, and 1934-S run $3,000-5,000.
Coin grading determines your pathway—the scale runs 1-70, with only three Peace Dollars ever achieving MS68.
Build progressively, starting with common dates in your target grade before acquiring rarities.
Storage solutions matter: use acid-free 2×2 flips, coin capsules, or archival albums.
Handle specimens by edges only, maintaining cool, dry environments to prevent tarnishing.
Source through certified dealers offering PCGS or NGC authentication, ensuring genuine acquisitions as you construct your holdings.
Modern Reissues and the 2021 Revival
After decades of dormancy, the U.S. Mint struck Peace Dollars again in 2021, marking the design’s centennial anniversary. This limited mintage of just 200,000 coins utilized modern minting techniques while honoring Anthony de Francisci’s iconic design.
You’ll notice key differences from the originals:
- .999 fine silver composition versus the original .900 silver content
- Reduced relief design compared to the high-relief 1921 original
- Philadelphia Mint production without mint marks, echoing historical precedent
Collector demand immediately overwhelmed supply, with major dealers reporting only three coins remaining in stock. This revival reinvigorated interest across the entire 1921-1935 series, driving prices upward for both common and key dates.
The centennial release proved that Peace Dollars remain America’s most cherished circulating silver dollar series.
Assessing Value: Numismatic Worth vs. Silver Content
When evaluating Peace Dollars, you’ll encounter two distinct value components that often confuse newcomers: the intrinsic silver melt value and the numismatic premium commanded by collector demand.
Each coin’s 90% silver content establishes a floor price—currently around $16 when spot silver hits $20 per ounce. However, grading standards elevate common-date pieces beyond melt. A 1922 Philadelphia in MS65 commands $100+, while circulated examples hover near $25.
Rarity multiplies returns: MS67+ specimens reach $36,000 at auction.
Counterfeit detection becomes critical when premiums exceed silver content substantially. Third-party certification through PCGS or NGC authenticates your investment while standardizing condition assessment.
Understanding this dual-value structure empowers you to navigate markets independently, whether you’re stacking silver weight or pursuing numismatic appreciation through strategic acquisitions.
Frequently Asked Questions
Where Can I Purchase Authentic Peace Silver Dollars for My Collection?
You’ll find authentic Peace silver dollars at reputable dealers like JM Bullion, SD Bullion, and APMEX. They’ll provide coin grading certifications and historical significance documentation, ensuring you’re acquiring genuine pieces with verified authenticity and proper provenance for your collection.
How Should I Properly Store Peace Dollars to Prevent Tarnishing?
Like guarding treasures in a vault, you’ll achieve tarnish prevention through proper storage using acid-free holders and airtight capsules. Maintain humidity below 50%, handle by edges with gloves, and avoid PVC materials that’ll damage your Peace Dollars permanently.
Can I Clean My Peace Silver Dollar Without Damaging Its Value?
You shouldn’t clean collectible Peace Dollars—cleaning methods damage numismatic value and trigger grading penalties. Instead, use preservation techniques like professional conservation for valuable specimens. Only clean common circulated coins you’ll keep for personal enjoyment, never investment pieces.
Are Peace Dollars Eligible for IRA Investments Like Other Silver Coins?
Peace Dollars’ historical significance creates IRA complications: they’re technically 90% silver, falling below the required 99.9% purity threshold. Unlike modern bullion, their coin grading emphasizes numismatic value, typically disqualifying them from IRS-approved precious metals retirement accounts.
What’s the Best Way to Authenticate a Peace Dollar Before Buying?
You’ll want professional authentication through NGC or PCGS grading services for counterfeit detection meeting strict grading standards. They’ll verify composition, strike characteristics, and die authenticity—protecting your investment freedom from sophisticated fakes flooding today’s market.
References
- https://coinweek.com/1922-peace-dollar-coin-collectors-guide-history-value/
- https://www.samuelsonsdiamonds.com/insights/your-guide-to-the-peace-dollar-history-value-collecting-tips/
- https://www.herobullion.com/peace-silver-dollar-coin-au/
- https://www.mintstategold.com/investor-education/cat/popular-coin-history/post/peace-silver-dollar/
- https://www.govmint.com/learn/post/complete-guide-to-collecting-peace-silver-dollars
- https://www.greatamericancoincompany.com/blogs/news/history-of-the-peace-dollar
- https://www.originalskincoins.com/blogs/news/coin-collecting-101-the-u-s-peace-dollar
- https://www.money.org/story-behind-the-peace-dollar/
- https://www.currencyandcoin.com/rare-coin-report/the-peace-silver-dollar-americas-symbol-of-hope-after-war/
- https://en.wikipedia.org/wiki/Peace_dollar
