How Much is a Peace Dollar Worth?

Jump to: Background and Design | Composition | Identifying Rare Peace Dollars | Key Dates and Values | Modern Peace Dollar

Peace Dollars, minted from 1921 to 1935, hold a significant place in American numismatic history. These silver coins were commissioned to celebrate the ending of World War I, symbolizing peace and freedom.

Designed by Anthony de Francisci, the Peace Dollar features an iconic image of Lady Liberty and a majestic bald eagle, making it a favorite among collectors. However, the value of a Peace Dollar can vary widely depending on factors like condition, mint year, and rarity.

In fact, Peace Dollar coins in circulated condition (grades 4 to 55) typically range from $30 to $475. In uncirculated conditions (grades 60 to 70), the value can range from $650 to close to $460,000!

In this guide, I will explore the worth of these historic coins, helping you understand their potential value and significance in the coin-collecting world.

Key Takeaways

• The value of Peace Dollars depends mainly on their condition and rarity. The 1921 Type 1 High Relief Peace Dollar can range from $170 to $140,000, while Type 2 Low Relief coins can be worth between $30 and $125,000.
• Peace Dollars were minted to commemorate the end of World War I, designed by Anthony de Francisci. They feature Lady Liberty on the obverse and a bald eagle on the reverse, symbolizing freedom and peace.
• Mintmarks are crucial in determining a coin's rarity and value, with Peace Dollars struck in Philadelphia, Denver, and San Francisco. Coins from some mints and years are much rarer than others.
• The 1921 Peace Dollar's high-relief design is particularly rare and visually striking, but it was challenging to mint, leading to lower production and higher values.
• Some of the rarest Peace Dollars, like the 1928-P, 1934-D, and 1927-D, have set record auction prices, making them highly sought-after collector’s items.

Background and Design of the Peace Silver Dollars

In 1920, Joseph Farran Zerbe, a renowned numismatist and former president of the American Numismatic Association, suggested creating a coin to celebrate the end of World War I. The idea resonated with US Mint officials, and a project began to take shape.

It was decided that the United States Commission of Fine Arts (CFA) should hold a competition for a new design that would replace the Morgan Dollar Coins and embrace the atmosphere of lasting peace after “the war to end all wars.” 

The CFA received several proposals, but the ultimate winner was Anthony de Francisci.

In his design, Francisci depicted Lady Liberty wearing a wreath of spikes. Lady Liberty is a recurrent figure in American coinage and an emblem of freedom and democracy.

The inscription "LIBERTY" arches along the top above her figure. The motto "IN GOD WE TRUST" flanks her neck. The year of mintage is inscribed at the bottom.

Source//PCGS

Liberty’s image remains a powerful symbol of enlightenment and a shared desire for peace.

The coin's reverse also carries profound symbolism, featuring a bald eagle, the national emblem of the United States and a native species of North America, facing the rising sun rays.

The inscription "UNITED STATES OF AMERICA" curves along the upper edge, with "E PLURIBUS UNUM" (meaning "Out of many, One") below. The denomination is marked on both sides of the eagle, with "ONE" to the left and "DOLLAR" to the right.

Source//PCGS

The bald eagle embodies the American spirit, personifying strength, courage, and freedom.

Composition

According to PCGS, the coin was minted from 1921 to 1928 and again in 1934 and 1935. Each coin is struck from 26.73 grams of 90% pure silver and 10% copper. Since silver is a noble metal with an intrinsic value, any silver coin will be worth at least its proportional current silver spot price.

Mints and Mintmarks

Three mints produced silver dollars: Philadelphia, Denver, and San Francisco. Peace Dollars struck at the main U.S. Mint in Philadelphia lack a mintmark.

When present, the mintmark on a Peace dollar is located in the lower left section of the reverse, nestled between the tip of the eagle's folded wing and the coin's rim.

While the mintmark identifies the coin's origin, it is also crucial for determining its rarity, as production levels varied at different facilities in specific years.

Learn more on who is on the dollar coins in our article here

Identifying Rare and Valuable Peace Dollars

High Relief (1921)

The first version of the coin's die's high relief created difficulties for the Mint. It shortened the die's duration and made it difficult to achieve the details, which occasionally required more than one strike to make them visible. This slowed production and made it more costly.

Low Relief (1922-1935)

In response to the high-relief problems, changes started to be planned in the same year. The natural solution was to lower the relief of the Peace Dollar. So, in 1922, the low-relief versions were released. The low-relief version is less eye-appealing than the original strike, but it was a necessary measure to maintain the design.

As a result, Peace Silver Dollars from 1921 are high-relief and have a striking look, significantly distinguishing them from the low-relief type 2.

Key Dates and Their Values

Rare and valuable Peace dollars typically have low mintages and high-grade uncirculated conditions. Based on these criteria, I have researched different price guides and auction records to reach the ultimate list of the ten most valuable Peace dollars below.

Remember that while a coin may have an estimated value, the final price in an auction environment often depends on the dynamics of the bidding process.

10. 1935-S $1 Peace Dollar (Regular Strike)

Source//PCGS

Another example of how time makes a difference is that this variety was also overlooked in the past. In the 1950s, there was no numismatic interest in them.

Most Mint State pieces are well-struck, have satiny luster, and are attractive for coin dealers. Only four receive a grade as high as MS67 (Superb gem uncirculated).

The auction record for this variety was set in 2013 at Heritage Auctions when a coin graded MS65 was sold for $39,656.

9. 1924-S $1 Peace Dollar (Regular Strike)

Source//PCGS

This variety is notable as a condition rarity within the Peace Dollar series. The 1924-S's production quality was inferior, making finding one in good condition, like the one above, exceptionally challenging.

Coins are graded not only on their intrinsic features but also on their visual appeal. Consequently, poorly struck coins, like this issue, typically experience more wear than one might expect and show signs of deterioration more quickly than those struck with higher quality.

The auction record for this variety was established in 2011 when a coin graded MS66 fetched $54,625 at Heritage Auctions.

8. 1934-S $1 Peace Dollar (Regular Strike)

Source//PCGS

Today, the 1934-S Peace dollar is considered the rarest variety in Mint State grades up through MS-64, the key to the series.

This coin was not always famous. In the 1940s, dealers ignored it, thinking there were plenty of them stored in San Francisco banks. In reality, most of them went into circulation, and only a few were preserved in Min State.

The result? Only nine individuals were preserved at the highest condition of MS66+, worth around 85,000.

The auction record was set on December 12, 2019, when a coin graded MS66+ sold for $79,313 at Legend Rare Coin Auctions.

7. 1934-D $1 Peace Dollar (Regular Strike)