Peace Dollar
(1921 – 1935)
The Peace Dollar is an iconic coin that came to represent the optimistic spirit following World War I. Struck from 1921 to 1935, the Peace Dollar is one of the last U.S. silver dollars ever minted before the country shifted to other forms of currency. These coins were produced in relatively high numbers, especially in their early years, but there are some key varieties and details that collectors should keep an eye out for. The design of the coin is unique and has a certain elegance that gives it its name—”Peace.”
The obverse features the profile of Lady Liberty, designed by Anthony de Francisci, with a dove perched on a branch. The reverse displays an eagle holding an olive branch in its talons, a symbol of peace. The Peace Dollar symbolizes the nation’s desire for peace following the devastation of the war.
Peace Dollar Design Details
Obverse:
The obverse of the Peace Dollar features Lady Liberty with her crown of rays. The inscription around the edge reads “LIBERTY,” and the date is placed prominently beneath her neck. There is a sharp, stylized design with clean, crisp lines that give the coin a sense of modernity for its time. The facial features of Liberty are more youthful and idealized compared to earlier coins, such as the Morgan Dollar.
Reverse:
The reverse showcases an eagle perched on a rock, holding an olive branch in its claws. The words “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” surround the eagle, and the coin’s denomination, “ONE DOLLAR”, is placed beneath it. The reverse of the Peace Dollar features some of the most intricate details in U.S. coinage, especially in the feathers of the eagle and the olive branch.
Peace Dollar Values – Understanding Market Trends
The value of a Peace Dollar is influenced by a combination of factors, including its mintage year, mint mark, condition, and any unique characteristics it may have. Coins minted in the earlier years, like 1921 and 1928, are generally more valuable due to their relative rarity and limited production. The 1928 Peace Dollar stands out particularly, as it marks the last year the U.S. Mint produced the coin before the economic collapse of the Great Depression. This makes it especially desirable among collectors.
For a comprehensive understanding of how to evaluate Peace Dollar Values, it is essential to consider various pricing factors.
Coins from later years, while still part of the series, tend to be more plentiful and therefore typically command lower premiums. However, condition is an important factor. Coins that are in excellent condition, especially those graded MS64 or above, can significantly increase in value. These higher-grade coins are much rarer and attract collectors willing to pay a premium for their pristine quality.
Moreover, error coins within the Peace Dollar series—such as those with doubled dies or unusual strikes—often fetch even higher prices. These errors are seen as rare and collectible, making them particularly attractive to enthusiasts seeking out something unique. While many Peace Dollars remain relatively affordable, those with exceptional characteristics, either in terms of rarity, condition, or error features, can command significant sums. The enduring popularity of this series, especially among those interested in U.S. history and coinage, ensures that Peace Dollars will continue to be a sought-after addition to any collection.
Peace Dollar Valuation Chart
Year | Mint Mark | Mintage | Estimated Value Range (Circulated → Uncirculated) | Key Notes / Varieties |
|---|---|---|---|---|
1921 | P | ~44 million | $30 – $1,500+ | First year of issue. 1921-P is less common in higher grades. |
1921 | D | ~20 million | $50 – $2,000+ | 1921-D has a lower mintage and is more valuable than 1921-P. |
1921 | S | ~20 million | $75 – $2,000+ | 1921-S is also sought after due to its lower mintage compared to the other mints. |
1922 | P | ~51.7 million | $25 – $600+ | Common date, but the 1922-P is valuable in high grades. |
1922 | D | ~7.7 million | $40 – $800+ | 1922-D has a lower mintage and high-grade specimens are valuable. |
1922 | S | ~6 million | $50 – $900+ | 1922-S is highly prized in better grades and more difficult to find in mint state. |
1923 | P | ~30 million | $20 – $400+ | Common date but still valuable in higher grades. |
1923 | D | ~6 million | $30 – $500+ | 1923-D is rare in mint state, adding value to higher grades. |
1923 | S | ~6 million | $35 – $600+ | 1923-S has a slightly higher value due to its rarity in high grades. |
1924 | P | ~22 million | $25 – $500+ | 1924-P is more common, but high-quality coins fetch a premium. |
1924 | D | ~3.2 million | $30 – $600+ | 1924-D is more desirable in high grades. |
1924 | S | ~2.2 million | $40 – $700+ | 1924-S is harder to find in high-grade, raising its value. |
1925 | P | ~9.5 million | $30 – $600+ | More affordable compared to 1925-S, but still holds value in high grades. |
1925 | D | ~3.9 million | $50 – $900+ | 1925-D is scarce and valuable in better condition. |
1925 | S | ~3.6 million | $50 – $1,000+ | 1925-S is rarer, especially in better preservation. |
1926 | P | ~10 million | $40 – $700+ | 1926-P is common but in higher grades can demand more value. |
1926 | D | ~3.6 million | $50 – $800+ | 1926-D has higher value in near-mint to uncirculated conditions. |
1926 | S | ~3.5 million | $60 – $1,000+ | 1926-S is one of the more sought-after dates for collectors. |
1927 | P | ~10 million | $30 – $600+ | Common in circulated grades but valuable in higher grades. |
1927 | D | ~3.4 million | $50 – $900+ | 1927-D is rare in mint state and increases in value. |
1927 | S | ~3.5 million | $50 – $1,000+ | 1927-S is one of the more desirable years and commands a higher price. |
1928 | P | ~360,000 | $150 – $2,500+ | Key year, very low mintage. Highly sought after in all conditions. |
1928 | D | ~360,000 | $150 – $2,500+ | Rare and valuable, especially in higher grades. |
1928 | S | ~200,000 | $200 – $3,000+ | Extremely rare and valuable, especially in mint state. |
1929 | P | ~1 million | $150 – $2,000+ | Low mintage, desirable for collectors seeking scarce coins. |
1929 | D | ~300,000 | $200 – $2,500+ | The 1929-D has an even smaller mintage, making it especially valuable. |
1929 | S | ~300,000 | $250 – $3,000+ | Extremely rare and prized by collectors, especially in uncirculated condition. |
1934 | P | ~10 million | $20 – $400+ | Still common in circulated grades. |
1934 | D | ~3 million | $40 – $600+ | 1934-D is rarer and more sought after in higher grades. |
1934 | S | ~1 million | $50 – $1,000+ | 1934-S has higher value due to its rarity in mint state. |
1935 | P | ~8 million | $20 – $400+ | The final year of production, still relatively affordable. |
1935 | D | ~2 million | $40 – $600+ | 1935-D has some variety value, especially in higher grades. |
1935 | S | ~2 million | $50 – $800+ | 1935-S is often more desirable than the P and D versions. |
Key Dates, Varieties and Errors
1921 (High Relief) – First year of issue and the only year struck in high relief; more difficult to find in high grades.
1928 (Philadelphia) – Lowest mintage of the entire series (just 360,649); considered the key to the set.
1934-S – Scarce in higher grades and highly sought after; often weakly struck.
1935 (Final Year) – Final year of the original Peace Dollar run, slightly tougher in higher grades.
2021 (Reissue) – Released as part of the 100th anniversary commemorative, not part of the original series but popular with modern collectors.
1922 Weak D – Some Denver-minted coins have a very weak or barely visible “D” mint mark.
1922 “Die Break” or “Mustache” Variety – A small die break near Liberty’s upper lip looks like a mustache.
1924-S Weak Strike – Many coins from this year and mint are softly struck, especially on the reverse.
1922 “VAM” Varieties – Numerous VAM (Van Allen-Mallis) varieties exist for 1922, the highest mintage year, including doubled dies, repunched mint marks, and clashed dies.
Popular Errors
Die Breaks / Cuds – Random errors where part of the die broke off, causing raised blobs or lines.
Clashed Dies – Caused when dies strike each other without a planchet in between, transferring part of one die’s design onto the other.
Off-Center Strikes – Less common, but off-center Peace Dollars exist and are collectible.
Notable Characteristics and Collectability
The Peace Dollar is highly sought after due to its symbolism and unique design. It represents the end of an era in U.S. silver coinage. While many collectors focus on the early years of the series, 1928 is widely regarded as the key date, with 1928-P and 1928-D especially valuable. Additionally, the 1921 issue, being the first year of release, holds significant collector interest.
There are also several error coins, particularly with doubled dies, which can fetch premium prices on the market. Peace Dollars were initially struck for circulation but were later withdrawn, making high-grade specimens even rarer. For collectors seeking the best, coins graded in MS65 or higher can command five-figure prices for the rarer dates.
Historical Context by Year
1921 – The first year of production for the Peace Dollar. The coin was introduced to commemorate the end of World War I, with designs symbolizing peace and a new era.
World Fact: The Tulsa Race Massacre occurs, where a violent attack devastates the prosperous Black community of Greenwood in Tulsa, Oklahoma.
1922 – Production of Peace Dollars continues, though the mintages drop slightly. This year marks a period of rebuilding for the U.S. economy after World War I.
World Fact: The BBC broadcasts its first radio news program in the UK.
1923 – Peace Dollar production slows down, but the coin remains an iconic symbol of post-war America. Interest in the coin begins to grow as the nation recovers from wartime hardships.
World Fact: The Chrysler Building in New York City is completed, briefly holding the title as the world’s tallest building.
1924 – Production of Peace Dollars continues with moderate mintage numbers, reflecting stable demand for coinage.
World Fact: The first-ever Macy’s Thanksgiving Day Parade is held in New York City, a tradition that would continue for years to come.
1925 – The Peace Dollar sees another year of moderate production. The coin’s design and symbolism are embraced as the U.S. begins to enter the Roaring Twenties, a decade of economic prosperity.
World Fact: The Great Gatsby by F. Scott Fitzgerald is published, capturing the essence of the Jazz Age.
1926 – The Peace Dollar continues to be struck, though its production begins to taper off as other forms of coinage become more popular.
World Fact: The first successful transatlantic flight from New York to Paris is completed by Charles Lindbergh.
1927 – This year sees a slight increase in Peace Dollar production, though interest in other coins and the economic climate lead to a mixed year in terms of demand.
World Fact: The Harlem Renaissance reaches its peak, with cultural and artistic contributions from African American artists.
1928 – Peace Dollar production remains relatively steady, but coin designs like the Lincoln Cent begin to gain more attention as the country experiences significant change.
World Fact: The stock market reaches an all-time high just before the Great Depression begins to take hold.
1929 – Production of Peace Dollars continues, though much of the country is beginning to feel the effects of the Great Depression. Mintages of the coin decrease as economic hardship looms.
World Fact: The Stock Market Crash of 1929 triggers the onset of the Great Depression, one of the worst economic crises in U.S. history.
1934 – After a brief hiatus in Peace Dollar production due to the Great Depression and the nation’s focus on silver coinage, production resumes for a short period.
World Fact: The New Deal is enacted by President Franklin D. Roosevelt to provide economic relief during the Great Depression.
1935 – The final year of Peace Dollar production. The U.S. Mint shifts to producing new designs, and the popularity of silver coins wanes.
World Fact: The Social Security Act is signed into law, creating the Social Security system for Americans.
Final Thoughts
A s one of the most cherished coins in U.S. numismatics, the Peace Dollar stands out not just for its bold, elegant design—but for what it represents. Minted in the wake of World War I, this coin was intended as a symbol of peace, hope, and a new chapter for America. That kind of historical weight, combined with its eye-catching high-relief design and solid silver content, gives it a timeless appeal among collectors.
Whether you’re just getting your feet wet in coin collecting or you’ve been building your set for years, the Peace Dollar deserves a spot in your collection. It’s got everything—history, beauty, scarcity, and value. The earlier issues, especially the high-relief 1921, are not only visually stunning but also much tougher to find in higher grades. The 1928, with its low mintage, is a well-known key date and remains one of the most sought-after coins in the series.
