Peace Silver Dollar Value Guide
The Peace dollar was America's last circulating silver dollar, minted 1921-1935. Created to commemorate the end of World War I, it carries the word "PEACE" - a reminder that sound money brings stability, while fiat currencies bring chaos.
The Story of the Peace Dollar
In 1921, the American Numismatic Association championed a coin to commemorate peace after World War I. Designer Anthony de Francisci won the competition, using his wife Teresa as the model for Liberty. The reverse shows an eagle at rest on a mountain, clutching an olive branch - a powerful symbol of peace through strength.
The original 1921 design was struck in High Relief, making it difficult to stack and vend. Starting in 1922, the design was modified to Low Relief for practical circulation - but collectors prize the scarcer 1921 High Relief originals.
Peace Dollar Key Dates
1928
$300-3,000+Mintage: 360,649
Lowest mintage regular issue Peace dollar
1934-S
$50-35,000+Mintage: 1,011,000
Scarce in all grades, rare in MS
1921
$100-2,500+Mintage: 1,006,473
Only High Relief year, first Peace dollar
1927-S
$28-18,000+Mintage: 866,000
Second lowest S-mint, very rare in MS-65
1925-S
$25-9,000+Mintage: 1,610,000
Low mintage, often weakly struck
1924-S
$25-12,000+Mintage: 1,728,000
Scarce especially in uncirculated
Peace Dollar Value by Year and Condition
Values in USD. Common dates trade 10-50% above melt value in circulated grades. Key dates and high-grade specimens command significant premiums.
| Year | Mint | Mintage | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1921 | P | 1,006,473 | $100 | $120 | $150 | $200 | $280 | $380 | $500 | $2,500 | High Relief, first year |
| 1922 | P | 51,737,000 | $23 | $25 | $27 | $30 | $35 | $45 | $60 | $180 | Most common |
| 1922-D | D | 15,063,000 | $23 | $25 | $27 | $30 | $38 | $50 | $70 | $350 | Common |
| 1922-S | S | 17,475,000 | $23 | $25 | $27 | $30 | $40 | $55 | $85 | $2,200 | Common, rare MS65 |
| 1923 | P | 30,800,000 | $23 | $25 | $27 | $30 | $35 | $45 | $60 | $180 | Common |
| 1923-D | D | 6,811,000 | $23 | $25 | $28 | $32 | $45 | $65 | $100 | $1,200 | Scarcer |
| 1923-S | S | 19,020,000 | $23 | $25 | $27 | $32 | $45 | $70 | $120 | $4,500 | Rare in high grade |
| 1924 | P | 11,811,000 | $23 | $25 | $27 | $30 | $35 | $45 | $60 | $200 | Common |
| 1924-S | S | 1,728,000 | $25 | $30 | $40 | $70 | $180 | $400 | $900 | $12,000 | Semi-key |
| 1925 | P | 10,198,000 | $23 | $25 | $27 | $30 | $35 | $45 | $60 | $200 | Common |
| 1925-S | S | 1,610,000 | $25 | $30 | $38 | $60 | $150 | $350 | $700 | $9,000 | Semi-key |
| 1926 | P | 1,939,000 | $23 | $26 | $30 | $40 | $60 | $90 | $140 | $500 | Lower mintage |
| 1926-D | D | 2,348,700 | $23 | $26 | $32 | $45 | $80 | $140 | $220 | $1,500 | Scarcer |
| 1926-S | S | 6,980,000 | $23 | $26 | $30 | $40 | $65 | $100 | $160 | $1,200 | Common |
| 1927 | P | 848,000 | $28 | $35 | $45 | $70 | $120 | $200 | $320 | $1,800 | Low mintage |
| 1927-D | D | 1,268,900 | $28 | $35 | $50 | $90 | $180 | $350 | $600 | $5,500 | Semi-key |
| 1927-S | S | 866,000 | $28 | $38 | $55 | $100 | $220 | $550 | $1,200 | $18,000 | Key date |
| 1928 | P | 360,649 | $300 | $320 | $350 | $400 | $480 | $600 | $800 | $3,000 | Key date - lowest |
| 1928-S | S | 1,632,000 | $28 | $35 | $45 | $80 | $180 | $380 | $700 | $8,500 | Semi-key |
| 1934 | P | 954,057 | $28 | $35 | $42 | $60 | $100 | $170 | $280 | $1,400 | Low mintage |
| 1934-D | D | 1,569,500 | $28 | $35 | $42 | $60 | $110 | $200 | $350 | $2,500 | Scarcer |
| 1934-S | S | 1,011,000 | $50 | $80 | $140 | $280 | $700 | $1600 | $4,000 | $35,000 | Key date |
| 1935 | P | 1,576,000 | $25 | $28 | $33 | $45 | $70 | $110 | $170 | $600 | Last year |
| 1935-S | S | 1,964,000 | $25 | $30 | $38 | $55 | $100 | $180 | $350 | $3,200 | Last year |
Values fluctuate with silver prices and market demand. Professional grading (PCGS/NGC) recommended for key dates.
How to Grade Peace Dollars
Obverse (Front) Key Points
- Hair Above Ear: First area to show wear. Check for fine detail lines.
- Hair Above Forehead: Should show waves of hair in VF and higher.
- Cheek: Look for contact marks and bag marks on high points.
- Ray Lines in Crown: Distinct in AU+, may blend in lower grades.
Reverse (Back) Key Points
- Eagle's Wing Tips: Check for full feather definition.
- Eagle's Breast: High point that shows wear first on reverse.
- Tail Feathers: Should show individual feathers in XF+.
- PEACE: Letters should be sharp and clear.
Strike Quality Warning: Many Peace dollars, especially San Francisco issues, have weak strikes that affect the hair above the ear and eagle's feathers. Learn to distinguish strike weakness from circulation wear - a weakly struck MS coin is still uncirculated.
1921 High Relief: The First Peace Dollar
High Relief Features (1921 Only)
- More sculptural, three-dimensional design
- Higher relief on Liberty's face and hair
- More prominent eagle on reverse
- Difficult to strike, often shows weakness
- Only 1,006,473 minted
Low Relief Features (1922-1935)
- Flatter, more practical design
- Easier to stack and use in vending
- More consistent strikes
- Lower collector premium on common dates
- Used for all subsequent Peace dollars
Frequently Asked Questions
What is a Peace silver dollar worth?
Peace dollar values start at the silver melt value of approximately $19-20 (based on 0.7734 oz silver content) and range up to $100,000+ for the rarest specimens. Common dates in circulated condition typically sell for $25-35. Key dates like 1921 High Relief, 1928, and 1934-S command significant premiums even in lower grades.
Which Peace dollars are the most valuable?
The most valuable Peace dollars are: 1921 High Relief ($100-5,000+), 1928 ($300-10,000+, lowest mintage), 1934-S ($50-15,000+), 1925-S ($30-8,000+ in MS), and 1927-S ($30-7,000+ in MS). The legendary 1964-D Peace dollar (never officially released) would be worth hundreds of thousands if authentic, but all known examples were melted.
Why was the Peace dollar created?
The Peace dollar was created in 1921 to commemorate the end of World War I. It was the first US coin to bear the word 'PEACE.' Designer Anthony de Francisci modeled the obverse portrait of Liberty after his wife Teresa. The reverse shows a bald eagle perched on a rock, clutching an olive branch - symbolizing peace rather than war.
How can I tell a 1921 Peace dollar High Relief from regular issue?
All 1921 Peace dollars are High Relief - there is no 'regular issue' 1921. The High Relief design was used only in 1921 before being modified to low relief in 1922 due to striking difficulties. 1921 Peace dollars have more sculptural, three-dimensional features compared to later dates. They also tend to show weakness in Liberty's hair and the eagle's feathers due to the striking challenges.
Are Peace dollars a good investment?
Peace dollars offer both numismatic appeal and precious metal content. For pure silver investment, common dates near melt value offer good value. For numismatic investment, key dates in high grades have historically appreciated. However, unlike .999 fine bullion, Peace dollars (90% silver) are not IRA-eligible. For tax-advantaged retirement accounts, consider American Silver Eagles or other approved products.
From Peace Dollars to Retirement Peace of Mind
The Peace dollar reminds us that sound money brings stability. While 90% silver coins aren't IRA-eligible, Augusta Precious Metals can help you protect your retirement with .999 fine silver and gold in a tax-advantaged account.