Peace Silver Dollars

Peace Silver Dollars

Peace Silver Dollars, first introduced in 1921, are among the most recognizable classic American silver coins. Designed to commemorate peace following World War I, the Peace Dollar replaced the Morgan Silver Dollar and introduced a new artistic interpretation of Liberty and the American eagle.

Struck from 1921 through 1928 and again from 1934 through 1935, classic Peace Dollars contain 90% silver and are collected for their historical significance, scarce dates and mintmarks, distinctive relief designs, and exceptional preservation. Certified Peace Silver Dollars offer collectors opportunities to pursue key-date rarities, high-grade Mint State examples, and complete date and mintmark sets.

History of the Peace Silver Dollar (1921–1935)

The Peace Silver Dollar was created following World War I, reflecting a national desire to commemorate the restoration of peace.

The design originated from a competition organized by the United States Commission of Fine Arts. Sculptor Anthony de Francisci was selected to create the new silver dollar, replacing George T. Morgan's design that had been used since 1878.

The first Peace Dollars were struck in December 1921. Production continued through 1928, resumed in 1934, and ended in 1935.

The Peace Dollar became the final circulating U.S. silver dollar series struck in the traditional 90% silver composition.

Peace Silver Dollar Design

The obverse features a left-facing portrait of Liberty wearing a radiant crown, with the inscriptions LIBERTY, IN GOD WE TRUST, and the date.

De Francisci's wife, Teresa de Francisci, served as an inspiration for the portrait of Liberty, although the finished design was intended to represent an idealized image rather than a literal likeness.

The reverse depicts an American eagle resting upon a rocky outcrop, holding an olive branch and facing the rising sun. The inscription PEACE appears below the eagle, reflecting the coin's commemorative purpose.

Classic Peace Dollars contain 90% silver and 10% copper, weigh approximately 26.73 grams, and contain 0.7734 troy ounces of pure silver.

1921 High Relief Peace Silver Dollars

The 1921 High Relief Peace Dollar is one of the most distinctive issues in the series.

The original design featured deeply sculpted details and a pronounced relief that created a dramatic appearance. However, the high-relief design presented production challenges, including difficulty achieving consistent strikes and excessive pressure on coinage dies.

Beginning in 1922, the United States Mint adopted a lower-relief design better suited for regular production.

The 1921 High Relief Peace Dollar remains an important first-year issue, collected for its distinctive appearance, historical significance, and role in the development of the series.

Peace Silver Dollar Mintmarks

Classic Peace Dollars were produced at three United States Mint facilities:

• Philadelphia (No Mintmark): Produced the inaugural 1921 High Relief issue and several important dates, including the key-date 1928 Peace Dollar.

• Denver (D): Struck Peace Dollars during selected years of the series, including the 1934-D issue with its recognized doubled die variety.

• San Francisco (S): Produced several dates that are challenging in higher Mint State grades, including the 1924-S, 1927-S, and 1934-S.

Mintmarks appear on the reverse near the eagle's tail feathers.

Collectors often pursue Peace Dollars by date and mintmark, with certain issues becoming considerably scarcer in higher certified grades.

Key Dates and Rare Peace Silver Dollars

Although many Peace Dollars remain available to collectors, several dates and mintmarks are especially important within the series.

1921 High Relief Peace Dollar

The inaugural issue of the Peace Dollar series, distinguished by its original high-relief design. Collectors value the 1921 issue for its historical significance and unique appearance.

1928 Peace Dollar

The Philadelphia Mint produced only 360,649 circulation-strike Peace Dollars in 1928, making it the lowest-mintage regular business-strike issue of the classic series. It remains one of the most recognized key dates among Peace Dollar collectors.

1934-S Peace Dollar

The 1934-S is an important condition rarity. Although circulated examples are available, well-preserved Mint State coins are significantly more difficult to locate.

1924-S and 1927-S Peace Dollars

Both San Francisco issues are challenging in higher grades. Collectors pursuing complete Mint State sets often encounter difficulty finding examples with strong strikes, original luster, and attractive surfaces.

1935 Peace Dollar

The final year of the classic Peace Dollar series includes Philadelphia and San Francisco issues. These coins represent the conclusion of regular production of the original design.

Peace Dollar Varieties and Condition Rarities

Beyond traditional date and mintmark collecting, Peace Silver Dollars offer opportunities to pursue recognized die varieties and exceptional condition rarities.

Notable varieties include the 1934-D Doubled Die Obverse, along with other documented die characteristics found throughout the series.

Strike quality is particularly important when evaluating Peace Dollars. Certain dates are known for weakly defined details, particularly in Liberty's hair and the eagle's feathers.

Coins displaying strong original luster, minimal contact marks, and well-defined design elements can be especially desirable in higher Mint State grades.

Collectors also consider the appearance of a coin's surfaces, including original toning and overall eye appeal, when evaluating certified Peace Dollars.

Collecting Certified Peace Silver Dollars

Certified Peace Silver Dollars offer collectors opportunities to assemble complete date and mintmark sets, acquire key-date rarities, pursue recognized varieties, and collect exceptional Mint State examples.

Important considerations include:

• Date and Mintmark: Certain issues have lower mintages or smaller surviving populations.

• Certified Grade: Surface preservation, contact marks, wear, and remaining luster influence numerical grading.

• Strike Quality: Strongly defined details can distinguish individual examples, particularly among dates known for weaker strikes.

• Original Surfaces: Natural luster, attractive toning, and overall preservation contribute to collector appeal.

• Population and Rarity: Certified population figures and surviving examples help collectors evaluate the relative scarcity of individual dates and grades.

Professional grading by PCGS, NGC, and CACG, along with CAC-approved examples, provides independent assessments of condition and preservation when evaluating Peace Silver Dollars.

Classic and Modern Peace Silver Dollars

The Peace Dollar design returned in 2021 to commemorate the 100th anniversary of the original series.

Unlike classic Peace Dollars struck in 90% silver, modern Peace Dollars are produced in .999 fine silver. The modern program includes uncirculated, Proof, and Reverse Proof collector issues.

These newer releases offer collectors an opportunity to acquire Anthony de Francisci's historic design in contemporary finishes and certified grades, including MS70 and Proof 70 examples.

Collectors interested in modern issues can explore the separate Modern Morgan and Peace Dollars collections, while classic Peace Silver Dollars remain an important focus for collectors of historic American coinage.