Peace Silver Dollar (1921–1935)
The Peace dollar was struck to mark the peace that followed World War I, and it was the last silver dollar made for circulation in the United States. It is the same size and silver content as the Morgan dollar but a shorter, simpler series, which makes it a natural second set for Morgan collectors.
This page covers the history and design, how to grade it, the dates that matter and how Peace dollars trade on Changes Hands.
Quick facts
| Years | 1921–1935 (struck 1921–1928 and 1934–1935) |
|---|---|
| Designer | Anthony de Francisci |
| Denomination | One dollar |
| Composition | 90% silver, 10% copper (0.7734 troy oz silver) |
| Weight | 26.73 g |
| Diameter | 38.10 mm |
| Mints | Philadelphia (no mint mark), Denver (D), San Francisco (S); mint mark on the reverse lower left, below ONE near the eagle's wing tip |
| Edge | Reeded |
History: a dollar for peace
Collectors and artists campaigned for a coin commemorating the end of World War I, and the silver needed to replace the dollars melted under the Pittman Act gave the Mint a reason to strike one. A design competition in 1921 was won by Anthony de Francisci, a young Italian-born sculptor. His wife, Teresa, was the model for Liberty.
The first coins were struck in late December 1921 in high relief, which proved hard to strike fully. In 1922 the relief was lowered, and production ran heavily through 1928. After a pause, the coin was struck again in 1934 and 1935, then stopped. The Denver Mint struck a quantity of 1964-dated Peace dollars in 1965, but they were melted, and none were issued.
The design
Liberty wears a radiant tiara and faces left, with LIBERTY above. The motto is spelled IN GOD WE TRVST, with a V in place of the U, a classical lettering style. The reverse shows an eagle at rest on a rocky outcrop, holding an olive branch, with the word PEACE below and rays of a rising sun behind. An early version showed a broken sword under the eagle; after public criticism that it suggested defeat, it was removed before release.
How to grade a Peace dollar
The highest point is Liberty's hair over the ear and temple, followed by the cheek and the tiara's rays. On the reverse, wear starts on the eagle's head, the feathers at the neck and the top of the wing, and the leg feathers. Under the Changes Hands Grading Standard, the bands with markets require, on both sides:
- Very Fine: hair strands distinct except over the ear and temple; the eagle's head, neck and wing feathers partly separated.
- Extremely Fine: hair detail complete except for light wear over the ear and temple; sharp feathers apart from the head and wing high points.
- About Uncirculated: trace friction only on the high points, with mint luster on at least half of each side.
Strike and surfaces
The 1921 high-relief coins and many Denver and San Francisco coins from 1922 to 1925 are weakly struck at the center of the hair. Flatness there with unbroken luster around it is a strike issue, not wear. Peace dollars were also handled in bags, so uncirculated coins often show marks on Liberty's cheek and neck, which affect eye appeal heavily on such a large, open portrait.
A complete set by date and mint is only 24 coins, and nearly all of them can be found in circulated grades without much difficulty, which makes the Peace dollar one of the more achievable classic silver sets. The real challenge is finding well-struck, lightly marked uncirculated examples of the branch-mint dates.
Fakes and alterations
The best-known alteration removes the S from a 1928-S to imitate the scarcer Philadelphia 1928. Die-struck counterfeits are common for both key and ordinary dates, so weight, diameter and a metal test matter on every coin. Peace dollars were made only for 1921 to 1928 and 1934 to 1935; any other date from that era is a fake.
Buying and selling Peace dollars on Changes Hands
The common 1922 to 1925 dates trade in house-graded pools in Very Fine, Extremely Fine and About Uncirculated. Certified uncirculated coins trade by date and grade, including the 1922 in PCGS MS64, the 1923 in NGC MS64 and the 1925 in PCGS MS65, and the semi-key 1927 trades in house Very Fine.
Buyers pay no fees; sellers pay 3% plus a one-time grading fee only when a coin sells. Coins remain in insured custody, so trades settle without shipping. See how it works.
Key dates
| Date | Why it matters |
|---|---|
| 1921 High Relief | The first year, struck only at Philadelphia in high relief. In demand as a one-year type. |
| 1928 | The lowest-mintage Philadelphia date. Beware 1928-S coins with the S removed. |
| 1934-S | Common enough in circulated grades but scarce uncirculated. |
| 1927, 1927-D and 1927-S | Semi-keys from a low-production year. |
| 1924-S, 1925-S and 1928-S | San Francisco issues that are difficult in high grade. |
| 1934-D and 1935-S | Later-period dates with modest mintages. |
Peace Dollar markets
- Peace Dollar, Common dates 1922–1925, Very Fine
- Peace Dollar, Common dates 1922–1925, Extremely Fine
- Peace Dollar, Common dates 1922–1925, About Uncirculated
- Peace Dollar 1927, House Very Fine
- Peace Dollar 1922, PCGS MS64
- Peace Dollar 1923, NGC MS64
- Peace Dollar 1925, PCGS MS65
Frequently asked questions
Is a Peace dollar real silver?
Yes. Peace dollars are 90% silver and 10% copper, weigh 26.73 grams and contain about 0.7734 troy ounces of silver, the same as a Morgan dollar.
Which Peace dollars are worth the most?
The 1921 High Relief, 1928 and 1934-S are the best-known keys, with the 1927-D, 1927-S, 1924-S and 1925-S scarce in high grade. The common 1922 to 1925 dates trade much closer to their silver value in circulated grades. This is general information, not investment advice.
Why does the Peace dollar say TRVST?
The designer used a classical style of lettering in which V stands for U, so the motto reads IN GOD WE TRVST. It is not an error.
What is the difference between a Morgan and a Peace dollar?
Both are 90% silver dollars of the same size and weight. The Morgan was struck from 1878 to 1904 and in 1921 with a Liberty in a cap; the Peace dollar followed from 1921 to 1935 with a tiara-wearing Liberty and a resting eagle above the word PEACE.
Where is the mint mark on a Peace dollar?
On the reverse at the lower left, below the word ONE and near the tip of the eagle's wing. Philadelphia coins have no mint mark.