If you have ever held a Peace Dollar, you already know there is something different about it. The design is bold, the strike is heavy, and the history behind every coin is remarkable. Minted from 1921 to 1928 and again from 1934 to 1935, the Peace Dollar series represents one of the most beloved chapters in American coinage and one of the most rewarding for collectors and sellers alike.
At Clemson Coins, Currency, Bullion and Jewelry in Pendleton, SC, we buy Peace Dollars every single week. Whether you have a single coin or a complete set, we pay more than anyone else in Upstate South Carolina, Always!
Why the Peace Dollar Was Created
The Peace Dollar was born out of a national desire to commemorate the end of World War I. In 1921, the U.S. Mint held a competition for a new silver dollar design. Sculptor Anthony de Francisci won with his iconic design featuring Lady Liberty on the obverse and a bald eagle perched on a rock with the word PEACE on the reverse.
The timing was significant. The Pittman Act of 1918 had melted down millions of Morgan Dollars to sell silver to Britain during the war. Congress then required the Mint to replace those coins, and the Peace Dollar was the result.
The Design: What Makes It Special
The obverse of the Peace Dollar features a portrait of Liberty facing left. Unlike earlier depictions that leaned on classical imagery, de Francisci created something unmistakably modern. It is widely believed that his wife, Teresa de Francisci, served as the inspiration for the portrait. Liberty wears a radiant crown reminiscent of the Statue of Liberty, symbolizing freedom and enlightenment. The word LIBERTY appears around the upper rim, IN GOD WE TRUST is positioned below the portrait, and the date appears at the bottom.
The reverse depicts a majestic bald eagle perched on a rock. Rather than showing an eagle in flight or clutching arrows, de Francisci chose a calm, resting eagle at peace. Beneath the eagle is the single word PEACE, making the coin's message impossible to miss. The reverse also carries UNITED STATES OF AMERICA, E PLURIBUS UNUM, and the denomination ONE DOLLAR.
Why Collect Peace Dollars?
Morgan Silver Dollars get most of the attention in American numismatics, and for good reason. They are large, beautiful coins with a long history and a devoted following. But standing in Morgan's shadow is a series that, in our opinion, does not get nearly the respect it deserves: the Peace Dollar.
Here is why we think Peace Dollars deserve a closer look:
Completability. Morgan Dollars were struck at five different mints from 1878 to 1921, and the series is loaded with stoppers. A genuine 1895 Morgan costs more than a luxury car. Peace Dollars, by contrast, were struck at only three mints from 1921 to 1935. Most dates can be purchased in uncirculated condition for between $75 and $500. The only true stopper is the 1934-S, and even that coin is attainable in lower Mint State grades for under $2,500. For collectors who want to actually finish a set, Peace Dollars are one of the most realistic options in all of American coinage.
Silver content and bullion value. Each Peace Dollar contains approximately three-quarters of an ounce of silver. Common dates in circulated condition often trade close to their silver melt value, making them an excellent choice for anyone who also invests in physical silver.
Condition rarity. The population of NGC-certified Peace Dollars is much lower than the population of NGC-certified Morgan Silver Dollars. To date, NGC has certified more than 4,549,400 Morgan Dollars. Meanwhile, NGC has certified more than 1,026,200 Peace Dollars. The overwhelming majority of these being 1922, 1923, 1924 and 1925 Philadelphia issued coins.
Affordability. A complete set of Peace Dollars in MS60 runs approximately $7,000 to $10,000. In MS63, around $13,000 to $20,000. In MS64, around $25,000 to $30,000. In MS65, the range jumps dramatically to $60,000 to $150,000. That wide spread from MS64 to MS65 tells you everything you need to know about condition rarity in this series. Gem-quality examples are genuinely scarce, and the San Francisco issues from 1924 to 1928 are the rarest of all in top grades.
The 1921 Peace Dollar: The Key Date
The 1921 Peace Dollar is the rarest and most valuable coin in the entire series. It was struck in high relief, similar to the Saint-Gaudens Double Eagle, which made it difficult to strike cleanly and caused dies to wear quickly. Only 1,006,473 were minted, a tiny number compared to later years.
What makes the 1921 even more special is its design. The high-relief version was only used that one year. Starting in 1922, the Mint switched to a lower-relief design that was easier to produce in quantity. In our opinion, the 1921 Peace Dollar is one of the most beautiful coins the U.S. Mint has ever produced.
A circulated 1921 Peace Dollar in Good condition can bring $100 or more. In Mint State grades, values climb dramatically. MS63 examples regularly sell for $1,000 to $2,000+ and higher grades command even more up to $100k+.
The Regular Issue Years: 1922 to 1928
From 1922 through 1928, the Peace Dollar was struck at three mints:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
Most dates in this range are common in circulated grades, but condition matters enormously. A heavily worn 1922 Philadelphia dollar might bring $40 to $55 (June, 2026) in silver melt value, while the same coin in MS65 could be worth $225+ (June, 2026) or more.
Key Dates and Semi-Key Dates in This Range
1923-S: Lower mintage than the Philadelphia issue. Worth a premium in higher grades.
1924-S: One of the better dates in the series. Circulated examples bring solid premiums.
1925-S: Another semi-key. Well-struck examples are scarce.
1927: Lower mintage across all three mints. The 1927-D and 1927-S are both semi-key dates worth watching.
1928: The lowest mintage Philadelphia issue in the entire series at just 360,649 coins. This is the second most important key date after the 1921. Even in Good condition, a 1928 Peace Dollar is worth well over $200.
1928-S: Also a lower-mintage coin with strong collector demand.
The Gap Years: 1929 to 1933
No Peace Dollars were struck from 1929 through 1933. The Great Depression crushed demand for silver dollars, and the Mint simply stopped production. This gap makes the 1928 even more significant as the last Philadelphia issue before the series went on hiatus.
The Final Years: 1934 and 1935
Production resumed in 1934 and continued through 1935. These final-year coins are popular with collectors who want to complete a date set.
1934: Struck at Philadelphia and Denver. The 1934-D is a semi-key date.
1934-S: Lower mintage and strong collector demand. A genuine key date in the series.
1935: The final year of regular production. Struck at Philadelphia and San Francisco.
1935-S: A popular coin with collectors. Well-struck examples are always in demand.
The 1964-D Peace Dollar: The Ghost Coin
No discussion of Peace Dollars is complete without mentioning the 1964-D. In 1965, the U.S. Mint struck approximately 316,000 Peace Dollars dated 1964 at the Denver Mint. Before they could be released, the government ordered all of them melted. Officially, none survive.
Whether any escaped the melting pot is a matter of intense debate among numismatists. If one ever surfaced and could be authenticated, it would be the most valuable U.S. coin in existence. For now, it remains the great mystery of American coinage.
The Ongoing Mystery: Speculation has never died down. For decades, collectors and dealers have whispered about the possibility that a handful of trial strikes or early specimens slipped out before the order came down. PCGS takes the question seriously enough that they maintain a standing $100,000 reward for anyone who brings in a coin they can authenticate as a genuine 1964-D Peace Dollar. That reward has never been claimed.
Specimens and Replicas: If you ever come across a coin labeled as a 1964-D Peace Dollar, treat it with extreme skepticism. The overwhelming likelihood is that it is an unofficial privately restruck medal or a collector replica. A number of these replicas exist, some struck in .999 fine silver, and they circulate regularly among collectors. They typically sell for around $75 to $100 (June, 2026) and have no connection to the original Mint production. They are legal to own and sell as long as they are not misrepresented as genuine government-issued coins.
How to Grade Peace Dollars
Grading Peace Dollars requires attention to the high points of the design. Focus on the cheek and hair above Lady Liberty's ear on the obverse, and the eagle's breast feathers on the reverse.
Good (G-4 to G-6): Major design elements visible but heavily worn. Date and mint mark readable.
Very Good (VG-8 to VG-10): More detail visible. Hair strands beginning to show.
Fine (F-12 to F-15): Moderate wear. Most major details clear.
Very Fine (VF-20 to VF-35): Light to moderate wear on high points. Good detail throughout.
Extremely Fine (EF-40 to EF-45): Light wear on highest points only. Most luster gone.
About Uncirculated (AU-50 to AU-58): Slight wear on highest points. Significant luster remaining.
Mint State (MS-60 and above): No wear. Graded on quality of strike, luster, and surface preservation.
For Peace Dollars, strike quality varies significantly by date and mint. San Francisco coins are often better struck than Denver issues. Always examine the eagle's breast feathers, as they are the first place to show weakness on a poorly struck coin.
What Affects the Value of Your Peace Dollar
Several factors determine what your Peace Dollar is worth:
Date and Mint Mark: Key dates like the 1921 and 1928 are worth multiples of common dates regardless of condition.
Grade: Condition is everything in numismatics. A coin in MS65 can be worth 10 times or more what the same coin brings in MS60.
Strike Quality: A sharply struck coin commands a premium over a weakly struck example of the same date and grade. Nearly all San Francisco issues are seen with weak strikes, and finding a sharp example is genuinely difficult. The reverse strike on S-mint coins is one of the most important factors when evaluating Gem examples.
Luster: Original, undisturbed mint luster adds significant value. Cleaned or polished coins are worth far less.
Eye Appeal: Attractive toning, clean fields, and a pleasing overall appearance all contribute to value. For some reason, many Peace Dollars have unattractive or artificially toned surfaces. Only buy coins with frosty white or nearly white surfaces and good eye appeal. Darkly toned examples sell at steep discounts and should be avoided.
Modern Peace Dollars
Beginning in 2021, the U.S. Mint reissued the Peace Dollar in High Relief to mark the coin's centennial. The Mint has continued striking these coins on an annual basis, and the modern Peace Dollar series is now an ongoing part of the U.S. Mint's product lineup. For collectors who love the design but want something new, these modern issues are a compelling option.
Recommended Reading
If the 1921 Peace Dollar interested you, we recommend picking up Roger W. Burdette's book, A Guide Book of Peace Dollars, published as part of the Whitman Red Book series. It is comprehensive, well-researched, and the definitive reference for the series. A comprehensive list of Peace Dollar varieties can also be found on the NGC website and in the Mega Red Guide Book of United States Coins by Whitman Publishing.
Selling Your Peace Dollars in Upstate South Carolina
If you have Peace Dollars to sell, whether a single key date or a complete collection, Clemson Coins, Currency, Bullion and Jewelry pays the most in Upstate South Carolina. We evaluate every coin individually, pay for grade and rarity, and never lowball you with generic silver melt offers on coins that deserve numismatic premiums.
We are located at 7611 HWY 76, Pendleton, SC 29670, just minutes from Clemson, Anderson, Greenville and Seneca (see our service areas). Call us at 864-502-0100 to discuss your coins before you make the drive. We are happy to give you a sense of value over the phone.
Clemson Coins, Currency, Bullion and Jewelry. We Pay More, ALWAYS!
7611 HWY 76, Pendleton, SC 29670 · Call 864-502-0100