Complete Guide to the US Peace Dollar: History, Varieties, Values & Full Coin List (1921–1935)

Introduction to the US Peace Dollar Series

The US Peace Dollar is an iconic American silver coin that represents peace after World War I. Struck from 1921 to 1935, this dollar coin replaced the Morgan Dollar and became a symbol of post-war harmony and strength.

Designed by Anthony de Francisci, the Peace Dollar features Lady Liberty with a radiant crown on the obverse and a bald eagle perched on an olive branch on the reverse — symbolizing peace through strength.

Minted in 90% silver, Peace Dollars are prized by collectors and investors for both their historical value and precious metal content.

🧾Complete List of US Peace Dollars (1921–1935)

Here is the full list of all US Peace Dollar issues, including their mint marks, mint locations, and key details:

📜Design Details of the Peace Dollar

• Designer: Anthony de Francisci

• Composition: 90% silver, 10% copper

• Weight: 26.73 grams

• Diameter: 38.1 mm

• Edge: Reeded

• Obverse: Liberty’s profile with rays behind her head

• Reverse: Eagle on a rock, holding an olive branch, with the word “PEACE”

🔎Key Facts and Highlights

🔹 1921 High Relief Peace Dollar

The 1921 Peace Dollar is the only coin in the series struck in high relief, giving it a bold, sculptural look. It’s also one of the most valuable Peace Dollars, especially in Mint State.

🔹 1928 Peace Dollar – The Key Date

With only 360,649 coins minted, the 1928 Philadelphia Peace Dollar is the rarest regular-issue in the series. It commands high premiums, even in circulated grades.

🔹 1934-S and 1935-S Rarities

Later issues like the 1934-S and 1935-S are scarce in high grades and sought after by series completionists.

💰Peace Dollar Value Chart (Approximate as of 2025)

(Prices vary with silver prices and market demand)

📦Tips for Collecting Peace Dollars

1. Start with common years (1922–1923) to build a base set affordably.

2. Invest in uncirculated (MS60+) coins for long-term value.

3. Be cautious of cleaned or altered coins; always buy certified by PCGS/NGC.

4. Consider completing a date-mintmark set for a fulfilling collecting goal.

5. Store your collection in airtight capsules or albums for preservation.

🏅Why Collect the Peace Dollar?

• Silver content: 0.7734 oz pure silver per coin

• Historic representation: Post-WWI peace symbolism

• Affordable entry point for new collectors

• Potential appreciation due to precious metal and rarity

• Visually appealing high-relief design

🧠Fun Fact

The model for Lady Liberty on the Peace Dollar was Teresa de Francisci, the designer’s wife. Her elegant profile captured the idealized face of liberty in a peaceful new era.

🗺️Where Were Peace Dollars Minted?

• Philadelphia (no mint mark)

• Denver (D)

• San Francisco (S)

No Peace Dollars were minted at New Orleans or Carson City, unlike Morgan Dollars.

Frequently Asked Questions About the U.S. Peace Dollar: Complete History, Designs, Value, and Collector Guide

The U.S. Peace Dollar is one of the most iconic and symbolic coins in American numismatic history. First issued in 1921, the Peace Dollar was created to commemorate the restoration of peace following World War I, making it not only a silver coin but also a powerful national statement.

Because of its short original production run, striking Art Deco design, historical significance, and silver content, collectors and investors frequently ask questions about value, rarity, mintmarks, grading, and long-term collectibility.

This comprehensive FAQ-style guide answers the most frequently asked questions about the U.S. Peace Dollar, making it ideal for beginners, advanced collectors, historians, educators, and silver investors.

General Questions About the U.S. Peace Dollar

1. What is the U.S. Peace Dollar?

The U.S. Peace Dollar is a one-dollar silver coin minted by the United States from 1921 to 1928, and again in 1934 and 1935. It was designed to celebrate peace after World War I and became the last U.S. dollar coin struck in 90% silver for circulation.

2. Why is it called the Peace Dollar?

The coin is called the Peace Dollar because it was created to symbolize peace, hope, and national recovery following the devastation of World War I. The word “PEACE” appears prominently on the reverse of the coin.

3. When was the Peace Dollar first issued?

The Peace Dollar was first issued in December 1921, replacing the Morgan Dollar, which had been in production intermittently since 1878.

4. Who authorized the creation of the Peace Dollar?

The Peace Dollar was authorized following public and political support for a coin commemorating peace. Though no single act of Congress mandated it initially, the coin was approved by the U.S. Treasury Department with encouragement from numismatic organizations.

Design and Artistic Questions

5. Who designed the U.S. Peace Dollar?

The Peace Dollar was designed by Anthony de Francisci, an Italian-American sculptor. His design was selected through a national competition organized by the U.S. Mint.

6. Who modeled for the Liberty portrait on the Peace Dollar?

The model for Liberty was Teresa Cafarelli, the wife of Anthony de Francisci. Her youthful appearance symbolized a new era of peace and optimism.

7. What appears on the obverse of the Peace Dollar?

The obverse features:

• A radiant profile of Liberty

• A spiked crown resembling rays of sunlight

• The word LIBERTY

• The motto IN GOD WE TRUST

• The year of issue

The design reflects both classical beauty and modern Art Deco elements.

8. What appears on the reverse of the Peace Dollar?

The reverse depicts:

• A bald eagle perched on a rock

• An olive branch symbolizing peace

• The word PEACE

• UNITED STATES OF AMERICA

• E PLURIBUS UNUM

• ONE DOLLAR

9. Why does the Peace Dollar eagle look less aggressive than other U.S. coins?

Unlike earlier eagles shown clutching arrows or in flight, the Peace Dollar eagle appears calm and resting, reinforcing the coin’s peaceful theme.

Metal Content and Specifications

10. What is the metal composition of the Peace Dollar?

The Peace Dollar is composed of:

• 90% silver

• 10% copper

This alloy was standard for U.S. silver coinage at the time.

11. How much silver is in a Peace Dollar?

Each Peace Dollar contains approximately:

• 0.77344 troy ounces of pure silver

12. What are the physical specifications of a Peace Dollar?

• Weight: 26.73 grams

• Diameter: 38.1 mm

• Edge: Reeded

• Face Value: $1

Mintmarks and Production

13. Where were Peace Dollars minted?

Peace Dollars were minted at:

• Philadelphia (no mintmark)

• Denver (D mintmark)

• San Francisco (S mintmark)

14. Where is the mintmark located on a Peace Dollar?

The mintmark is located on the reverse, near the word ONE, just above the eagle’s tail feathers.

15. Which mint produced the most Peace Dollars?

The Philadelphia Mint produced the highest total number of Peace Dollars over the series’ lifetime.

Key Dates and Rarity

16. What are the key dates in the Peace Dollar series?

Important key dates include:

• 1921 High Relief

• 1928 Philadelphia

• 1934-S

• 1935-S

These coins command higher premiums due to lower mintages and collector demand.

17. Why is the 1921 Peace Dollar special?

The 1921 Peace Dollar is unique because:

• It was struck in high relief

• It has sharper details

• It was difficult to mint

• It exists only in one year with that relief style

18. Why is the 1928 Peace Dollar valuable?

The 1928 Philadelphia Peace Dollar has the lowest mintage of the entire series, making it highly desirable.

19. Are all Peace Dollars rare?

No. Many dates are relatively common, but condition plays a major role. High-grade examples are scarce even for common dates.

Circulation and History

20. Were Peace Dollars widely circulated?

Peace Dollars saw limited circulation, especially after the early 1920s. Many were stored in Treasury vaults and later released.

21. Why did Peace Dollar production stop in 1928?

Production stopped due to:

• Reduced demand for silver dollars

• Economic conditions

• Sufficient existing supply

22. Why were Peace Dollars minted again in 1934–1935?

Minting resumed due to:

• Silver policy changes

• Political pressure from silver-producing states

• Treasury requirements

Value and Pricing Questions

23. How much is a Peace Dollar worth today?

Value depends on:

• Date and mintmark

• Condition

• Silver prices

• Collector demand

Common circulated Peace Dollars typically trade above melt value, while key dates can be worth thousands.

24. Are Peace Dollars worth more than their silver value?

Yes. Most Peace Dollars carry numismatic premiums, especially in higher grades.

25. Do Peace Dollars increase in value over time?

Historically, Peace Dollars have shown steady long-term appreciation, especially key dates and high-grade coins.

Grading and Condition

26. What does grading mean for Peace Dollars?

Grading evaluates:

• Wear

• Strike quality

• Surface preservation

• Eye appeal

Grades range from Poor (P-1) to Mint State (MS-70).

27. What is a Mint State Peace Dollar?

A Mint State (MS) Peace Dollar:

• Shows no wear

• Retains original luster

• Was never circulated

28. Are uncirculated Peace Dollars rare?

Uncirculated examples exist, but high-grade Mint State coins (MS65 and above) are scarce.

29. Should Peace Dollars be professionally graded?

Professional grading is recommended for:

• Key dates

• High-value coins

• Coins intended for resale or insurance

Counterfeits and Authenticity

30. Are Peace Dollars counterfeited?

Yes. Counterfeits exist, especially for key dates. Buyers should:

• Verify weight and dimensions

• Examine details

• Buy from reputable dealers

• Use certified coins when possible

31. How can I tell if a Peace Dollar is real?

Authenticity checks include:

• Weight test

• Magnet test

• Edge reeding inspection

• Professional authentication

Storage and Care

32. How should Peace Dollars be stored?

Best practices:

• Use inert holders

• Avoid PVC plastics

• Store in low-humidity environments

• Avoid handling with bare hands

33. Should Peace Dollars be cleaned?

No. Cleaning damages the surface and significantly reduces value.

Collecting Strategies

34. Is it better to collect Peace Dollars by date or mintmark?

Both strategies are popular:

• Date sets are more affordable

• Date-and-mintmark sets are more challenging and valuable

35. Are Peace Dollars good for beginner collectors?

Yes. The series is:

• Short

• Historically rich

• Affordable at entry levels

• Widely studied

36. Are Peace Dollars a good investment?

Peace Dollars offer:

• Silver value protection

• Historical significance

• Long-term collector demand

They are best suited for long-term holding.

Modern Peace Dollars

37. Has the U.S. Mint reissued Peace Dollars recently?

Yes. The U.S. Mint released modern Peace Dollar commemorative coins starting in 2021, honoring the centennial of the original design.

38. Are modern Peace Dollars the same as original ones?

No. Modern versions:

• Are collectibles

• Are not circulation coins

• Have different compositions and finishes

Legacy and Cultural Impact

39. Why is the Peace Dollar important in American history?

It represents:

• The end of World War I

• National healing

• Artistic excellence

• America’s last circulating silver dollar

40. Are Peace Dollars popular internationally?

Yes. Collectors worldwide appreciate the Peace Dollar for its symbolism and design.

Conclusion

The U.S. Peace Dollar remains one of the most meaningful and visually striking coins ever produced by the United States. Its symbolism of peace, elegant design, silver content, and manageable series length make it a cornerstone of American numismatics.

This FAQ guide provides a complete foundation for understanding, collecting, and appreciating Peace Dollars—whether you are a beginner or an experienced collector. With proper knowledge and care, Peace Dollars can be both a rewarding collectible and a lasting piece of American history.

The US Peace Dollar is more than just a silver coin — it's a timeless symbol of America’s transition from war to peace. Whether you're a novice collector or an advanced numismatist, owning Peace Dollars offers a rewarding journey through history, artistry, and investment.

Start collecting today and experience the story each Peace Dollar tells — a story of liberty, resilience, and peace.

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