Peace Silver Dollar Values: The Complete Guide
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Short on time? The essentials
- The Peace dollar was struck by the United States Mint from 1921 through 1928 and again from 1934 through 1935. Modern Peace dollars struck since 2021 are a separate coin for collectors, not part of the original series.
- Every original Peace dollar weighs 26.73 grams, measures 38.1 mm across, is 90 percent silver and 10 percent copper, and contains 0.77344 troy ounces of pure silver. That is the same silver mass as a Morgan dollar.
- Three mints struck Peace dollars for circulation: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark, when present, sits on the reverse above the tip of the eagle's wing.
- The 1921 first year was struck in high relief only at Philadelphia and had a mintage of 1,006,473 pieces. The dies broke rapidly, so the design was reworked into low relief for 1922.
- The 1928 Philadelphia issue had a mintage of 360,649 pieces, the lowest circulation mintage in the series. Many were saved by collectors because the Mint announced the small run in advance.
- The 1934-S had a mintage of 1,011,000 pieces and was not saved in numbers. Circulated examples are affordable, but mid-grade uncirculated coins can reach four figures at auction.
- The 1964-D Peace dollar is a special case. The Denver Mint struck 316,106 pieces dated 1964 in May 1965, but all were ordered destroyed. No genuine example is known in public or private hands today.
- Federal law does not prohibit melting 90 percent silver United States coins. The melt ban under 31 CFR Part 82 applies only to one-cent and five-cent coins.
On this page
- The Peace dollar at a glance
- Why the coin exists: the Pittman Act and a peace design
- Verified physical specifications
- The 1921 high-relief first year
- Three mints and where the mark sits
- The verified key dates and semi-keys
- How condition changes the price by tier
- Why Peace dollars trade differently from Morgans
- Silver melt floor: worked math on one Peace dollar
- The 1964-D Peace dollar: what really happened
- The counterfeit and altered-coin problem
- The cleaned-coin trap
- How to identify what you actually have
- What your Peace dollar is probably not
- Peace dollar FAQ
The Peace dollar at a glance
The Peace dollar is a 90 percent silver one-dollar coin struck by the United States Mint from 1921 through 1928 and again from 1934 through 1935. It is named for the word PEACE on the reverse and was created to commemorate the end of the First World War.
The obverse shows Liberty facing left, wearing a radiate crown. The model was Teresa de Francisci, the wife of the coin's designer. The reverse shows a bald eagle at rest on a rock, clutching an olive branch, with the sunburst legend PEACE below.
Modern Peace dollars struck from 2021 forward are a separate product. They carry the same portrait but use a 99.9 percent silver composition and are sold as numismatic issues, not as a circulating coin. This guide covers the original 1921 to 1935 series only.
Why the coin exists: the Pittman Act and a peace design
The revival of the silver dollar in 1921 was driven by the Pittman Act of April 23, 1918. That law authorized the sale of up to 350 million silver dollars to the British government during the First World War and required the Treasury to replace them with new coinage.
Roughly 270 million dollars were actually melted under Pittman. When the Mint resumed silver-dollar coinage in May 1921, it used the old Morgan dies while the numismatic community pushed for a new commemorative design that reflected the recent peace.
The Fine Arts Commission ran a design competition in late 1921. Anthony de Francisci, an Italian-born sculptor, won unanimously. His obverse portrait was based on the features of his wife Teresa, who had first seen the Statue of Liberty as a child immigrant.
Verified physical specifications
Every genuine original Peace dollar matches the same measurable specifications. The table below is the identification baseline. A coin sold as a Peace dollar that does not match these numbers is a fake, a replica, or a different piece.
| Attribute | Value |
|---|---|
| Face value | One United States dollar |
| Composition | 90 percent silver, 10 percent copper |
| Weight | 26.73 grams (412.5 grains) |
| Diameter | 38.1 mm (1.5 inches) |
| Thickness | 2.4 mm |
| Edge | Reeded |
| Silver content (ASW) | 0.77344 troy ounces of pure silver per coin |
| Years of issue | 1921 through 1928, then 1934 through 1935 |
| Mints | Philadelphia (none), Denver (D), San Francisco (S) |
| Mint mark location | Reverse, above the tip of the eagle's wing |
| Designer | Anthony de Francisci (obverse and reverse) |
| Liberty model | Teresa de Francisci, wife of the designer |
Sources: Wikipedia Peace dollar entry citing the U.S. Mint composition record. Checked August 2026.
The 1921 high-relief first year
The 1921 Peace dollar is the story of the series. Production began on December 28, 1921, at Philadelphia only. The Mint struck 1,006,473 pieces before year end, all in a high-relief design that captured de Francisci's original sculpture in detail.
The high relief was a problem in production. Dies cracked rapidly and coins did not stack cleanly. Acting Mint Director Mary O'Reilly halted production on January 10, 1922, and dies were held back from Denver and San Francisco while the design was reworked.
De Francisci lowered the relief. The revised low-relief design entered production at San Francisco on February 13, 1922, at Denver on February 21, and at Philadelphia on February 23. Approximately 32,400 experimental 1922 high-relief coins were struck in January 1922 and were later melted, with one circulated example known to survive.
Three mints and where the mark sits
Peace dollars were struck at three United States Mint facilities across the 15-year window. Reading the mint mark is the first step in valuing a coin, because supply on almost every date depends on which mint produced it.
The mint mark, when present, appears on the reverse of the coin above the tip of the eagle's wing on the left side of the coin, near the letters ONE. A coin with no mint mark in that position was struck at Philadelphia.
Denver struck Peace dollars in 1922, 1923, 1926, 1927, 1934, and 1935. San Francisco struck them in most years of the series. Philadelphia struck them in every year the design was produced. No Peace dollar was ever struck at Carson City or New Orleans.
The verified key dates and semi-keys
The Peace series has a short list of scarce or semi-scarce issues. These are the dates that a serious buyer looks for first and pays real money to secure in original mint-state condition.
| Issue | Why it is a key |
|---|---|
| 1921 (Philadelphia, high relief) | First year of issue, struck only at Philadelphia, mintage 1,006,473 pieces. The high-relief strike is the distinguishing detail of the series. |
| 1928 (Philadelphia) | Mintage of 360,649 pieces, the lowest circulation-strike mintage in the series. Values sit below what the mintage would suggest because collectors saved many at the time. |
| 1934-S | Mintage of 1,011,000 pieces. Circulated examples are affordable, but the date was not saved in mint state. Higher-grade uncirculated coins reach thousands of dollars at auction. |
| 1922 (all mints) | Common date across three mints and over 84 million pieces struck in 1922 alone. Notable only for the abandoned high-relief experimental coins from January 1922, of which one circulated survivor is known. |
| 1928-S | Mintage of 1,632,000. Widely available in circulated grades but scarce with full detail in gem uncirculated. |
| 1934-D | Mintage of 1,569,500. Not a low-mintage key, but a coin that is tough to find with sharp central strike and full luster. |
| 1935-S | Mintage of 1,964,000. Availability is good in circulated grades and improves in mint state, but original luster is scarce. |
Source: Wikipedia Peace dollar mintage table, cross-checked with Roger Burdette, A Guide Book of Peace Dollars (Whitman). Checked August 2026.
Dollar values on these keys are highly grade-sensitive and move with the auction market. Use recent sold-listing data from an established auction house or the population report of an independent grading service to price a specific coin. Do not accept a verbal offer without a certified grade first.
How condition changes the price by tier
Condition is the largest lever on any Peace dollar. The same date can trade at the silver melt floor in low grade and at many multiples of melt in an original uncirculated example. Three broad tiers explain most of the price spread.
A worn common date sits near the silver floor. A collector will pay a small premium above metal, but the coin is treated primarily as bullion in that condition. Most Peace dollars a reader inherits fall into this tier.
An original circulated coin in a scarce date carries a real numismatic premium. A 1928 Philadelphia in fine condition is not a melt coin. The scarcity of the issue overrides the wear.
A certified mint-state coin, especially one that grades MS-64 or higher from an independent grading service, jumps a full tier. On common dates, the premium is modest. On the 1934-S and other tough dates, a single grade point can double or triple the price.
Why Peace dollars trade differently from Morgans
The Peace and Morgan dollar carry the same silver content, same weight, and same diameter. Yet the collector market treats them differently, and prices reflect that. Three structural facts drive the split.
First, the Peace series is shorter. Only 10 dates were struck across three mints, versus 96 date-and-mint combinations for the Morgan. A complete Peace date set is achievable for a middle-market collector. A complete Morgan date set is a project of a lifetime.
Second, no Peace dollar ever came from Carson City or New Orleans. Those mints closed before Peace production began. The Old West mint-mark premium that lifts every CC Morgan does not exist on the Peace side.
Third, the GSA sales of 1972 to 1980 released huge quantities of Morgan dollars in original Treasury holders. There was no equivalent Peace-dollar release, so vault-fresh mint-state Peace coins are simply less available in the market.
Silver melt floor: worked math on one Peace dollar
The 1964-D Peace dollar: what really happened
The 1964-D Peace dollar is one of the great modern mysteries of United States coinage. The short version is that the Denver Mint struck 316,106 pieces dated 1964 in May 1965, and every one was ordered destroyed. No genuine example is known to exist in public or private hands.
The story starts on August 3, 1964, when Congress passed legislation authorizing the striking of 45 million new silver dollars. Silver coins had grown scarce as the metal price rose past the point at which a silver dollar was worth face value. Senator Mike Mansfield of Montana pushed the bill.
The Denver Mint began trial strikes of the 1964-D Peace dollar on May 12, 1965. The Mint publicly announced the strikes on May 15, 1965. Coin dealers immediately offered 7.50 dollars each for the pieces, which guaranteed they would never enter circulation.
Public and congressional objections were immediate. The Coinage Act of 1965 forbade silver-dollar coinage for five years. All 316,106 pieces were reported destroyed under heavy security. In 1970, two unknown specimens were reportedly found in a Treasury vault and ordered destroyed.
Rumors of surviving examples in private hands appear regularly and have never been confirmed. PCGS, one of the two major independent grading services, has publicly offered a 10,000 dollar reward to anyone who can present a genuine 1964-D Peace dollar for authentication. That offer stands.
The counterfeit and altered-coin problem
Peace dollars are counterfeited less often than Morgan dollars, but the problem is real on the scarce dates. Two families of fakes dominate the market and both target the price gap between common and key dates.
The first family is altered coins. A bad actor takes a genuine common Peace dollar and adds or reshapes a mint mark to turn it into a scarcer issue. Adding a D mint mark to a common Philadelphia 1928 to create a fake 1928-D is one pattern to watch.
The second family is Chinese-made replicas. These are typically cast or die-struck copies imported into the United States since the mid-2000s. Weight is often close to genuine, but diameter, edge reeding count, and design detail rarely match the real coin under magnification.
A separate problem is the 1964-D restrike. Private minters have struck pieces resembling 1964-D Peace dollars using unofficial dies and genuine earlier-date Peace dollars as planchets. Any coin offered as a 1964-D is a fake by definition, because no genuine example is known to survive.
Any purchase of a key-date Peace dollar should be certified by an established independent grading service before funds change hands. A photograph or a verbal appraisal from a dealer is not sufficient at four-figure price levels.
The cleaned-coin trap
The single most common way collectors lose value on inherited Peace dollars is by cleaning them. A bright, shiny coin looks more valuable to a non-collector than a naturally toned one, so many well-meaning heirs polish or dip Peace dollars before bringing them to a dealer.
Independent grading services detect cleaning almost every time. A cleaned coin gets a details grade rather than a numeric grade, and the market discount is typically 40 to 70 percent versus an original example of the same date and wear level.
The rule is simple. Do not clean the coin. Not with silver polish, not with a jewelry cloth, not with baking soda, not with an ultrasonic bath. If a Peace dollar is dirty, leave it dirty and let a professional look at it in that state.
How to identify what you actually have
The steps below are the sequence a serious hobbyist runs on a Peace dollar found in a drawer, a coin roll, or an inherited collection. Follow them in order before treating the coin as anything more than silver bullion.
- Confirm the coin is a Peace dollar. The obverse shows Liberty facing left with a radiate crown. The reverse shows a bald eagle at rest on a rock, clutching an olive branch, with the word PEACE on the ground. Morgan dollars show Liberty in a Phrygian cap and a flying eagle on the reverse.
- Weigh the coin on a jewelry scale. A genuine original Peace dollar weighs 26.73 grams. A digital scale that reads to two decimal places is enough. Any weight far outside 26.5 to 27.0 grams points to a fake, a plated core, or a modern replica.
- Check the date and the mint mark. The date sits at the bottom of the obverse below the bust. The mint mark, if any, sits on the reverse above the tip of the eagle's wing on the left. A missing mark means Philadelphia.
- Screen for the key dates. Look specifically for 1921 in high relief, 1928 Philadelphia, and 1934-S. Any suspected key deserves a closer look under 10x magnification before conclusions.
- Reject any 1964-D on sight. No genuine 1964-D Peace dollar is known to exist in public or private hands. Any coin offered as a 1964-D is a fake or a private-mint restrike, regardless of the seller's claim or paperwork.
- Do not clean the coin. Any polishing, dipping, or scrubbing lowers the grade a professional will assign. Cleaning can cut value by half or more. Preserve the coin exactly as found.
- Submit high-value candidates to an independent grading service. A certified grade is the only price signal the market takes seriously on a suspected key date, a suspected altered mint mark, or a coin sold at four figures or above.
What your Peace dollar is probably not
Most Peace dollars that reach a shop counter or a resale listing are not the rarities the owner is hoping for. It helps to know the common patterns rather than sell yourself on a possibility. The list below is what a typical Peace dollar most often turns out to be.
A common circulated 1922, 1923, or 1925 issue. Those three years account for more than 130 million Peace dollars struck across all three mints. Any Peace dollar pulled from a mixed jar is most likely one of these dates in worn condition, close to melt.
A cleaned or polished coin. Someone in the family history applied a chemical dip or a soft cloth to brighten the surface. Certified graders return a details grade, which cuts market value by 40 to 70 percent versus an original piece.
A counterfeit key date with an altered mint mark. A genuine common coin that a bad actor has modified to look like a 1934-S or another semi-key. Independent grading services detect most examples on sight.
A Chinese-made replica. A cast or die-struck copy of a Peace dollar. Weight, diameter, edge reeding, and design detail rarely match the genuine coin under a magnifier.
A private-mint 1964-D restrike. Pieces resembling 1964-D Peace dollars have been struck privately using unofficial dies and genuine earlier-date coins as planchets. These are novelties, not rare United States coins.
A holed, mounted, or engraved coin. Peace dollars were commonly turned into jewelry, love tokens, and pocket pieces. A mounted or holed coin is a damaged coin regardless of date. Value tracks silver content plus a small collectible discount.
A modern 2021 or later commemorative. The modern issues carry the same portrait but are a separate coin in 99.9 percent silver, sold as bullion or as a numismatic product. They are not the original 1921 to 1935 series covered here.
A genuine key date, undiscovered. This outcome is possible, and it is the reason to run the identification steps on every Peace dollar you find. It is also rare enough that it should not shape financial decisions until an independent grader confirms the coin.
Peace dollar FAQ
What is a common Peace silver dollar worth today?
A common circulated Peace dollar is worth its silver content, which is 0.77344 troy ounces of pure silver per coin. At a silver spot price of 30 dollars per troy ounce, the pure metal floor is about 23.20 dollars per coin. The 1921 high-relief first year, the low-mintage 1928 Philadelphia, the 1934-S, and certified high-grade examples trade for real premiums above that floor.
How much silver is in a Peace dollar?
Every original Peace dollar contains 0.77344 troy ounces of pure silver. The coin weighs 26.73 grams and is 90 percent silver and 10 percent copper, which puts the pure silver mass at 24.06 grams. That same silver content applies to Morgan dollars struck from 1878 through 1921.
Which Peace silver dollar is the most valuable?
Among the regular-issue coins that a collector can actually own, the 1921 high-relief first year and the 1934-S in mint state are the strongest performers at auction. The 1964-D would be the ultimate rarity by mintage of 316,106 pieces, but every example was ordered destroyed and no genuine coin is known to exist today.
Why is the 1928 Peace dollar not as valuable as its low mintage suggests?
The Philadelphia Mint publicly announced that only a small quantity of 1928 dollars would be struck. Collectors and dealers saved rolls at the time of issue, which preserved far more coins than the 360,649 mintage would predict. Supply in uncirculated grades is higher than the mintage number implies, and prices reflect that.
Are there any real 1964-D Peace dollars?
No genuine 1964-D Peace dollar is known to exist in public or private hands. The Denver Mint struck 316,106 pieces in May 1965 and all were ordered destroyed. In 1970, two additional pieces were reportedly found in a Treasury vault and destroyed. PCGS has publicly offered a 10,000 dollar reward for the authentication of a genuine example. That offer has not been claimed.
Where is the mint mark on a Peace silver dollar?
The mint mark sits on the reverse of the coin, above the tip of the eagle's wing on the left side, near the letters ONE. A Peace dollar with no mint mark in that position was struck at Philadelphia. Look for a D or an S to identify the Denver or San Francisco issues.
How can I tell if my Peace dollar is fake?
Start with weight and diameter. A genuine Peace dollar weighs 26.73 grams and measures 38.1 mm across. Check the mint mark for tool marks or a wrong shape, which flags an altered common coin. Chinese-made replicas often show weak reeding and soft design details under a magnifier. Any purchase above a few hundred dollars should be certified by an independent grading service first.
Is it legal to melt Peace silver dollars?
Yes. Federal law does not prohibit melting 90 percent silver United States coins. The melt ban under 31 CFR Part 82 covers one-cent and five-cent coins only and does not extend to silver dollars, halves, quarters, or dimes. A scarce Peace dollar is worth far more intact than melted, so the identification steps above should always run before any coin goes to a refiner.
Sources
- Wikipedia, Peace dollar. Series 1921 to 1928 and 1934 to 1935, plus modern 2021 collector issues; designer Anthony de Francisci; obverse Liberty modeled by Teresa de Francisci; reverse bald eagle clutching an olive branch with the legend PEACE; three-mint production (Philadelphia none, Denver D, San Francisco S); mass 26.73 g; diameter 38.1 mm; thickness 2.4 mm; edge reeded; composition 90 percent silver and 10 percent copper (0.900 fine); silver content 0.77344 troy ounces per coin; 1921 first-year mintage 1,006,473 struck only at Philadelphia in high relief; 1922 low-relief conversion by de Francisci; approximately 32,400 experimental 1922 high-relief coins struck in January 1922 (one circulated survivor known); 1928 Philadelphia mintage 360,649 as the lowest circulation strike; 1934-S mintage 1,011,000; 1964-D mintage 316,106 struck at the Denver Mint in May 1965, all ordered destroyed under the Coinage Act of 1965 five-year silver-dollar prohibition; no genuine 1964-D known in public or private hands; Pittman Act of April 23, 1918 authorizing up to 350 million silver dollars for sale to the British government. en.wikipedia.org/wiki/Peace_dollar. Checked August 2026.
- United States Mint, Peace Dollar coin program. Reference for the modern 2021 and later Peace dollar issues in 99.9 percent silver, sold as separate numismatic products distinct from the 1921 to 1935 original series. usmint.gov Morgan and Peace Dollar anniversary coins. Checked August 2026.
- Professional Coin Grading Service (PCGS), 1964-D Peace dollars: do they really exist? Publicly posted 10,000 dollar reward for authentication of a genuine 1964-D Peace dollar; discussion of Denver Mint trial strikes on May 12, 1965 and the destruction order under the Coinage Act of 1965. pcgs.com 1964-D Peace dollars, do they really exist. Checked August 2026.
- Electronic Code of Federal Regulations. 31 CFR Part 82: Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins. Treasury regulation limited to one-cent and five-cent coins. The regulation does not prohibit melting silver dollars, halves, quarters, or dimes. ecfr.gov/current/title-31/subtitle-B/chapter-I/part-82. Checked August 2026.
- Legal Information Institute, Cornell Law School. 18 U.S. Code section 331: Mutilation, diminution, and falsification of coins. Federal statute cited for defacement and fraudulent alteration of United States coins, including altered mint marks used to fabricate a scarce date. law.cornell.edu/uscode/text/18/331. Checked August 2026.
- Roger W. Burdette, A Guide Book of Peace Dollars, Whitman Publishing. Standard reference for series mintage tables, the 1921 high-relief production history, the 1922 low-relief conversion, and the 1964-D striking and destruction under the Coinage Act of 1965. Whitman Publishing, Atlanta. whitman.com. Checked August 2026.