Silver in Peace Silver Dollar

The well-known U.S. Peace Dollar is composed of 90% silver, or .77344 troy ounces of silver. Each coin, weighing in at 26.73 grams, also contains 10% copper.

Over the years, Peace Dollars were minted at the Philadelphia, Denver, and San Francisco Mint branches.

What Is a Peace Silver Dollar?

The Peace Dollar is a stunning U.S. coin. It’s quite popular among coin collectors for its intricate design, historical significance, and precious metal content.

Minted between 1921 and 1935, Peace Dollars represent one of the most celebrated and lasting designs in numismatics. Designed by Italian sculptor Anthony de Francisci, the silver coin’s imagery was the result of an open design competition ordered by President Warren G. Harding.

De Francisci was the youngest of eight participants, all well-known “prominent sculptors.” Several of the sculptors he was competing against, including two of his former teachers, had already successfully designed U.S. coins. Despite the stiff competition, de Francisci’s design was unanimously chosen, and he won the $1,500 prize.

A Brief History of the Peace Dollar

After years of horrific fighting, numismatic collectors advocated for a coin to celebrate and commemorate the peace after the “war to end all wars” was over. Farran Zerbe, the President of the American Numismatic Association (ANA) from 1908 to 1910, was the first to propose the idea of a coin that symbolized America’s role in the peace process.

After World War I ended, the Peace Dollar was originally minted as a commemorative coin from 1921 to 1928. Then it was minted again in 1934 and 1935 as a circulating coin and still remains to this day as the last silver dollar for circulation in the United States.

The illustrations depicted on the Peace Silver Dollar feature a majestic bald eagle perched on a rock with an olive branch in his talons, along with the word PEACE on its reverse. The coin’s obverse features a left-facing profile of Liberty with a radiant crown.

What Is the Composition of a Peace Dollar?

The original Peace Dollars were 90% silver and 10% copper. In 2021, the United States Mint released an updated rendition of the Peace Silver Dollar with a different metal composition from the original silver coinage.

The Mint used historical assets but modernized the new Peace Dollar Anniversary Coin to match current commemorative coin specifications. The 1921 Silver Dollar Coin Anniversary Act set the 2021 Peace Dollar coin at 99.9% silver, similar to current commemorative dollar coins.

Originally, the Philadelphia, San Francisco, and Denver Mint facilities issued the Peace Silver Dollar. The 2021 Peace Dollar will be produced by the Philadelphia Mint and won’t feature a mint mark.

Other Metals Used in the Coin

The Peace Silver Dollar primarily consists of silver. However, the popular U.S. coin also contains small amounts of other metals, which were added to give the coin certain physical properties.

Other metals used in producing the Peace Dollar coin include copper, manganese, and zinc.

• Copper: This metal was added to the coin to make it harder and more durable, as pure silver is too soft to be used in circulating coins.
• Manganese: This metal was added to improve the coin’s resistance to wear and corrosion.
• Zinc: This metal was added to improve the coin’s casting properties and to help with the minting process.

Overall, the Peace Silver Dollar was mostly silver and 10% copper, with small amounts of manganese and zinc added.

Mintage of Peace Dollars Explained

The mintage of Peace Silver Dollars ran from 1921 to 1928, then again in 1934 and 1935.

The 1921 Peace Dollar was minted under the terms of the Pittman Act, which mandated the melting of 350 million Morgan Dollars into bullion to use for the war effort. The Act stipulated that after the war, the silver had to be melted back into silver dollars. Treasury Secretary Andrew Mellon approved the Silver Peace Dollar in December 1921.

In 2021, the U.S. Mint released a 100th Anniversary Peace Dollar, rendered in 99.9% silver. The iconic collectible silver coin has a beautiful uncirculated finish.

How Many Total Peace Dollars Were Produced?

The total number of Peace Dollars struck across all years of production was 190,577,279. This means that the average mintage per issue was 7,940,720 pieces.

The Philadelphia Mint facility produced the highest mintage in 1922, when 51,737,000 pieces were struck. 1922 remains the most common date in the Peace Dollar series. Philadelphia also produced the lowest mintage of Silver Peace Dollars in 1928, when only 360,649 pieces were minted.

The Current Availability of Peace Dollars

While there are no extreme rarities in the Peace Dollar series, 1928 is a key date due to the low mintage of that year. The 1928-P Silver Peace Dollar commands a high price even in well-circulated grades.

Most of the issues from San Francisco are tough to find in top uncirculated grades, in particular the 1927-S and 1928-S, as well as the 1924-S and 1934-S Peace Dollars.

Specimens of the common issues (1921 through 1925) are readily available in various grades, from Very Fine to Uncirculated. Sharply struck Uncirculated Peace Dollars with full luster are quite scarce.

What Is the Value of a Silver Peace dollar?

Silver Peace Dollars can vary in price greatly, from as low as $35 for a worn coin to as high as tens of thousands of dollars for a high grade piece in uncirculated condition, depending on the date and mintage.

Certain years and varieties of the Peace Dollar can be much more valuable. For example, the 1921 Silver Peace Dollar is a key date. Not only was it the first year the series was issued, but it was also the only year a high relief strike was produced. With a mintage of slightly more than one million coins, it’s one of the most desirable Peace Dollars.

Factors That Influence the Value of the Coin

There are several factors that can influence the value of a Silver Peace Dollar coin. Factors such as the year the coin was minted, the condition, and current market demand for that particular piece.

In most cases, the mintage or quantity produced is the most important factor when determining the value of a Peace Dollar.

How Silver Content Affects the Value

The silver content in Peace Dollars affects the value of coins in different ways for each mintage.

It’s different from numismatic value, which considers several factors such as rarity and condition into the value of a coin. The silver content is correlated with the melt value. The melt value of a coin is calculated by multiplying the amount of precious metal by the spot price of the metal.

This is more so relevant for high mintage issues that are not hard to come by. If the spot price of silver goes up, the coin may be worth more for its precious metal content than its numismatic value. This is especially true for low-grade coins that have a high silver content.

What’s the Current Market Value for a Peace Dollar?

The 1921 Silver Peace Dollar is one of the scarcest coins in the series, in both circulated and mint state condition.

According to the NGCPrice Guide, a Peace Dollar from 1921 in circulated condition is currently worth between $100 and $525. However, a 1921 Peace Dollar in uncirculated condition has sold for as much as $67,500 on the open market.

Start Collecting Rare Silver Coins Today

If you’re ready to start coin collecting, you need a coin dealer you can rely on. At Bullion Shark, we have a large assortment of silver coins ranging from Walking LibertyHalf Dollars, Peace and Morgan Silver Dollars, and American EagleBullion coins.

As an NGC Authorized Dealer with a Better Business Bureau rating of A+, you can trust our coin collection will always be of the finest quality.

Sources:

Anthony de Francisci | Smithsonian American Art Museum

Celebrating the Iconic Morgan and Peace Silver Dollars | United States Mint

The BIG and BOLD History of the Peace Dollar | American Numismatic Association

Analyzing the Pittman Act of 1918, Part One | NGC