Peace Dollar Value

Originally proposed as a commemorative victory coin by Farran Zerbe of the American Numismatic Association and other numismatists to mark the end of World War I -- “the war to end all wars,” as it was called then, the Peace dollar was first issued in 1921 and continued through 1928. And it was later resumed for 1934 and 1935 as well as in 1965 (with coins dated 1954 that were officially never released and allegedly all melted).

Over the past century these coins have emerged as among the most widely collected classic U.S. coins and as silver dollars, they are second only to the Morgan dollar in popularity. Among other reasons they remain so popular to this day is the fact that there are only 24 coins in the series. And there is only one major key date (1934-S) that many collectors acquire after the other coins because it is valued so much more than any other issue in better mint state condition.

It also has two better dates that are always in demand. The first is 1921, which is an essential coin not just for Peace dollar collectors but also for type collectors because it is the only high-relief issue of the series (apart from some 1922 Matte Proof coins that are exceptionally rare). After those coins, the relief had to be reduced because the coins did not strike well. And then there is 1928, the lowest-mintage coin that was widely saved.

Peace Dollar History

Peace dollars are to start, valued because they are large silver dollars that have 26.73 grams of 90% silver, or a total of .77344 ounces of silver in each coin. And they are valued for their timeless beauty, especially the obverse that features a stunning left-facing profile of Lady Liberty with wavy hair and a crown of rays. The coin was designed by Italian-American artist Anthony de Francisci who used his wife Theresa as his model for the design.

Determining the value of individual Peace dollars requires the ability to grade the coins, or at least familiarity with how they look in different grades that is best acquired by looking at a large number of coins over time such as at coin shows and dealer shops.

Grading this series is not easy even for collectors who know the coins quite well. First is the ability to tell if a coin has been “dipped” to give it a more brilliant appearance, or if it has original surfaces.

Luster varies greatly with Peace dollars from dull to strong, and strike varies a lot too. Some issues simply can’t be found with strong strikes like some of the later “S”-mint coins. In fact, in gem mint state condition, the 1928-S is the scarcest issue of the series. That’s why that coin jumps from $2,000 to over $20,000 from MS64 to MS65, and even many MS65 coins have poor strikes.

Depending on your level of knowledge and expertise with the Peace dollar, you should probably stick to graded specimens of the better dates since grading them is so challenging.

Valuing Peace Dollars

Valuing peace dollars also requires an understanding of the market for these coins and why certain issues are popular or why others are worth so much in very high grade because of their scarcity. Finally, you need to be familiar with different sources used to value the coins from to start a current or recent Red Book to auctions results and online price guides such as those of www.pcgs.com.

The value of Peace dollars varies from under $40 for a common date coin in circulated condition to close to $100,000 for the scarcest coins in the highest grades and even $140,000 for a 1921 coin in the top grade of MS67.

As for the value of the common dates, which are the no-mint mark Philadelphia Mint coins from 1922, 1923, 1924 and 1925, they are worth $80-90 each in MS63; a little over $200 in MS65 and $600 in MS66. At the top grade of MS67 they run into the thousands because they are very scarce.

A complete set in MS63, which is sought by many collectors, runs $14,000. But keep in mind the key date 1934-S is $7,000 and the 1921 and 1928 coins are each around $1,000, so without those three the full set at that level is no more than $5,000.

Most better-date Peace dollars, including those that are inexpensive in MS63, get much pricier in MS64 and especially in MS65 as true gems with good strikes are hard to come by for all but those four common dates. But in some cases, such as the 1928 coin, the price difference between Peace dollars at the MS63 and those at the MS64 level is rather small, which often means that it makes more sense to purchase them at the 64 level, where they are scarcer and have more potential to increase down the road.

Good examples of this include 1922-S and 1923-S, which are plentiful and not hard to find at the MS63 level, where they run $150 and $135 respectively as opposed to the scarcer 1924-S and later coins that run from almost $1,000 to much more at that grade. But in MS64 the 1922-S and 1923-S are still just $300 and $360 whereas they reach into the thousands at MS65 or higher grades. So, the savvy buyer on a budget should opt for those coins in MS64 and look for high-quality coins that may be quite close to an MS65 worth much more.

Higher Values

In recent years, the Peace dollar got a boost when the coin was reintroduced by the U.S. Mint in 2021, and it will be issued again next year. The excitement surrounding the release of the 2021 coin, which remains one of the most popular and highly valued of the 2021 silver dollars, helped push up prices for common date coins and in particular for the popular 1921 high-relief coin, which is considered the best representation of the vision of the artist for these coins.

The 2021 coin also increased interest in the original series as a whole, pushing up everything else from common dates that used to be $30 in low mint state grade to closer to $50 and also the scarcer issues went even higher.

In circulated grades like XF40, prices for the 1921 have not changed much and are still about $290, but in MS60, the coin is now worth $650. In MS63 it is worth from $1,000 to $1,400; $4,000 to $5,250 in MS65; $12,500 to $41,500 in MS66; and it tops out at an impressive $140,000.

For comparison, 15 years ago one could purchase an MS60 for $100, and about a decade ago an MS63 was just a couple hundred dollars, so even at those very accessible price points, the 1921 issue that every collector of American coins should have has done very well.

Finally, let’s look more closely at the 1934-S. With this coin the collector needs to decide whether or not they can afford a mint state example that will cost at least $2,600 for an MS60 and $7,000 for an MS63, a lot to spend on one coin for most people.

Yet a lightly circulated coin is much less expensive with an XF at $175 and AU at $775. For most buyers on a budget, it would be good to find a nice AU coin that is close to a mint state piece worth several times as much.

These are some of the main points to consider when valuing peace dollars and looking for good value in this always popular classic short series.