The History of Peace Dollars Is Still Evolving

The history of the Peace Dollar continues to captivate collectors, especially with the release of the 2021 Peace Dollar. Originally minted to celebrate the end of World War I, Peace Dollars remain among the most popular U.S. silver coins, alongside the Morgan Dollar. The centennial release of the 2021 Peace Dollar, marking 100 years since the original coin’s debut, demonstrates the ongoing evolution and appeal of this iconic coin series.

The 2021 Peace Dollar: A Modern Tribute

On August 10, 2021, the U.S. Mint released 200,000 Peace Dollars to mark the 100th anniversary of the coin’s creation. The coins sold out in under 30 minutes, a testament to their enduring popularity. These coins were struck using the original galvanos and hubs, closely adhering to the artistic vision of Anthony de Francisci, the Italian-American sculptor who designed the original coin. Thanks to modern minting technology, these new coins more accurately reflect de Francisci's original artistic intent.

The rapid sell-out of the 2021 Peace Dollars has driven secondary market prices upward, with values expected to rise further as collectors receive their coins. There is speculation that the 2021 Peace Dollar may be the first in a new annual series, which could add another chapter to the coin’s evolving history.

1921 vs. 2021 Peace Dollars: Key Differences

While the 2021 Peace Dollar mirrors the design of the original 1921 version, there are a few significant differences:

• Relief: The 2021 coin does not feature the same high-relief design as the original. The original 1921 Peace Dollar had a high-relief design that extended beyond the border, making the design elements prone to damage.
• Silver Purity: The 2021 version is struck in .999 fine silver, compared to the original's .900 silver composition. Despite having the same diameter (38.1 millimeters) and weight (26.73 grams), the increased silver purity of the 2021 coin makes it slightly thinner.
• Production Limitations: The slightly reduced thickness of the new coin made it impossible to strike it in full high relief, as this would compromise the integrity of the central design motifs.

These changes were made to meet modern commemorative coin specifications, ensuring that the coin can withstand the test of time while staying true to the spirit of the original design.

Growing Interest in Peace Dollars

The release of the 2021 Peace Dollar has reinvigorated interest in the original series (1921-1935), boosting the value of both common and scarce dates. Over the past few years, as anticipation for the centennial release grew, prices for original Peace Dollars have climbed, particularly for key dates.

With only 24 coins in the complete Peace Dollar series, collectors find it an attractive and manageable set to pursue. Whether collected in circulated or mint-state condition, raw or graded, Peace Dollars offer flexibility to collectors with various budgets.

Key Dates and Scarcity in the Peace Dollar Series

1. 1921 High Relief Peace Dollar: This one-year type coin is a must-have for collectors, with its striking high-relief design making it a standout.
2. 1928 Peace Dollar: With a mintage of only 360,649 coins, this is one of the scarcest dates in the series. While it can still be found in mint-state condition, its low mintage makes it highly sought after.
3. 1934-S Peace Dollar: Though relatively affordable in circulated grades, the 1934-S is rare in mint-state condition and commands high premiums, sometimes reaching thousands of dollars.

Many collectors focus on obtaining these key dates first due to their rarity and value. As prices for these scarce coins continue to rise, acquiring them early in a collection can prove to be a smart move.

The Pittman Act and the Creation of Peace Dollars

The Peace Dollar was originally minted under the provisions of the Pittman Act of 1918, which authorized the melting of 270 million Morgan Dollars. The silver from these coins was sold to Great Britain to stabilize the silver market, which was being manipulated by Germany during World War I. The act also required the minting of up to 270 million new silver dollars, leading to the reissue of Morgan Dollars in 1921 and the first Peace Dollars later that year.

Secretary of the Treasury Andrew Mellon approved the Peace Dollar in late 1921, and the first coins were struck in December. Production continued until 1928, after which it paused as the quota from the Pittman Act was fulfilled. The series was revived briefly in 1934 and 1935, following a renewed need for silver coins.

The Elusive 1964-D Peace Dollar

In 1964, during the Johnson administration, the Peace Dollar program was briefly revived with a call for 45 million new silver dollars. However, this effort was short-lived, and all 316,076 coins that were produced at the Denver Mint in 1964 were believed to have been melted. Rumors persist about the existence of surviving examples, but none have ever been confirmed, and the U.S. government considers any such coins illegal to own.

Looking Ahead: The Future of Peace Dollars

The 2021 Peace Dollar release signals a renewed interest in these coins, and collectors are eagerly awaiting what may come next. Whether you’re a seasoned collector or new to the hobby, the Peace Dollar offers a compelling combination of historical significance, aesthetic appeal, and investment potential.

With key dates becoming more valuable and the likelihood of new Peace Dollars being minted annually, now is an exciting time to explore the rich history of this iconic American silver coin series.

FAQ

Why was the 2021 Peace Dollar released?

The 2021 Peace Dollar was released to commemorate the 100th anniversary of the original 1921 Peace Dollar. It is significant because it honors the artistic vision of the original coin, which marked the end of World War I. The rapid sell-out of the 2021 edition also highlights the enduring popularity of Peace Dollars among collectors.

What are the major differences between the 1921 and 2021 Peace Dollars?

The key differences between the 1921 and 2021 Peace Dollars are:

• Relief: The 2021 version does not have the same high-relief design as the 1921 coin due to modern minting limitations.
• Silver Purity: The 2021 coin is struck in .999 fine silver, compared to the .900 silver of the original.
• Thickness: The 2021 version is slightly thinner due to its higher silver content, though this difference is barely noticeable.

How has the release of the 2021 Peace Dollar impacted the market for original Peace Dollars?

The release of the 2021 Peace Dollar has increased interest in the original series, driving up values for both common and scarce dates. The heightened interest has made the original Peace Dollars more desirable to collectors, with prices rising, especially for key dates like the 1921 and 1934-S.

What historical event prompted the creation of the original Peace Dollar?

The Peace Dollar was created to commemorate the end of World War I and celebrate the American victory over Imperial Germany. It was approved under the Pittman Act of 1918, which mandated the melting of Morgan Dollars and the reissue of new silver dollars.

What are the key dates in the Peace Dollar series, and why are they important to collectors?

The key dates in the Peace Dollar series are:

• 1921: High-relief design, one-year type coin.
• 1928: A scarce coin with a mintage of only 360,649, highly sought after by collectors.
• 1934-S: Relatively common in circulated grades but very rare in mint state, making it valuable and important for collectors aiming to complete a set.

These questions highlight the historical and numismatic importance of Peace Dollars and underscore the continued interest in the series, especially with the introduction of the 2021 Peace Dollar.