Peace Silver Dollar (1921–1935)

Specifications

Melt value: $49.85silver $64.40/ozt, copper $0.44/ozt · prices as of Sep 16, 2026

Public domain; Smithsonian National Numismatic Collection specimen.

America's postwar statement coin: a high-relief Liberty and a perched eagle honoring the peace that ended World War I.

History

Designed by Italian-American sculptor Anthony de Francisci, who won the design competition with a model of his wife Teresa as Liberty (Congress.gov, 1921 Silver Dollar Commemorative Coin Act, accessed 2026-09-16).
The Pittman Act of 1918 required the Mint to replace hundreds of millions of silver dollars melted during World War I; coinage resumed in 1921 with the Morgan design before switching to the new Peace design (Wikipedia, Peace dollar, accessed 2026-09-16).
Approved by Treasury Secretary Andrew Mellon in December 1921 and first struck December 28, 1921; an early version with a broken sword (interpreted by the public as defeat) was quickly withdrawn (Wikipedia, Peace dollar, accessed 2026-09-16).
The 1921 issue was struck in high relief — 1,006,473 pieces — before the design was flattened in 1922 for faster production (Money Metals Exchange, accessed 2026-09-16).
Minted 1921–1928 and again 1934–1935; it was the last circulating U.S. dollar struck in 90% silver (JM Bullion, accessed 2026-09-16).
In 1965 the Denver Mint struck over 316,000 Peace dollars dated 1964, but none were issued and all are believed destroyed (Wikipedia, Peace dollar, accessed 2026-09-16).
In 2021 the Mint resumed Peace dollar coinage in .999 silver as a commemorative series, continuing annually from 2023 (Wikipedia, Peace dollar, accessed 2026-09-16).

1928 Philadelphia — mintage of only 360,649, the lowest in the 1921–1935 series by a wide margin (PCGS CoinFacts, accessed 2026-09-16).
1921 high relief — one-year-only high-relief issue with a mintage of 1,006,473, struck December 1921 (Money Metals Exchange, accessed 2026-09-16).
1934-S — noted as the toughest Peace dollar in Mint State (Numismatic News, accessed 2026-09-16).
1927-D and 1927-S — low-mintage branch-mint dates with few Mint State survivors (PCGS Price Guide, accessed 2026-09-16).
1925-S and 1928-S — scarce San Francisco issues prized in high grade (PCGS Price Guide, accessed 2026-09-16).

Weight: 26.73 grams (PCGS CoinFacts, accessed 2026-09-16).
Composition: 90% silver, 10% copper (0.7734 troy oz actual silver weight) (PCGS CoinFacts, accessed 2026-09-16).
Diameter: 38.10 mm (PCGS CoinFacts, accessed 2026-09-16).
Edge: Reeded (Money Metals Exchange, accessed 2026-09-16).
Designers: Anthony de Francisci, obverse and reverse (Congress.gov, accessed 2026-09-16).
Mint mark (if any): reverse, below the word ‘ONE’ in ‘ONE DOLLAR’ (Money Metals Exchange, accessed 2026-09-16).

Common dates (1922–1925) are the affordable face of the series and trade near melt in circulated grades; certified MS-63/64 examples are plentiful (JM Bullion, accessed 2026-09-16).
Grading quirk: Peace dollars are softly struck at the centers — Liberty’s hair over the ear and the eagle’s feathers may look worn when the coin is actually uncirculated; check luster, not just detail.
The 1921 high-relief strike shows rounded, medallic details and a wire rim; verify diameter/weight to screen counterfeits, which are common.
Matte and satin-finish 1921–1922 proofs exist in tiny numbers (PCGS CoinFacts lists a 1921 satin proof mintage of 8) — anything offered raw at a bargain price should be treated with suspicion (PCGS CoinFacts, accessed 2026-09-16).
Many uncirculated Peace dollars survive from bank bags; original uncleaned examples with full cartwheel luster carry the real premiums.