World War I, often referred to as the “war to end all wars,” was one of the deadliest and most brutal conflicts in history. While the hope for lasting peace was high after the war’s conclusion, it was soon followed by another devastating global conflict—World War II. Despite this, the end of World War I in 1918 sparked optimism, particularly in the United States, where the government sought to commemorate the return to peace. This led to the creation of the Peace silver dollar, a coin that continues to captivate collectors and investors more than a century later.
The Design of the Peace Dollar
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The Peace silver dollar was introduced by the U.S. Mint in 1921 to celebrate the end of World War I. Designed by Anthony de Francisci, the coin features a striking portrayal of Lady Liberty on the obverse. Liberty is depicted with a radiant crown, symbolizing peace, and her serene expression was intended to reflect the optimism following the end of the war.
The reverse of the coin features an American eagle perched on a rock, facing the sunrise—a powerful symbol of hope and a new dawn for the nation. The Peace dollar was minted from 1921 to 1928 and briefly in 1934 and 1935. Its design marked a departure from previous coins and became a symbol of post-war renewal.
Rarity and Value of Peace Silver Dollars
Most Peace silver dollars were minted for circulation, which means many of them were heavily used and are now in less-than-ideal condition. While these coins do hold value based on their silver content, their numismatic value can fluctuate significantly depending on the coin’s condition and rarity.
The 1928-P Peace Dollar: The Rarest of Them All
Among the Peace silver dollars, the 1928-P stands out as the rarest and most valuable. With a mintage of just 360,000 coins, this particular variety is highly sought after by collectors. Coins in circulated condition typically range in price from $150 to $300, depending on their wear and tear. However, the low mintage makes this coin particularly prized in higher grades, where prices can soar.
High-Relief Peace Dollars: The Auction Record-Breakers
One of the most sought-after coins in the Peace dollar series is the 1921 “high relief” version. These coins were struck with a higher-than-normal relief, which led to a production issue: there wasn’t enough silver in the blanks to fully fill the design. This resulted in coins with a partially struck image, and collectors have long sought out fully struck versions. In 2018, a 1921 high-relief Peace dollar set an auction record, selling for a staggering $132,000. This was a rare outlier, and such high prices are not common among most Peace dollars, but they demonstrate the premium that can be placed on certain coins in perfect condition.
Most Valuable Peace Dollars: A Look at the Top 10
While the $132,000 auction record is an extreme example, many other Peace silver dollars still command impressive prices. Here’s a look at some of the most valuable coins from the series, according to Coin Trackers:
- 1928 S Peace Dollar: $16,500
- 1925 S Peace Dollar: $15,000
- 1924 S Peace Dollar: $8,200
- 1934 S Peace Dollar: $8,000
- 1927 S Peace Dollar: $6,200
- 1927 D Peace Dollar: $4,250
- 1928 Peace Dollar: $3,500
- 1923 S Peace Dollar: $2,800
- 1921 Peace Dollar: $1,600
- 1935 S Peace Dollar: $1,350
These prices are based on the coin’s condition, rarity, and demand. Coins that are in near-mint or uncirculated condition are generally worth significantly more than those that show signs of heavy wear.
Conclusion: The Enduring Appeal of Peace Dollars
The Peace silver dollar remains one of the most iconic coins in American numismatics. Its connection to the post-World War I era, along with its unique design and historical significance, makes it a favorite among collectors and investors. While the majority of these coins may not reach the lofty prices seen with rare examples like the 1921 high relief, they still represent a piece of American history, and their value will likely continue to rise as the years go on. Whether you are a seasoned collector or a new investor, the Peace dollar offers both a tangible connection to the past and an opportunity to own a piece of numismatic history.