US Peace Silver Dollar – A Worthwhile Investment or Not?

The US Silver Peace Dollar, minted from 1921 to 1935, holds a prestigious place in the pantheon of American coinage, symbolizing the nation’s aspirations for peace following the devastating World War I. Its unique design, conceived by Anthony de Francisci, reflects a period of hope and renewal, making this rare coinage a fascinating subject for collectors and investors alike. This conversation about the US Silver Peace Dollar extends beyond its historical value, probing into its viability as a coin investment and its significant role in coin mintage history. The ensuing discussion navigates through the factors influencing its market value and examines methods to ascertain the worth of these cherished coins, offering a comprehensive insight for enthusiasts considering its collection.

The Historical Significance

The US Silver Peace Dollar, emblematic of hope and renewal post-World War I, stands as a significant chapter in the annals of American numismatics. Minted intermittently between 1921 and 1935, its inception under the Pittman Act of 1918 was pivotal, mandating the striking of millions of silver dollars to replenish those melted down for silver bullion. Anthony de Francisci’s winning design heralded a departure from the martial themes of its predecessor, the Morgan Dollar, embodying peace and democracy through the allegorical figures of Lady Liberty and an olive branch-clutching eagle. Notably, the Peace Dollar’s journey through mintage is marked by several key milestones:

  • Initial High Relief and Adjustment: Initially minted in high relief in 1921, the coin’s design was modified to a lower relief in 1922 to address striking difficulties, continuing in this format until its last minting in 1935.
  • Circulation and Rarity: Despite its broad production, with over 84 million pieces struck in 1922 alone, the Peace Dollar saw limited circulation, especially outside the Western United States, often residing in bank vaults as reserves. This, coupled with the melting of untold millions due to the Wartime Act of 1942 and the silver price surge in the 1980s, contributes to its rarity and value today.
  • Commemorative Re-creation and Collectability: In 2021, to mark the centenary of the transition from the Morgan to the Peace Dollar, a commemorative re-creation was minted, rekindling interest among collectors. With a mintage spanning only a fraction of the Morgan Dollar’s, and its final cessation in 1935 due to the Great Depression, the Peace Dollar’s allure among coin enthusiasts endures, celebrated for its beauty and as a tangible relic of peace.

Factors Influencing the Value of US Silver Peace Dollars

Understanding the multifaceted elements that contribute to the valuation of US Silver Peace Dollars is essential for collectors and investors alike. Key factors include:

  • Composition and Silver Content: The Peace Dollar is crafted from 90% silver and 10% copper, containing 0.77344 troy ounces of pure silver. This intrinsic metal value forms the baseline of the coin’s worth.
  • Condition and Grading: The state of the coin, assessed through rigorous grading standards, significantly impacts its market value. Coins in pristine condition, free from wear and tear, are more likely to appreciate.
  • Rarity and Demand: Limited mintage numbers, particularly for years like 1928 and specific mint marks (e.g., 1922 high-relief proofs, 1928-P), enhance a coin’s rarity and, subsequently, its desirability among collectors. Market demand further influences price fluctuations.

Furthermore, the numismatic landscape recognizes the Peace Dollar’s historical significance and aesthetic appeal, factors that can elevate its value beyond mere metal content. Collectors often seek out coins with unique errors or variants, such as the 1923 “Whisker Jaw” or the 1934-D doubled die obverse, which possess a premium due to their scarcity and unique characteristics. The mint of origin also plays a crucial role, with coins minted in Philadelphia (no mint mark), Denver (D), and San Francisco (S) varying in rarity and value based on production numbers and survival rates.

Investing in US Silver Peace Dollars requires a nuanced understanding of these elements, alongside keeping an eye on current market trends in both the bullion and collector markets.

How to Determine if Your US Silver Peace Dollar is Valuable

Determining the value of a US Silver Peace Dollar requires a keen eye for detail and an understanding of its unique characteristics. Here’s a guide to help collectors and investors alike:

  • Design and Mint Marks:
    • The obverse features the profile of the Goddess of Liberty, while the reverse showcases a bald eagle clutching an olive branch with the word “Peace.”
    • Look for mint marks: ‘S’ for San Francisco above the eagle’s tail feathers, ‘D’ for Denver, and no mint mark for Philadelphia coins.
  • Grading the Condition:
    • Mint State (MS): Original luster with no wear.
    • Extremely Fine (XF): Minor smoothing on high points, most details intact.
    • Fine (F): Moderate wear, more pronounced in high relief areas.
    • Good (G): Visible portrait and some details, but with weak rim and lettering.
  • Authentication Challenges:
    • Peace Dollars have slightly fuzzy lettering, distinguishing them from the sharper lettering of Morgan Dollars.
    • Be aware of the common misnomer “Morgan Peace Dollar” and ensure authenticity through reputable sources like Coin Values Discovery for accurate Peace Dollar values.
US Silver Peace Dollar reverse

Assessing a Peace Dollar’s value is multifaceted, involving careful examination of its design, mint marks, and condition. Understanding these elements is crucial for making informed investment decisions in the realm of rare coinage.

Collecting US Silver Peace Dollars: Worth the Investment?

Delving into the realm of US Silver Peace Dollars, collectors and investors prioritize understanding the coin’s value and investment potential. The Peace Silver Dollar Proof Coin, crafted by the United States Mint, exemplifies exceptional craftsmanship. It undergoes meticulous hand treatment, polishing, and multiple strikes, resulting in a frosted foreground against a mirror-like background. This showcases the exquisite detail and artistry, continuing the legacy of the original Peace Silver Dollar series.

Investment Considerations:

  • Advantages:
    • Potential for Price Appreciation: The coin’s silver content and numismatic value may appreciate over time, offering a promising return on investment.
    • Diversification: Investing in Peace Dollars presents a unique opportunity to diversify investment portfolios away from traditional stocks and bonds.
    • Tax Advantages: Numismatic coins like the Peace Dollar are considered tax-deferred until sold, potentially offering a tax-efficient investment strategy.
  • Risks:
    • Market Volatility: The price of silver can be unpredictable, which may impact the value of Peace Dollars.
    • High Transaction Costs: Premiums over the spot price of silver can reduce potential profits.
    • Limited Liquidity: Selling Peace Silver Dollars may require more time and effort compared to other investments.

For those considering the Peace Silver Dollar as an investment, engaging with reputable dealers such as Accurate Precious Metals is crucial. These dealers offer competitive pricing and transparency, ensuring a satisfying investment experience. Additionally, collectors must weigh the choice between bullion and proof coins based on their investment focus—whether on the metal’s market value or the coin’s numismatic value. With a long-term investment horizon and thorough research, collectors can navigate the coin market effectively, making informed decisions that align with their investment goals.


Throughout this article, we have journeyed together through the historical corridors of the US Silver Peace Dollar, uncovering its symbolistic roots, intrinsic and numismatic values, and its allure as a collector’s item or investment piece. From its inception in the aftermath of World War I to its continued commemoration and fascination among numismatists and investors today, the Peace Dollar stands as a testament to a time of hope and national aspiration for peace. The discussion has delved into the critical factors that influence the coin’s market value, from its silver content and condition to its rarity and demand within the collector’s market, equipping enthusiasts with the knowledge to make informed decisions.

In light of the analysis presented, it is clear that investing in US Silver Peace Dollars embodies not only financial considerations but also a profound appreciation for the coin’s historical significance and artistic merit. As collectors and investors ponder the decision to include Peace Dollars in their portfolios, they are encouraged to conduct thorough research and engage with reputable dealers. Doing so will not only ensure a more secure and informed investment but also enable them to partake in the storied legacy of one of America’s most cherished coinages. As we conclude, let the narrative and insights provided herein serve as a guide for those navigating the intricate world of coin collection and investment, reminding us of the enduring value and significance of the US Silver Peace Dollar.

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