10 Rare Peace Dollars That Could Be Hiding in Your Collection! How Much Are They Really Worth?

Peace Dollars hold a special place in American history. These silver coins were minted between 1921 and 1935 to commemorate the end of World War I.

Designed by Anthony de Francisci, they feature a stunning image of Lady Liberty on one side and a majestic bald eagle on the other. Over the years, these coins have become highly valuable among collectors, with prices varying based on condition, mint year, and rarity.

Whether you are a seasoned collector or a beginner, this article will provide all the essential information you need.In this article, we will explore the top 10 most valuable Peace Dollars, their history, and record-breaking auction sales.

History of Peace Dollars

The idea of creating the Peace Dollar came in 1920 when Joseph Farran Zerbe, a well-known numismatist and former president of the American Numismatic Association, suggested minting a coin to celebrate the peace following World War I. The U.S. Commission of Fine Arts then held a competition to design the new coin, replacing the Morgan Dollar.

Anthony de Francisci won the competition with his unique design, symbolizing hope and freedom. The first Peace Dollars were struck in high relief in 1921, but due to production difficulties, a low-relief version was introduced in 1922. These coins were minted until 1928 and then again in 1934 and 1935.

Top 10 Most Valuable Peace Dollars: Rarity, History, and Auction Records

Peace Dollars are among the most sought-after silver coins in the world of numismatics. While many were minted between 1921 and 1935, certain rare varieties have become highly valuable due to their limited supply, unique features, and historical significance.

1. 1922 Peace Dollar, Matte Finish, High Relief (Proof) – $458,250

The 1922 Matte Finish, High Relief Peace Dollar was a special proof version created for testing purposes. Only 10 were minted, and just 8 survive in Mint State today.

• Rarity: One of the rarest Peace Dollars, with only 10 known examples.
• Auction Record: In 2014, a PR67 example was sold for $458,250 at Goldberg Auctioneers.

Source: PCGS

Bonus: 1921 Peace Dollar, Satin Finish (Proof) – $150,000

• Only five examples survive across all grades.
• In 2023, a PR66 example sold for $150,000 at Heritage Auctions.

2. 1922 Peace Dollar, Modified High Relief Trial J-2020 (Regular Strike) – $425,000

The 1922 Modified High Relief Peace Dollar was a production trial to test a new relief reduction method. Today, only one example is known to exist, making it one of the rarest Peace Dollars in history.

• Rarity: Unique, with only one surviving coin.
• Auction Record: In 2014, Stack’s Bowers sold this coin for $381,875, though its current estimated value is $425,000.

Source: PCGS

3. 1927-D Peace Dollar (Standard Strike) – $176,250

With a mintage of 1,268,900, the 1927-D Peace Dollar is another rarity in the series. Only six examples have been graded MS66, and none exceed that grade.

• Rarity: It is estimated that only 250 Mint State examples remain from this year.
• Auction Record: In 2019, an MS66+ coin sold for $176,250 at Legend Rare Coin Auctions.

Source: PCGS

4. 1928 Peace Dollar (Standard Strike) – $129,250

The 1928-P Peace Dollar is the rarest and most valuable circulated Peace Dollar, with a low mintage of just 360,000 coins. Because of its rarity, counterfeit versions exist where the mint mark is removed from other Peace Dollars.

• Rarity: Only two examples are graded MS66+, with none graded higher.
• Auction Record: In 2023, an MS66+ example sold for $129,250 at Legend Rare Coin Auctions.

Source: PCGS

5. 1923-D Peace Dollar (Standard Strike) – $120,000

The 1923-D Peace Dollar was the first coin in the series to be recognized as a rarity. While MS65 examples are available, higher-grade specimens are much harder to find.

• Rarity: Only one coin has been graded MS67 by PCGS, making it a true collector’s prize.
• Auction Record: In 2021, an MS67 example sold for $120,000 at Heritage Auctions.

Source: PCGS

6. 1926 Peace Dollar (Standard Strike) – $120,000

The 1926 Peace Dollar had the lowest mintage from the Philadelphia Mint since 1921, with only 1,939,000 coins produced. While common in lower grades, high-quality specimens are exceptionally rare.

• Rarity: Only one coin has received an MS67 grade, and none have been graded higher by PCGS.
• Auction Record: In October 2021, an MS67 specimen sold for $120,000 at Heritage Auctions.

Source: PCGS

7. 1934-D Peace Dollar (Standard Strike) – $86,250

The 1934-D Peace Dollar is the second-rarest Denver Mint Peace Dollar in Mint State, with the 1927-D being the rarest. Finding this coin in MS65 condition or higher is particularly difficult.

• Rarity: There is only one known specimen graded MS67+, valued at around $125,000.
• Auction Record: In 2009, Heritage Auctions set a record of $86,250 for an MS67 example.

Source: PCGS

8. 1934-S Peace Dollar (Standard Strike) – $79,313

The 1934-S Peace Dollar is considered the key to the series in grades up to MS64. Although initially overlooked in the 1940s, collectors later realized that most of these coins had entered circulation, leaving few in high grades.

• Rarity: Only nine coins exist in MS66+ condition, making it one of the rarest Peace Dollars in Mint State.
• Auction Record: A 1934-S Peace Dollar graded MS66+ sold for $79,313 at Legend Rare Coin Auctions in 2019.

Source: PCGS

9. 1924-S Peace Dollar (Standard Strike) – $54,625

The 1924-S Peace Dollar is one of the most challenging coins to find in high grades due to poor production quality. Most examples suffered from weak strikes and rapid wear, making well-preserved coins extremely rare.

• Rarity: Coins in Mint State condition are difficult to find, especially above MS64.
• Auction Record: In 2011, a coin graded MS66 was sold at Heritage Auctions for $54,625.

Source: PCGS

10. 1935-S Peace Dollar (Standard Strike) – $39,656

The 1935-S Peace Dollar was initially overlooked by collectors, receiving little attention in the 1950s. However, as numismatic interest grew, this variety became recognized for its exceptional strike quality and smooth luster.

• Rarity: While many Mint State coins exist, only four have received an MS67 grade (Superb Gem Uncirculated).
• Auction Record: In 2013, Heritage Auctions sold an MS65 example for $39,656, setting a record for this variety.

Source: PCGS

Design and Features of the Peace Dollar

Obverse (Front Side)

• The front side of the Peace Dollar showcases Lady Liberty with a crown of spikes, representing enlightenment and freedom.
• The word “LIBERTY” is placed at the top, while “IN GOD WE TRUST” is inscribed below.
• The minting year is displayed at the bottom.

Reverse (Back Side)

• The reverse side features a bald eagle, a national symbol of power and peace.
• The eagle is sitting on a rock with rays of the rising sun in the background.
• The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” curve along the top.
• The denomination is written as “ONE DOLLAR.”

This beautiful and symbolic design makes the Peace Dollar one of the most admired coins in U.S. history.

Minting and Mintmarks

Three U.S. mints were responsible for producing Peace Dollars:

1. Philadelphia Mint (No Mintmark)
2. Denver Mint (D Mintmark)
3. San Francisco Mint (S Mintmark)

You can find the mintmark on the lower left side of the reverse, between the eagle’s folded wing and the edge of the coin. Mintmarks are crucial for determining the rarity and value of a Peace Dollar.

Types of Peace Dollars: High Relief vs. Low Relief

1921 High Relief Peace Dollars

• The first Peace Dollars in 1921 were struck in high relief, making the details more pronounced.
• However, this design caused problems during minting because it required extra pressure, which wore out the dies quickly.
• High-relief Peace Dollars are rarer and more valuable today.

1922-1935 Low Relief Peace Dollars

• To fix the production issues, the Mint switched to low relief in 1922.
• While not as visually striking as the high-relief version, this design made minting easier and more efficient.
• Most Peace Dollars from 1922 onwards have this modified design.

Valuation of Peace Dollars

The value of a Peace Dollar depends on factors such as condition, rarity, and demand. Coins are graded on a scale from 4 (Good) to 70 (Perfect Uncirculated):

• Circulated condition (Grade 4 to 55): $30 – $475
• Uncirculated condition (Grade 60 to 70): $650 – $460,000

Some rare dates and mintmarks make certain Peace Dollars worth thousands of dollars at auctions.

Modern Peace Dollars

In 2021, the U.S. Mint released a modern commemorative version of the Peace Dollar to celebrate 100 years since its original release. These new coins are made of .999 fine silver and maintain the classic design, making them a great collectible for new and seasoned numismatists.

Conclusion

Peace Dollars are a remarkable part of American coinage history. Their symbolic design, historical importance, and investment value make them a prized possession for collectors. Whether you are looking to start a collection or invest in rare coins, understanding the history and value of Peace Dollars can help you make informed decisions.

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