Peace Dollars

Image: US Mint (coin), National Numismatic Collection (photograph by Jaclyn Nash), Public domain, via Wikimedia Commons

The Peace Dollar: A Testament to Hope and New Beginnings

Following World War I, the United States sought a symbolic silver dollar that embodied the nation’s collective desire for peace. Enter the Peace dollar: an iconic coin series minted from 1921 to 1935 and revived in 2021 for a centennial celebration. Like its predecessor, the Morgan dollar, the Peace dollar captivates collectors with its striking artistry, robust silver content, and historical significance. Below, we delve into the origins, design, key dates, and best practices for curating a Peace dollar collection.

A Brief History

The Pittman Act of 1918 authorized the melting of millions of Morgan dollars, providing silver bullion that would eventually be used for the new Peace dollar series.

Designer Anthony de Francisci won a competition to create a coin commemorating the end of World War I. The first Peace dollars were struck in late 1921 in high relief to emphasize the depth of the design.

After initial challenges with high-relief minting, the U.S. Mint introduced a lower relief in 1922 for easier mass production. Peace dollars continued to be produced at Philadelphia (no mint mark), Denver (D), and San Francisco (S) mints intermittently until 1935.

To honor the coin’s centennial, the U.S. Mint reissued a limited run of Peace dollars featuring a design closely following de Francisci’s original artwork—further testifying to the coin’s timeless appeal.

Design

The Peace Dollar design is a striking portrait of Lady Liberty, modeled in part after Anthony de Francisci’s wife, Teresa. On the obverse (front), Liberty wears a radiant crown, symbolizing enlightenment and freedom. Notably, the word “TRVST” uses the Latin “V” in place of “U.” On the back is a perched bald eagle holding an olive branch, gazing toward the rising sun. The powerful image conveys America’s optimistic outlook on global peace in the aftermath of World War I. Surrounding the eagle are the inscriptions “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and the denomination “ONE DOLLAR.” One major variation to note is the 1921 High Relief Peace Dollar which features a deeper strike that creates a sharp, detailed design on the coin. Due to production difficulties, the relief was lowered starting in 1922.

Key Dates and Rarities

Several Peace dollars are particularly sought after due to low mintages or historically significant runs.

1. 1921 High Relief: This inaugural issue is prized for its stunning, sharply detailed design. It’s also the only year the Peace dollar was produced in high relief, making it a standout for collectors.
2. 1928-P: With a mintage of only 360,649, the 1928-P Peace dollar is the lowest-mintage regular-issue coin of the series (excluding certain proofs). High-grade examples command premium prices.
3. 1934-S: Although not as scarce as 1928, the 1934-S is one of the more challenging dates to find in higher grades. Eye-appealing pieces are sought after by advanced collectors.
4. 1935: Minted in Philadelphia, Denver, and San Francisco, these pieces mark the end of the circulating Peace dollar era—until the modern commemoratives a century later.
5. 2021 Commemorative Issue: Highly anticipated and limited in mintage, this modern coin pays homage to the original design, attracting both new and seasoned collectors eager to own a piece of the coin’s 100th anniversary.

Collecting Approaches

Collecting every Peace dollar from 1921 to 1935 (including all mint marks) is a rewarding, if somewhat challenging, endeavor. Key dates like 1928-P can be expensive, so building this set often requires patience and careful budgeting. Due to the unique nature of the 1921 high-relief strike, some collectors specialize in that inaugural coin. This approach can extend to comparing the varying degrees of relief in the early issues (1921 vs. 1922). Many collectors of U.S. coinage type sets include at least one Peace dollar to represent the post-WWI silver dollar era. This approach often emphasizes eye appeal over completeness of every date. The modern 2021 Peace dollar can serve as a standalone collectible or a nice bridge between classic and contemporary coinage for those interested in the series’ historical legacy.

Grading and Conditions

Grading Peace Dollars can be both an art and a science. Organizations like the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) offer standardized grading.

There are lots of resources out there to learn grading (both free and paid). Here are the various grade levels to consider:

• G (Good) - VG (Very Good)
  Major details heavily worn; Liberty’s hair and the eagle’s feathers appear flat.
• F (Fine) – VF (Very Fine)
  Moderate wear shows, but most central design elements remain identifiable.
• XF (Extremely Fine)
  Only slight wear on the high points; much of the original detail remains crisp.
• AU (About Uncirculated)
  Minimal traces of wear, usually on the highest spots like Liberty’s cheek or the eagle’s feathers, with strong original luster intact.
• BU/MS (Mint State)
  No/minimal signs of wear. MS represents graded coins which fall on a numeric scale from 60 to 70, with MS-70 signifying a flawless coin. MS-65 and above can be especially sought after, particularly for key dates.

Subtle grade distinctions can significantly impact value, so familiarizing yourself with recognized grading standards or relying on third-party certification is a wise approach, especially for rare or high-value coins.

Conclusion

Steeped in symbolism and born of a nation eager to move past the devastations of war, the Peace dollar endures as a fascinating chapter of American numismatics. From the one-year-only high-relief 1921 to the ultra-scarce 1928, each date carries a unique story that resonates with collectors. By understanding the series’ key attributes, grading nuances, and best practices for preservation, you can assemble a Peace dollar collection that both honors history and brings you lasting enjoyment. Whether you pursue a complete set or simply add a few standout dates, these coins serve as a timeless testament to hope, perseverance, and the enduring spirit of peace.

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