Peace dollars are silver dollar coins minted from 1921 to 1928 and again in 1934 and 1935. They were designed by Anthony de Francisci and feature the profile of the goddess Liberty on the obverse and an eagle holding an olive branch on the reverse, symbolizing peace. Of the Peace dollar series, certain dates and varieties stand out as particularly rare and valuable to collectors.
Key Factors That Make Peace Dollars Rare
There are a few key factors that make certain Peace dollars rare and highly sought-after by collectors:
- Low mintage – Coins struck in smaller quantities naturally tend to be scarcer.
- Special versions – Variations like proofs and specially produced business strikes.
- Condition – Coins that have survived in exceptionally high grades are rare.
The Major Rarities
Here are the top rare and valuable Peace dollars:
1928 Peace Dollar
The 1928 Philadelphia Peace dollar has the lowest mintage of the series, with just over 360,000 pieces produced. This low production makes it challenging to find, especially in higher uncirculated grades. Even well-worn circulated examples are collectible.
1934-S Peace Dollar
The 1934 San Francisco Peace dollar is considered the key date of the series. Just over 100,000 coins were struck, making it the rarest in terms of total number produced. It was the last year of circulation issue Peace dollars. A lustrous mint state 1934-S Peace dollar is highly desirable.
1922 High Relief Peace Dollar
The 1922 High Relief was a special commemorative issue struck with a higher relief design. Only around 15,000 were minted, making it rare. It features exceptional, sculptural detail. These dollars trade for a strong premium in mint state condition.
1925-S Peace Dollar
With just under 1.2 million struck, the 1925 San Francisco issue has one of the lower mintages in the series, behind only the 1928 Philadelphia and 1934 San Francisco issues. Near-gem examples and better are in high demand from collectors.
1921 Peace Dollar
As the premier date of the series, the first-year 1921 Peace dollar enjoys added popularity. The mintage was not particularly low. However, many 1921 Peace dollars were melted, making high grade uncirculated coins scarce. The 1921 is collected both for its significance and its rarity at the upper grades.
Proof and Other Special Peace Dollars
Specimen strike Peace dollars were also produced, with special satin finishes and very high relief details. These special strikes are also rare and collectible. Additionally, a few proof Peace dollars exist, like the sole proof examples of the 1934 Philadelphia and 1935 San Francisco issues. Any proof Peace dollar is extremely rare.
Other Scarce Dates and Varieties
While the coins listed above are the major rarities, certain other dates and varieties warrant mention as scarce finds in today’s market:
- 1927-D – Low mintage of under 1 million coins.
- 1927-S – Second lowest mintage in series after 1928.
- 1934-D – Low mintage Peace dollar, under 1 million struck.
- 1935 Philadelphia – Final year low production Peace dollar.
- Doubled die obverse varieties – Major doubled dies like the 1922-D, 1928-P, 1934-D, and 1935-S.
These dates tend to be scarcer in uncirculated condition and popular with advanced Peace dollar collectors seeking to complete a full date and mintmark set.
Grading Peace Dollars
The grade of a Peace dollar greatly impacts its rarity and value. Heavily worn circulated examples are far more common. Collectors desire uncirculated coins showing no wear.
The Sheldon 70-point coin grading scale is most often used for Peace dollars:
| Mint State (MS) 60-70 | Uncirculated coins showing no wear, with MS-60 being the lowest and MS-70 a perfect coin. |
| About Uncirculated (AU) 50, 53, 55, 58 | Lightly circulated Peace dollars, with small amounts of wear. |
| Extremely Fine (EF/XF) 40-45 | Moderately circulated coins with wear but strong details remaining. |
| Very Fine (VF) 20-35 | Well-circulated but still identifiable, with wear plain over the surfaces. |
| Fine (F) 12-15 | Heavily worn with portions of letters and details merged together. |
| Very Good (VG) 8-10 | Substantial wear with most design features worn away. |
| Good (G) 4-6 | Outlined design with words and letters faint or gone. |
| About Good (AG) 2-3 | Extremely worn with only a few recognizable features. |
Mint state uncirculated coins from MS-60 through MS-65 are most plentiful. At MS-66 and higher, the natural availability sharply decreases as the grade increases. A scarce date Peace dollar in MS-67 condition would be considered a major rarity.
Value of Rare Peace Dollars
High grade or scarce Peace dollars can be very valuable. Some examples of notable value levels:
- 1928 Peace Dollar in MS-63: $9,500
- 1934-S Peace Dollar in MS-64: $50,000
- 1922 High Relief Peace in MS-65: $100,000
- 1925-S Peace Dollar in MS-67: $200,000
- Gem Proof 1934 Philadelphia Peace Dollar: $500,000+
For lower grade circulated coins, values quickly fall into the $30 to $100 range for common dates. However, key dates remain desirable even in well-worn condition. Valuations also depend heavily on the coin’s quality and eye appeal.
Detecting Rare Peace Dollar Counterfeits
With so much value at stake, authentication and avoiding counterfeits is paramount when acquiring rare Peace dollars.
Reputable third party grading services like PCGS and NGC provide the best protection by certifying the authenticity and grade. For raw coins, collectors should be vigilant in inspecting coins for any signs of being counterfeit:
- Improper weight or dimensions
- Odd looking or improperly shaped devices
- Unusual textures, surfaces, or luster
- Artificial toning
- Inconsistent wear patterns
- Improper edge lettering
Advanced counterfeits can be very deceptive, so purchasing certified Peace dollars from trusted dealers is highly recommended for buyers.
The Future Market for Rare Peace Dollars
The premium Peace dollars have continued to perform well as an investment, with values rising over the decades. Looking forward, the future market depends on a few factors:
- Precious metals prices – The intrinsic silver value provides a base level of support.
- New discoveries – Additional finds of rare coins can impact prices.
- Collecting trends – Shifts in collector demand affect the market.
- Economy – Broader economic strength or weakness influences prices.
Although short-term fluctuations occur, rare Peace dollars have proven to be a fairly stable store of value over the long run. As a widely collected classic American silver dollar with historical significance, demand should remain strong from collectors and investors.
Finding Rare Peace Dollars for Purchase
For collectors or investors seeking rare Peace dollars for their collections, here are some recommended buying approaches:
- Coin shops – Established local coin dealers may have access to nice Peace dollars.
- Major coin auctions – Auction houses like Heritage sell certified rarities to the highest bidder.
- Online coin retailers – Trusted dealers like APMEX offer a selection of Peace dollars.
- Coin conventions – Network with dealers and collectors to find hidden gems.
- Coin forums – Fellow enthusiasts share their finds and direct others to sellers.
Carefully researching sellers, checking references, verifying certification, and inspecting coins in-hand helps ensure a positive buying experience. Seeking input from other experienced collectors is also advised when purchasing significant rare date Peace dollars.
Conclusion
Collecting rare and valuable Peace silver dollars can be immensely rewarding for numismatists. While all Peace dollars are eagerly sought after, certain key dates, conditions, and varieties stand apart for their elusiveness and high market values. By learning to identify the major rarities, understanding how grade affects scarcity, and investing wisely, enthusiasts can build an impressive cabinet of these special coins that combine history, artistry, and precious metals in one beautiful package.
