Key Date Peace Dollars: Collecting Guide & Prices
Key Date Peace Dollars: Collecting Guide & Prices
Master the art of collecting America's most beautiful silver dollars with expert insights on rarities, values, and market trends
Introduction
The Peace dollar series that ran from 1921 through 1935 is nearly as popular as the Morgan silver dollars they replaced. This beautiful, large silver coin is best known for its iconic design that captures the optimism and artistry of post-World War I America.
Iconic Design Elements
The obverse features a portrait of Miss Liberty crowned with rays, symbolizing the dawn of peace. The reverse showcases a bald eagle perched on a rock inscribed with the word "PEACE," with a sunrise in the background splashing light across the patriotic scene.
Historical Significance
The introduction of the Peace dollar commemorated the end of World War I. The coin was designed by Anthony de Francisci and is considered one of the many resplendent designs emblematic of the artistic Renaissance of American Coinage.
Series Overview
Peace dollars were minted for a relatively short period, with none made from 1929 through 1933. All told, there are 28 major issues and varieties that were struck, including very elusive matte proofs and major doubled dies.
There are also a handful of key dates that pose significant challenges to coin collectors. Understanding these rarities and their market values is essential for anyone serious about building a complete Peace dollar collection or investing in historic silver coins.
Table of Contents
The Key Date Peace Dollars
Depending on exactly how one defines their Peace dollar collection, there may be only a couple major key dates and a semi-key that need to be sought, or there can be more than half a dozen major rarities to pursue.
Collection Scope Considerations
As one might expect, all Peace dollars become rare above a certain grading threshold. But we won't be looking at the Peace dollar series from the perspective of condition rarities. Instead, we will examine the series from the standpoint of the absolute key dates: which pieces are the toughest and generally most expensive to obtain, regardless of the coin's grade.
Key Date Categories
- Ultra-Rarities: Matte proof varieties with single-digit known examples
- Classic Key Dates: Low-mintage business strikes like the 1928 and 1921
- Semi-Key Dates: Moderately scarce issues like the 1934-S
- Important Varieties: The 1934-D doubled die obverse
- Condition Rarities: Common dates in exceptional grades
For current pricing on all Peace dollar dates and grades, follow the link for a complete chart of Peace dollar prices in our Coin Library. Understanding how silver spot prices affect coin values helps collectors time their purchases effectively.
1921 Peace Dollar
This issue marks the only regular-strike Peace dollar to feature the high-relief design. High relief is the style this coin was originally intended to be struck in, but it proved too difficult on dies for large-scale production.
1921 Peace Dollar Specifications
Mintage: 1,006,473 pieces
Minting Period: Last four days of 1921
Special Features: High-relief design, first-year issue
Significance: Only regular-strike high-relief Peace dollar
Market Values
Moderately Circulated: Starting around $125
About Uncirculated: $200-300 range
MS65: Surpasses $1,750
Premium MS66+: $3,000+ range
Why the 1921 is Special
This issue is coveted not only as the first-year issue due to its low mintage but also for the coin's high-relief finish. This sets it an aesthetic notch above all the regular-issue Peace dollars that follow. The high-relief design shows much more dramatic detail and sculptural depth, making it a centerpiece of any Peace dollar collection.
Ultra-Rare Matte Proof Varieties
The early Peace dollar series includes several matte proof varieties that rank among the most valuable and elusive coins in American numismatics. These were minted in extremely small quantities and represent the absolute pinnacle of Peace dollar collecting.
1921 Matte Proof
This rarity was minted in tiny numbers in a matte proof finish consistent with other proof coins of the period. Estimates vary on exactly how many were made, but most numismatic experts agree the number is south of a dozen pieces.
Estimated Mintage: Fewer than 12 pieces
Current Value: PR65 around $100,000
1922 High Relief Matte Proof
Another early Peace dollar rarity, this matte proof features a high-relief format akin to its 1921 predecessor. Like the 1921 matte proof, this elusive issue has a tiny mintage of perhaps ten pieces though fewer are known to exist.
Estimated Mintage: Around 10 pieces
Current Value: Approximately $150,000
1922 Normal Relief Matte Proof
Bearing the lower relief more typical of 1922 Peace dollars, this version of the matte proof is often categorized as "normal relief." Like its other early 1920s matte proof counterparts, this piece also saw a tiny mintage of around 10 specimens.
Estimated Mintage: Around 10 pieces
Current Value: Approximately $125,000
Investment Consideration
These matte proof Peace dollars represent the absolute elite of American coin collecting. With values in the six-figure range and extreme rarity, they are typically only accessible to the most advanced collectors and serious investors. Authentication and certification by major grading services is absolutely essential for any transaction involving these rarities.
1928 Peace Dollar
When it comes to the regular-issue Peace dollars for which most series enthusiasts compete, the 1928 Philadelphia issue ranks as the undisputed key date. It represents the ultimate challenge for Peace dollar collectors seeking to complete their sets.
The Ultimate Key Date
- Lowest Mintage: Just 360,649 pieces minted
- Price Premium: Commands significant premiums in all grades
- Market Leadership: Sets the pace for Peace dollar values
- Completion Challenge: Required for any complete collection
It's also decisively the most expensive regular issue in the series, creating a substantial hurdle for collectors. The 1928 Peace dollar's low mintage and resulting scarcity make it a cornerstone of serious Peace dollar collecting.
Lower Grade Values
VF20: Nearly $300
EF40: $400-500 range
AU50: $600-750
Even in circulated grades, the 1928 commands substantial premiums that reflect its key date status.
Uncirculated Premiums
MS60: $1,200-1,500
MS63: $2,000-2,500
MS65: Around $4,000
Mint State examples show the dramatic premium that scarcity commands in the Peace dollar market.
Investment Perspective
The 1928 Peace dollar has shown consistent appreciation over time, driven by its fundamental scarcity and essential role in complete collections. Monitoring silver market trends helps understand overall price movements.
1934-D Doubled Die and 1934-S Semi-Key
The 1934 date includes both an important variety and a semi-key date that round out the major challenges in Peace dollar collecting. These issues provide more accessible entry points into key date collecting while still offering significant numismatic interest.
1934-D Doubled Die Obverse
Among the dozens of exciting die varieties in the Peace dollar series (known as VAMs), the most popular and important is the 1934-D doubled die obverse. It exhibits clear hub doubling around the words "GOD WE" on Miss Liberty's nose and some of the rays upon her tiara.
VF20 Value: About $100
MS60 Value: Around $700
1934-S Peace Dollar
The 1934-S Peace dollar may "only" be a semi-key, but it's a heavyweight among Peace dollar collectors working on complete date-and-mintmark collections. This coin has a mintage of 1,011,000 pieces, making it slightly more common than the 1921 business-strike.
VF20 Value: Around $75
MS65 Value: Tops $8,000
Variety Collecting
The 1934-D doubled die represents an excellent introduction to Peace dollar variety collecting. VAMs (Van Allen-Mallis varieties) add an extra dimension to Peace dollar collecting, with some varieties commanding significant premiums. For collectors interested in expanding beyond basic date-and-mintmark collecting, varieties offer additional challenges and opportunities.
The 1934-S retails for moderate premiums in lower grades but quickly reflects its rarity in higher circulated and uncirculated grades. This dramatic price escalation in premium grades makes it important for collectors to carefully consider their grading standards and budget allocation when pursuing this semi-key.
Collecting Peace Dollars
As can be seen here, the Peace dollar series offers both challenges and options for collectors at different budget levels. Yes, one can easily spend six figures collecting Peace dollars if pursuing the ultimate rarities, but there are many strategies for building satisfying collections within more modest budgets.
Collection Strategies by Budget
- Ultra-High-End: Include matte proofs and condition rarities ($100,000+)
- Complete Premium: All business strikes in MS65 ($50,000-75,000)
- Complete Standard: All business strikes AU50-MS63 ($8,000-15,000)
- Key Dates Only: Focus on 1921, 1928, 1934-D, 1934-S ($3,000-5,000)
- Type Collection: Representative examples across the series ($500-1,500)
Budget-Friendly Approach
Building an eye-pleasing collection of Peace dollars in higher circulated or lower Mint State grades is an excellent option. This can be done at a fraction of the price of attempting to build an MS65 set of these beautiful silver dollars.
Strategic Exclusions
If you exclude the matte proofs and retain only the 1921, 1928, 1934-D doubled die, and 1934-S, an entire 25-coin set of business-strike Peace dollars grading AU50 to MS63 can be completed for less than $3,000.
Gradual Building
Many successful collectors build their Peace dollar sets gradually, starting with common dates in desired grades and adding key dates as budget allows. This approach allows for careful selection and optimal timing of purchases.
However, suppose one sticks to the business-strikes. In that case, the super-rarities are avoided altogether, and even the four-digit MS65 examples become mere options—not requirements—for finishing a handsome set. This flexible approach allows collectors to tailor their goals to their budget and interests while still building meaningful collections.
Grading and Eye Appeal Factors
No matter the grade or scope of your Peace dollar collection, always seek the nicest examples you can afford. Peace dollars present unique grading challenges that collectors should understand before making purchases.
Common Quality Issues
Peace dollars have large, broad fields, especially on the obverse. These are prime locations for nicks, scratches, contact marks, and other imperfections. Furthermore, avoid examples that are discolored or appear to have been cleaned. These issues can significantly impact both the aesthetic appeal and market value of your coins.
Quality Characteristics to Seek
- Original Surfaces: No evidence of cleaning or artificial toning
- Minimal Contact Marks: Especially important in the large obverse fields
- Strong Strike: Full detail in Liberty's hair and eagle's feathers
- Attractive Toning: Natural color progression if present
- Sharp Rims: Well-defined edges without damage
Specimens grading around AU50 should show plenty of mint luster, while those in the Mint State range commonly exhibit rich, cartwheel-style luster and brilliant white surfaces.
AU Grade Benefits
About Uncirculated Peace dollars often represent excellent value, showing most of their original mint luster while trading at significant discounts to full Mint State examples. The slight wear is often minimal and hard to detect.
MS Grade Premiums
Mint State Peace dollars command substantial premiums, especially in MS65 and higher grades. The jump from MS63 to MS65 can double or triple values, making grade selection crucial for budget management.
Certification Value
Professional grading and authentication become increasingly important for key dates and higher-grade examples. Third-party certification provides confidence in both grade accuracy and authenticity.
Take your time buying key date Peace dollars with excellent eye appeal, and you'll surely be pleased with your purchase for years to come. The extra patience required to find quality examples typically pays dividends both in enjoyment and potential resale value.
Current Market Trends and Investment Outlook
The Peace dollar market has shown remarkable resilience and growth over the past decade, driven by both collector demand and precious metals investment interest. Understanding current market dynamics helps collectors make informed purchasing decisions.
Collector Market Strength
Peace dollars benefit from both numismatic collector demand and precious metals investment interest. The series' relatively short duration and iconic design create natural scarcity that supports long-term value appreciation.
Key Date Performance
Key dates like the 1928 and 1921 have consistently outperformed common dates, reflecting the power of scarcity in numismatics. The performance gap between key dates and common dates has widened over time.
Grade Sensitivity
Higher-grade Peace dollars have shown particularly strong performance, with MS65 and finer examples appreciating faster than lower grades. This reflects the growing sophistication of the collector market.
Investment Considerations
While Peace dollars can be rewarding investments, they should be viewed primarily as collectibles with potential for appreciation rather than pure financial instruments. The combination of silver content, numismatic value, and historical significance provides multiple sources of potential value. Current silver spot prices provide a floor value, while collector demand drives premiums above metal content.
For collectors interested in building Peace dollar collections or adding key dates to existing holdings, the current market offers opportunities for patient buyers. Quality examples of key dates continue to command strong prices, but careful shopping and timing can still yield attractive purchases. Whether you're starting with common dates or jumping directly into key date collecting, focusing on quality and authenticity will serve you well in the long term.
Consider exploring silver coin investments as part of a broader precious metals strategy that includes both bullion and numismatic pieces. Peace dollars represent an excellent bridge between pure precious metals investing and serious numismatic collecting.
Disclaimer: This collecting guide is for educational purposes only and should not be considered investment advice. Coin values can fluctuate based on market conditions, silver prices, and numismatic factors. Grading and authentication opinions may vary between services. Past performance does not guarantee future results. Always consult with qualified numismatic professionals before making significant purchases.