If you have come across a large silver dollar with Lady Liberty on the front and an eagle perched on a rock on the back, you are holding a Peace Dollar. It is one of the most historically meaningful and visually striking coins the United States ever produced.
Whether you found a single coin in a drawer or inherited a full collection, this guide covers everything you need to know: what Peace Dollars are, how to identify them, which dates and varieties matter, and what they are actually worth in today's market.
Silver is currently trading at $64.57 per troy ounce. A Peace Dollar contains 0.77344 ounces of pure silver, which puts the melt value of any Peace Dollar at approximately $50 right now. That is the floor on every coin in the series, regardless of condition.
Date, mint mark, grade, and originality determine how far above that floor a coin actually trades.
What Is a Peace Dollar?
The Peace Dollar was struck from 1921 to 1935 as a deliberate symbol of the peace that followed World War I. Designed by sculptor Anthony de Francisci, the coin features a portrait of Lady Liberty modeled after his wife Teresa, a recent Italian immigrant.
The reverse shows a bald eagle at rest on a mountain, clutching an olive branch, with the word "PEACE" inscribed at the base.
The coin replaced the Morgan Dollar in circulation and was produced at three mints: Philadelphia, Denver, and San Francisco. It was the last 90% silver dollar struck for general circulation in American history.
When production ended in 1935, an era of large silver coinage ended with it.
How to Identify a Peace Dollar
Peace Dollars share the same size, weight, and silver content as Morgan Dollars, so people frequently confuse them. Here is how to tell them apart quickly.
On the obverse, the Morgan Dollar shows Liberty wearing a cap with an eagle on it. The Peace Dollar shows Liberty with a radiant crown and a more naturalistic portrait. On the reverse, the Morgan Dollar eagle has its wings spread.
The Peace Dollar eagle is at rest, perched on a rock with an olive branch.
Basic specifications:
- Years minted: 1921 to 1928, then 1934 to 1935
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Silver content: 0.77344 troy ounces
- Diameter: 38.1mm
- Melt value at current silver prices: approximately $50.00
Mint marks and locations:
- No mint mark: Philadelphia
- D: Denver
- S: San Francisco
The mint mark appears on the reverse at the base of the eagle, just above the word "ONE DOLLAR."
The 1921 High Relief: A Coin Apart
The 1921 Peace Dollar is a completely different animal from the rest of the series. It was struck in high relief, meaning the design elements rise much higher off the coin's surface than on subsequent issues.
The high relief made striking difficult and wore down faster in circulation, so the Mint reduced the relief starting in 1922 and never went back.
Only 1,006,473 examples were struck in 1921, making it one of the lowest-mintage issues in the series. In any circulated grade it, commands a significant premium over common dates.
In mint state it becomes a genuinely scarce coin that serious collectors pursue.
Key Varieties Worth Knowing
Most Peace Dollars do not have significant die varieties, but a few are worth understanding before you sell or have a collection evaluated.
1922 High Relief (Proof-like strikes): A small number of 1922 Peace Dollars were struck in high relief, similar to the 1921. These are extremely rare and were likely presentation or test pieces. If you have a 1922 that looks dramatically different from the others in terms of relief depth, it deserves a closer look from a professional.
1934-S Micro S (VAM-3): The standard 1934-S was struck with a large S mint mark. The Micro S variety uses a significantly smaller punch, roughly the size of the mint marks used on dimes of that era. The distinction requires magnification to confirm.
To realize the variety premium, the coin generally needs to be attributed on the PCGS or NGC holder label. Based on recent auction data from late 2025 and early 2026, premiums over standard 1934-S values run approximately 35 to 75 percent depending on grade.
In circulated grades (VF to XF), attributed examples are selling between $125 and $400. At AU-58, recent sales range from $1,860 to $2,160. At MS-63, the market is volatile and eye appeal matters significantly.
A standard MS-63 trades near $5,000 while an attributed Micro S with strong eye appeal has brought similar numbers. At MS-65, a CAC-approved example has sold for nearly $11,000. Without a CAC sticker, values drop considerably. One Heritage Auctions MS-65 sale in November 2025 came in at $6,900, well below Greysheet, reflecting the market's sensitivity to strike quality and surface originality on this date.
1935-S Doubled Die (VAM-3 and VAM-4): The 1935-S has several recognized doubled die varieties, with doubling visible on the tiara and reverse design elements under magnification. The 4-Ray reverse subtype is also a factor for collectors and currently trends $50 to $100 higher than the 3-Ray subtype in mint state grades.
Because the base 1935-S is affordable, variety premiums here are percentage-wise among the strongest in the series. An NGC MS-63 VAM-4 Doubled Die Reverse sold recently for $770 against a Greysheet base of $485, a 58 percent premium. MS-64 attributed examples are realizing around $1,072 versus $800 for standard coins.
AU-58 attributed examples are selling between $350 and $450 against a $225 base. Attribution on the holder is required to realize these premiums at auction.
1922 and 1923 Die Varieties: Numerous minor die varieties exist across the high-mintage Philadelphia issues. Most do not carry significant premiums, but for variety specialists, they matter.
Grading Peace Dollars
The Peace Dollar's high relief obverse design wears quickly on Liberty's cheek and the hair above her ear. These are the first areas to show friction and the primary places I look when assessing grade.
Good to Very Good (G to VG): The coin is heavily worn. Major design elements are visible but flat. These trade near melt value on common dates.
Fine to Very Fine (F to VF): Moderate wear is present but most detail is clear. The hair above Liberty's ear shows wear but individual strands remain visible. These trade slightly above melt on common dates.
Extremely Fine (EF or XF): Light wear appears only on the highest points. Liberty's cheek and the eagle's breast feathers show slight friction but retain most of their original detail.
About Uncirculated (AU): Slight wear is visible on Liberty's cheek and the eagle's breast, but most of the original mint luster remains. These are the coins I look at most carefully because a true AU and a slider MS-61 can look very similar under bad lighting.
Mint State (MS-60 to MS-70): No wear whatsoever. Full original luster. Contact marks, strike quality, and eye appeal determine the grade within this range. The difference between MS-63 and MS-65 can be hundreds of dollars on common dates and several thousand on scarce ones.
Peace Dollar Values by Date (Updated for Current Silver Prices)
The base melt value of any Peace Dollar at today's silver price is approximately $50.00. All values below reflect current market conditions.
1921 Peace Dollar
1921 (Philadelphia)
- Good to VF: $175 to $325
- XF to AU: $400 to $900
- MS-60 to MS-63: $1,100 to $2,500
- MS-64 to MS-65: $4,000 to $12,000+
1922 Peace Dollar
1922 (Philadelphia)
- Good to VF: $52 to $58
- XF to AU: $58 to $68
- MS-60 to MS-63: $72 to $90
1922-D
- Good to VF: $52 to $58
- XF to AU: $58 to $70
- MS-60 to MS-63: $75 to $110
1922-S
- Good to VF: $52 to $58
- XF to AU: $58 to $72
- MS-60 to MS-63: $78 to $130
1923 Peace Dollar
1923 (Philadelphia)
- Good to VF: $52 to $58
- XF to AU: $58 to $68
- MS-60 to MS-63: $72 to $88
1923-D
- Good to VF: $52 to $58
- XF to AU: $62 to $75
- MS-60 to MS-63: $90 to $190
1923-S
- Good to VF: $52 to $58
- XF to AU: $58 to $70
- MS-63: $130 to $150
- MS-65: $2,400 to $6,700
The wide MS-65 spread reflects how heavily strike quality affects value on S-mint issues. Do not pay top-tier prices without confirming sharp detail on the hair and eagle feathers.
1924 Peace Dollar
1924 (Philadelphia)
- Good to VF: $52 to $58
- XF to AU: $58 to $68
- MS-60 to MS-63: $72 to $88
1924-S
- Good to VF: $58 to $68
- XF to AU: $85 to $210
- MS-60 to MS-63: $525 to $1,900
1925 Peace Dollar
1925 (Philadelphia)
- Good to VF: $52 to $58
- XF to AU: $58 to $68
- MS-60 to MS-63: $72 to $88
1925-S
- Good to VF: $70 to $80
- XF to AU: $80 to $100
- MS-63: $380 to $475
- MS-64: $800 to $1,000
- MS-65: $31,000 to $36,000
The 1925-S is known as the Condition Key of the series. The jump from MS-64 to MS-65 is one of the largest in all of U.S. numismatics. Most collectors building Peace Dollar sets stop at MS-64 for this date and accept it as the logical stopper.
1926 Peace Dollar
1926 (Philadelphia)
- Good to VF: $52 to $58
- XF to AU: $60 to $72
- MS-60 to MS-63: $82 to $120
1926-D
- Good to VF: $52 to $62
- XF to AU: $68 to $105
- MS-60 to MS-63: $150 to $550
1926-S
- Good to VF: $52 to $62
- XF to AU: $65 to $95
- MS-60 to MS-63: $120 to $450
1927 Peace Dollar
1927 (Philadelphia)
- Good to VF: $62 to $72
- XF to AU: $85 to $150
- MS-60 to MS-63: $210 to $525
1927-D
- Good to VF: $65 to $85
- XF to AU: $125 to $325
- MS-60 to MS-63: $775 to $3,000
1927-S
- Good to VF: $62 to $78
- XF to AU: $105 to $260
- MS-60 to MS-63: $575 to $2,400
1928 Peace Dollar — Key Date
The 1928 Philadelphia had a mintage of just 360,649 coins, the lowest of any business strike in the series. Even heavily worn examples carry a premium that has nothing to do with silver content.
1928 (Philadelphia)
- Good to VF: $225 to $310
- XF to AU: $375 to $600
- MS-60 to MS-63: $775 to $1,400
- MS-64 to MS-65: $2,200 to $6,000
1928-S
- Good to VF: $50 to $60
- XF to AU: $600 to $800
- MS-63: $1,800 to $2,600
- MS-65: $19,000 to $23,300
No Peace Dollars were struck between 1929 and 1933.
1934 Peace Dollar
1934 (Philadelphia)
- Good to VF: $58 to $68
- XF to AU: $75 to $115
- MS-60 to MS-63: $140 to $350
1934-D
- Good to VF: $58 to $70
- XF to AU: $85 to $165
- MS-60 to MS-63: $240 to $950
1934-S — Key Date (Rarest Mint State Issue in the Series)
- Good to VF: $70 to $90
- XF-40: $200 to $300
- AU-58: $1,725 to $1,900
- MS-63: $4,500 to $6,000
- MS-65: $100,000 to $135,000
This is the most valuable business strike Peace Dollar in existence. Most 1934-S dollars were immediately spent when released during the Great Depression. Finding a strictly uncirculated example is difficult. Finding a true Gem is nearly impossible. Eye appeal and CAC approval drive significant price spreads at every grade level.
A CAC-approved MS-64+ has sold for nearly $11,000. A non-CAC MS-65 sold at Heritage in November 2025 for $6,900, well below Greysheet, reflecting just how sensitive this coin is to strike quality and surface originality.
1935 Peace Dollar
1935 (Philadelphia)
- Good to VF: $58 to $68
- XF to AU: $72 to $105
- MS-60 to MS-63: $120 to $270
1935-S
- Good to VF: $58 to $72
- XF to AU: $90 to $225
- MS-63: $485 to $500
- MS-64: $800 to $850
Note: The 1935-S has meaningful variety premiums. Doubled Die attributed examples (VAM-3 or VAM-4) add 50 to 80 percent over base values. The 4-Ray reverse subtype trades $50 to $100 above the 3-Ray in mint state grades.
Key Dates to Know Before You Sell
1921: First-year high relief issue. Scarce in any grade, rare in mint state. Never treat this as a common coin.
1928 Philadelphia: Lowest-mintage business strike in the series. Every problem-free example is worth evaluating carefully.
1934-S: Looks like an ordinary coin in circulated grades. Most people have no idea what it is until they check the date and mint mark. In high grades it is one of the rarest Peace Dollars in existence.
1927-D and 1927-S: Semi-key dates that regularly get sold as common coins. Both carry meaningful premiums in grades above XF.
1924-S, 1925-S, 1926-S: All command premiums in uncirculated condition that most people do not anticipate.
What I See Constantly
1922 and 1923 Philadelphias are the dominant coins in virtually every Peace Dollar collection I evaluate. They show up in VF to XF grades, usually cleaned or dipped at some point in the last hundred years. At current silver prices they are worth $52 to $68 in circulated condition regardless of what a price guide from five years ago says.
Raw AU sliders are everywhere in this series. The high points on Liberty's cheek wear fast, and a coin that looks mint state on the kitchen table often shows friction under a proper loupe and good lighting. I see more AU-58 coins called BU in this series than almost any other.
Cleaned common dates make up probably half of all the Peace Dollars I buy. The coin has been around for a century and most owners or previous owners tried to shine it up at some point. Cleaning reduces value but does not eliminate it, especially at current silver prices.
What Is Genuinely Hard to Find
Original-skin common-date Peace Dollars in true mint state. The 1922 and 1923 Philadelphias exist in large numbers, but a fully original, never-dipped, never-wiped BU example with complete luster is rarer than most people assume. Most have been cleaned somewhere in their hundred-year history.
Problem-free 1921s. Because people know the 1921 is special, they often tried to improve its appearance before selling. A problem-free AU or mint-state 1921 with original surfaces is a genuinely good find and worth getting properly evaluated.
High-grade 1934-S and 1927-D examples. These coins look ordinary in circulated grades and most sellers have no idea what they have. In grades above MS-63 they are rare and valuable in a way that casual inspection would never reveal.
Carson City Peace Dollars do not exist. The CC mint closed in 1893, before the Peace Dollar series began. If someone tries to sell you one, walk away.
How We Determine Peace Dollar Values
At Xenia Coin Shop, we base every offer on current Graysheet pricing, recent auction results from Heritage Auctions and Stack's Bowers, and current market demand. We do not use outdated book values or price guides from previous silver markets.
With silver at $64.57, the baseline on every Peace Dollar has moved significantly compared to where it was a year ago. Any offer you received more than a few months ago should be revisited.
We also evaluate coin-specific factors that affect value beyond grade: strike quality, luster, eye appeal, originality of surfaces, and any issues including cleaning, damage, or environmental problems.
Certified vs. Raw Peace Dollars
Certified coins (PCGS or NGC) command premiums because authentication and grade are established. This matters most on the 1921 and 1928, where counterfeits and problem coins exist, and on any coin that grades MS-64 or better, where the value spread justifies the cost of a slab.
Raw coins in circulated grades trade close to melt value plus a numismatic premium on common dates. For anything that might be a key date or a genuine high-grade example, professional certification changes the conversation substantially.
What I Typically Pay for Certified vs. Raw Peace Dollars
When it comes to buying Peace Dollars, I treat certified and raw coins as two completely different conversations. The coin might be the same date and grade on paper, but the risk profile and resale path are different enough that I price them separately every time.
Certified Coins (PCGS or NGC)
For slabbed Peace Dollars I am working off recent auction results and current dealer-to-dealer bid levels. That gives me a clean, defensible baseline that I can explain to any seller.
Common-date certified Peace Dollars in circulated grades typically come in at 5 to 15 percent back of recent auction hammer depending on the grade and how actively that date is trading right now. Key dates like the 1928 or 1934-S I price at or near Graysheet bid because those coins move fast and I am not going to lowball something I know has immediate demand. If a coin has exceptional eye appeal, original surfaces, or a CAC sticker, I will push my number up accordingly. A genuinely premium coin for the grade gets treated like one.
Raw Coins
Raw Peace Dollars live in a wider range. Problem-free coins with true AU to mint-state potential get Graysheet raw bid from me. I have handled enough of this series to read a coin accurately under proper lighting and I price what I actually see, not what the seller hopes it will grade.
For circulated common dates I am working off metal value plus a numismatic premium that reflects current silver prices and actual market demand. At $64.57 silver that floor has moved considerably from where it was a year ago, and my offers reflect that.
If there is cleaning, damage, or a details issue, I will tell you exactly what I see and why it affects the number. There are no surprises in how I work.
When It Makes Sense to Have a Peace Dollar Graded
Grading costs between $30 and $80 per coin depending on the service level. It only makes sense when the potential increase in value is at least three times that cost.
Grade it when it is a 1921 or 1928 in problem-free condition, when it is a 1934-S or 1927-D in XF or better, when it looks like a genuine MS-64 or MS-65 candidate on any date, or when authentication adds meaningful buyer confidence on a high-value piece.
Do not bother when it is a common circulated date with cleaning, when the grade will not move the value enough to justify the fee, or when there is visible damage that will result in a details grade anyway.
Factors That Reduce Value
Cleaning is the most common problem I see. Harsh cleaning, dipping, and polished surfaces can reduce value by 30 to 60 percent on common dates and considerably more on key dates. Natural toning is always preferred.
Rim damage is common in this series. Peace Dollars are large, heavy coins that absorbed a lot of abuse over a century of handling. Rim dings reduce value on every grade.
Poor storage in PVC holders causes green residue that damages surfaces over time. Some of this can be removed professionally but it affects value regardless.
Ready to Sell Your Peace Dollars?
We provide free evaluations on Peace Dollar collections based on current Graysheet pricing and real auction results. We will identify key dates, grade accurately, and make offers that reflect what the market actually looks like right now at $64.57 silver.
Call (937) 376-2807 or visit us at 30 W 2nd St, Xenia, OH 45385.
No pressure. No obligation. Just an honest answer on what your coins are worth.