Peace dollar value depends on date, grade and silver melt. See what a 1922 or 1923 Peace silver dollar is worth, key dates, mint mark location and grade tiers.
What Is a Peace Silver Dollar?
The Peace dollar is a 90 percent silver one-dollar coin that the U.S. Mint struck from 1921 to 1928 and again in 1934 and 1935. It was created to commemorate the end of World War I, and the word PEACE sits on the rock beneath the eagle on the reverse. The design came from Anthony de Francisci, a sculptor born in Italy, who used his wife Teresa as the model for Liberty. The result was a lighter, more open portrait than the Morgan dollar it replaced.
The reason the Mint was striking silver dollars at all in 1921 traces back to the Pittman Act of 1918. That law allowed the Treasury to melt a large number of silver dollars, mostly Morgans, so the metal could be sold as bullion, and it required the government to buy domestic silver and replace the coins it had destroyed. Morgan dollars returned briefly in 1921, and then the new Peace design took over late that year as the coin meant to carry the symbolism of the postwar moment.
The Peace dollar holds a distinct place in U.S. coinage as the last silver dollar struck for circulation. After the 1935 coins, the Mint made no more silver dollars for general use. In practice, though, most Peace dollars never saw much circulation. Large quantities were stored in Treasury and bank vaults for decades, which is why uncirculated examples of the common dates are easy to find today and why condition, not just date, drives so much of the pricing conversation.
That vault history also explains why so many families hold one or two of these coins. Peace dollars were handed down as keepsakes and gifts, and many of them were kept simply because they were large and silver. If you are holding one now, the sections below will help you place it in the series.
Peace Dollar Design and Specifications
The obverse shows a left-facing Liberty wearing a tiara of light rays. LIBERTY appears above the portrait, and the motto IN GOD WE TRVST runs below, spelled with a V in place of the U, along with the date. That TRVST spelling is a standard feature of the design on every date and is not an error. Collectors often use it as a quick way to recognize the type at a glance.
The reverse shows a bald eagle perched on a rock at dawn, holding an olive branch, with sun rays rising behind it. The word PEACE is carved into the rock beneath the eagle’s feet, which is where the coin gets its name and where it differs most obviously from the Morgan reverse, with its spread-wing eagle and wreath. The words ONE and UNITED STATES OF AMERICA complete the lettering, and the mint mark, when present, sits near the bottom of the reverse.
The coin is struck in 90 percent silver and 10 percent copper, a fineness of 0.900. It measures 38.1 millimeters across, weighs roughly 26.73 grams, and has a reeded edge. The pure silver content works out to 0.7734 troy ounces, which is the number that matters for melt value. These are the same size, weight and silver content as the Morgan dollar.
The 1921 coin deserves a separate note. It is the first year of issue and the only year the Peace dollar was struck in high relief for circulation, meaning the portrait and eagle stand up noticeably higher from the field. The deep relief was difficult to strike, with dies wearing quickly and metal not always filling the design, so the Mint flattened the relief beginning in 1922. Every later circulation date uses the lower relief, which is why 1921 coins look distinctly different when set beside a 1922 or 1923.
How to Read the Date and Find the Peace Dollar Mint Mark Location
The date appears on the obverse, in the lower portion of the coin beneath the motto IN GOD WE TRVST. On circulated coins the date is usually still legible even when the portrait is worn smooth, since the lettering sits in a relatively protected spot. If the last digit is hard to read, tilt the coin under a bright light until the numerals catch the shadow.
The Peace dollar mint mark is on the reverse. Look for the small letter below the word ONE and to the left of the eagle’s wing tip. A D means Denver, an S means San Francisco, and a coin with no letter at that spot was struck at Philadelphia. The letter is small, so a magnifying glass or loupe makes it much easier to see, especially on a coin with wear or toning around the area.
The absence of a mint mark is meaningful. A 1922 or 1923 with no letter is a Philadelphia coin, and those are the most common dates in the series. A 1921 will never show a mint mark, since that year’s coins came from Philadelphia. In later years not every date was struck at every mint, which is part of what shapes the series: Denver and San Francisco dates generally carry more of the scarcer entries, though not every one of them is scarce.
This matters because the same year can mean very different things depending on the letter. A 1927 with no mint mark and a 1927-D or 1927-S are separate coins with separate values. When you check your coins, record both the date and the mint mark together, and keep them with the coin if you bring it in for an appraisal. It speeds up the process considerably, and it tells us right away which part of the series you are holding.
Peace Dollar Silver Content and Melt Value
Peace dollar silver content is 0.7734 troy ounces of pure silver per coin. That figure is the actual silver weight, calculated from the coin’s 90 percent fineness, and it is the number used for melt value. The formula is simple: melt value equals 0.7734 troy ounces multiplied by the current silver spot price per troy ounce. Our live silver price page shows the current spot number, so you can run the calculation yourself at any time.
Melt value acts as a floor for every Peace dollar. A circulated coin of a common date has very little collector demand beyond its metal, so it trades close to melt, with a small premium reflecting the fact that it is a recognizable, collectible silver dollar rather than a piece of scrap. As spot moves up or down through the day, the value of those coins moves with it. That is why a published price from last year or even last month can be well off today’s reality, and why we describe value relative to melt rather than as a fixed amount.
The floor matters most for the roughly one-in-two readers who hold well-worn, common-date coins. A circulated 1922 or 1923 is a silver coin first and a collectible second. Above that floor, the premium depends on how many collectors want that specific date in that specific grade, which is where grade, strike and eye appeal come in.
It also helps to remember what melt value does not cover. The 2021 centennial Peace dollar, for instance, is struck in .999 fine silver and holds 0.858 troy ounces, so it uses a different melt calculation from the 0.7734 figure that applies to the classic 1921 to 1935 coins. Always match the formula to the coin.
1922 and 1923 Peace Dollar Value: What Common Dates Are Worth
How much is a Peace silver dollar worth if it is a 1922 or 1923 from Philadelphia? In most cases the answer is silver melt value plus a premium that grows with grade. These two dates, struck at Philadelphia with no mint mark, are by far the most common in the series, and they account for most of the Peace dollars families find. The 1922 and 1923 Peace dollars follow the same pattern, since both were produced in very large numbers and both survive in huge quantities in every grade.
In Very Fine-20, where the coin shows moderate wear but the design is still clear, a common-date coin is worth close to melt plus a small premium. In Extremely Fine-40, with light wear on the high points, it carries a small premium over melt. An About Uncirculated-58 coin, showing trace wear but nearly full luster, brings a modest premium. Once you reach Mint State, the premium becomes clear: MS-63 sits at a clear premium over melt, MS-64 a larger one, and MS-65, a true gem with strong luster and eye appeal, a substantial multiple of melt.
One caution applies to the 1922 coin. The 1922 High Relief is a rare trial or pattern strike and was never a circulation coin, so the ordinary 1922 you are holding is the low-relief regular issue. Denver and San Francisco coins from 1922 and 1923 are also scarcer than the Philadelphia versions in better grades, and San Francisco pieces in particular are often softly struck, which is worth knowing if you are comparing coins.
These tiers describe common dates. Key dates command multiples of these relationships, so treat the tiers as a guide for 1922 and 1923 Philadelphia coins rather than for the entire series.
Peace Dollar Key Dates and Condition Rarities
Peace dollar key dates fall into a few groups. The 1921 is the first year and the only high relief circulation strike, with a mintage of 1,006,473. Its deep relief and one-year status make it popular, and a 1921 Peace dollar generally trades above a common 1922 or 1923 in comparable grades. The 1922 High Relief is something else entirely: a rare trial or pattern strike, not a coin made for circulation.
The 1928 Peace dollar is the lowest-mintage Philadelphia issue, at 360,649, and it is the key date in circulated grades. A worn 1928 still carries a meaningful premium over melt, which sets it apart from nearly every other Philadelphia date. The 1934-S is the other headline name, scarce in mint state and considered a key condition rarity. It is relatively available in lower grades but hard to find as a well-struck uncirculated coin.
A second tier consists of coins that are affordable when circulated but scarce as well-struck gems: the 1924-S, 1925-S, 1927-D, 1927-S and 1928-S. These are the dates where strike quality becomes decisive, because many examples are flat in the hair and feathers. The 1935-S has a variety collectors track, with either three or four rays below ONE on the reverse.
The 1964-D has its own story. Congress authorized new Peace dollars in 1964, and the Denver Mint struck 316,076 of them in 1965. All were ordered melted, and none is legal to own, so any coin offered as a 1964-D should be left alone. Separately, the U.S. Mint issued a centennial Peace dollar in 2021 in .999 fine silver at 0.858 troy ounces. It is a modern collector coin, not a classic Peace dollar, and it is valued on its own terms.
How Grade, Strike and Surfaces Change Peace Dollar Value
Grade is the largest single variable after date. Peace dollars are graded on the Sheldon scale, and the step that matters most is the climb from MS-63 to MS-65. A circulated coin is judged by wear on the high points: Liberty’s cheek and hair, and the eagle’s feathers. An About Uncirculated coin from AU-50 to AU-58 shows only trace wear and most of its luster, while a Mint State coin from MS-60 to MS-70 has no wear at all and is graded on marks, luster, strike and eye appeal.
Strike quality is specific to this series. Peace dollars are softer-looking than Morgans, and weak strikes are common, especially on San Francisco issues. Collectors look at the hair above Liberty’s ear and at the eagle’s breast and leg feathers. A sharp strike with full hair detail is always preferred, and a coin that grades the same number can trade very differently depending on how well it was struck. This is why the same MS-64 on one date might be easy to find and on another much harder.
Luster and original surfaces come next. Mint luster is the frosty or satiny glow of the surface as struck, and it disappears when a coin is cleaned. Cleaning leaves fine hairlines and a dull or unnatural look, and it sharply cuts value, even on a coin that would otherwise sell at a premium. If you have found a coin that looks tarnished, resist the urge to polish it; the surfaces are worth more left alone.
Toning and eye appeal round out the picture. Attractive, original toning with pleasing color can add to a coin’s appeal, while spotted or uneven toning can reduce it. Eye appeal is subjective, but it often separates two coins in the same grade. Together, these factors explain why the premium over melt for MS-65 is so much larger than for MS-63.
Peace Dollars vs. Morgan Silver Dollars
The Morgan and Peace dollars share the same size, weight and silver content, 0.7734 troy ounces in a 38.1 millimeter coin, so circulated common dates of both trade alike as generic silver dollars. For someone buying silver by the ounce, a circulated common Peace dollar and a circulated common Morgan serve the same purpose, and both track the silver price closely. Our Morgan silver dollar value guide covers the older series in the same detail.
The differences are in design, era and availability. The Morgan dollar was struck from 1878 to 1904 and again in 1921, and its Liberty wears a cap and the eagle spreads its wings inside a wreath. The Peace dollar, struck from 1921 to 1928 and in 1934 and 1935, shows Liberty with a radiant tiara and an eagle perched on a rock. The Morgan series is longer and includes many more dates and mint marks, including the Carson City issues, so there are more keys and more chances for an unusual find.
Strike and surface character also differ. Peace dollars tend to show a softer look, with weak strikes on the hair and feathers, and many mint-state examples come from vault storage. Morgans have their own strike problems, but the Peace series is where collectors pay the closest attention to hair detail on the portrait.
If you want to compare specific dates, our silver dollar values by year page lays out the full range for both series side by side. For many new collectors, the Peace dollar is attractive because the series is short enough to complete: a date and mint mark set is a realistic goal, and it can start with common circulated coins and move upward in grade over time.
Certification: When to Send a Peace Dollar to PCGS or NGC
Certification by PCGS or NGC makes the most sense for better dates and higher grades. A key date such as the 1928 or the 1934-S in uncirculated condition benefits from a third-party grade because the premium is large and buyers want an independent, consistent opinion of the coin. The same is true for high-grade examples of the S-mint condition rarities, where small differences in strike and surface can move the price a good deal.
For common-date coins, the picture is different. A circulated 1922 or 1923 trades close to melt, and the cost of grading can easily exceed the premium the coin carries. In those cases, certification rarely pays for itself. The exception is a common date in MS-64 or MS-65 with a strong strike and good eye appeal, where the premium over melt is large enough that a certified grade helps the coin sell on its merits.
Certification also deals with the questions that are hard to settle by eye: whether a coin has been cleaned, what the real grade is, and, for the 1935-S, which reverse variety it is. Coins that have been cleaned or otherwise altered are typically labeled with a details grade rather than a numerical one, and they trade at a discount to problem-free coins.
Lone Star Coins is a PCGS and NGC Authorized Dealer, so we can facilitate certification of particularly valuable specimens. If you are unsure whether a coin you own is worth submitting, bring it to our San Antonio showroom. We will look at the date, mint mark, strike and surfaces and tell you honestly whether grading makes sense for that coin.
Buying and Selling Peace Dollars in San Antonio
When we look at a Peace dollar, we start with the date and mint mark, since those place the coin in the series right away. Then we look at the grade, including wear on the high points or marks and luster on uncirculated coins, followed by the strike on the hair and feathers, the originality of the surfaces, and the toning. Those are the same value factors described above, and they are what a dealer weighs when offering a price. Silver melt value sets the floor, and our live silver price page shows where spot stands today.
If you have a Peace dollar or a whole collection, the easiest way to find out what you have is to come in. Lone Star Coins offers free coin appraisals in San Antonio at our showroom at 2622 NW Loop 410, with no appointment required. Bring the coins in the condition you found them. Please do not clean them first, because cleaning lowers the value of a coin that might otherwise carry a premium.
We buy and sell Peace and Morgan silver dollars daily, in store and online. If you want to add to a set or start one, you can shop Peace silver dollars from circulated common dates through certified key dates, and we ship nationwide. If you are on the selling side and hold certified coins or better dates, see how we buy rare and graded coins.
We have served San Antonio collectors for more than 40 years as a family-owned dealer, and as a National Coin and Bullion Association member we pay attention to doing right by both buyers and sellers. Whether you hold a single inherited 1922 or a full date set, we are happy to talk through it.
Frequently asked questions
How much is a 1922 Peace silver dollar worth?+
A common 1922 Peace dollar from Philadelphia is worth silver melt value plus a premium that depends on grade. In circulated grades such as VF-20 or EF-40 it trades close to melt with a small premium, while uncirculated MS-63 through MS-65 coins carry progressively larger premiums. Melt is 0.7734 troy ounces times the silver spot price, and our live silver price page shows today’s spot. Lone Star Coins offers free, no-appointment appraisals in San Antonio if you want a grade-based answer for your coin.
How much is a 1923 Peace dollar worth?+
A 1923 Peace dollar with no mint mark is a common date and is valued at silver melt plus a grade-based premium. Worn examples trade near melt, About Uncirculated coins bring a modest premium, and Mint State coins command a clear premium that grows from MS-63 to MS-65. The 1923-D and 1923-S are scarcer in high grades than the Philadelphia coin. Bring your coin to our San Antonio showroom and we will grade it for you at no charge.
What is the rarest Peace dollar?+
The rarest Peace dollar is the 1922 High Relief, a trial or pattern strike that was never made for circulation. Among regular issues, the 1928 Philadelphia coin, with a mintage of 360,649, is the key date in circulated grades, and the 1934-S is a major condition rarity in mint state. The 1964-D was struck but ordered melted, and none is legal to own, so it is not a collectible date.
Where is the mint mark on a Peace dollar?+
The mint mark on a Peace dollar is on the reverse, below the word ONE and to the left of the eagle’s wing tip. A D means Denver, an S means San Francisco, and no letter means the coin was struck at Philadelphia. The letter is small, so a loupe helps. Every 1921 Peace dollar lacks a mint mark, as do the common 1922 and 1923 Philadelphia coins most people own.
How much silver is in a Peace dollar?+
A Peace dollar contains 0.7734 troy ounces of pure silver. The coin is 90 percent silver and 10 percent copper, measures 38.1 millimeters and has a reeded edge. To find melt value, multiply 0.7734 by the current silver spot price per troy ounce, which you can check on our live silver price page. The 2021 centennial Peace dollar is different: it is .999 fine and holds 0.858 troy ounces of silver.
What is the difference between a Peace dollar and a Morgan dollar?+
A Peace dollar and a Morgan dollar share the same size, weight and 0.7734 troy ounce silver content, but the designs and dates differ. The Morgan was struck from 1878 to 1904 and in 1921, with a capped Liberty and a wreathed eagle. The Peace, struck 1921 to 1928 and 1934 to 1935, shows a radiant Liberty and an eagle on a rock marked PEACE. Circulated common dates of both trade alike as generic silver dollars.
Is a 1921 Peace dollar valuable?+
A 1921 Peace dollar is generally worth more than the common 1922 and 1923 dates in comparable grades. It is the first year of issue and the only high relief Peace dollar struck for circulation, with a mintage of 1,006,473. Even a worn example carries at least melt value, and uncirculated coins bring a clear premium. The exact figure depends on grade and strike, so bring it to Lone Star Coins for a free appraisal.
Where can I sell Peace dollars in San Antonio?+
You can sell Peace dollars in San Antonio at Lone Star Coins, 2622 NW Loop 410. We buy and sell Peace and Morgan silver dollars daily, and appraisals are free with no appointment needed. Bring your coins uncleaned and we will tell you what you have, from common 1922 and 1923 dates to key dates and certified coins. If you are outside San Antonio, we also ship nationwide and can discuss your coins by phone or online.