What a Peace silver dollar is worth — silver content, key dates (including the 1921 high relief and 1928), why the 1922 is so common, mintmarks, grade, and how value is determined.
What Determines a Peace Silver Dollar’s Value
The Peace dollar, designed by Anthony de Francisci to commemorate peace after World War I, was struck from 1921 to 1928 and again in 1934 and 1935. Like the Morgan that came before it, its value depends on silver content, date and mintmark, grade, and eye appeal. Most circulated Peace dollars trade near their silver value plus a small premium, while the key dates and high-grade examples are worth substantially more.
The Peace series is shorter and has fewer date-and-mint combinations than the Morgan series, which makes it easier to learn. The value swings still come down to identifying the date, locating the mintmark, and judging condition — something we’ll do for you for free in San Antonio.
How Much Silver Is in a Peace Dollar
Peace dollars share the same specifications as Morgan dollars: 90% silver and 10% copper, weighing 26.73 grams, with 0.7734 troy ounces of pure silver. That silver content sets the floor value for any genuine Peace dollar, so common examples are always worth at least their melt value as silver prices move.
Collector demand is added on top of that silver floor, and how much is added depends on the specific date, mintmark, and grade.
Mintmarks: P, D, and S
Peace dollars were struck at Philadelphia (no mintmark), Denver (D), and San Francisco (S). The mintmark is on the reverse, near the bottom, just below the word “ONE” by the tip of the eagle’s wing. Coins with no mintmark were made in Philadelphia.
Because there is no Carson City issue and no New Orleans issue in this series, the value drivers come mainly from the date, the relief (for 1921), and the grade.
Is a 1922 Peace Dollar Valuable?
The 1922 Peace dollar is the most common coin in the series. Philadelphia alone struck more than 51 million in 1922, with large numbers from Denver and San Francisco as well. As a result, circulated 1922 Peace dollars typically trade near their silver value with only a small premium, and even uncirculated examples are affordable compared with the key dates.
There is one famous exception: the extremely rare 1922 high-relief proof, of which only a small number exist — a coin worth a great deal. Ordinary business-strike 1922 dollars are not that coin. High-grade uncirculated 1922s with strong luster still bring a premium over worn examples, so condition is worth checking before you sell.
Peace Dollar Key Dates & Semi-Keys
The 1921 Peace dollar is the first-year issue and was struck in high relief with a lower mintage, making it a key date that is more valuable than most later coins, especially in higher grades. The 1928 (Philadelphia) is the lowest-mintage business strike in the series and the classic key date. The 1934-S is a major condition rarity that becomes very valuable in uncirculated grades.
Other semi-keys worth a closer look include the 1924-S, 1925-S, 1927, 1927-D, 1927-S, 1928-S, and 1935-S. If your coin is a 1921, a 1928, or a sharp uncirculated branch-mint date, have it evaluated before selling.
Morgan vs. Peace, Grading & Certification
Morgan and Peace dollars contain the same amount of silver and are often collected together, but they are different designs from different eras — the Morgan ran 1878–1921 and the Peace ran 1921–1935. Their key dates and values are distinct, so each coin should be identified on its own.
As with Morgans, condition drives value: uncirculated coins with original luster bring far more than worn ones, and for the key dates a single grade point can matter. Third-party certification from PCGS or NGC verifies authenticity and grade for valuable coins. We evaluate raw and certified Peace dollars and explain when certification is worthwhile.
Frequently asked questions
How much is a Peace silver dollar worth?+
It depends on the date, mintmark, and grade. Common dates in circulated condition trade near their silver value (about 0.7734 troy oz of silver) plus a modest premium, while key dates like the 1921, 1928, and 1934-S in high grade are worth much more.
How much silver is in a Peace dollar?+
A Peace dollar is 90% silver and weighs 26.73 grams, containing 0.7734 troy ounces of pure silver — the same as a Morgan dollar.
Is a 1922 Peace dollar rare or valuable?+
No, the 1922 is the most common date in the series, so circulated examples trade near silver value. High-grade uncirculated coins bring a premium, and the separate 1922 high-relief proof is a rare exception worth a great deal.
What is the key date Peace dollar?+
The 1928 (Philadelphia) is the classic key date with the lowest business-strike mintage. The 1921 high-relief first-year issue and the 1934-S in uncirculated grades are also major value coins.
What is the difference between a Morgan and a Peace dollar?+
They contain the same amount of silver but are different designs from different periods — the Morgan was struck 1878–1921 and the Peace dollar 1921–1935. Their key dates and values are different, so each is identified separately.
Where can I sell a Peace dollar in San Antonio?+
Lone Star Coins buys Peace dollars — single coins, key dates, and collections — with free walk-in evaluations and same-day payment. We are PCGS/NGC authorized with 40+ years in San Antonio.