Jeff Garrett: Collecting Peace Dollars

For some reason, one of the most collected coin series in all numismatics is Morgan Silver Dollars, which were struck from 1878 to 1921. These coins are large and beautiful by any standard. The series has many dates that can be considered common, but there are plenty of stoppers for anyone obsessed with completeness. The cheapest 1895 Morgan Dollar costs more than a luxury automobile and there have been Morgan Silver Dollars that have sold for $1 million at auction. Our company probably sells more Morgan Dollars than any other series, and the popularity of the series is indisputable.

Standing in the shadows of Morgan Dollars are their immediate successor: the Peace Dollars struck from 1921 to 1935. In my opinion, the series does not get the respect it deserves. The coins were artfully designed by Anthony de Francisci, who had won the design competition. The 1921 Peace Dollar, with its stunning high relief, is one of the most beautiful coins the US Mint has ever produced, in my opinion. The coin commemorated the restoration of peace following World War I and symbolized America's hope for a more peaceful future.

Design Features

The obverse of the Peace Dollar features a portrait of Liberty facing left. Unlike previous depictions of Liberty that appeared more classical, de Francisci created a modern representation. It is widely believed that his wife, Teresa de Francisci, served as the inspiration for the portrait.

Liberty wears a radiant crown reminiscent of the Statue of Liberty, symbolizing freedom and enlightenment. The word "LIBERTY" appears around the upper rim, while the motto "IN GOD WE TRUST" is positioned below the portrait. The date appears at the bottom.

The reverse depicts a majestic bald eagle perched on a rock. Rather than displaying an eagle in flight or battle, de Francisci chose a calm, resting eagle holding no arrows. Beneath the eagle is the word PEACE, making the coin's message unmistakable. The reverse includes the inscriptions UNITED STATES OF AMERICA, E PLURIBUS UNUM, and the denomination ONE DOLLAR.

Why Collect Peace Dollars?

Morgan Silver Dollars were minted from 1878 to 1921 and were struck at five different mints. The series is full of very rare coins in Mint condition, and only very wealthy collectors attempt a complete set. In contrast, Peace Silver Dollars were struck from 1921 to 1935 at only three different mints. Most of the coins can be purchased in uncirculated condition for between $75 and $500 each. The only real "stopper" for the series is the elusive 1934-S, and even this date is less than $2,500 in the lower states of Mint condition. The completability of the series is, perhaps, the most compelling reason to collect Peace Dollars.

The coins are also big, with about 3/4 of an ounce of silver. Most of the common dates can be purchased for about their silver value in today's market. For anyone who invests in bullion silver, Peace Dollars are an excellent option.

The population of NGC-certified Peace Dollars is much lower than the population of NGC-certified Morgan Silver Dollars. To date, NGC has certified more than 4,549,400 Morgan Dollars. Meanwhile, NGC has certified more than 1,026,200 Peace Dollars, with the vast majority of those being 1922, 1923, 1924, and 1925 Philadelphia issues.

Most issues of Peace Dollars are also condition rarities, and the population of superb coins is much lower than for Morgan Silver Dollars. As of June 2026, there are only two Peace Dollars graded NGC MS 68 in the NGC Census, with none graded higher. Meanwhile, many more Morgan Dollars — hundreds of them, at least — have been graded NGC MS 68 or higher, according to the NGC Census.

As mentioned before, Peace Dollars are very affordable, with only a few "key and semi-key" dates. A complete set of Peace Dollars in MS 60 would cost about $7,500; $15,000 in MS 63, $20,000 in MS 64, and $65,000 in MS 65. As demonstrated by the big spread from MS 64 to MS 65, there are very few rare dates in Gem condition. The San Francisco issues from 1924 to 1928 are the rarest.

For a relatively short series, Peace Dollars present some fascinating rarities. The Proof Peace Dollars of 1921 and 1922 are iconic coins, with a dizzying array of variations. Students and scholars of the series are still making interesting discoveries in this field.

Tips for Collecting Peace Dollars

When collecting any series of US coins, quality and eye appeal are very important. For some reason, many Peace Dollars have unattractive toning and surfaces. There are virtually no attractively toned Peace Dollars. Beware of artificially toned Peace Dollars and be sure to buy only certified coins when buying high-grade examples.

Only buy coins with good eye appeal and with frosty-white or nearly white surfaces. When it comes time to sell your collection, this will be what buyers will be looking for. Never buy darkly toned examples. These sell for steep discounts and should be avoided.

The strike for Peace Dollars is very important. The series starts with the High Relief issue of 1921, and the strike for this issue varies widely. Fully struck examples bring a healthy premium when found. Nearly all of the San Francisco issues are seen with weak strikes, and finding sharp examples is difficult. The reverse strike for ‘S’ mint issues is one of the most important deciding factors for Gem examples.

The Peace Dollar series is full of interesting varieties. One of my favorites is the 1922 "mustache" variety. A comprehensive list of Peace Dollar varieties can be found on the NGC website and in the recently issued "Mega Red" Guide Book of United States Coins by Whitman Publishing.

Collect Modern Peace Dollars

Starting in 2021, the US Mint reissued the Peace Dollar in High Relief. The US Mint has decided to strike these coins on an annual basis and, for now, the series will live on into the foreseeable future.

Recommended Reading

If this article sparks an interest in US Peace Dollars, you should purchase the amazing book about the series by Roger W. Burdette. His book, A Guide Book of Peace Dollars, is both comprehensive and informative. It is part of the Whitman Red Book series.

Join us next time for the next installment: A Date-by-date Analysis of United States Peace Dollars.

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