Jeff Garrett: Collecting US Peace Dollars (1921-1935)

One of the reasons that Peace Dollars are a popular series among collectors is that many consider it to be “completable” in Mint condition. Unlike Morgan Silver Dollars, there are no six-figure "stoppers" that would keep a collector from completing the series.

A few weeks ago, my article explained in detail why the Peace Dollars series should be considered. Below is the promised date-by-date analysis of US Peace Dollars from 1921 to 1935.

1921 Peace Dollar

The 1921 Peace Dollar marks the beginning of the series. It is unique because it was struck in High Relief, giving the coin exceptional artistic beauty but creating production difficulties. Many that are seen are weakly struck. Collectors consider the 1921 to be one of the most important Peace Dollars. High-grade examples with a sharp strike command significant premiums due to strong demand. Like most Peace Dollars, many are seen with unattractive toning. One of the NGC MS 67 coins sold for $50,400 in 2025.

Key Facts

• Only High Relief issue in the series
• One-year Type coin
• Mint: Philadelphia
• Mintage: 1,006,473
• Graded by NGC: 28,190
• Finest Graded by NGC: MS 67 (8)

1922 Peace Dollar

The Mint lowered the relief dramatically to improve production efficiency. As a result, 1922 became the largest mintage year of the entire series. The 1922 issue is among the most affordable Peace Dollars today. Many high-grade examples are seen with water spots, the result of poorly rinsed planchets. Lower grade examples of this date can be purchased for close to their bullion value.

Key Facts

• Mint: Philadelphia
• Mintage: 51,737,000
• Graded by NGC: 277,274
• Finest Graded by NGC: MS 67+* (1)

1922-D Peace Dollar

Most examples seen in high grades are well struck and display frosty surfaces. Many are seen with die breaks due to the increased pressure used at the Denver Mint when striking them. Gem examples are scarce and superb coins are rarely seen.

Key Facts

• Mint: Denver
• Mintage: 15,063,000
• Graded by NGC: 11,770
• Finest Graded by NGC: MS 67+* (1)

1922-S Peace Dollar

The first Peace Dollars struck at the San Francisco Mint were done with lower minting pressure to extend die life. The results are that most seen of the date and mint are softly struck on the high points. Choice and Gem examples are seldom seen. As with many San Francisco Peace Dollars, the price jump in higher grades is dramatic. An MS 66 example is worth 100 times that of an MS 64 specimen. A nicely struck MS 64 would be the ideal coin for the average collector.

Key Facts

• Mint: San Francisco
• Mintage: 17,475,000
• Graded by NGC: 11,423
• Finest Graded by NGC: MS 66* (1)

1923 Peace Dollar

Production remained heavy as Silver Dollars continued to be struck under the requirements of the Pittman Act. The 1923 Peace Dollar is probably the most common of the series. Many were saved in mint bags for decades and later entered the market in Mint condition. Coins with water spots are also common for this date and should be avoided.

Key Facts

• Mint: Philadelphia
• Mintage: 30,800,000
• Graded by NGC: 396,998
• Finest Graded by NGC: MS 67+ (14)

1923-D Peace Dollar

Most seen are well struck, but with considerable bag marks. Frosty white examples trade for a premium, as many have unattractive toning. Superb Gems of this date have sold for more than $100,000 at auction.

Key Facts

• Mint: Denver
• Mintage: 6,811,000
• Graded by NGC: 7,302
• Finest Graded by NGC: MS 67 (1)

1923-S Peace Dollar

This date is also seen very poorly struck with somewhat rough surfaces. The vast majority of Mint state coins grade from MS 61 to MS 63. Choice coins with a nice strike are very scarce. Only two coins have been graded MS 66 by NGC and one of those sold at auction for $33,600.

Key Facts

• Mint: San Francisco
• Mintage: 19,020,000
• Graded by NGC: 13,076
• Finest Graded by NGC: MS 66 (2)

1924 Peace Dollar

The 1924 issue continued large-scale production. The production quality for 1924 Peace Dollars was well above average for the series. Many examples can be found with booming luster and minimal marks. This date is considered a favorite among Type collectors due to the amazing coins seen for the issue. The 1924 Peace Dollar is one of the most common for the series and is easy to locate in most grades.

Key Facts

• Mint: Philadelphia
• Mintage: 11,811,000
• Graded by NGC: 69,242
• Finest Graded by NGC: MS 68 (1)

1924-S Peace Dollar

Unlike its Philadelphia counterpart, the 1924-S Peace Dollar is one of the most poorly struck of the series. Most coins entered circulation and very few large groups of the date have ever been found. The date is scarce in Choice condition and Gem examples are rarely seen. When buying this date in high grades, be very careful about eye-appeal, as many have very ugly toning.

Key Facts

• Mint: San Francisco
• Mintage: 1,728,000
• Graded by NGC: 6,710
• Finest Graded by NGC: MS 66 (2)

1925 Peace Dollar

This is another date that can be readily found in Gem condition. Many large groups of this date have surfaced over the years. We have seen large hoards of the date with nearly every coin being Gem condition. Most are well struck with great luster. One interesting observation for the date is the number of coins seen with silver-green toning. This is very common and can sometimes be attractive but can also lead to negative eye-appeal. The single NGC MS 68 example sold at auction for $38,400 in 2020.

Key Facts

• Mint: Philadelphia
• Mintage: 10,198,000
• Graded by NGC: 75,416
• Finest Graded by NGC: MS 68 (1)

1925-S Peace Dollar

The trend continues for weakly struck San Francisco Peace Dollars, with most examples of the date being poorly struck. Most entered circulation and Choice or better coins are rarely seen. Most seen are also very baggy and without eye-appeal. This is another date that soars in every grade jump from MS 63 to MS 65. Gems are exceedingly expensive (more than $100,000 auction record) and caution should be used when buying examples of this date.

Key Facts

• Mint: San Francisco
• Mintage: 1,610,000
• Graded by NGC: 8,550
• Finest Graded by NGC: MS 66 (1)

1926 Peace Dollar

The mintage for Peace Dollars dropped considerably at the Philadelphia Mint from the previous year. Despite the lower mintage, 1926 Peace Dollars are relatively common in grades up to MS 64. Gems become scarce, with most being in the lower levels of Mint state. Most are well struck with bag marks being the biggest issue. The date has been popular over the last couple of years, as mass-market dealers hoarded the date for Semiquincentennial promotions.

Key Facts

• Mint: Philadelphia
• Mintage: 1,939,000
• Graded by NGC: 15,490
• Finest Graded by NGC: MS 67+ (1)

1926-D Peace Dollar

This date is usually very well struck and Mint state examples are easily found. A surprising number of Superb MS 67 coins are known. As with every Peace Dollar, finding coins with great eye-appeal is the major challenge. Many have golden or greenish colorations.

Key Facts

• Mint: Denver
• Mintage: 2,348,700
• Graded by NGC: 6,233
• Finest Graded by NGC: MS 67+ (1)

1926-S Peace Dollar

For some reason, the 1926-S Peace Dollar is one of the best produced from the San Francisco Mint. Well-struck examples are the norm, unlike most of the other issues from the western mint. The mintage was significantly higher, and Mint state examples are quite common. In the early 1990s, my company purchased several rolls of these coins in amazing condition. Many of the known Gems on the market today originated from that mini-hoard.

Key Facts

• Mint: San Francisco
• Mintage: 6,980,000
• Graded by NGC: 10,782
• Finest Graded by NGC: MS 66+ (9)

1927 Peace Dollar

The mintage for this coin is significantly lower and only the 1928 issue touts an even lower production. Lower levels of Mint state examples are easy to locate, but the date is scarce in Gem condition. Many have unattractive toning and bag marks are usually the main issue for quality. The date is difficult to locate in Gem with the NGC population being only five coins in MS 66.

Key Facts

• Mint: Philadelphia
• Mintage: 848,000
• Graded by NGC: 9,644
• Finest Graded by NGC: MS 66 (5)

1927-D Peace Dollar

The strike for this issue is well above average. Most were entered into circulation, and the date is scarce in Mint condition. Most examples have moderate to heavy bag marks. Gem examples are quite rare, and Superb coins have sold for around $100,000 at auction.

Key Facts

• Mint: Denver
• Mintage: 1,268,900
• Graded by NGC: 5,983
• Finest Graded by NGC: MS 66+ (1)

1927-S Peace Dollar

Weak strikes for the San Francisco issue return for the 1927-S Peace Dollar. Most are weakly struck in the center and bag marks are the norm. Many of the Mint state coins seen today originated from the Redfield hoard that contained several thousand coins. This is another date that jumps considerably at every level of Choice and Gem grades. Hundreds of coins have re-submitted over the years hoping to achieve the next grade. Many have been “maxed out” and buyers should be careful when reviewing coins for quality.

Key Facts

• Mint: San Francisco
• Mintage: 866,000
• Graded by NGC: 6,162
• Finest Graded by NGC: MS 66 (2)

1928 Peace Dollar

The 1928 issue is considered the key date of the regular circulation series. With the lowest mintage of the series, the date is sought after and valuable, even in the lowest grades. The date is found with somewhat softer strikes than previous Philadelphia issues. Gem and Superb examples of the date are rarely encountered, especially coins with good eye-appeal. Many of this date are also seen with greenish colorations when found undipped. Because production nearly ceased after 1928, relatively few examples were struck. The 1928 Philadelphia is one of the most valuable business-strike Peace Dollars.

Key Facts

• Mint: Philadelphia
• Mintage: 360,649
• Graded by NGC: 15,137
• Finest Graded by NGC: MS 66+ (1)

1928-S Peace Dollar

Despite its somewhat higher mintage, the 1928-S is scarce in all levels of Mint state. The issue is one of the classic “spread coins” with big jumps at every level of Mint state. The spread from MS 64 to MS 65 is about 20x. Over the years, any coins even close to Gem have been submitted many times and maxed out coins are the norm for high-grade examples. Interestingly, an original roll of the date entered the market just a few weeks ago. Most were graded MS 63 to MS 64 and had deep greenish gold toning.

Key Facts

• Mint: San Francisco
• Mintage: 1,632,000
• Graded by NGC: 8,900
• Finest Graded by NGC: MS 66+ (1)

1934 Peace Dollar

After a six-year hiatus, Peace Dollar production resumed due to new silver legislation in 1934. During the Great Depression, the demand for Silver Dollar-sized coins was diminished for regular commerce, but coins were produced for political reasons. Most have superior strikes and the production quality is above average. The survival of Gem examples is unusually high, with NGC having graded nearly 100 coins at the MS 66 level.

Key Facts

• Mint: Philadelphia
• Mintage: 954,057
• Graded by NGC: 9,107
• Finest Graded by NGC: MS 67+ (1)

1934-D Peace Dollar

Most of these issues are well struck and high-grade examples are seen quite often. The date was not circulated widely due to the depression, and many were saved. The issue is popular, as these are the last Peace Dollars struck at the Denver Mint.

Key Facts

• Mint: Denver
• Mintage: 1,569,500
• Graded by NGC: 8,681
• Finest Graded by NGC: MS 67 (2)

1934-S Peace Dollar

This is considered the key date of the entire series and is highly sought-after in all grades. Most entered circulation, and over the years, I have never encountered more than a few Mint state examples at one time. The quality of production for the date is above average for San Francisco Peace Dollars. Gem examples are quite rare, and NGC has only graded one example at the MS 67 level. This date will always be in high demand.

Key Facts

• Mint: San Francisco
• Mintage: 1,011,000
• Graded by NGC: 8,681
• Finest Graded by NGC: MS 67 (1)

1935 Peace Dollar

The final year of the series and quite popular as a result. Most of the issue did not enter extensive circulation and Mint state examples are widely available. As a result of being stored in bags, the biggest issue for the date is marks from being moved around over the years before entering the collector market. Quite a few were saved as the “last Peace Dollar” and Gem example population is well above average. Many are also seen with greenish-gold coloration and eye-appeal is important when choosing one for your collection.

Key Facts

• Mint: Philadelphia
• Mintage: 1,576,000
• Graded by NGC: 11,966
• Finest Graded by NGC: MS 67+ (1)

1935-S Peace Dollar

The last Peace Dollar struck from the San Francisco Mint was above average. The issue was widely saved as the “last year of issue” and many never entered circulation. Several are known in Gem condition and Mint state coins are widely available.

Key Facts

• Mint: San Francisco
• Mintage: 1,964,000
• Graded by NGC: 6,011
• Finest Graded by NGC: MS 67 (5)

Want to see more articles like this? Subscribe to the free NGC Weekly Market Report.

Jeff Garrett bio