Peace dollar value, and how it differs from a Morgan
A common Peace dollar is worth about $67 to $90, mostly silver. The 1928 and the high-relief 1921 are the two dates that carry real premiums.
In the Buck index
Peace DollarUnited States · 1921–1964 · Silver (.900)$67.14 to $89.84
Morgan DollarUnited States · 1878–1921 · Silver (.900) (.100 copper)$69 to $101
The Peace dollar was struck from 1921 to 1935 to mark the end of the First World War, and briefly again in 1964 for coins that were all melted before release. It is the last US silver dollar made for circulation, and at 26.73 g of 90% silver it is the same weight and size as the Morgan it replaced.
Buck prices a circulated Peace dollar at roughly $67.14 to $89.84. Most of that is metal, which is why the number moves with the silver price rather than with fashion.
Telling it from a Morgan
They are the same diameter and weight, and people mix them up constantly.
| Morgan, 1878 to 1921 | Peace, 1921 to 1935 | |
|---|---|---|
| Obverse | Liberty in a coronet, hair up | Liberty in a radiate crown |
| Reverse | Eagle with spread wings | Eagle perched on a rock |
| Word on reverse | none | PEACE |
| Designer | George T. Morgan | Anthony de Francisci |
The word PEACE below the eagle settles it in a second. Both were struck in 1921, which is the only year you will find the two designs sharing a date.
The dates worth money
- 1921 high relief. The first year, struck in a much deeper relief that the Mint abandoned because it wore the dies out. Visibly different, and worth several hundred dollars even worn.
- 1928 Philadelphia. 360,649 struck, by far the lowest mintage of the series. The key date, and worth several hundred.
- 1934-S. Common in worn grades, very scarce uncirculated, and one of the biggest jumps in price with grade anywhere in US coins.
- 1964-D. Struck, never issued, all melted. None are legally ownable. If somebody offers you one, that is the end of the conversation.
Every other date is a common coin whose value is silver plus a modest premium.
Strike is the Peace dollar's problem
The design has a high point on Liberty's hair over the ear that many dies simply did not fill. San Francisco and Denver coins of the mid-1920s are often flat there even when completely uncirculated, and a flat-haired coin is worth substantially less than a fully struck one in the same technical grade.
This is where a photograph runs out, and where grading is worth paying for on a coin above a couple of hundred dollars.
Cleaning, and the reason not to
Peace dollars sat in bags and vaults for decades and often come with bag marks and grey toning. Both are normal and neither is damage. A dipped or polished Peace dollar loses its lustre permanently and reads as cleaned to anybody who handles them, taking a third or more off the price.
Leave it alone. The grey is worth more than the shine.
