When most collectors think of US silver dollars, they think of Morgans, especially for investing. There are a number of tougher dates which make it difficult for a collector starting out. How about collecting Peace Dollars?
The Peace Dollar is a great 20th century coin and there are only 24 coins in the set. It is also the last circulating 90% silver dollar in the US. As always, a little background.
Brief History Of Peace Dollars
In 1904, The US Mint stops minting Morgan Dollars. They don’t consider minting silver dollars again until 1918 when Congress passed the Pittman Act. The Pittman Act allows the melting and re-coining of silver dollars. It isn’t until 1921 that Morgan Dollars would be minted again, but this is their last year.
At the end of World War I, there is consideration of designing a Peace coin. With the Pittman Act in effect and the Morgan Dollar being in circulation for over 25 years, it is time for a new silver dollar design. In May, 1921 there is a suggestion of a design competition where the winner will get $1,500. After a few setbacks to start this competition, one member of the committee, James Earl Fraser (designer of the Buffalo Nickel), notifies a number of competitors the rules of the competition. Competitors include the designers of the Lincoln Cent, Victor D Brenner, and the Walking Liberty Half Dollar, Adolph Weinman.
By this time it is November, and designers have to submit their entries by December 12th. The new coin has to include a Liberty Head design on the obverse and an eagle on the reverse.
Finally, A Designer Wins The Competition
On December 13, 1921, the winner of the competition is Anthony De Francisci. De Francisci uses his wife Teresa’s profile as the design of Lady Liberty for the obverse and an eagle on top of a broken sword and an olive branch on the reverse. The broken sword brings much controversy, because this is to be a “Peace” coin, and the broken sword is a symbol of defeat or surrender. So, goodbye to the broken sword.
December 28th is the first day of minting the new coin and the public first see the Peace Dollar on January 3, 1922. By 1928, the silver the Mint uses by the Pittman Act is no more. It looks like the end of the Peace Dollar, but in 1934, the US Mint is able to purchase domestic silver. Peace Dollar would be produced is back again in 1934 and 1935. They are considering minting them in 1936 but there isn’t any demand for them. So, it seems that the Peace Dollar is finally done.
Key Dates Of Peace Dollars
Because of production starting in December 28th, only a little over a million Peace Dollars are out in 1921. Dies go to Denver and San Francisco, but they wait on minting them making Philadelphia the only mint to produce 1921 Peace Dollars.
With the end of the re-coined silver from the Pittman Act of 1918, the 1928 Philadelphia Peace Dollar only has a mintage of 360,649, which is less than the mintage of the 1909-S VDB Lincoln Cent. Even a grade of Very Fine is worth a few hundred dollars making it the toughest circulating Peace Dollar.
The 1934-S has a mintage of just over a million. Unlike the 1928, you can get a 1934-S in Very Fine condition for under $100, but an uncirculated coin is a different story. In 2016, a 1934-S Peace Dollar was worth $2,000 in MS-60. This is a result of more of them released in circulation.
The 1964-D Peace Dollar
Almost 30 years after the last Peace Dollars, Congress passes legislation to produce as many as 45,000,000 silver dollars. However, because of people hoarding silver dollars and government silver depleting, the Coinage Act of 1965 removes silver from dimes and quarters and reducing the amount of silver to 40% in half dollars. The bill passes in July, 1965, but the US mint in Denver have 316,000 1964 Peace Dollars and are all supposedly melted. Two exists in Treasury Vaults in 1970, but they are destroyed. There are not any known 1964-D Peace Dollars in existence. Of course, there are rumors.
Silver Dollar Centennial
2021 marks the 100th anniversary of the last Morgan Dollars and first Peace Dollars. In celebration the US Mint produces 2021 Morgan and Peace Dollars and plan to do it annually. Due to a lack of silver planchets, no dollars are minted in 2022 but the Mint starts producing them again in 2023. None of these are in circulation. Only uncirculated, proof and reverse proof dollars are from the mint.
Considering collecting Peace Dollars?
Building a circulation set is easy to do, with the possible exception of the 1928 Peace Dollar. Uncirculated coins are tougher. Some of the more common ones can be attained for under $100, but of course, the 1928 and 1934-S will set you back. I think Peace Dollars are one of the most beautiful US coins. What do you think?