The 1934-S Peace Dollar is one of those coins I have a hard time obtaining. Between 1998 and 2001, I am building a Peace Dollar collection. Peace Dollars are silver dollars in circulation between 1921 and 1935. There are only 24 different Peace Dollars and they are minted in Philadelphia, Denver and San Francisco. During that time, I collect 23 of the 24 Peace Dollars, but in April 2001, I am laid off from work and have for the most part stopped collecting. Except for a few purchases, it won’t be until 2014 that I decide to continue collecting coins.
I go through my folders to see which sets I need to complete. The first one I see is the silver Jefferson Nickels, or Wartime Nickels. I have 9 of the 11 nickels between 1942 and 1945 in MS-67. Between 2015 and 2016, I purchase the 2 remaining nickels and also buy the 1942-P Silver Proof Nickel to increase the set to 12. With that set complete, I decide to finish up the Peace Dollar set with the one remaining piece, the 1934-S.
What’s So Great About The 1934-S Peace Dollar?
Good question. It’s not the rarest Peace Dollar. In fact, at 1,011,000 minted, there are five that are rarer:
- 1921 – 1,006,473
- 1927 – 848,000
- 1927-S – 866,000
- 1928 – 360,649
- 1934 – 954,057
Four of these coins see their value significantly less than the 1934-S. Only the 1928 has a value close to the 1934-S in circulation, but not in uncirculated condition. An MS-60 1928 Peace Dollar is worth $550 (from the 2026 Red Book), but the same condition 1934-S is worth between 6 to 7 times more than the 1928. How can this be when there are almost 3 times more 1934-S Peace Dollars than the 1928? Well, in 1928 the requirements of the Pittman Act are fulfilled. This act allows more silver dollars in production as there are none minted between 1905 and 1920. With the low mintage of the 1928, people would see more uncirculated dollars.
Another act will allow to resume the production of silver dollars in 1934. Most of the 1934-S Dollars come out in circulation, making uncirculated ones scarce. Along with the 1921 and 1928 Peace Dollars, the 1934-S is a key date of the series.
Fake Peace Dollars
There are not as many fake Peace Dollars as Morgan Dollars, but there still are a number of fake ones. Being a key date, the 1934-S has seen counterfeits. The easiest way to see this is fake is with the “S” mint mark. Supposedly, counterfeiters take 1934 Philadelphia Peace Dollars and add the “S” to the reverse. This is why I won’t buy this one online. I plan to buy it at a coin show or shop where I can see it up close.
I Finally Get The 1934-S Peace Dollar
In 2017, I am at my local Coin Club and talking to someone who has been a member since the beginning. He asks me what I’m working on, and I mention that I have 23 of the 24 Peace Dollars but still need the tough 1934-S. He tells me I have to complete this set before working on anything else. Otherwise, I’ll never complete it.
Taking what he says to heart, I try to save some money for an Almost Uncirulated (AU-50). There is no way I can spend thousands of dollars for one Uncirulated Dollar. The Coin Club has an auction during every meeting. In 1998, I see in one auction, a listing for a 1934-S Peace Dollar in AU+++ at $395. Hey, I can do that. So, when the coin comes up, I raise my hand. Thankfully, no one else rose their hands. So, I get it for the original $395. My Peace Dollar collection is finally complete after 20 years.
The person who suggests I complete this collection passes away in 2025, a few months before the post this. I write this article in memory of him.