The Peace Dollar: The Coin That Commemorated the End of World War I
The Peace Dollar: America's Coin of Peace and Prosperity
Few American coins tell a story quite like the Peace Dollar. More than just a beautiful piece of silver, the Peace Dollar was created to celebrate the end of World War I and symbolize a nation's hope for lasting peace. Today, these historic coins remain among the most collected and beloved United States silver dollars, appealing to everyone from beginning collectors to seasoned numismatists.
Whether you've inherited a Peace Dollar, found one tucked away in an old collection, or are considering adding one to your portfolio, understanding its history and value helps you appreciate why these coins continue to captivate collectors over a century after their introduction.
Why Was the Peace Dollar Created?
When World War I officially ended in 1918, many Americans wanted a lasting tribute to the sacrifices made during the conflict and to commemorate the beginning of a new era of peace.
At the time, the United States had been producing Morgan Silver Dollars since 1878, but many collectors and influential members of the American Numismatic Association believed the nation deserved a completely new design.
Rather than simply replacing the Morgan Dollar, they envisioned a coin that represented:
Peace
Freedom
Hope
Strength
America's emergence as a world power
Congress approved the redesign, and the Peace Dollar was born.
The Birth of the Peace Dollar
The United States Mint held a design competition in 1921 among several talented sculptors.
The winning artist was Anthony de Francisci, a young Italian-American sculptor whose design would become one of the most admired coins in U.S. history.
Rather than depicting Lady Liberty in a traditional style, de Francisci created a modern interpretation inspired by his wife, Teresa.
The result was unlike any previous American coin.
The Beautiful Design
Obverse (Front)
The front of the Peace Dollar features:
Lady Liberty wearing a radiant crown
Flowing hair blowing in the wind
The word LIBERTY
"IN GOD WE TRVST" (using the classical Roman "V")
The year of issue
Unlike earlier Liberty designs, this portrait appears youthful, optimistic, and forward-looking.
Many consider it one of the most artistic depictions ever placed on a U.S. coin.
Reverse (Back)
The reverse is equally impressive.
It features:
A majestic bald eagle
Perched upon a mountain
Holding an olive branch
Rays of the rising sun behind it
Most importantly, the coin prominently displays the word:
PEACE
This was the first circulating U.S. coin ever to include that word.
Unlike earlier coins that emphasized military strength or expansion, the Peace Dollar intentionally focused on hope and diplomacy.
The High Relief 1921 Peace Dollar
The first Peace Dollars struck in late 1921 were produced in High Relief.
These coins feature:
Dramatically raised design elements
Incredible sculptural detail
Strong visual depth
While stunning, they proved difficult for the Mint to manufacture because they required multiple strikes to fully bring up the design.
As a result, beginning in 1922, the Mint lowered the relief, creating the standard design used for the remainder of the series.
Today, the 1921 High Relief Peace Dollar is one of the most sought-after issues in the entire series.
Peace Dollar Production Years
The original series includes:
Years Notes: 1921High Relief only
1922–1928 Regular production
1934–1935 Final circulation issues
1965 Authorized but never released
2021–Present Modern commemorative revival
Production officially ended in 1935 due to reduced demand for silver dollars.
Coin Specifications
Every original Peace Dollar contains:
Composition: 90% Silver
10% Copper
Weight: 26.73 grams
Diameter: 38.1 mm
Actual Silver Weight: 0.7734 Troy Ounce
These specifications make them popular among both collectors and precious metals investors.
Mint Locations
Peace Dollars were produced at:
Philadelphia
No mint mark.
Denver
"D" Mint Mark
San Francisco
"S" Mint Mark
Mint marks appear on the reverse beneath the word "ONE."
Key Dates Every Collector Should Know
Some Peace Dollars are significantly rarer than others.
Among the most desirable are:
1921 High Relief
The first year of issue.
One of the most beautiful silver dollars ever struck.
1928 Philadelphia
The lowest-mintage regular issue.
Highly sought after in every grade.
1934-S
One of the toughest coins to locate in high grades.
Frequently counterfeited due to its value.
1935-S
The final San Francisco issue.
Popular with collectors completing full sets.
Why Peace Dollars Are So Popular
Collectors love Peace Dollars because they combine:
American history
Stunning artwork
Large silver content
Affordable entry point
Excellent investment potential
Unlike many rare coins that cost thousands of dollars, common-date Peace Dollars remain relatively accessible, making them an excellent starting point for new collectors.
Understanding Condition
A Peace Dollar's value depends heavily on condition.
Grades include:
Good (G)
Heavy wear with major details visible.
Very Fine (VF)
Moderate wear with most design elements clear.
Extremely Fine (XF)
Only light wear on high points.
About Uncirculated (AU)
Nearly perfect with slight friction.
Mint State (MS)
No circulation wear.
MS63 through MS66 examples can command substantial premiums.
Common Problems That Reduce Value
Collectors pay less for coins with:
Cleaning
Polishing
Scratches
Rim damage
Corrosion
Artificial toning
Environmental damage
Even rare dates lose considerable value if improperly cleaned.
If you're unsure whether a Peace Dollar should be cleaned, the answer is always no.
Peace Dollars vs. Morgan Dollars
Although both are 90% silver dollars, they have distinct differences.
Peace Dollar: Produced 1921–1935
Morgan Dollar: Produced 1878–1904, 1921
Peace Dollar: Modern Liberty design
Morgan Dollar: Traditional Liberty portrait
Peace Dollar: Eagle with olive branch
Morgan Dollar: Eagle with spread wings Symbolizes peace & symbolizes American expansion as well as generally lower mintages
Peace Dollar: Many higher-mintage issues
Many collectors enjoy building sets of both series.
Are Peace Dollars a Good Investment?
Peace Dollars have historically performed well because they combine:
Intrinsic silver value
Historical significance
Collector demand
Limited supply
Rare dates and high-grade examples have appreciated significantly over time.
Even common-date circulated examples often trade well above their silver melt value because collectors value them as historic coins.
Should You Clean a Peace Dollar?
Absolutely not.
Cleaning almost always reduces collector value.
Professional collectors prefer coins with original surfaces, even if they show natural toning or light wear.
If you believe you have a valuable Peace Dollar, have it evaluated before attempting any cleaning or restoration.
How to Store Peace Dollars
Proper storage helps preserve value.
Recommended methods include:
Coin capsules
Mylar flips
Archival-quality holders
Certified grading holders (PCGS or NGC)
Avoid PVC plastic holders, excessive humidity, and handling coins by their faces.
See our video on Youtube about PVC holders for more info click here
Frequently Asked Questions
Are Peace Dollars real silver?
Yes. Original Peace Dollars are made of 90% silver and contain approximately 0.7734 troy ounces of pure silver.
Why does the coin say "TRVST"?
The "V" follows classical Roman lettering, where the letter "V" was commonly used in place of the modern "U."
Which Peace Dollar is the rarest?
The 1928 Philadelphia issue is the lowest-mintage regular circulation coin, while the 1921 High Relief is among the most iconic and desirable.
Are Peace Dollars worth more than silver value?
Often, yes. Many Peace Dollars carry collector premiums beyond their precious metal content, especially key dates, scarce mint marks, and high-grade examples.
Where can I have my Peace Dollar evaluated?
A reputable coin dealer can determine authenticity, condition, rarity, and current market value.
If you're in Southern Nevada, Sahara Coins & Precious Metals in Las Vegas offers professional evaluations for Peace Dollars, Morgan Dollars, and other collectible U.S. coins. Whether you are buying, selling, or simply curious about a family heirloom, an expert evaluation can help you understand exactly what you have.
Final Thoughts
The Peace Dollar stands as one of America's most meaningful and visually striking coins. Created to celebrate the end of one of history's deadliest wars, it represents optimism, resilience, and the enduring hope for peace. More than a century later, these silver dollars continue to inspire collectors and investors alike with their beauty, historical significance, and lasting value.
Whether you're assembling a complete collection, investing in historic U.S. silver coins, or inheriting a family collection, the Peace Dollar is a timeless reminder that coins are far more than currency—they are pieces of American history.
