Peace dollar key dates: 1921 high relief, 1928 and 1934-S

The Peace dollar series is short: 24 regular coins from 1921–1928 and 1934–1935. The keys are the 1921 high relief (1,006,473 struck), the 1928 (360,649, the lowest mintage) and the 1934-S, which is the hardest to find uncirculated. The mint mark is on the back, under the word ONE.

By the Coin Scanner team · Updated 2026-10-13

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The Peace dollar was the last U.S. silver dollar made for everyday use. It was struck in large numbers, and most dates are common. A few of them, though, had small mintages or poor survival, and they sell for well above their silver value. Here is what to look for.

Why the Peace dollar exists

The 1918 Pittman Act let the government melt silver dollars (more than 270 million went into the furnace, most of them sold as bullion to Britain). It also required the Mint to strike replacements. In 1921 the Mint first restarted the old Morgan design. At the same time, collectors led by the American Numismatic Association were pushing for a coin to mark the peace after World War I.

The Commission of Fine Arts held a small invited competition, and young Italian-born sculptor Anthony de Francisci won. His wife Teresa served as the model for Liberty. On the reverse, an eagle rests on a rock looking toward the rising sun, with the word PEACE on the rock. No other U.S. circulating coin carries that word.

Production did not begin until the last week of December 1921. Those first coins were struck in high relief, which was hard to strike and broke dies. In 1922 the Mint lowered the relief, so the 1921 is a one-year type. Once enough coins had been made to satisfy the Pittman Act, production stopped after 1928. It resumed for 1934 and 1935, largely because more silver dollars were needed to back silver certificates.

Peace dollar key dates and mintages

Mintages are as listed by NGC Coin Explorer. The 1934-S figure is from CoinWeek, because NGC's entry leaves it blank. Proofs are rare: NGC notes that a handful of matte proofs exist, only for 1921 and 1922.

How to check your Peace dollar

1. Read the date at the bottom of the front, under Liberty's portrait.
2. Find the mint mark on the back, under the word ONE. No letter means Philadelphia.
3. Check the relief on a 1921. A genuine 1921 has the original high-relief design; regular coins from 1922 on have the lower relief.
4. Inspect a 1928 date closely. CoinWeek reports that many fake 1928 dollars are common 1923 coins with the 3 tooled into an 8, often cleaned to hide the tool marks. Genuine 1928s came from just four obverse dies, each with its own small die markers that experts use to confirm authenticity.
5. Weigh it. A genuine Peace dollar weighs 26.73 g. Our silver test guide explains non-damaging checks.
6. Look at the high points. NGC says wear shows first on Liberty's face, neck and hair, and on the eagle's wing, leg and head.

What drives a Peace dollar's value

Most Peace dollars are worth close to their silver content. The premium comes from date, mint mark and above all grade. Many San Francisco and Denver coins were weakly struck, so sharp, lustrous uncirculated examples of those dates are far scarcer than their mintages suggest. NGC's price guide (October 2026 update) shows the effect clearly. It lists the 1934-S at about $250 in Extremely Fine 40, $3,000 in Mint State 60 and $12,500 in Mint State 65. The 1928 (September 2026 update) runs from $235 in Good to $4,250 in Mint State 65.

Those guide figures are averages, and individual sales vary. To get a quick estimate for your own coin, scan both sides with Coin Scanner. It identifies the coin, reads the date and mint mark, and shows an estimated value range. If you have a 1921, 1928 or 1934-S that looks uncirculated, have it authenticated and graded by a recognized service such as PCGS or NGC before you sell. Don't clean it first.

The 1964-D Peace dollar that never was

In the mid-1960s the design nearly returned. Congress had authorized new silver dollars, and the Denver Mint struck 316,076 Peace dollars dated 1964. The authorization was then withdrawn and the coins were ordered melted. According to the American Numismatic Association, the government declared in May 1973 that any surviving 1964-D Peace dollars were its property and subject to confiscation. No genuine example has ever been documented. A "1964-D Peace dollar" offered online is a replica or fantasy piece, not a lost treasure.

2021 anniversary Peace dollar

Public Law 116-286 authorized new 1921-design silver dollars beginning January 1, 2021. According to NGC, the 2021 Peace dollar was struck at Philadelphia with no mint mark, with a limit of 200,000 coins. It is a modern collector issue that carries the 2021 date, so it can't be mistaken for an original.

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