How to Collect Peace Silver Dollars

The Peace type silver dollar was issued from 1921 to 1935. It was intended to be a commemorative coin and a limited issue. Peace dollars were minted under the terms of the Pittman Act which allowed for the use of bullion reserves. Interestingly enough, more than 80 million of the old Morgan dollar design were also minted in 1921.

Anthony De Francisci, who specialized in medal art, designed this coin. His wife, Teresa Cafarelli, was the model for the Peace Dollar. The first coins were struck in December 1921 and issued in early 1922. The Series ended in 1935. In 1964, Congress authorized the minting of 90 percent silver dollars. More than 360,000 of the Peace type were struck at the Denver mint and subsequently destroyed. Stories abound regarding a few specimens which may have been purloined (illegally of course!).

A circulated Peace Dollar set is somewhat easy to assemble, except for certain years. Nearly 200 million of all dates were minted. If you start a collection and are ready to move up to higher grades you will need to research prices on the Internet or with a dealer. The price of the coin will be based on its condition, scarcity and grade. This article covers the common and rarer dates/mint marks in the series.

Instructions

Difficulty: Moderate

Things You’ll Need:

• A good magnifier
• A good light source
• A Dansco or Whitman Peace Dollar Album
• A current copy of the "Red Book" of U.S. Coins

1. COMMON DATE PEACE DOLLARS
   
   
   1922 Normal Relief; 1922 D; 1922 S; 1923 (all mint marks); 1924 P; 1925 P; 1926 (all mint marks; 1935 P; 1935 S
2. LOWER MINTAGE DATES
   
   
   1924 S; 1925 S; 1927 D; 1928 S; 1934 P; 1934 D
   
   
   
   These coins were issued in lesser quantities, however, they are still readily available for a small premium.
3. KEY DATES
   
   
   1927 P; 1927 S; 1928 P; 1934 P
4. RARITIES
   
   
   There are three rare coins in the Peace Dollar Series:
   
   
   
   1921 P High Relief (1,006,473 minted)
   
   
   This special adaptation proved to be very impractical for circulation, as the coins did not stack easily. The coin is very stunning, especially in uncirculated condition.
   
   
   
   1922 P High Relief (35,401 minted)
   
   
   This is the rarest issue in the series and very pricey in the upper grades.
   
   
   
   1934 S (1,011,000 minted)
   
   
   Despite its mintage of a million coins, this is considered the "key date" of the series. Most specimens were weakly struck. An MS 64 coin will cost in excess of $5,000--and higher grades are priced off the charts!

Tips & Warnings

• Research the series before attempting to complete a set.
• Start with the lower grades and then improve your collection by acquiring MS examples of the common dates.
• Middle range and rare dates will be more expensive. Work with certified dealers or attend coin shows to explore the best prices.
• Always protect your coins by storing them in a cool, dry place.
• Do not handle a coin by touching its surface.
• Do not store your coins near or in moist, humid places.
• NEVER purchase coins from a TV distributor or at a flea market.