US Peace Dollar

The Peace Dollar succeeded the Morgan Dollar as America's circulating silver dollar and was deliberately designed to mark the end of the First World War. Its Liberty portrait and resting eagle reverse gave it a softer, more hopeful tone than earlier American coinage.

After the Morgan Dollar's design life ended, the U.S. Mint held a competition for a new dollar design intended to commemorate the peace following World War I. Sculptor Anthony de Francisci won the commission, basing the Liberty portrait partly on his wife Teresa. The coin debuted in late 1921 in high relief before being adjusted to a lower relief for regular production in 1922 to improve striking consistency.

Production ran through 1928, then paused, before a final short run in 1934 and 1935 as part of a broader silver purchase and coinage program. Silver dollar coinage in this classic form ended after 1935 and was not resumed until decades later with a very different design.

The obverse shows a left-facing Liberty head with windswept hair, wearing a radiant crown, with "LIBERTY" above and the date below. The reverse depicts a bald eagle at rest on a rocky mountain crag, clutching an olive branch, with the word "PEACE" inscribed below the eagle and "UNITED STATES OF AMERICA" and "ONE DOLLAR" around the rim.

The coin shares the Morgan Dollar's overall size and silver content, 38.1 mm in diameter, 26.73 grams, 90% silver, with a reeded edge, and mint marks (D or S) appear on the reverse near the eagle's talon; Philadelphia strikes carry no mint mark. The Peace Dollar's resting eagle and radiant Liberty crown make it easy to distinguish from the Morgan Dollar's wheat-capped Liberty and active eagle.

Most Peace Dollars in circulated condition trade close to their silver bullion value with a modest collector premium, while well-struck uncirculated coins bring notably higher prices, particularly those with strong luster. The 1928 Philadelphia issue and the 1934-S are among the more recognized key dates, commanding stronger premiums than common-date coins even in average grades.

High-relief 1921 strikes are also popular with collectors for their bolder design, though they can be softly struck, which affects grading and price. As always, exact date, mint mark, and grade should be confirmed before assuming a coin is especially valuable.