Peace Silver Dollar Coins

History of the Peace Dollar

The Peace Dollar is an iconic silver coin in American numismatic history, produced by the United States Mint from 1921 to 1928 and again from 1934 to 1935. It was revived in 2021 to celebrate the 100th anniversary of its original release.

The Peace Dollar represents the nation's post-World War I idealism and has been closely associated with America's desire for peace. The coin was approved by two U.S. presidents—Warren G. Harding in 1921 and Lyndon B. Johnson in 1964—and its design was inspired by a movement to commemorate peace following World War I.

Notably, its composition and valuation differ from currency such as the American Eagle, which includes both silver and gold editions, each with its distinctive image and collectible appeal.

Origins and Legislation: The Pittman Act

The Peace Dollar was a direct result of the Pittman Act of 1918, which allowed the U.S. Mint to melt down millions of Morgan Dollars and recoin them from domestically mined silver.

Initially, the Mint used the Morgan Dollar to fulfill this requirement, but in 1921, as peace was restored after World War I, there was a push to issue a new coin symbolizing peace.

Although no specific congressional mandate required a new design, the Coinage Act of 1890 allowed the US Mint to change the design of a coin after 25 years.

This paved the way for a new silver dollar to commemorate peace and added to its appeal as a unique collectible item due to its face value and historical significance.

President Warren G. Harding approved the Peace Dollar's design in December 1921 without congressional sanction, under the authority of the Pittman Act, which governed the silver bullion but not the design.

The U.S. Mint struck over 1 million Peace Dollars that year, and the coin officially entered circulation on January 3, 1922, contributing to its value in numismatic circles as both currency and a collector's item.

Design Competition and Creation

In 1921, the U.S. Mint organized a competition to select a new design for the silver dollar. The competition was won by Anthony de Francisci, a young sculptor who based the obverse design of Liberty on his wife, Teresa de Francisci.

The reverse featured a peaceful eagle holding an olive branch, its talons gracefully clutching the symbol of peace.

Initially, the design included a broken sword, but this was removed after public outcry, as the sword was seen as a symbol of defeat rather than peace.

President Harding approved the new design in December 1921, and the United States Mint began producing the Peace Dollar that same month. The coin's high-relief design posed production difficulties, and the US Mint modified it to a lower relief in 1922 to improve the efficiency of the minting process.

The Peace Dollar remained in production until 1928, at which point the Pittman Act’s silver requirements were fulfilled, ensuring its scarcity would enhance its grade and appeal among collectors seeking high-value metals.

Resumption in 1934 and the 1964-D Controversy

The Peace Dollar returned in 1934 under the Silver Purchase Act, which required the US Mint to buy large amounts of silver to stabilize its price.

The United States Mint struck over 7 million Peace Dollars between 1934 and 1935, marking the final regular production years for the coin.

In 1964, amidst a growing demand for silver coinage, President Lyndon B. Johnson approved legislation authorizing the production of 45 million Peace Dollars. The Denver Mint struck 316,076 Peace Dollars in 1965, but these coins were never released into circulation.

Under pressure from the public and Congress, all the Peace Silver Dollars were melted down, making the 1964-D Peace Dollar one of the greatest numismatic mysteries among US and other government coins.

Despite rumors of surviving examples, none have been verified, fueling their potential as a high-grade collectible with unmatched historical intrigue.

Revival in 2021: The 1921 Silver Dollar Coin Anniversary Act

The Peace Dollar made a triumphant return in 2021 thanks to the 1921 Silver Dollar Coin Anniversary Act, signed by President Donald Trump on January 5, 2021.

This act authorized the production of 2021 Peace and Morgan Dollars to celebrate the 100th anniversary of the transition between the two designs.

The U.S. Mint released the 2021 Peace Dollar, struck in .999 fine silver, as a commemorative coin for collectors, marking another key item in any extensive numismatic collection.

The US Mint continued the Peace Dollar program in 2023, issuing coins in various finishes to celebrate the centennial of this historically significant coin.

Coin Highlights

• Designer: Anthony de Francisci

• Weight: 26.73 grams (0.859 oz)

• Metal Composition: 90% silver, 10% copper (net silver weight: 0.77344 oz)

• Diameter: 38.1 mm (1.5 inches)

• Thickness: 2.8 mm

• Edge: Reeded

• Mints: Philadelphia Mint (no mintmark), Denver Mint (D mintmark), San Francisco Mint (S mintmark)

• Production Years: 1921–1928, 1934–1935, 1964 (never released), and 2021–present

Key Dates and Rarities:

• 1921: First year of strike issue, featuring a high-relief design, with a mintage of 1,006,473 coins. This investment coin is highly sought after by collectors.

• 1928: The rarest regular-issue Peace Dollar, minted in Philadelphia with a mintage of only 360,649 coins.

• 1934-S: A key coin in the series, especially rare in higher grades, making the Peace Silver Dollar highly sought after in uncirculated condition.

• 1964-D: Struck but never officially released, with all examples melted. This D mint mark 1964 silver coin remains one of the most mysterious in U.S. numismatics and among bullion coins.

• 2021: Issued to commemorate the 100th anniversary of the Peace Dollar, minted in .999 fine silver, with ongoing production scheduled in subsequent years.

Interesting Facts:

• Symbolism: The reverse of the Peace Dollar features an eagle holding an olive branch, symbolizing the nation’s desire for peace after the horrors of World War I. The original design included a broken sword, which was removed due to public objections.

• High Relief vs. Low Relief: The 1921 Peace Dollar is notable for its high-relief design, but this was found impractical for large-scale production. The relief was lowered in 1922 to allow for more efficient coinage.

• 1964-D Peace Dollar: Over 316,000 Peace Dollars were struck but never released. All were melted, but rumors persist about surviving examples, making this one of the most intriguing coins in American history.

• 2021 Revival: The US Mint revived the Peace Dollar in 2021 as part of the 1921 Silver Dollar Coin Anniversary Act, celebrating the 100th anniversary of the coin’s first issue.

Coin Design Description

Obverse (Front) Design:

The obverse design, featuring an image of Lady Liberty, embodies the nation's enduring commitment to peace.

The obverse of the Peace Dollar features Lady Liberty in profile, designed by Anthony de Francisci. Lady Liberty is shown wearing a radiant crown, symbolizing freedom and strength, reminiscent of the Statue of Liberty. Around her head is the word "LIBERTY," while beneath her is the phrase "IN GOD WE TRUST." The date of the coin typically appears beneath Liberty's neck.

Reverse (Back) Design:

The reverse design displays a tranquil eagle, enhancing its symbolic status and reinforcing the coin's role in featuring key national ideals through art.

The reverse side of the Peace Dollar depicts a majestic bald eagle at rest on a rock, clutching an olive branch, symbolizing peace. Rays of sunlight radiate from the bottom of the design, symbolizing hope and renewal after the war. Above the eagle are the words "UNITED STATES OF AMERICA" and "E PLURIBUS UNUM" (Out of Many, One). Below the eagle, the denomination is written as "ONE DOLLAR," with the word "PEACE" inscribed at the bottom of the design, highlighting the coin's message of peace after World War I.

Both designs reflect a deep sense of patriotism and idealism, central themes during the post-war era when the coin was first minted.

Important to Remember:

Peace Dollars offered in both Brilliant Uncirculated (BU) and Almost Uncirculated (AU) condition can exhibit natural signs of wear, such as marks, blemishes, and tarnish.

This is particularly common with older silver coins that have been exposed to air containing sulfur gases.

Over time, traces of sulfur found in the air can lead to discoloration and darkening of silver.

These imperfections, including slight wear for AU coins, are typical for vintage coins and reflect their history and age, which can add to their character and appeal for collectors, significantly impacting their collectible value.

Conclusion

The Peace Dollar holds a special place in U.S. coinage history as a symbol of peace and national optimism after World War I.

From its first striking in 1921 under President Warren G. Harding, to the aborted 1964-D issue authorized by President Lyndon B. Johnson, to its modern revival in 2021 under President Donald Trump, the Peace Dollar has captured the imagination of collectors and the general public alike.

Whether it’s the rare 1928 Peace Dollar, the fabled 1964-D, or the modern 2021 commemorative coin, the Peace Dollar continues to symbolize the enduring ideals of peace and prosperity, proudly struck by the United States Mint, the U.S. Mint, and the US Mint.

Its iconic design, featuring key elements from America's numismatic tradition, remains a testament to its historical significance and collectible allure.