The Peace Dollar was introduced in 1921 as the official replacement for the Morgan Dollar , following the Pittman Act of 1918 , which mandated the melting down of millions of Morgan Dollars to provide silver for Great Britain during the First World War. Intended to symbolize peace after the conflict, its design was chosen through a competition held by the Fine Arts Commission . The sculptor Anthony de Francisci was the winner, drawing inspiration from his wife Teresa for the face of Liberty on the obverse, while the reverse features an eagle alongside the word “PEACE”.
The first coins (1921) were minted in high relief , but their production was simplified from 1922 onwards. Although main minting ended in 1928 , it was briefly resumed in 1934–1935 due to silver purchase laws. An attempt to issue it in 1964 was cancelled, and almost all the pieces were melted down.
History of the Peace Dollar
Origin and Historical Context: The Peace Dollar was conceived to replace the Morgan Dollar (minted since 1878), whose mass minting was mandated by the Pittman Act of 1918 to support Great Britain during World War I. In 1921, following the conflict, the United States Mint issued this new coin to symbolize peace. The winning design, created by sculptor Anthony de Francisci, was selected in a competition held by the Commission of Fine Arts (not open to the public). His wife, Teresa de Francisci, served as the model for the figure of Liberty on the obverse.
Periods of minting
- First stage (1921-1928):
The 1921 coins were minted in high relief, but due to technical difficulties, the relief was reduced from 1922 to facilitate its production. - Second stage (1934-1935):
Minting was resumed to comply with the Silver Purchase Act of 1934, not the Pittman Act, which required the government to purchase domestic silver.
1964-D Production (minted in 1965) : In 1965 , the Denver Mint struck 316,076 Peace Dollars dated “1964-D” . However, Congress canceled their circulation by removing silver from circulating coins, and almost all were melted down. Although there are rumors of surviving examples, none have been officially authenticated.
Technical Specifications and Dimensions
Diameter: 38,1 mm
Thickness: 2,4 mm
Weight in grams: 26,73 grams
Song characteristics: Striated
Design and representation of the currency
Obverse: It depicts the effigy of Liberty, with a face inspired by Teresa de Francisci, looking to the left. She wears a radiant crown alluding to the Statue of Liberty. The inscriptions are “LIBERTY” (above) and “IN GOD WE TRUST” (below), followed by the year of minting. The initials “AF” are discreetly engraved at the base of Lady Liberty 's neck on the obverse of the coin; these are the initials of Anthony de Francisci, its designer and sculptor.
Reverse: The reverse features a majestic American bald eagle perched on a rock, holding an olive branch in its talons, symbolizing peace. The background shows rays of the sun emerging, with the inscriptions “UNITED STATES OF AMERICA” , “E PLURIBUS UNUM” , “ONE DOLLAR” , and “PEACE” (below the eagle). The mint mark is discreetly engraved just below the word “ONE”.
Symbolism of each design element : The Peace Dollar incorporates elements laden with meaning: the radiant crown (inspired by the Statue of Liberty) symbolizes the light of freedom and the progress of the U.S.; the bald eagle with an olive branch represents peace and national strength, originally accompanied by a broken sword that was removed due to its association with defeat; and the rock beneath the eagle, along with the ascending sunbeams , alludes to stability and the dawn of a new, peaceful era after World War I. This design, created by Anthony de Francisci in 1921, reflects the yearning for hope and unity in a historical context marked by global reconstruction.
Composition of the Currency
The Peace Dollar, weighing 26.73 grams , contains 90% silver (24.057 g of pure silver) and 10% copper , following the standard established in the Coinage Act of 1837. This high percentage of silver was due to historical legal requirements, not the Act of 1792. Although its minting was suspended in 1928, the same purity was maintained when it resumed in 1934–1935 under the Silver Purchase Act.
Manufacturing Mints and Mint Marks
The Peace Dollar was minted at several mints in the United States, identifiable by their respective mint marks:
- Philadelphia (unmarked): Main producer, with mintages since 1921-1928 y 1934-1935. The coins of 1921 (high relief) and 1928 (low mintage).
- Denver (“D”): Coined in 1922-1928, 1934-1935 .
- San Francisco (“S”): It produced dollars in the same periods, with variable mintage.
Below is a table with relevant coinage information, including the year, mint mark, and number of coins minted:
| Year/Mint | coinage | Notes |
|---|---|---|
| 1921 | 1 006 473 | High relief |
| 1922 | 35 401 | High relief |
| 1922 | 51 737 000 | Normal relief |
| 1922 D | 15 063 000 | |
| 1922 | 17 475 000 | |
| 1923 | 30 800 000 | |
| 1923 D | 6 811 000 | |
| 1923 | 19 020 000 | |
| 1924 | 11 811 000 | |
| 1924 | 1 728 000 | |
| 1925 | 10 198 000 | |
| 1925 | 1 610 000 | |
| 1926 | 1 939 000 | |
| 1926 D | 2 348 700 | |
| 1926 | 6 980 000 | |
| 1927 | 848 000 | |
| 1927 D | 1 268 000 | |
| 1927 | 866 000 | |
| 1928 | 360 349 | |
| 1928 | 1 632 000 | Big "S" |
| 1928 s | Small "S" | |
| 1934 | 954 057 | |
| 1934 D | Double-die obverse | |
| 1934 D | 1 569 500 | Big "D" |
| 1934 D | Small "D" | |
| 1934 | 1 011 000 | |
| 1935 | 1 576 000 | |
| 1935 | 1 964 000 | two varieties |
| 1964 D | 316 076 | All coins were cast; there are numerous re-strikes. |
Information partially obtained from Numista
How to identify mint marks
The mint mark is located on the reverse, just below the word “ONE” on the left side.
Current Numismatic Value
The value of the Peace Dollar depends on:
- State of conservation: Coins in higher grades (MS65 or higher) can achieve significantly high values.
- Year of issue: The 1921 (high relief) and 1934-D dollars are highly valued.
- Rarity and demand: Pieces with minting errors or unique characteristics have a higher value.
Examples of auction prices
- 1922 Peace Dollar, High Relief, Proof-67: reached $381,875.00 US dollars.
- Peace Dollar 1934 MS67: reached $108,000.00 US dollars.
The Peace Dollar is much more than a collectible coin; it represents an enduring symbol of hope and peace in the history of the United States . Its design, history, and rarity make it a must-have for collectors. If you'd like to continue exploring the fascinating world of numismatics, we invite you to read more articles on our website.
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