The Peace Dollar, minted between 1921 and 1935, remains one of the most iconic and beloved coins in American numismatic history. Its striking design, deep connection to historical events, and the story behind its creation make it a fascinating topic for collectors and history enthusiasts alike. This blog post explores the history, design, production, and collectibility of the Peace Dollar, highlighting why it continues to capture the imaginations of numismatists today.
The Origins of the Peace Dollar: A Coin for a New Era
The Peace Dollar was born in the aftermath of World War I, a conflict that had devastating effects across the globe. In the United States, there was a widespread desire for healing and renewal, and the coin's creation reflected this national mood. The coin's design was conceived as a symbol of peace, and it was intended to commemorate the end of the Great War.
A Nation in Transition
By the end of World War I, the United States emerged as a world power, but the country was also faced with a postwar economic recession and social upheaval. The war had left scars both on the international stage and on the American psyche. In this context, the U.S. government sought a way to mark the end of the war with a tangible symbol of hope and peace.
In 1920, Congress passed a bill authorizing the creation of a new silver dollar to replace the aging Morgan Dollar, which had been in circulation since 1878. The Morgan Dollar, while beloved by many, had become associated with the preceding era—an era marked by economic uncertainty and political corruption. A new coin, with a fresh, optimistic design, was needed to represent the dawning of a new age.
The Mandate for a New Coin
The U.S. Mint was tasked with designing the new silver dollar, but there was a challenge: the design needed to symbolize the peace and prosperity that Americans hoped would follow the war. The Mint called upon renowned sculptor Anthony de Francisci, who was given the responsibility of creating the coin's design.
De Francisci, an immigrant from Italy, had studied under the famous sculptor Augustus Saint-Gaudens, who had designed the much-admired $20 Double Eagle. With a background in classical art and a deep understanding of symbolism, de Francisci was well-equipped to create a coin that would resonate with the public.
The Design of the Peace Dollar
The Peace Dollar is a strikingly beautiful coin, both for its artistry and its symbolism. Its design was carefully crafted to embody the ideals of peace, victory, and the triumph of democracy.
The Obverse: Lady Liberty
On the obverse (front) of the Peace Dollar, Lady Liberty is depicted in profile. The image, designed by de Francisci, portrays Liberty as a youthful woman, radiating strength, resolve, and dignity. She wears a diadem of rays, which symbolizes the rising sun and the new era of peace that America hoped to usher in after the war.
Liberty's face is serene but resolute, with her chin raised slightly in a pose of confidence. This representation of Liberty was a departure from previous designs, such as the Morgan Dollar, which often depicted Liberty as a more traditional, stoic figure. De Francisci’s interpretation of Liberty as a strong, modern woman resonated with the changing attitudes of the time.
The inscription "LIBERTY" appears along the top edge of the coin, while the date of minting is displayed at the bottom. Surrounding Liberty's head is the phrase "IN GOD WE TRUST," a reminder of the nation’s religious heritage and its commitment to divine providence.
The Reverse: The Dove of Peace
The reverse (back) of the Peace Dollar is equally rich in symbolism. It features a bold, majestic eagle perched on a rock, with its wings outstretched. In its beak, the eagle holds an olive branch—a universal symbol of peace. The eagle is poised to take flight, suggesting that peace is not static but something that must be actively pursued and maintained.
In the background, the words “PEACE” appear prominently, along with the phrase "E PLURIBUS UNUM" ("Out of Many, One"), which serves as a reminder of the unity of the American people. The coin’s reverse design also includes a small mound of rock beneath the eagle, which serves as a visual metaphor for stability and foundation.
The dove, an additional symbol of peace, was placed on some early designs, but the Mint decided to modify the reverse to include the eagle as a more powerful and enduring representation of peace and strength.
The Production and Issuance of the Peace Dollar
The Peace Dollar was minted in various forms between 1921 and 1935. Initially, the coin was struck in 1921 to commemorate the conclusion of World War I. However, due to various economic factors, the Peace Dollar’s production was limited in the early years. The coin became a symbol of optimism but was not widely circulated during its initial run.
The 1921 Peace Dollar
The first year of production for the Peace Dollar, 1921, is especially significant. This year marked the debut of the coin, and its initial mintage was relatively high—over 84 million pieces. However, many of the 1921 coins were not intended for circulation; instead, they were struck for the purposes of meeting international and commercial demand for silver.
The 1921 Peace Dollar is unique in that it was struck with a slightly different design than the later versions. The relief of the design was higher in 1921, resulting in a more pronounced image of Liberty. The sharpness of the design was difficult to preserve during the minting process, and as a result, 1921 Peace Dollars are often seen as having a more delicate appearance than later issues.
Declining Production and the Great Depression
In the years following 1921, the demand for the Peace Dollar began to drop as the country entered the Great Depression. The economic turmoil of the 1930s significantly impacted coin production, and as a result, the Peace Dollar was struck only intermittently. In 1933, the Mint halted the production of Peace Dollars entirely, and the last year of production for the coin was 1935.
By that time, only a few million Peace Dollars had been minted, making certain years of the coin more scarce than others. Some of the most highly sought-after Peace Dollar dates include the 1928 and the 1934-S, which had limited mintages.
The Collectibility of the Peace Dollar
The Peace Dollar has remained a favorite among collectors due to its historical significance, artistic beauty, and relatively affordable price point (compared to other coins of similar importance, like the Morgan Dollar or the $20 Double Eagle). As such, the Peace Dollar is highly collectible and continues to attract both novice collectors and seasoned numismatists.
Key Dates and Rarity
While many Peace Dollars are relatively affordable, certain dates and mintmarks are considered rarities, with significant premiums attached to them. For example:
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1928 Peace Dollar: The 1928 Peace Dollar is one of the most coveted issues in the series. Only about 360,000 coins were minted, and many were eventually melted down, making it a rare find today. It is prized for both its low mintage and its historical connection to the final years of the coin's production.
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1934-S Peace Dollar: With a mintage of only 1.5 million coins, the 1934-S is another key rarity in the series. It is known for its lower-than-expected mintage and its tendency to exhibit strong collector demand.
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1921 Peace Dollar: As the first year of issue, the 1921 Peace Dollar is a favorite among collectors, and coins in excellent condition can fetch high prices at auction. The higher relief design makes it a visually striking coin that continues to intrigue collectors.
Condition and Grading
The condition of a Peace Dollar plays a major role in its value. Coins that are in "mint state" (MS) or "uncirculated" condition are worth significantly more than those in lower grades. The presence of wear, tarnish, or surface imperfections can affect the value of a coin, especially for those with rare mintages.
The process of coin grading is essential for any collector, as it helps to determine the market value of a Peace Dollar. Coins are graded on a scale from 1 to 70, with 70 being a perfect coin with no imperfections visible under magnification. Common grades for Peace Dollars include:
- AU (Almost Uncirculated): Slight wear but minimal signs of use.
- MS (Mint State): No visible wear, and the coin retains its full design details.
- PR (Proof): Specially struck coins for collectors, often with a mirror-like finish.
Some coins, particularly those with exceptional strikes or rare variations, can command prices well above the average.
The Peace Dollar’s Legacy
Although the Peace Dollar was not produced for long—just 14 years—it has had a lasting impact on American coinage. The coin remains a powerful symbol of the hope and idealism that Americans felt in the aftermath of World War I, and it continues to resonate with those who value the artistry and history embedded in American numismatics.
In the years since its cessation, the Peace Dollar has been periodically revisited by the U.S. Mint. In 2021, to mark the 100th anniversary of the coin’s debut, the Mint released a new series of coins inspired by the original design, sparking a renewed interest in the Peace Dollar and further solidifying its place in American numismatic history.
The Peace Dollar stands as a testament to the human desire for peace, prosperity, and the shared values that unite us.
