What one Peace dollar is worth in silver
One Peace dollar contains 0.7735 troy ounces of pure silver, from a coin weighing 26.73 grams at 900 parts per thousand. At the current benchmark that metal is worth $49.38. The benchmark behind it was set on , and every figure on this page moves with it.
| How many | Face value | Pure silver | Melt value |
|---|---|---|---|
| 1 | $1.00 | 0.7735 ozt | $49.38 |
| 10 | $10.00 | 7.7345 ozt | $493.77 |
| 20 | $20.00 | 15.47 ozt | $987.54 |
| 50 | $50.00 | 38.67 ozt | $2,468 |
| 100 | $100.00 | 77.35 ozt | $4,937 |
What the coin is
Struck from 1921 to 1928 and again in 1934 and 1935, the Peace dollar shares the Morgan specification exactly: 26.73 grams, 90% silver, 10% copper, giving 0.77345 troy ounces of pure silver. The two coins are interchangeable as metal and a dealer buying silver by weight will not care which one you hand over.
The design is the reason the series exists. It was commissioned to mark the end of the First World War, and the first year, 1921, was struck in high relief, which made the coins difficult to strike fully and wore the dies out quickly. The relief was lowered for 1922 and stayed low for the rest of the run, so a 1921 coin looks noticeably different from the others in the series.
As with any circulated silver coin, the weight you can actually sell is slightly under the specification. Assume around 1% of wear on a coin that saw real circulation, and price a quantity at the trade figure of 0.715 troy ounces per dollar of face value rather than the as-struck number.
Is it worth more than its metal?
Peace dollars have a smaller following than Morgans, and common dates from the 1922 to 1925 Philadelphia run are genuinely common. Those trade close to melt, often only a dollar or two over, which makes this one of the few classic US silver coins where selling as bullion is a defensible choice.
The exceptions are worth knowing. The 1928 Philadelphia coin has the lowest mintage in the series and carries a strong premium in any grade. The 1921 high relief first year is sought after, and the 1934-S is the condition rarity: common enough worn, expensive in high grade. A well struck uncirculated example of almost any date is worth far more than a worn one.
The 1964-D is the ghost of the series. Over 300,000 were struck at Denver in 1965, the decision was reversed, and every one was melted. None were ever legally released, so any coin offered as a 1964-D Peace dollar is either a fantasy piece or stolen government property, and it cannot be legally owned.
Selling it
Because common Peace dollars sit so close to melt, the spread between a bullion dealer and a coin dealer is narrower here than on a Morgan. Get both quotes anyway. A coin dealer will pick out the better dates from a pile, and if you sell the lot as undifferentiated silver you are giving those away.
Sort by date and mint mark before you sell. The mint mark is on the reverse near the eagle’s wing tip, and it takes a few minutes to separate the 1928 and the San Francisco coins from the rest. That is the whole difference between a bullion transaction and a coin transaction.
Melt, resale and appraisal value sets out why those three numbers differ for the same object, and how we calculate shows every constant used on this page.
Peace dollar questions
How much silver is in a Peace dollar?
0.77345 troy ounces of pure silver, from a coin weighing 26.73 grams at 90% fineness. It is identical to the Morgan dollar specification, so the two have the same melt value.
Is a Peace dollar worth more than a Morgan?
Usually less, despite holding the same silver. Morgan dollars have deeper collector demand, so common dates carry a larger premium over melt. The exceptions are the scarce Peace dates such as 1928 and high grade examples of any year.
What is the rarest Peace dollar?
The 1964-D, of which none can be legally owned: over 300,000 were struck and all were melted before release. Among coins you can actually hold, the 1928 Philadelphia issue has the lowest mintage and the 1934-S is the great condition rarity.
Are Peace dollars worth selling for silver?
Common circulated dates from the 1920s sit close enough to melt that selling them as silver is reasonable. Sort out the 1921, the 1928 and any San Francisco coins first, and have anything uncirculated looked at before it goes in a bullion lot.