The Peace dollar holds exactly the same silver as a Morgan, 0.77345 troy ounces, and usually trades for a little less. The series is shorter, and the collector demand behind it is thinner.
Silver spot
$53.44 a troy ounce.
Spot price as of 10 November 2026.
Each coin is 26.73 g at 900 fine,
a US Mint specification.
This is metal value only. Most coins are worth more than their metal to a collector,
and some are worth very much more, so check the date and mint mark before selling
anything here for its melt value.
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
$41.34.
The benchmark behind it was set on
, and every figure on this
page moves with it.
Melt value by quantity, at the current benchmark.
How many
Face value
Pure silver
Melt value
1
$1.00
0.7735 ozt
$41.34
10
$10.00
7.7345 ozt
$413.36
20
$20.00
15.47 ozt
$826.71
50
$50.00
38.67 ozt
$2,066
100
$100.00
77.35 ozt
$4,133
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.
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.
Recommended Gold Testing & Smelting Equipment
Laboratory-grade scales, non-destructive electronic testers, and digital melting furnaces for accurate scrap valuation and refining.
Digital Electric Gold & Silver Melting Furnace (1kg to 3kg, 1150°C / 2100°F)
Commercial digital smelting furnace with high-density graphite crucible, insulated heating chamber, and heavy-duty crucible tongs. Heats up to 2100°F (1150°C) with precise digital PID temperature control to cleanly melt scrap gold jewelry, sterling silver, and brass into tradeable bullion bars in under 45 minutes.
Laboratory-grade electronic gold analyzer that instantly determines karat purity from 10K to 24K and verifies platinum without messy acid drops or destructive scratching. Rapid self-calibration ensures quick, reliable scrap valuation without damaging collectible jewelry.
0.001g High-Precision Analytical Milligram Jewelry Scale (50g x 0.001g)
Laboratory-grade analytical milligram balance measuring down to 0.001 grams, 0.005 carats, and 0.0001 troy ounces (ozt). Features a clear protective draft shield, tare function, and stainless steel calibration weights to catch fine weight fractions before smelting.
Multi-Cavity High-Density Graphite Ingot Mold for Bar Casting
Machined high-purity fine-grain graphite mold designed for pouring clean 1 oz, 2 oz, 5 oz, and 10 oz gold and silver bars. Delivers high thermal stability, rapid heat dissipation, and a smooth cavity finish for effortless ingot release.
Master Gold & Silver Chemical Acid Scratch Assay Kit with Touchstone & Loupe
Complete precious metal appraisal kit featuring 10K, 14K, 18K, and 22K gold testing acids, silver testing solution, a genuine dense testing touchstone, and an illuminated triplet jeweler loupe to distinguish solid karat gold from heavy plating.
Kevlar-reinforced split-cowhide foundry gloves rated for temperatures up to 2000°F with extended gauntlet forearm protection, paired with a high-impact anti-glare face shield designed for safe scrap metal handling and pouring.
Compare essential equipment specifications for establishing an efficient scrap gold testing and melting workstation:
Equipment Type
Primary Purpose
Capacity / Accuracy
Key Advantage
Electric Smelting Furnace
Melting scrap jewelry, dental gold, and coins into bullion
1 kg to 3 kg crucible capacity
Clean flameless PID temperature control up to 2100°F
Electronic Karat Tester
Instant purity check on intact jewelry and high-end watches
10K to 24K gold and platinum ranges
Non-destructive testing with no acid stains or scratches
Analytical Milligram Scale
Precise scrap weight measurement before refining
50g capacity at 0.001g (0.0001 ozt)
Catches fine weight margins standard kitchen scales miss
Multi-Cavity Ingot Mold
Casting molten scrap metal into tradeable bullion bars
1 oz, 2 oz, 5 oz, 10 oz bar cavities
High-density graphite prevents sticking and oxidation
Acid Touchstone Assay Kit
Distinguishing solid karat alloy from heavy vermeil or plate
10K, 14K, 18K, 22K acid standards
Time-tested chemical confirmation for scrap buyers
Scrap Valuation Pro Tip: Melt Loss & Non-Destructive Testing
When melting scrap jewelry lots, expect an average 1% to 3% melt loss due to burn-off of non-precious solder joints, skin oils, and enamel. Before melting high-value items, verify karat content using a non-destructive electronic tester. Acid scratch testing can leave noticeable etch marks and may read false positive on heavy gold-filled or rolled gold plate items (such as 1/10 10K RGP or vermeil).
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