The value of a Peace Dollar coin depends on several key factors, including its year of mintage, its condition (grade), the presence of a mint mark, and the current price of silver.
Here’s a breakdown of how these factors affect the value:
- Year and Mintage: Certain years are rarer than others, making those coins more valuable. For example, the 1928 Philadelphia minted Peace Silver Dollar has the lowest mintage in the series, with only 360,649 pieces produced, making it a key date and highly sought after.
- Condition (Grade): Coins in better condition are worth significantly more. Coin grading assesses the coin’s wear and tear, and coins in “Mint State” (MS), showing no signs of wear and retaining their original luster, command the highest prices. For instance, a 1921 Peace Dollar in circulated condition might be worth between $100 and $525, while an uncirculated one could fetch as much as $67,500.
- Mint Mark: The mint mark on the coin indicates where it was minted. “S” is for San Francisco, “D” is for Denver, and no mark means it was minted in Philadelphia. Knowing the mint mark can help determine the coin’s rarity and value.
- Silver Content: All Peace Dollars (except modern commemoratives) are composed of 90% silver, giving them an intrinsic value based on the current price of silver. As of August 14, 2025, the melt value of a Peace Dollar (containing 0.77344 troy ounces of silver) is $29.44. This acts as a baseline value, but the numismatic (collectible) value often far exceeds the silver content.
- Rarity and Collectibility: Aside from low mintage years, other factors can make a Peace Dollar rare and more valuable, such as mint errors or unique die varieties.
The following table showcases the value ranges for various Peace Dollars based on their year and mint mark, as well as their condition (grade):
| Date & Mintmark | Mintage | G | AU | MS |
|—|—|—|—|—|
| 1921 High Relief | 1,006,473 | $130 | $350 | $600 |
| 1922 | 51,737,000 | $30 | $35 | $50 |
| 1922 High Relief | 35,401 | n/a | n/a | $100,000 |
| 1922-D | 15,063,000 | $30 | $35 | $65 |
| 1922-S | 17,475,000 | $30 | $35 | $70 |
| 1923 | 30,800,000 | $30 | $35 | $50 |
| 1923-D | 6,811,000 | $30 | $40 | $100 |
| 1923-S | 19,020,000 | $30 | $35 | $70 |
| 1924 | 11,811,000 | $30 | $35 | $50 |
| 1924-S | 1,728,000 | $35 | $85 | $300 |
| 1925 | 10,198,000 | $30 | $35 | $50 |
| 1925-S | 1,610,000 | $35 | $60 | $150 |
| 1926 | 1,939,000 | $30 | $35 | $85 |
| 1926-D | 2,348,700 | $30 | $50 | $160 |
| 1926-S | 6,980,000 | $30 | $40 | $90 |
| 1927 | 848,000 | $35 | $70 | $150 |
| 1927-D | 1,258,900 | $37.50 | $90 | $335 |
| 1927-S | 866,000 | $40 | $100 | $300 |
| 1928 | 360,649 | $235 | $340 | $525 |
| 1928-S | 1,632,000 | $40 | $90 | $260 |
| 1934 | 954,057 | $35 | $60 | $175 |
| 1934-D | 1,569,500 | $37.50 | $60 | $200 |
| 1934-S | 1,011,000 | $45 | $400 | $3,000 |
| 1935 | 1,576,000 | $37.50 | $60 | $135 |
| 1935-S | 1,964,000 | $37.50 | $100 | $335 |
Table data is from Gainesville Coins.
In conclusion, a Peace Dollar can be worth anywhere from its melt value (currently around $29.44) to potentially tens of thousands of dollars, depending on its specific characteristics and market demand.
How can you tell if a 1922 Peace Dollar is rare?
I can help with that. The most valuable 1922 Peace Dollars typically come from two mints: the Denver Mint and the San Francisco Mint. The vast majority of Peace Dollars minted in 1922 bear no mint mark, meaning that they come from Philadelphia.