Silver spot: $57.83/oz · Updated July 21, 2026 12:03 AM ET · Live silver spot chart
1921-1935 Peace Dollar — Value & Melt Value
Determining the current price of 1921-1935 Peace Dollar is a straightforward process once you know the silver content, the weight, and the current market rate, often referred to as the spot price.
Coin Specs
| Series | 1921-1935 Peace Dollar |
|---|---|
| Years | 1921-1935 |
| Composition | 90% silver |
| ASW | 0.77345051 troy oz |
| Weight | 26.73 g |
| Diameter | 38.1 mm |
| Face value | $1.00 |
| Melt at current spot | $44.73 |
Key Dates & Mintage
Key dates / varieties: 1928 is a key; better dates and grades trade above melt
Mintage note: Last circulating U.S. silver dollar series.
Melt value is the silver floor. Numismatic premiums apply when rarity, grade, or variety demand exceeds bullion pricing — common circulated dates usually track melt most closely.
Dealer price vs melt
At today's silver spot, melt for a 1921-1935 Peace Dollar is $44.73 (0.77345051 oz ASW). The lowest tracked retail ask we see right now is $46.95 — about 4.97% over melt.
1921-1935 Peace Dollar — Value & Melt Value Melt Calculator
Peace Dollar Melt Value
The Peace Dollar holds a unique place in American numismatic history as the last silver dollar struck for general circulation. Minted from 1921 to 1928 and again in 1934 and 1935, it was designed to commemorate the end of World War I and the return of peace — a sentiment captured in its iconic design by sculptor Anthony de Francisci. With the same 90% silver composition as the Morgan Dollar, each Peace Dollar contains 0.7734 troy ounces of pure silver, making it equally attractive to bullion investors and collectors.
This guide covers the coin's silver content, melt value formula, mint history, key dates, and investment potential.
Quick Facts About the Peace Silver Dollar
| Specification | Details |
|---|---|
| Designer | Anthony de Francisci |
| Minted Years | 1921–1928 & 1934–1935 |
| Silver Content | 90% silver, 10% copper |
| Actual Silver Weight (ASW) | 0.7734 troy ounces |
| Weight | 26.73 grams |
| Diameter | 38.1 mm |
| Edge | Reeded |
| Face Value | $1.00 |
| Melt Value | 0.7734 × Spot Price of Silver |
Design Overview
- Obverse: A radiant portrait of Lady Liberty wearing a spiked tiara, facing right. De Francisci modeled the design on his wife, Teresa. The inscription "LIBERTY" arcs above, with the date below.
- Reverse: A bald eagle perched on a mountain peak, facing left, with the word "PEACE" inscribed on the rock beneath. The eagle holds an olive branch — a deliberate departure from the arrows clasped on earlier dollar designs.
Where Were Peace Dollars Minted?
The mint mark appears on the reverse, just above the eagle's tail feathers to the left. Three facilities produced Peace Dollars:
- Philadelphia (no mint mark) — Largest mintages most years
- Denver ("D") — Active in most years of production
- San Francisco ("S") — Lower mintages; several S-mint dates are key coins in the series
No Peace Dollars were struck between 1929 and 1933, a gap that reflects the economic disruption of the Great Depression era.
Understanding Peace Dollar Melt Value
Each Peace Dollar contains 0.7734 troy ounces of pure silver — identical to the Morgan Dollar. Calculate current melt value using the live spot price of silver:
Silver Melt Value = 0.7734 × Current Silver Spot Price
- Roll (20 coins): 15.468 troy oz silver
- $10 face value (10 coins): 7.734 troy oz silver
Common circulated Peace Dollars in lower grades typically trade near melt value, while key dates and high-grade specimens carry meaningful numismatic premiums above the melt floor.
Key Dates and Rare Peace Dollars
| Key Date | Notable Details |
|---|---|
| 1921 | First-year issue struck in high relief; design was modified to lower relief in 1922. Most valuable in high grade. |
| 1928 | Lowest mintage of the series (360,649); highly sought in all grades |
| 1934-S | Scarce San Francisco issue; significantly higher value in circulated grades compared to common dates |
| 1935-S | Final year of the original series; popular with type collectors completing a Peace Dollar set |
| 1922 High Relief (Trial Strike) | Extremely rare pattern; not a circulation issue — referenced for collector context only |
Modern Reissues: 2021 Peace Dollar Centennial
In 2021, the U.S. Mint released a modern commemorative Peace Dollar to mark the coin's 100th anniversary. These collector editions do not carry 90% silver and are not part of the original circulation series, but remain popular with modern collectors.
Investment Potential of Peace Silver Dollars
- Identical Silver Content to Morgan Dollars: At 0.7734 oz ASW, Peace Dollars offer the same bullion value as the more widely collected Morgan series, often at lower premiums for common dates.
- Strong Collector Demand: The series is shorter than the Morgan series, making a complete set more attainable and supporting sustained collector interest.
- Historical Significance: Struck as a deliberate symbol of peace following WWI, the coin carries historical weight that resonates with both collectors and investors.
- Common Dates Near Melt: Most 1922–1927 Philadelphia issues trade close to melt, providing a low-premium entry into a .7734 oz silver coin.
Final Thoughts
From 1921 to 1935, the Peace Silver Dollar served as the final chapter in American silver dollar coinage for general circulation. Its combination of historical resonance, substantial silver content, and accessible pricing for common dates makes it a compelling choice for both new and experienced precious metals investors.
For live melt values based on current silver prices, use our silver coin melt value calculator. Consult a qualified numismatist before purchasing key-date specimens.
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Frequently Asked Questions
What is the melt value of a 1921-1935 Peace Dollar today?
At a silver spot of $57.83/oz (updated July 21, 2026 12:03 AM ET), a 1921-1935 Peace Dollar with 0.77345051 troy oz ASW is worth about $44.73 at melt.
How is 1921-1935 Peace Dollar melt value calculated?
Multiply the coin's actual silver weight (0.77345051 troy oz) by the current silver spot price. That product is the melt floor before any numismatic premium.
When is a 1921-1935 Peace Dollar worth more than melt?
Key dates, high grades, and scarce varieties can trade well above melt. Common circulated dates in the 1921-1935 Peace Dollar series usually track silver content most closely.
