Did you know that an old coin sitting in your pocket or coin collection could be worth a fortune? The US Peace Dollar is one such coin. While it may look like just another old silver dollar, some rare versions of this coin could be valued at up to $132,000. Let’s explore why these coins are so valuable and how to identify if you have one of these hidden treasures.
The History of the Peace Dollar
A Symbol of Peace
The Peace Dollar was first minted in 1921 to celebrate the end of World War I. It symbolized peace and new beginnings for the United States. The coin replaced the Morgan Dollar, which had been in circulation from 1878 to 1904. The US Mint produced Peace Dollars from 1921 to 1928, and again in 1934 and 1935. The design shows Lady Liberty on one side, and an eagle with the word “Peace” on the other, representing hope and a brighter future.
Why It Was Made of Silver
The Peace Dollar was made of 90% silver and 10% copper. At the time, the US relied on silver for its currency. This made the coin valuable, not only for its face value of $1 but also for its silver content. Over time, the use of silver in US coins stopped, making silver coins like the Peace Dollar more desirable for collectors.
Why Are Some Peace Dollars So Valuable?
Not every Peace Dollar is worth a huge amount, but certain factors can make them extremely valuable. Let’s take a look at what makes some Peace Dollars stand out.
1. Rarity
The fewer coins that were made, the rarer they are. For example, the 1928 Peace Dollar, minted in Philadelphia, is one of the rarest. Only 360,649 of these were made, which makes it a top pick for collectors. In good condition, this coin can be worth thousands.
2. Condition
The condition or “grade” of a coin is very important. Coins are graded on a scale, from Poor (P-1) to Mint State (MS-70). Coins with less wear and tear and sharp details are worth more. A Mint State Peace Dollar could sell for tens of thousands of dollars.
3. Mintmark
Peace Dollars were made in three locations: Philadelphia, Denver, and San Francisco. Coins from San Francisco (marked with an S) are often more valuable because fewer of them were made. The mintmark is found on the back of the coin above the word “Peace.”
4. Year of Production
Some years are more valuable than others. The 1921 Peace Dollar was made with a special high-relief design, which is harder to find and more valuable today. Coins from 1934, especially from the San Francisco Mint, can also be worth a lot.
5. Historical Value
Coins from certain times in history, like the Roaring Twenties, can hold extra value because of their connection to important events. The Peace Dollar’s connection to the end of World War I adds to its historical significance.
The 1934-S Peace Dollar: Worth $132,000
One Peace Dollar stands out from the rest: the 1934-S Peace Dollar. This coin was made in San Francisco, and only 1,011,000 were produced. Because of its rarity and excellent condition, a 1934-S Peace Dollar in Mint State (MS-66+) sold for $132,000 at auction in 2016. Even coins in lower grades can be worth a lot — a Fine (F-12) grade can still bring in around $150, and a high-grade MS-64 could be worth $10,000 or more.
How to Tell If Your Peace Dollar Is Rare
Step 1: Check the Year
Look at the year stamped on your Peace Dollar. Coins from 1921, 1928, and 1934 are more valuable than others.
Step 2: Find the Mintmark
Check for the mintmark on the back of the coin, just above the word “Peace.” An S means it was minted in San Francisco, and a D means it was made in Denver. No mintmark means it was made in Philadelphia.
Step 3: Assess the Condition
The better the condition, the more valuable the coin. Look for sharp details and minimal wear.
Step 4: Get It Graded
To get a true estimate of your coin’s value, you can have it professionally graded. Services like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) can authenticate and grade your coin.
Where to Sell a Peace Dollar
If you find that you own a rare Peace Dollar, there are several ways to sell it. Auction houses like Heritage Auctions specialize in rare coins. You can also try selling your coin through online platforms like eBay but be cautious of dealing with unknown buyers. You might also contact a coin dealer or expert numismatist for an offer, but auctions generally offer higher returns.
Conclusion
The Peace Dollar is more than just an old coin — it represents a special time in American history and can be worth much more than its face value. Rare coins, like the 1921, 1928, and 1934-S Peace Dollar, can fetch thousands or even up to $132,000. So before you ignore that old coin in your collection or pocket, take a closer look — it might just be a hidden treasure!
FAQs
1. What is a Peace Dollar?
A Peace Dollar is a silver coin minted by the United States from 1921 to 1935 to celebrate the end of World War I and symbolize peace. It features Lady Liberty on one side and an eagle with “Peace” on the other.
2. How do I know if my Peace Dollar is valuable?
Several factors affect a Peace Dollar’s value, including its year of minting, mintmark, rarity, and condition. Rare coins from 1921, 1928, and 1934 or ones in excellent condition can be worth thousands of dollars.
3. Where is the mintmark located on a Peace Dollar?
The mintmark, indicating where the coin was made, is located on the back of the coin just above the word “Peace.” An S means it was minted in San Francisco, D for Denver, and no mintmark indicates it was minted in Philadelphia.
4. How can I sell my Peace Dollar?
You can sell a valuable Peace Dollar through auction houses, such as Heritage Auctions, or online platforms like eBay. You can also visit a coin dealer or have it professionally graded for better pricing.
5. What is the most valuable Peace Dollar?
The most valuable Peace Dollar is the 1934-S, which has sold for up to $132,000 in Mint State condition. Other rare and valuable Peace Dollars include the 1921 high-relief and 1928 Philadelphia coins.