The peace dollar coin has a rich history and remains a valuable coin in the United States. Being the last true silver coin, the coin has taken a more laid-back circulation than the Morgan Dollar. However, thanks to its affordable prices, low montages, and beautiful design, it has great value and is beneficial for any collector.
Here is a comprehensive guide on the history and value of this dollar.
History of the Peace Dollar Coin
This coin was originally minted in 1921. It was designed to replace the Morgan dollar coin series that had been in circulation for several years. Silver dollar coins were quickly becoming unpopular due to their cumbersome weight and size, with many people avoiding their usage. Their usage was restricted to outside of the west where they were used in casinos and saloons.
At some point, their only reason for existence was to provide solid United States silver mining interests and sell excessive bullion to other governments. After about 15 years of production with limited demand, the peace dollar series ended in 1935. A majority of the peace dollar bills ended up in Treasury vaults just like the Morgan dollar. In fact, a significant number of these coins were melted down without circulating.
After an extended period of sitting in the vaults, the remaining dollar bills were distributed to trading members of the public in the 1960s. Around this time, there was increased demand for silver, which made it profitable to exchange the coins with paper money. Keep in mind that paper money was a silver certificate at that time.
Besides, a silver dollar was worth more than a dollar in the 1960s. A good number of peace dollar coins have existed up to the present day without going into circulation. Generally, coins in mint condition are more valuable than those that have been circulated. However, such coins are very rare to find.
Where does the name come from?
This dollar got its name from the word “peace” stamped on its front in reverse. The word is a commemoration of the end of World War I and hopes for lasting world peace. In 1921, the peace dollar debuted with a unique design that featured more sharply engraved details. The engravings were on both sides of the coin.
However, this high-relief design made it challenging to strike and circulate. This was compounded by the freshly-minted coins that showed mushy details. As a result, the United States Mint resolved to a lower-relief design for later coin releases.
The Grading Guide of the Peace Dollar
It is vital to know the grading of the peace dollar when planning to get some. The grading of dollar coins depends on peace dollar key dates and their years in circulation. Like all the other coins in the United States, peace dollars can be broadly categorized in several condition grades. The grading ranges from heavy wear to mint state depending on the condition of the coin. Each grade is automatically paired with a numerical value on the 70-point grading system. 0 represents a completely featureless and worn coin, while 70 represents a coin in the best possible condition. Here is more about the grading system.
- Good Condition (G-4): This is the condition where the coin has heavy wear. While most parts of the coins are faded, inscriptions are still visible. The word “peace” is partially missing and the rim is also partially worn down.
- Very Good Condition (VG-8): A coin in this condition has Lady Liberty’s hairline more clearly defined. The word “peace” is fully legible and the rim is fully defined.
- Fine Condition (F-12): These coins have all the inscriptions in ideal condition. They are fully defined and can be read. Besides, Lady Liberty’s forehead curls are neatly separated from the rest of the hair. You can also see the eagle’s neck feathers.
- Very Fine Condition (VF-20): This is one of the highest grades on the grading system. With this one, Lady Liberty’s individual hair strands become more defined. You can also see the eagle’s tail feathers because they are more clearly defined.
Rare Coins for Great Value
Rare coins come with great value and are worth collecting. The peace coins are among the rare coins that have a rich history. Being one of the earliest coins, it is ideal to have them in your collection.
