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The 1925 Peace dollar sits at an interesting crossroads in American numismatics – common enough that most collectors can own one, yet rare enough in certain forms to command serious money. Whether you have stumbled across one in an old collection or are actively building a Peace dollar set, understanding the difference between the Philadelphia and San Francisco issues could save you from overpaying or, worse, underselling a key date.
This guide covers everything you need to know: the coin’s history, how to identify each mint variety, what grades mean for value, and how to make smart decisions as a buyer or seller.
The Story Behind the Peace Dollar
The Peace dollar was born from a moment of national optimism. After World War I ended, the American Numismatic Association pushed for a new silver dollar design that would reflect the hope for lasting peace. Sculptor Anthony de Francisci won the design competition, and Treasury Secretary Andrew Mellon approved the coin in December 1921. The first Peace dollars were struck on December 28, 1921.
The coin replaced the Morgan dollar and became the last circulating U.S. dollar coin struck in 90% silver. Production ran from 1921 through 1928, then resumed briefly in 1934 and 1935 before the series ended.
The obverse shows Liberty in profile, wearing a tiara of rays, with the mottoes “LIBERTY” and “IN GOD WE TRVST” – note the classical “V” in place of “U.” The reverse depicts a bald eagle at rest, clutching an olive branch, with the word “PEACE” inscribed below. Every element was intentional. This was a coin designed to mean something.
By 1925, the series had settled into high-volume production. The Philadelphia Mint struck over 10 million examples, while San Francisco added just over 1.6 million more. Those numbers tell very different stories for collectors today.
Two Mint Varieties: What Makes the 1925-S a Key Date
The 1925 Peace dollar was produced at two mints, and the difference between them is enormous from a collecting standpoint.
Mint
Mintmark
Mintage
Rarity
Philadelphia
None (P)
10,198,000
Common
San Francisco
S
1,610,000
Key Date – condition rarity
The 1925-P is one of the most available Peace dollars in the entire series. You can find circulated examples at almost any coin show, and uncirculated pieces in MS-63 regularly sell for under $60. It is a workhorse coin – great for filling a collection slot without breaking the budget.
The 1925-S is a different animal. The mintage alone is not what makes it rare. The problem is survivorship. Only about two dozen bags of uncirculated 1925-S dollars were ever saved. Most of those coins suffered heavy bag marks from being jostled together in canvas mint bags during storage and shipping. The result is a coin that is almost impossible to find in true gem condition.
Even when you do find an uncirculated 1925-S, it is likely to show poor strike quality and lackluster surfaces. Coins grading MS-65 or higher are genuine rarities. That is what numismatists call a condition rarity – not rare because few were minted, but rare because almost none survived in top shape.
The mintmark “S” appears on the reverse of the coin, just above the word “ONE” in “ONE DOLLAR.” If you are examining a 1925 Peace dollar and see no mintmark, you have the Philadelphia issue.
ℹ️ Info: The 1925-S is considered the **key date of the entire Peace dollar series** – not because of low mintage alone, but because gem-quality examples are extraordinarily scarce. Even experienced collectors may go years without seeing a properly struck, high-grade example.
Melt Value and Silver Content
Every 1925 Peace dollar contains 0.7734 troy ounces of silver by total weight, with a net pure silver content of 0.7634 troy ounces after accounting for the 10% copper alloy. At the current silver spot price of $60 per ounce at the time of writing, the melt value works out to approximately $45.80 per coin.
That melt value acts as a floor. Even a heavily worn, low-grade 1925-P is worth close to $45 in silver content alone. For circulated coins grading Good through Extremely Fine, the numismatic premium above melt is modest – often just a few dollars. The real premiums kick in at uncirculated grades, especially for the 1925-S.
Grades run from Poor (P-1) at the bottom to Mint State (MS) at the top, with MS-70 being theoretically perfect. For the 1925 Peace dollar, the grade you hold makes an enormous difference in value – particularly for the San Francisco issue.
1925-P (Philadelphia) Values
Grade
Approximate Value
Good (G-4)
$32
Fine (F-12)
$32
Very Fine (VF-20)
$32
Extremely Fine (EF-40)
$32
Uncirculated (MS-60)
$37
MS-63
$50-$60
MS-65
$150-$200
MS-67
$4,000+
The 1925-P holds steady near melt value through most circulated grades. It is only in the upper uncirculated tiers that premiums grow significantly. An MS-67 example is genuinely scarce and commands strong money, but it is still a fraction of what the 1925-S fetches at the same grade.
1925-S (San Francisco) Values
Grade
Approximate Value
Good (G-4)
$35
Fine (F-12)
$35
Very Fine (VF-20)
$35
Extremely Fine (EF-40)
$35
Uncirculated (MS-60)
$45
MS-63
~$165
MS-65
~$425
MS-67
~$36,000
The gap between the two issues widens dramatically at higher grades. A 1925-S in MS-65 costs roughly three times what a 1925-P in the same grade costs. At MS-67, the spread is staggering – the San Francisco coin can exceed $35,000, while the Philadelphia version tops out around $4,000. That difference reflects just how few gem-quality 1925-S coins exist.
How the 1925 Peace Dollar Compares to Other Peace Dollar Years
Collectors building a complete Peace dollar set need context. The 1923 Peace dollar is the most common date in the series, with nearly 31 million struck at Philadelphia alone – making it an easy and affordable entry point. The 1924 Peace dollar is similarly common in circulated grades but slightly harder to find in gem condition.
The 1925 sits in a middle position. The Philadelphia issue is nearly as common as 1923, but the San Francisco issue is dramatically scarcer than either of those years in top grades. If you are comparing dates for a type set, the 1925-P is a fine, affordable choice. If you are chasing the key date, the 1925-S requires real patience and budget.
Peace Dollar Series at a Glance
1921
First Peace dollar struck December 28, 1921 – designed by Anthony de Francisci
1922-1925
High-volume production years Philadelphia and San Francisco mints active
1925
1925-S becomes a condition rarity Only ~two dozen bags of uncirculated S-mint coins saved
1928
Series pauses Production stops after 1928
1934-1935
Final Peace dollars struck Series ends; 90% silver dollar era closes
Grading the 1925 Peace Dollar: What to Look For
Grading a Peace dollar requires examining the high points of the design – the cheek and hair above Liberty’s ear on the obverse, and the eagle’s breast feathers on the reverse. These areas wear first in circulation.
How to Assess Your 1925 Peace Dollar
1
Step 1 Check the mintmark;Look on the reverse above “ONE” – no mark means Philadelphia, “S” means San Francisco
2
Step 2 Examine Liberty’s cheek;Smooth, flat areas indicate wear. Sharp facial detail suggests uncirculated or lightly circulated
3
Step 3 Inspect the eagle’s breast;Heavy flatness here suggests EF or lower grades
4
Step 4 Look for bag marks;Small nicks and contact marks are common, especially on 1925-S coins – they affect eye appeal even in MS grades
5
Step 5 Assess luster;Original cartwheel luster (a rolling sheen) is the hallmark of a true uncirculated coin
6
Step 6 Consider professional grading;For coins you believe are MS-63 or higher, NGC or PCGS slabs protect value and confirm grade
For high-value coins – particularly any 1925-S you believe grades MS-63 or above – professional grading from NGC or PCGS is worth the cost. A raw coin claimed to be MS-65 is worth far less than a slabbed coin confirmed at that grade. The difference in value at the upper end of the scale justifies the expense.
💡 Tip: Accurate Precious Metals is an **NGC Authorized Dealer**, which means we can assist customers with NGC grading submissions. If you have a coin you think might grade high, reach out to us before selling or submitting on your own.
VAMs and Varieties: Are They Worth Chasing?
VAM stands for Van Allen-Mallis, the cataloging system for Morgan and Peace dollar die varieties. For the 1925 Peace dollar, there are two Top 50 VAMs – varieties significant enough to appear on the hobby’s most-watched list. These include a doubled shoulder variety and a double rays variety.
While VAMs can add collector interest, they do not dramatically increase value for most 1925 Peace dollar varieties. The spread between a regular 1925-P and a Top 50 VAM example is measurable but not transformative the way it can be for Morgan dollar VAMs. For most collectors, VAM hunting on the 1925 is a fun pursuit rather than a path to major profit.
If you want to explore VAMs in depth, a detailed visual guide is available on YouTube covering the specific varieties, values, and how to identify them under magnification.
Common Misconceptions About the 1925 Peace Dollar
A few myths circulate about this coin that are worth addressing directly.
Common Myths vs. Reality
Pros
✓ Reality: Only the 1925-S is rare – the 1925-P is common and affordable in all circulated grades
✓ Reality: Most uncirculated 1925-S coins are heavily bag-marked and poorly struck – true gems are extremely scarce
✓ Reality: The 1925-P in MS-67 is worth around $4,000 – far less than the 1925-S at the same grade
✓ Reality: VAMs exist but add modest value for most 1925 varieties
Cons
✗ Myth: All 1925 Peace dollars are rare and valuable
✗ Myth: Any uncirculated 1925-S is a gem coin
✗ Myth: High-grade 1925-P coins are just as valuable as high-grade 1925-S coins
✗ Myth: VAMs make 1925 Peace dollars dramatically more valuable
The biggest mistake new collectors make is assuming that any old silver dollar is automatically rare. The 1925-P is genuinely common. Paying a large premium for one based on age alone is unnecessary. Save your budget for condition – or for the S-mint issue if that is your target.
Buying and Selling the 1925 Peace Dollar
Whether you are buying your first Peace dollar or selling one you inherited, knowing the market helps you get a fair deal.
For buyers, the 1925-P is one of the most accessible Peace dollars available. Circulated examples near melt value are easy to find. If you want an uncirculated coin for a type set, MS-63 examples are plentiful and reasonably priced. Only move up the grade scale if you have a specific goal – MS-65 and above carry real premiums.
For the 1925-S, patience is the strategy. Circulated examples are available and affordable. But if you want a high-grade example, be prepared to pay for it – and insist on a professionally graded coin. A raw coin claimed to be MS-65 is a risk. A PCGS or NGC slabbed MS-65 is a known quantity.
For sellers, the 1925-P in circulated condition will typically trade near silver melt value. Uncirculated examples command premiums, and MS-65 or better coins are worth getting appraised before selling. A 1925-S in any condition is worth more than a comparable 1925-P, and in MS-63 or above, the premium is significant.
If you want to sell silver coins or have a collection to evaluate, Accurate Precious Metals offers competitive offers based on current spot prices. You can visit our Salem, Oregon location in person for a face-to-face appraisal, or use our mail-in service from anywhere in the United States. The mail-in kit includes free insured shipping, so your coins travel safely. Payment is fast once your items are received and evaluated.
Why Accurate Precious Metals Is the Right Partner for Peace Dollar Transactions
Accurate Precious Metals has been serving collectors and precious metals investors since 2012. With more than 1,000 five-star reviews, our reputation is built on fair offers and straightforward dealings – not pawn-shop tactics. We are a specialized precious metals dealer, which means our team understands the difference between a common 1925-P and a key-date 1925-S.
As an NGC Authorized Dealer, we can help customers work through the grading submission process for coins that might qualify for professional certification. For high-grade Peace dollars, that matters – a certified MS-65 or MS-66 coin is far easier to sell and typically fetches a significantly better price than a raw coin of the same quality.
Our inventory includes Peace dollars in various grades and conditions, along with a broad range of silver coins, bars, and bullion. Pricing is updated to reflect live spot prices, so you always know what you are working with.
If you are local to the Pacific Northwest, stop by our Salem, Oregon location. If you are anywhere else in the country, our mail-in service at AccuratePMR.com makes it simple to sell coins safely and conveniently. Call us at (503) 400-5608 or visit AccuratePMR.com to get started.
Frequently Asked Questions
What is the melt value of a 1925 Peace dollar?
Each 1925 Peace dollar contains 0.7634 troy ounces of pure silver. At the current silver spot price of $60 per ounce at the time of writing, the melt value is approximately $45.80. Prices change daily, so check current spot prices for the most accurate figure.
How do I tell if my 1925 Peace dollar is the Philadelphia or San Francisco issue?
Look on the reverse of the coin, just above the word "ONE" in the denomination. A small "S" indicates San Francisco. No mintmark means Philadelphia.
Is the 1925-S really that much rarer than the 1925-P?
In circulated grades, the difference is modest – a few dollars at most. But in uncirculated grades, especially MS-63 and above, the 1925-S is dramatically rarer and more valuable. Only about two dozen bags of uncirculated 1925-S coins were ever saved, and most of those are heavily bag-marked.
Should I clean my 1925 Peace dollar before selling it?
No. Cleaning a coin removes original surface luster and almost always reduces its value. Even light cleaning is detectable under magnification and will lower a coin's grade. Sell it as-is.
Where is the best place to sell a 1925 Peace dollar?
A specialized precious metals dealer like Accurate Precious Metals will give you a competitive offer based on current spot prices and the coin's numismatic premium. You can visit us in Salem, Oregon or use our mail-in service from anywhere in the U.S. Avoid pawn shops, which typically pay well below numismatic value.
Are VAMs on the 1925 Peace dollar worth pursuing?
There are two Top 50 VAMs for the 1925, but they add modest value compared to the base coin. VAM collecting is rewarding as a hobby, but it is not a reliable path to significant profit on this particular date.
What grade should I aim for when buying a 1925-P for a type set?
MS-63 offers the best balance of quality and price. You get a clearly uncirculated coin with good eye appeal for under $60 in most markets. MS-65 is a step up in quality but costs two to three times more – worth it if you want a gem-quality example.
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