Why the 1928 Peace dollar Stands Out to Collectors
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The 1928 Peace dollar stands as the key date of one of America’s most beloved coin series – a coin that every serious Peace dollar collector must eventually confront. Struck only at the Philadelphia Mint in very limited numbers, it is the lowest-mintage circulation-strike Peace dollar ever produced, and its combination of genuine scarcity, iconic design, and strong collector demand makes it one of the most important U.S. silver dollars of the 20th century.
Whether you are building a complete Peace dollar set, evaluating a coin you inherited, or considering selling, understanding what drives the 1928’s value is essential. This guide covers the coin’s history, design, mintage story, value factors, and practical advice for buyers and sellers alike.
The History Behind the 1928 Peace Dollar
The Peace dollar series was born from a desire to commemorate the end of World War I. Congress authorized the coin in 1921, and sculptor Anthony de Francisci won the design competition. His obverse portrays Liberty facing left, crowned with a radiant tiara – a portrait widely believed to draw inspiration from his wife, Teresa. The reverse shows a bald eagle at rest, clutching an olive branch, with the word PEACE inscribed beneath.
Production ran from 1921 through 1928, paused entirely, then resumed briefly in 1934 and 1935. Modern collector editions appeared again in 2021 for the series centennial. The 1928 issue fell at the tail end of the first production run, after the Mint had largely fulfilled the silver-dollar obligations tied to the Pittman Act – legislation that had required large-scale silver dollar production in the first place.
First Peace dollar struck at Philadelphia Mint, designed by Anthony de Francisci
Annual mintages in the millions across Philadelphia, Denver, and San Francisco
Philadelphia Mint produces only 360,649 coins – the lowest circulation-strike mintage in the series
Original Pittman Act obligations satisfied; large-scale silver dollar production ceases
Series resumes for two years before ending again
Modern collector versions released to mark 100 years of the Peace dollar
Why the 1928 Peace Dollar Has the Lowest Mintage
The numbers tell the story directly: only 360,649 examples were struck. Every other regular-issue Peace dollar was produced in far larger quantities. The reason is straightforward – by 1928, the government’s obligation to produce silver dollars in bulk had been met. Demand had fallen, and the Mint simply did not need to run large production runs.
That low number made the 1928 the series key date from the moment it was released. Collectors and dealers recognized the limited output, and many examples were set aside rather than spent. That saved population means the coin is scarce, but not as rare in absolute terms as the mintage alone might suggest. Survivors exist across a range of grades, though high-quality uncirculated pieces are genuinely hard to find.
Design Details: What You Are Looking At
The 1928 Peace dollar carries the same design used throughout the series, and it is worth knowing the specifics before you examine a coin.
Obverse
Liberty faces left, wearing a radiant tiara. The motto LIBERTY arcs across the top, and IN GOD WE TRUST appears in smaller text. The portrait has a classical, almost sculptural quality that set de Francisci’s work apart from earlier U.S. coinage.
Reverse
The bald eagle stands at rest on a rocky perch, an olive branch in its talons. UNITED STATES OF AMERICA circles the top, ONE DOLLAR sits at the bottom, and the inscription PEACE appears just below the eagle. The design radiates calm and stability – deliberately so, given the postwar symbolism the Mint wanted to convey.
Technical Specifications
| Specification | Detail |
|---|---|
| Designer | Anthony de Francisci |
| Composition | 90% silver, 10% copper |
| Weight | 26.73 grams |
| Diameter | 38.1 mm |
| Mint mark | None (Philadelphia Mint) |
| Mintage | 360,649 |
Silver Content and Melt Value
The 1928 Peace dollar contains 0.7734 troy ounces of pure silver, derived from its 90% silver composition. With silver currently trading around $77 per ounce, the raw melt value works out to roughly $59.58.
1922 Peace Dollar Value Guide – Accurate Precious Metals Refineries
That melt figure matters as a floor, but it is not the ceiling – not even close. The 1928 is a key date, and collectors pay substantial premiums above melt for it. A worn circulated example typically sells for several hundred dollars. Mid-grade pieces climb higher. Choice uncirculated coins can reach into the thousands, and premium gem examples go higher still. The silver content is almost incidental to the coin’s actual market value.
What Drives the Value of a 1928 Peace Dollar
Condition is the single biggest variable. The difference between a heavily worn coin and a sharply struck, original-luster uncirculated example can be thousands of dollars. Here are the main factors:
- Grade and wear – Every grade step matters. A coin graded VF-20 and one graded EF-45 can differ significantly in price, and the jump from AU to Mint State is even more dramatic.
- Eye appeal – Strong strike, original luster, and clean fields all add value. A flat strike or weak details on Liberty’s hair reduce desirability even at the same technical grade.
- Problem-free surfaces – Cleaning, scratches, rim nicks, and polishing all hurt value. A problem coin may be assigned a details grade by PCGS or NGC, which suppresses prices considerably.
- Toning – Natural toning, especially attractive rainbow or cabinet toning, can add a premium. Artificial or suspicious toning raises red flags.
- Third-party grading – Coins evaluated and encapsulated by PCGS or NGC typically bring stronger prices because buyers trust the grade. For a key date at this price level, a raw coin is a harder sell.
- Market demand – Key-date U.S. silver dollars attract steady collector interest. The 1928 Peace dollar has a deep, consistent buyer base.
Collector Categories: How People Collect the 1928
Most collectors encounter the 1928 in one of three contexts:
Date Set Collectors
Building a complete Peace dollar set by date and mint mark means you need one 1928. It is the coin that stops most date-set completions. Budget accordingly – this is where you spend the most.
Type Set Collectors
A type set requires only one example of the Peace dollar design. Many type collectors choose a common date like the 1924 Peace dollar to fill the slot cheaply. But some collectors specifically target the 1928 for the prestige of owning the key date.
Variety and Error Collectors
Like most silver dollars, the 1928 attracts specialists who study die varieties, die cracks, and striking differences. Most collectors focus on grade and eye appeal rather than die varieties, but the specialized market exists for those who want to go deeper.
What to Watch for When Buying a 1928 Peace Dollar
The 1928’s status as a key date makes it a target for problems. Know these before you buy.
Cleaning is the most common issue. A cleaned coin can look bright and appealing to an untrained eye but is worth a fraction of a natural example. Look for hairlines under a loupe – fine parallel scratches in the fields are a telltale sign.
Counterfeits are a real concern at this price level. Some fakes are crude, but others are convincing. Third-party evaluation is the practical answer for any coin above entry-level circulated grades.
Artificial toning is another watch point. Some sellers apply chemicals to tone coins and make them look original. Uneven, splotchy, or suspiciously vivid color patterns deserve skepticism.
If you are buying online, ask for sharp, high-resolution photos of both sides and close-ups of the fields. A return policy matters too.
Comparing the 1928 to Other Peace Dollar Dates
The 1928 sits in a different league from the common dates. A 1922 or 1923 Peace dollar – both struck in the tens of millions – can be purchased in circulated grades for modest amounts close to silver melt. The 1928 commands a premium at every grade level.
Among the other scarcer dates, the 1921 Peace dollar (first-year issue with a different high-relief design) and the 1934-S also attract collector attention, but the 1928 is the one most collectors identify as the series key. If you are comparing values across the series, selling silver dollars at the right time and grade matters more for the 1928 than for any other date.
Common Misconceptions About the 1928 Peace Dollar
A few ideas about this coin circulate among new collectors that are worth correcting directly.
Low mintage does not always mean extreme rarity. The 1928 was recognized as scarce from the start, so collectors saved examples. The surviving population is better than the raw mintage figure suggests. It is genuinely scarce, not vanishingly rare.
Shiny does not mean uncirculated. Cleaning makes coins look bright. True mint-state luster has a cartwheel effect when you rotate the coin under a light – a consistent flow of reflected light across the fields. Cleaned coins look flat or frosty in an unnatural way.
Philadelphia coins are not less desirable because they lack a mint mark. For the 1928, the absence of a mint mark identifies the Philadelphia issue – the only 1928 Peace dollar struck. There is no 1928-D or 1928-S to compare it to.
Old silver dollars are not worth just melt. That may be true for extremely common dates in poor condition, but the 1928 Peace dollar carries numismatic value well above its silver content at every grade level.
Buying and Selling Your 1928 Peace Dollar with Accurate Precious Metals
Whether you are looking to add a 1928 Peace dollar to your collection or turn one into cash, working with a knowledgeable dealer makes a meaningful difference. Accurate Precious Metals, based in Salem, Oregon, has been in the precious metals business for over 12 years and has built a reputation backed by more than 1,000 five-star customer reviews.
As an NGC Authorized dealer, Accurate Precious Metals has the expertise to assess numismatic coins properly – not just weigh them for silver content. Coins are evaluated for metal content and inspected by our team, so you get a transparent, informed offer rather than a generic melt-based quote. That distinction matters enormously for a key date like the 1928.
If you are in the Salem area, you are welcome to bring your coin in person for a face-to-face evaluation. If you are anywhere else in the United States, the mail-in service makes the process simple: request a kit, ship your coin with free insured delivery, and receive a fast, fair offer. The process is transparent at every step.
For collectors building a Peace dollar set, Accurate Precious Metals carries Peace Silver Dollars and a broad selection of silver coins across grades and dates. Competitive pricing is updated to reflect live spot prices, so you are never paying yesterday’s rates. Call (503) 400-5608 or visit AccuratePMR.com to explore current inventory or get a quote on a coin you want to sell.
Frequently Asked Questions
How many 1928 Peace dollars were made?
The Philadelphia Mint struck 360,649 examples, making it the lowest-mintage circulation-strike Peace dollar in the entire series.
Is the 1928 Peace dollar rare?
It is the key date of the series – genuinely scarce, especially in higher grades. Many were saved when collectors recognized the low mintage, so examples survive across a range of conditions, but high-grade pieces are hard to find.
What is the silver content of a 1928 Peace dollar?
The coin is 90% silver and 10% copper, weighing 26.73 grams. It contains approximately 0.7734 troy ounces of pure silver, worth roughly $59 at current silver prices – but its numismatic value is well above melt.
How can I tell if my 1928 Peace dollar has been cleaned?
Look for fine hairline scratches in the fields under a loupe or magnifying glass. Cleaned coins also lack the natural cartwheel luster that rotates smoothly under light. A flat or frosty appearance in the fields is a warning sign.
Should I get my 1928 Peace dollar evaluated by PCGS or NGC?
For any example priced above basic circulated levels, third-party evaluation is strongly recommended. It protects you from counterfeits, gives buyers confidence, and typically results in stronger sale prices.
Where can I sell a 1928 Peace dollar?
Accurate Precious Metals buys all U.S. silver dollars, including key dates. Local customers can sell silver coins in person at our Salem, Oregon location. Customers anywhere in the U.S. can use our mail-in service for free insured shipping and a fast offer.
What makes the 1928 different from other Peace dollars?
It is the only year in the series struck in such small quantities for circulation. Every other regular-issue Peace dollar was produced in far larger numbers. That scarcity, combined with consistent collector demand, puts it in a category of its own within the series.
