Peace dollar

Peace dollar. The Peace dollar is a silver dollar coin minted from 1921 to 1928 and again in 1934 and 1935. It was conceived to commemorate the peace following World War I, specifically the Treaty of Versailles. Designed by Italian-American sculptor Anthony de Francisci, it features a striking depiction of Liberty on the obverse and a majestic bald eagle on the reverse. The coin's production was authorized under the Pittman Act and it remains a highly sought-after piece by numismatists and collectors of U.S. Mint issues.

History

The genesis of the Peace dollar lies in the aftermath of World War I and a desire to create a coin symbolizing the new era of peace. The American Numismatic Association, led by Farran Zerbe, was instrumental in advocating for such a commemorative issue. This initiative gained traction with key figures like Andrew W. Mellon, the Secretary of the Treasury. The legal basis for its minting was provided by the Pittman Act of 1918, which mandated the melting and recoinage of millions of older Morgan dollars. A public design competition was held, which was ultimately won by the young sculptor Anthony de Francisci, who used his wife, Teresa de Francisci, as the model for Liberty. The first coins were struck at the Philadelphia Mint in late December 1921, with the final regular-issue pieces produced in 1935 following a hiatus during the Great Depression.

Design

The obverse of the coin features a left-facing profile of Liberty, wearing a radiant crown reminiscent of the Statue of Liberty. The word "LIBERTY" arches above, with the motto "IN GOD WE TRUST" and the date below the portrait. The reverse is dominated by a perched bald eagle facing right, clutching an olive branch and gazing at a radiant sun, symbolizing dawn and peace. The inscriptions include "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," and "ONE DOLLAR." A notable and controversial early feature on some 1921 coins was a small broken sword on the reverse, which was quickly removed from the design after public criticism likened it to a symbol of defeat. The overall Art Deco style of the coin reflects the artistic sensibilities of the Roaring Twenties.

Production

Production of the Peace dollar occurred primarily at the Philadelphia Mint, San Francisco Mint, and Denver Mint. The initial 1921 issue was struck in high relief, as intended by Anthony de Francisci, but this proved impractical for mass production and coin durability in Federal Reserve channels. In 1922, the United States Mint reduced the relief to a lower, more standard level for all subsequent years. Minting was continuous from 1922 to 1928, paused due to the Great Depression and a surplus of silver coins, and briefly resumed in 1934 and 1935 under the Silver Purchase Act of 1934. In 2021, to mark the centennial of the series, the United States Mint resumed production of .999 fine silver Peace dollars as a commemorative bullion coin.

Mintage figures

Mintage numbers varied significantly by year and mint facility, creating key and common dates for collectors. The 1921 issue from Philadelphia had a mintage of over 1 million in high relief. The 1928-P issue is a notable key date with a mintage of just 360,649. The San Francisco Mint produced the low-mintage 1934-S issue, while the Denver Mint struck coins only in 1922, 1923, 1924, 1925, 1926, 1927, 1934, and 1935, with the 1927-D being particularly scarce. The final regular issues from 1934 and 1935 had relatively high mintages. Modern 2021 and 2023 issues from the West Point Mint have been produced in both bullion and proof versions for collectors.

Collecting

The Peace dollar is a central series in American numismatics. Collectors often pursue a complete set by date and mint mark, with the 1928-P and 1934-S being major condition rarities. Grading is crucial, with services like PCGS and NGC certifying coins. Counterfeits and alterations, especially of key dates, are a concern in the market. The coins are also popular as a store of value due to their silver content, with many traded through dealers like Stack's Bowers Galleries and Heritage Auctions. Special designations, such as "Full Head" details on the statue's crown, command significant premiums. The modern 2021 centennial issues have introduced a new generation to the series.