A Peace dollar contains 0.7734 troy ounces of actual silver weight (ASW) — the same as a Morgan dollar. The coin weighs 26.73 grams at 90% silver purity. At spot prices of October 7, 2026 ($60.73/ozt), the silver melt value is $46.97. Most Peace dollars trade above this floor because collector demand and low mintages on several dates push prices higher.
Peace Dollar Specifications
| Specification | Value |
|---|---|
| Gross weight | 26.73 g |
| Diameter | 38.1 mm |
| Composition | 90% silver, 10% copper |
| Silver content | 24.057 g (0.7734 ozt ASW) |
| Minted | 1921–1928, 1934–1935 |
| Designer | Anthony de Francisci |
| Authorized by | Congress, November 1918 (peace after WWI) |
Source: US Mint specifications and Coinage Act specifications for the Peace dollar design.
How to Calculate Peace Dollar Silver Content
- Gross weight: 26.73 g
- Silver fraction: 26.73 × 0.90 = 24.057 g silver
- Convert to troy ounces: 24.057 ÷ 31.1034768 g/ozt = 0.77344 ozt
- Standard rounded figure: 0.7734 ozt ASW
At spot prices of October 7, 2026 ($60.73/ozt):
Melt value = 0.7734 × $60.73 = $46.97
The coin melt value calculator applies today’s live spot price.
History: Why the Peace Dollar Exists
The Peace dollar commemorates the end of World War I. After years of public and Congressional debate about restoring a silver dollar design that honored peace, sculptor Anthony de Francisci won a competition to design the new coin. His obverse depicts a radiant Liberty facing right; the reverse shows a bald eagle perched on a rock with the word “PEACE” below.
The first Peace dollars were struck in December 1921, replacing the Morgan dollar design in the same year. The 1921 coins used a high-relief design that created striking issues at the mint — the design was flattened starting in 1922, and that lower-relief design continued through 1928 and again 1934–1935.
Mint Marks and Dates
Peace dollars were struck at three mints:
| Mint | Mark | Location |
|---|---|---|
| Philadelphia | (none) | — |
| Denver | D | Reverse, above “ONE” |
| San Francisco | S | Reverse, above “ONE” |
Key dates (circulated examples worth well above melt):
- 1921: High relief, low mintage (1,006,473). Circulated grades often sell for $150–$400+.
- 1928: Lowest mintage of the regular series (360,649). Circulated examples start around $200.
- 1934-S: Low mintage, conditional rarity; higher grades are scarce.
Common dates (trade near melt in circulated grades):
- 1922, 1922-D, 1922-S, 1923, 1924, 1925, 1926, 1927 Philadelphia
Peace Dollar Melt Value by Quantity
| Quantity | ASW | Melt at $60.73/ozt |
|---|---|---|
| 1 Peace dollar | 0.7734 ozt | $46.97 |
| 10 Peace dollars | 7.734 ozt | $469.69 |
| 20 Peace dollars | 15.468 ozt | $939.38 |
| $1,000 face bag (1,000 coins) | 773.4 ozt | $46,969 |
Reference: spot prices of October 7, 2026. Use the junk silver calculator for the live figure.
Peace Dollar vs. Morgan Dollar: Any Difference in Silver Value?
None. Both coins share the exact same specifications:
| Feature | Peace dollar | Morgan dollar |
|---|---|---|
| Gross weight | 26.73 g | 26.73 g |
| Composition | 90% silver | 90% silver |
| ASW per coin | 0.7734 ozt | 0.7734 ozt |
| Melt at $60.73/ozt | $46.97 | $46.97 |
The difference is purely in design, date range, and numismatic premium. Morgan dollars produced from 1878–1904 and Peace dollars from 1921–1935. Some collectors prefer the Peace dollar’s Art Deco aesthetics; others prefer the Morgan for its longer series and greater variety of key dates to chase.
Melt vs. Collector Value for Peace Dollars
Common-date Peace dollars in circulated grades (Very Fine through About Uncirculated):
- Typically sell for $55–$80 at coin dealers and online.
- That puts most Peace dollars at $8–$33 above the $46.97 melt value at current spot prices.
- The spread = numismatic demand, not additional silver.
A 1921 Peace dollar in Very Fine: $150–$250 retail. A 1928 in Very Fine: $200–$350 retail. A 1934-S in Very Fine: $150–$300 retail.
These key-date coins should never be melted — their numismatic value far exceeds their $46.97 silver floor.
See melt value vs. numismatic value for how to evaluate whether selling at melt or to a collector yields more.
The 2021 and 2023 Modern Peace Dollars
The US Mint struck commemorative Peace dollars in 2021 (centennial) and 2023. These modern coins differ from the originals:
- Composition: 99.9% silver (not 90%)
- Weight: 26.73 g (same gross weight — matching the original)
- ASW: 26.73 × 0.999 ÷ 31.1034768 = 0.8593 ozt ASW (more silver than the original because purity is higher)
- Melt at $60.73/ozt: $52.18
The modern coins are collector issues sold by the US Mint at prices well above melt and are not junk silver.
How to Verify a Peace Dollar Is Genuine
Peace dollars are counterfeited. Basic checks:
- Weight: A genuine Peace dollar weighs 26.73 g (±0.1 g tolerance for wear). Use a precision scale.
- Diameter: 38.1 mm.
- Edge: Reeded (milled edge). Fakes sometimes miss the fine reeding pattern.
- Magnet test: Silver is not magnetic. A coin that sticks to a magnet is fake.
For accurate weight-based silver calculations, use the coin melt value calculator with the actual weighed gram weight if you suspect a coin is underweight.
Peace Dollars in the Junk Silver Market
Unlike War nickels and Roosevelt dimes, Peace dollars rarely trade as pure junk silver — the numismatic premium on even common dates ($55–$80 retail vs. $46.97 melt) means buyers always pay above melt. A full $1,000 face bag of Peace dollars (1,000 coins) would cost $55,000–$80,000 at retail, versus a melt value of $46,969.
For more on the broader junk silver market and how Peace dollars compare to 90% dimes and quarters, read what is junk silver and constitutional silver explained.