The 1928 Peace Dollar is a rare and valuable piece in the world of coin collecting. With a low production and a unique historical background, this silver dollar stands out among U.S. coins. This guide will explore the history of the 1928 Peace Dollar, why it’s so special, and key points collectors should know, including grading and pricing.
What Is the 1928 Peace Dollar?
The 1928 Peace Dollar is a part of the Peace Dollar series produced by the U.S. Mint from 1921 to 1935. Designed by Anthony de Francisci, this coin represents America’s hope for peace following World War I. The coin displays Lady Liberty on the front and an eagle holding an olive branch on the back, both symbols of peace.
In 1928, the Philadelphia Mint struck just 360,649 of these coins, making it the lowest mintage in the Peace Dollar series. Due to this limited production, the 1928 Peace Dollar is highly sought after by collectors today.
Why Was the 1928 Peace Dollar Created?
The Pittman Act of 1918 led to the creation of this coin. This U.S. law required the melting of millions of silver dollars to help support Britain during World War I. To replace these melted coins, the U.S. Mint later issued Peace Dollars.
By 1928, the Philadelphia Mint struck the final Peace Dollars required by the Pittman Act, and most of these coins were stored in bank vaults, rather than being widely circulated, especially in the eastern United States. This has added to the coin’s rarity.
Myths and Misunderstandings About the 1928 Peace Dollar
A popular myth claims that the 1928 Peace Dollar was produced only for cornerstone ceremonies, like laying cornerstones for significant buildings. This story was published in some coin books and articles until it was debunked in 1991 by researcher Thomas S. LaMarre, who found no evidence in official Mint records linking the coin to any ceremonial use.
Collecting the 1928 Peace Dollar: Grades and Values
Understanding Coin Grades and Values
Collectors know that the condition, or “grade,” of a coin plays a significant role in its value. The 1928 Peace Dollar is found in various grades, and each grade affects the price. Here’s a table of common grades and recent market values:
| Grade | Description | Approximate Value |
|---|---|---|
| MS63 | Uncirculated with minor marks or scuffs | $500 – $1,000 |
| MS64 | Higher quality with fewer imperfections | $1,000 – $2,500 |
| MS65 (Gem) | Excellent quality with little to no visible marks | $3,000 – $8,000 |
| MS66+ (Top Pop) | Exceptional quality, rare, and highly sought-after | $25,000 – $130,000+ |
The above prices can vary based on specific features or demand in the market. MS63 and MS64 are common uncirculated grades for the 1928 Peace Dollar, but finding a coin in MS65 or higher is much more challenging and significantly increases its value.
Notable 1928 Peace Dollars and Sales History
Some specific coins from this mintage have become famous due to their sale prices and unique features. Here are a few examples:
- Illinois Set Coin: Initially graded MS66, this coin was later upgraded to MS66+ after being professionally cleaned. In 2023, it sold for over $129,000.
- The Anne Kate Collection: A high-quality MS66 coin with attractive toning, sold for approximately $28,800 in 2018.
- The JDC Collection: Known for its pale rose toning, this MS66 coin sold for $27,600 in 2021.
Coin Specifications for the 1928 Peace Dollar
For those interested in the finer details, here’s a summary of the 1928 Peace Dollar’s specifications:
| Specification | Details |
|---|---|
| Country | United States of America |
| Year | 1928 |
| Denomination | One Dollar (USD) |
| Mint Location | Philadelphia (no mint mark) |
| Mintage | 360,649 |
| Composition | 90% Silver, 10% Copper |
| Weight | 26.73 grams |
| Diameter | 38.1 mm |
| Designer | Anthony de Francisci |
| Edge | Reeded |
Conclusion: Why Collect the 1928 Peace Dollar?
The 1928 Peace Dollar is not only a beautiful coin but also an important piece of American history. Representing peace and minted in limited numbers, it stands out as a collector’s item. Whether you’re a new or experienced collector, the 1928 Peace Dollar can be a valuable and meaningful addition to any collection. With its rising value and unique story, this coin is likely to continue capturing the interest of numismatists worldwide.
FAQ’s
Why is the 1928 Peace Dollar so valuable?
The 1928 Peace Dollar is valuable because it has the lowest mintage in the Peace Dollar series, with only 360,649 coins produced. Its scarcity and historical significance make it highly desirable among collectors.
How can I tell if my 1928 Peace Dollar is genuine?
To ensure your 1928 Peace Dollar is authentic, check for correct weight (26.73 grams), diameter (38.1 mm), and composition (90% silver, 10% copper). Consulting a professional coin grading service is also recommended for verification.
What factors affect the value of a 1928 Peace Dollar?
The main factors that impact the value are the coin’s grade (or condition), rarity of specific high-grade examples (like MS66+), and any unique features, such as toning or minimal wear.