Peace Dollar – PCGS MS65

In the aftermath of World War I, a restless nation yearned for more than economic recovery; it sought a symbol of hope—a renewed assurance in the promise of peace. The Peace Dollar emerged from this era not merely as currency, but as the United States’ enduring elegy to reconciliation and optimism. When the first coins were released in January 1922, eager crowds lined outside the Sub-Treasury Building in New York, reflecting immense public anticipation for a new chapter in America’s story. This coin was not born out of routine monetary need, but from a deliberate movement to immortalize the collective relief and aspiration that swept the globe following the armistice.

The catalyst for the Peace Dollar’s birth can be traced to the passage of the Pittman Act of 1918, which mandated the melting of hundreds of millions of earlier silver dollars to stabilize silver markets and support allied economies during the Great War. In the wake of the conflict and the act’s mandate for coinage replacement, the U.S. Mint saw an opportunity: to issue a silver dollar that would commemorate the hard-won peace and the nation’s forward-looking resolve. The Peace Dollar’s launch completed almost two decades of redesign for American coinage, symbolizing not only a close to hostilities but a fresh vision for the national identity.

The artistic competition to design the new silver dollar drew some of the era’s most talented sculptors. Ultimately, the Commission of Fine Arts selected the work of Italian-American sculptor Anthony de Francisci. His vision was groundbreaking: Lady Liberty, modeled after his own wife Teresa, radiating youthful vigor and modernity. This was no distant allegory, but a living embodiment of American ideals, capturing a contemporary spirit—the so-called “flapper” type—set against the sun’s dawning rays. To handle such a profound charge, de Francisci departed from the traditional Greco-Roman motifs, offering a Liberty ready to lead a new generation.

On the coin’s reverse, de Francisci originally conceived an eagle breaking a sword—a potent imagery symbolizing the cessation of war and the forging of peace. Yet, sensitivities prevailed; concerns that a broken sword might evoke surrender rather than victory led to its omission from the final design. Instead, the eagle, resolute and noble, rests upon a mountaintop clutching an olive branch, surveying the sunrise—America’s enduring metaphor for hope and renewal. The Peace Dollar thus uniquely reflects both the ideals of pacifism and the resilience to move steadfastly into the future.

Collectors today recognize the Peace Dollar as far more than a relic of monetary policy. Its relatively brief production run from 1921 to 1935, and its role as the last silver dollar intended for circulation, have only heightened its allure. Each piece, particularly those preserved in exceptional condition, stands as a tangible artifact of a historic transformation—echoing the dreams and determination of a world that turned from conflict toward a fragile, hard-won peace.

Design Features

The obverse of the Peace Dollar features an expressive portrait of Lady Liberty. Her youthful visage is crowned with a radiant tiara, symbolizing enlightenment and national aspiration. De Francisci’s stylized approach sets his Liberty apart, infusing her features with a distinctive realism and vitality that depart from earlier classical interpretations. Encircling her are the inscriptions “LIBERTY” and “IN GOD WE TRUST,” with the coin’s date placed at the base, reinforcing both the ideals and the solemnity of the era.

The reverse is equally rich in symbolism. A majestic bald eagle, America’s emblem of strength and freedom, perches serenely atop a rocky outcrop. Clasped in its talons is an olive branch, universal token of peace, while the word “PEACE” stands boldly at the base—a singular honor among U.S. coinage. The rising sun in the background, with its luminous rays, expresses dawn and new beginnings, anchoring the coin’s message of reconciliation. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” curve above the eagle, completing the composition with gravitas and hope.

Product Highlights

• Metal Type: SILVER – No Hedge
• Purity: 0.9
• Weight: 0.7734 oz
• Grade: MS65
• Manufacturer: United States Mint
• Mint Mark: Various
• Grading Service: PCGS
• IRA Eligible: No
• Obverse: Lady Liberty, crowned with radiant rays, with inscriptions “LIBERTY,” “IN GOD WE TRUST,” and the date.
• Reverse: Bald eagle perched on a mountaintop, clutching an olive branch, with the inscriptions “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “PEACE.”

Investment Appeal

The Peace Dollar—especially in the sought-after PCGS MS65 grade—offers a unique blend of historical gravitas, aesthetic distinction, and tangible value. With 90% silver content and a design celebrated the world over, it appeals to discerning numismatists as well as those seeking portfolio diversification through physical precious metals. The coin’s relatively limited mintage, iconic symbolism of international peace, and well-documented collector demand ensure strong liquidity and desirability in any numismatic collection. Owning a high-grade specimen like this is not only a smart investment in silver, but an investment in a story that continues to captivate generations.