The 1928 Peace Dollar is one of the most sought-after silver dollars in U.S. history. Produced by the Philadelphia Mint, it has the lowest mintage of the Peace Dollar series, making it a favorite for coin collectors. This guide dives into the background of the 1928 Peace Dollar, explains why it’s special, and offers insights into its value and rarity today. Whether you’re a beginner or an experienced coin collector, learning about this unique coin can help you understand its lasting appeal.
Background of the 1928 Peace Dollar
By 1928, the use of silver dollars had declined significantly in the eastern United States, with most coins held in bank vaults. However, the government still needed to produce silver dollars to meet the requirements of the Pittman Act, a law that required the U.S. to mint millions of silver coins. As a result, the Philadelphia Mint struck 360,649 Peace Dollars in 1928, making it the lowest-mintage coin of the series.
The “Cornerstone” Myth
For years, people believed a myth that the 1928 Peace Dollar was produced exclusively for special ceremonies, like laying cornerstones for buildings. This idea was first published in 1929 in a journal by the American Numismatic Association and gained traction over time, even being included in a widely used coin guide in 1942. However, in 1991, researcher Thomas S. LaMarre debunked the myth, proving there was no official record supporting it.
Why the 1928 Peace Dollar Is Popular with Collectors
The 1928 Peace Dollar has always fascinated collectors. Because of its low mintage, it’s harder to find than most other Peace Dollars. Uncirculated or Mint State coins, particularly those rated MS63 to MS66, are especially popular. The highest-graded coins, known as “top pops” in the MS66+ grade, can reach high prices due to their scarcity and historical significance.
Market Trends and Values for 1928 Peace Dollars
The value of the 1928 Peace Dollar has fluctuated over the years. In the 1960s, collectors could buy a high-quality coin for around $95. By the late 1970s, prices for similar coins had increased to about $295. Today, depending on the grade and condition, prices for high-grade coins can reach well into the thousands. For example, a coin graded MS66+ recently sold for over $100,000, showing the strong demand for these top-quality examples.
Notable Sales and Examples
Here are some notable sales of the 1928 Peace Dollar that highlight its value in the collector’s market:
| Grade | Price | Auction/Date | Notable Features |
|---|---|---|---|
| PCGS MS66+ CAC | $129,250 | Legend Rare Coin Auctions, April 2023 | Re-graded and upgraded one-half point; conserved coin |
| PCGS MS66+ | $28,800 | Heritage Auctions, Sept 2023 | Brilliant with scattered toning |
| PCGS MS66 | $44,400 | Heritage Auctions, Oct 2022 | Gold and russet toning |
| PCGS MS66 | $30,550 | Heritage Auctions, Nov 2014 | Blue, russet, and gold toning |
| NGC MS66 | $17,625 | Heritage Auctions, Aug 2016 | Mottled brown toning |
These high prices reflect the 1928 Peace Dollar’s status as a collector’s treasure, especially in top conditions.
Key Details of the 1928 Peace Dollar
If you’re interested in adding a 1928 Peace Dollar to your collection, here are some key details about this coin:
| Attribute | Details |
|---|---|
| Country | United States of America |
| Mint | Philadelphia (no mint mark) |
| Mintage | 360,649 |
| Material | 90% Silver, 10% Copper |
| Weight | 26.73 grams |
| Diameter | 38.1 mm |
| Designer | Anthony de Francisci |
Why the 1928 Peace Dollar Matters to Collectors
The 1928 Peace Dollar remains a symbol of history and rarity in American coinage. Its low mintage makes it a valuable addition to any collection, and its unique backstory adds to its appeal. Coin collectors continue to seek out high-quality examples of this coin, which can be challenging to find in top condition. For those lucky enough to own one, the 1928 Peace Dollar is a piece of history that carries both financial and sentimental value.
FAQ’s
Why is the 1928 Peace Dollar so valuable?
The 1928 Peace Dollar is valuable due to its low mintage of only 360,649 coins, making it rare and highly sought after by collectors, especially in high grades.
What is the myth about the 1928 Peace Dollar?
Some believed the 1928 Peace Dollar was made exclusively for cornerstone laying ceremonies, but this myth was debunked in 1991, revealing no official record supporting the claim.
How much is a 1928 Peace Dollar worth today?
The value of a 1928 Peace Dollar can range from a few hundred to over $100,000, depending on its grade and condition, with the highest-grade coins reaching the highest prices.