Peace Dollar: Art Deco Tribute to Peace

Overview and Historical Context

The Peace Dollar replaced the Morgan Dollar in late 1921, created specifically to commemorate peace following World War I. A national competition selected Anthony de Francisci's design, which brought Art Deco aesthetics and modern symbolism to America's large silver dollar.

Design Period: 1921-1928, 1934-1935 (11 years of production)
Designer: Anthony de Francisci
Diameter: 38.1mm (1.5 inches)
Weight: 26.73 grams
Composition: 90% silver, 10% copper
Edge: Reeded
Mints: Philadelphia (no mintmark), Denver (D), San Francisco (S)

Production was intermittent—heavy 1921-1928, none 1929-1933, limited 1934-1935—reflecting economic conditions and silver policy changes. The Peace Dollar ended in 1935, making it a relatively short-lived series with only 24 date/mint combinations.

The Designer: Anthony de Francisci

Background

Anthony de Francisci (1887-1964) was born in Italy and emigrated to the United States as a young teenager. He studied at Cooper Union and the National Academy of Design in New York, becoming an accomplished sculptor with a modern, sophisticated aesthetic.

The Design Competition

In 1921, the American Numismatic Association and Commission of Fine Arts held a competition for the new peace dollar design. De Francisci's submission won, beating several other prominent sculptors. He was only 34 years old—a young artist bringing fresh, contemporary vision to American coinage.

The Model: Teresa de Francisci

Liberty's portrait was modeled after de Francisci's wife, Teresa. Like George T. Morgan using Anna Williams for the Morgan Dollar, de Francisci used someone he knew personally. Teresa's classical profile with a modern sensibility perfectly suited the Art Deco era.

Teresa was reportedly delighted to be immortalized on American coinage. Her youthful, idealistic features represent the hope and optimism of the post-war period.

Other Works

• Numerous architectural sculptures and monuments
• Medals and commemorative designs
• Public art throughout America
• Continued work as sculptor through 1960s

Obverse Design: Radiant Liberty

The Portrait

• Left-Facing Profile: Liberty in classical profile, looking toward the future
• Youthful Idealism: Young, fresh face suggesting hope and new beginnings
• Serene Expression: Calm, peaceful, confident—no anxiety or fear
• Classical Proportions: Idealized features following artistic traditions
• Modern Interpretation: Not purely classical—has 1920s sensibility

The Radiant Crown

The most distinctive feature of the Peace Dollar is Liberty's crown of rays:

• Sunburst/Rays: Liberty wears a crown of rays radiating outward like sun rays
• Symbolism: The rays represent enlightenment, hope, new dawn after war's darkness
• Statue of Liberty Influence: The radiant crown evokes the Statue of Liberty's crown, connecting to American ideals
• Art Deco Style: Geometric, stylized rays show modern design sensibility
• Five Main Rays: Five prominent rays with shorter rays between

The Hair

• Flowing Arrangement: Hair pulled back and flowing behind Liberty's head
• Art Deco Waves: Stylized waves showing 1920s fashion influence
• Soft Modeling: Less intricate than Morgan Dollar hair but elegant
• Graceful Lines: Smooth, flowing contours rather than individual curls

The Neck and Shoulder

• Long, graceful neck
• Elegant shoulder line
• Classical proportions
• Subtle modeling creating depth

The Legends

• "LIBERTY": Arcs along the left side
• "IN GOD WE TRUST": Small, along the base of Liberty's neck
• Date: Below the portrait at bottom
• Designer Monogram: Small "AF" (Anthony de Francisci) under neck truncation

Art Deco Aesthetics

The obverse perfectly captures Art Deco design principles:

• Streamlined Forms: Clean, simplified shapes rather than Victorian ornamentation
• Geometric Elements: Radiant crown's straight rays create geometric pattern
• Modern Elegance: Sophisticated without being fussy
• Forward-Looking: Represents the modern 1920s, not nostalgia for past
• Optimistic Symbolism: Emphasizes hope, light, progress

Reverse Design: Eagle and Rising Sun

The Eagle

• Perched Position: Eagle stands on a rocky crag or mountain peak
• At Rest: Unlike flying eagles on other coins, this eagle is settled, peaceful, vigilant but not aggressive
• Facing Left: Looking toward the setting or rising sun
• Folded Wings: Wings are folded back, not spread for flight—symbol of peace rather than war
• Olive Branch: Eagle clutches an olive branch, peace symbol
• Naturalistic Detail: Feathers, talons, beak carefully rendered

The Mountain or Rock

• Eagle perches on rocky outcrop or mountain peak
• Represents strength, stability, high vantage point
• Creates depth and grounds the composition
• Textured to suggest natural rock

The Sun

• Rising Sun: Large sun on the horizon, sending rays upward
• Rays: Straight rays emanating from sun, creating dramatic backdrop
• Symbolism: New dawn, hope, enlightenment, peace breaking like sunrise after war's darkness
• Art Deco Element: Geometric sun rays create modern, striking visual
• Connects to Obverse: Sun rays echo Liberty's radiant crown, unifying design

The Word "PEACE"

The most significant feature of the reverse:

• "PEACE": Prominently inscribed along the base
• Bold Statement: Unusual to have such explicit messaging on a coin
• Purpose of Design: This coin exists to commemorate peace
• Hope for Future: Expresses aspiration that WWI was "the war to end all wars"

Other Legends

• "UNITED STATES OF AMERICA": Curves along the top
• "ONE DOLLAR": Below the eagle
• "E PLURIBUS UNUM": Small, on the side
• Mint Mark: Below "ONE," above "DOLLAR" (D or S; Philadelphia has no mark)

Symbolic Unity

The reverse powerfully reinforces the obverse's themes:

• Both sides feature radiating sun/light imagery
• Both suggest hope, enlightenment, new beginning
• Peaceful eagle complements peaceful Liberty
• Overall message is optimistic and forward-looking

The 1921 High Relief Issue

Original High Relief Design

The first Peace Dollars struck in December 1921 were in high relief, similar to the Saint-Gaudens Double Eagle:

• Dramatic Depth: Significantly higher relief than most coins, creating stunning three-dimensionality
• Artistic Excellence: Shows de Francisci's design at its finest
• Striking Difficulty: Required multiple strikes and special handling
• Production Problems: High relief caused die breakage and slow production
• Short Production: Only about 1 million 1921 high relief pieces struck

1922 Relief Reduction

In 1922, the relief was lowered for practical production:

• Design remained the same but flattened
• Easier to strike, less die wear
• Lost some artistic drama but more practical
• All 1922-1935 Peace Dollars are lower relief

Collector Appeal

• 1921 high relief Peace Dollars are highly sought
• Comparing 1921 to later dates shows the difference
• High relief examples are more expensive but more beautiful
• Represent de Francisci's original artistic vision

Collecting Peace Dollars

Why Collect Them?

• Art Deco Beauty: Elegant, modern design from the Jazz Age
• Historical Significance: Commemorates peace after WWI
• Silver Content: Nearly 0.78 troy ounces of silver
• Short Series: Only 24 date/mint combinations—completable set
• Relatively Affordable: Most dates available at reasonable prices
• Condition Rarity: High-grade examples challenging but achievable
• Symbolism: Powerful peace message resonates today

Key Dates and Rarities

• 1921 High Relief: First year, dramatically beautiful—$200+ in VF; $1,000+ in MS-65
• 1928: Low mintage (360,649), key date—$300+ in VF; $2,000+ in MS-63
• 1934-S: Very low mintage (1,011,000), final year key—$100+ in VF
• 1927-D: Low mintage, scarce in high grades
• 1927-S: Scarce, often weakly struck
• 1928-S: Low mintage San Francisco issue
• 1964-D: Struck but never released (melted), legendary rarity—only a few known examples

Common Dates

• 1922-1926 Philadelphia: High mintages, widely available
• 1923-1926 D and S: Generally available in circulated grades
• 1935: Final regular production year, good availability
• Best Values: 1922-1926 P in AU-MS grades for type collectors

Grading Considerations

• Obverse Wear Points:
  • Hair above Liberty's ear and forehead
  • Cheek (high point)
  • Radiant crown rays
• Reverse Wear Points:
  • Eagle's wing high points
  • Eagle's breast and leg
  • Eagle's tail feathers
• Strike Quality:
  • Many Peace Dollars weakly struck, especially on hair and eagle's wing
  • 1927-S particularly notorious for weak strikes
  • Well-struck examples command premiums

VAM Varieties

Like Morgan Dollars, Peace Dollars have numerous die varieties (VAMs):

• Hundreds of catalogued varieties
• Significant varieties include doubled dies, repunched mint marks, etc.
• Specialty collecting area for advanced collectors

Collecting Strategies

1. Type Coin: Single example, often 1922-1926 in AU-MS
2. Short Set: 1922-1926 or 1934-1935 only
3. Complete Date/Mint Set: All 24 combinations (includes keys, challenging)
4. High Grade Set: MS-64 or MS-65 of all dates (expensive, beautiful)
5. 1921 High Relief Focus: Acquire best 1921 possible to appreciate original design

Approximate Values

• Common dates, circulated (VF-XF): $35-50
• Common dates, AU: $50-75
• Common dates, MS-63: $75-125
• Common dates, MS-65: $200-400
• 1921 High Relief, VF: $200-250
• 1921 High Relief, MS-63: $350-500
• 1921 High Relief, MS-65: $1,000-1,500
• 1928 (key), VF: $300-400
• 1928, MS-63: $2,000-3,000
• 1934-S (key), VF: $100-150

Historical Context

Post-WWI Hope and Disillusionment

The Peace Dollar was born from post-war idealism:

• WWI ("The Great War") ended November 1918
• Tremendous optimism that it was "the war to end all wars"
• League of Nations created to prevent future wars
• America emerging as world power
• Desire to commemorate peace and honor the fallen

Tragically, this optimism proved premature—WWII began only four years after the last Peace Dollar was struck in 1935. The coin's message became bittersweet.

The Roaring Twenties

Most Peace Dollars were struck during the 1920s boom:

• Economic prosperity and cultural flowering
• Jazz Age, Art Deco aesthetics
• Modern, forward-looking attitudes
• Peace Dollar's style perfectly matched the era

The Great Depression

Peace Dollar production reflected economic conditions:

• Production dropped off after 1928
• No Peace Dollars struck 1929-1933 (Depression years)
• Limited production 1934-1935 as silver prices rose
• Series ended when economics made production impractical

The 1964-D Controversy

The Peace Dollar nearly returned in 1965:

• In 1965, 316,000+ 1964-D Peace Dollars struck to meet silver dollar demand
• Public and numismatic outcry—collectors wanted them, politicians objected
• All ordered melted; officially none survived
• Rumors persist that a few escaped melting—worth millions if genuine
• Became one of numismatics' greatest "what if" stories

Counterfeits and Authentication

Counterfeit Threat

Peace Dollars, especially key dates, are heavily counterfeited:

• Chinese counterfeits common in recent years
• 1921, 1928, and 1934-S particularly targeted
• Some counterfeits very sophisticated
• Third-party certification (PCGS, NGC) recommended for valuable pieces

Authentication Resources

• Learn weight, dimensions, and sound of genuine Peace Dollars
• Study authentic examples to learn correct details
• See our Complete Guide to Identifying Counterfeit Peace Dollars
• When in doubt, seek expert authentication

Peace Dollar vs. Morgan Dollar

Design Comparison

• Morgan: Victorian-era elegance, elaborate detail, classical without being modern
• Peace: Art Deco sophistication, streamlined, consciously modern
• Morgan: Heraldic eagle, traditional symbolism
• Peace: Peaceful eagle with explicit "PEACE" message
• Morgan: Dense with detail, busy composition
• Peace: Cleaner, more open fields, simplified elegance

Collecting Comparison

• Morgan: 97 date/mint combinations; challenging, expensive to complete
• Peace: 24 date/mint combinations; more achievable
• Morgan: More actively collected, higher prices overall
• Peace: Excellent value—beautiful coins at lower premiums

Both Together

Many collectors pursue both series, enjoying the contrast between Victorian Morgan and Art Deco Peace while appreciating that both represent peak achievements in large silver dollar design.

Why the Peace Dollar Endures

Timeless Message

• Peace remains a universal aspiration
• Post-WWI hope resonates despite WWII disappointment
• Message feels relevant in any era
• Represents idealism worth preserving

Art Deco Beauty

• Clean, elegant design hasn't aged—still looks sophisticated
• Art Deco aesthetics remain popular and influential
• Radiant Liberty is simply beautiful
• High relief 1921 is stunning

Collectibility

• Complete set achievable for dedicated collectors
• Wide range from affordable to challenging
• Silver content provides tangible value
• Active market ensures liquidity

Historical Significance

• Commemorates major historical event (WWI end)
• Represents 1920s optimism and style
• Short life span makes each coin special
• 1964-D mystery adds intrigue