Collecting The 1921 Peace Dollars

PCGS - The 1921 Peace dollar was the first issue in the relatively short but popular series that ran until 1935. Born in the months after The Great War (World War I) came to an end, the Peace dollar was proposed to commemorate world peace and symbolize America's freedom and resolve in the face of the nation's first significant involvement in a global military campaign spanning entire continents. Peace dollars were designed by Anthony de Francisci and are anchored by an obverse portrait of a young Miss Liberty wearing a tiara of rays; the reverse depicts an American eagle perched on a sun-drenched rock declaring the word "PEACE."


Peace dollar, 1921 $1 High Relief, Peace, PCGS MS67.

All 1921 Peace dollars feature a high-relief design - distinct for the series, as the dollars made in 1922 and beyond until 1935 were produced in a flatter, low-relief profile. While de Francisci had intended his design to be struck in high relief, this proved impractical on a large scale due to excessive die wear. Only 1,006,473 business-strikes were made, and all in the last four days of 1921. Much higher mintages were seen during most of the following years. This makes the 1921 Peace dollar something of a key date for the series. Moreover, many Peace dollar enthusiasts classify the 1921 Peace dollar as its own subtype since it represents the only business strikes in the series produced in high relief.

Note the word "business strike" is used here with methodical intention. A handful of matte proofs were made in 1921 along with about a dozen in 1922 that also feature the high-relief format. These are all extremely rare coins that trade for five and six figures and are seen in only a small number of elite collections, including some PCGS Registry Sets that accommodate these most valuable and important of coins. There is also a Specimen 1921 Peace dollar with sandblasted surfaces and antique finishing.

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