The Peace Dollar: America’s Monument to the End of WWI
While the Morgan Silver Dollar represents the rugged expansion of the American frontier, its successor was born from a desire for global healing.
Struck to commemorate the end of World War I, the Peace Dollar is a stunning tribute to an era of newfound optimism and a must-have for any serious collector.
For decades, the Morgan Dollar had dominated the American economy. But as the world emerged from the devastating trenches of the “Great War” in 1918, the national mood shifted. The public and numismatic scholars alike believed the country needed a new coin—one that didn’t just represent wealth, but celebrated the fragile new era of global peace. The result was one of the most beautiful and historically poignant silver coins ever produced by the United States Mint.
The Pittman Act and the Silver Shortage
The origin of the Peace Dollar actually begins with the mass destruction of its predecessor. In 1918, during the height of WWI, the British government faced a massive financial crisis in India and desperately needed silver. To assist their ally, the United States Congress passed the Pittman Act, which authorized the melting down of over 270 million Morgan Silver Dollars to be sold as bullion to the British.
The act also required the US Mint to eventually replace those melted coins. After briefly striking millions of old-style Morgan Dollars again in 1921 to fulfill the quota, the Treasury Department finally approved a new, modern design dedicated to world peace to finish the job.
A Design for a Modern Era
The Mint held a design competition, and a young Italian-American sculptor named Anthony de Francisci won the commission. His design was a radical departure from the classical, stoic portraits of the 19th century.
For the obverse (front), de Francisci used his own wife, Teresa, as the model for Lady Liberty. She is depicted with a radiant crown—reminiscent of the Statue of Liberty—and wind-blown hair, looking forward into a bright future. On the reverse (back), an eagle is shown at rest on a mountain peak, bathed in the rays of the morning sun. The eagle is clutching an olive branch, and the word “PEACE” is boldly inscribed at the bottom. It was a perfect encapsulation of the “Roaring Twenties” optimism.
The 1921 High Relief: A Flawed Masterpiece
The very first Peace Dollars were struck in late December 1921. De Francisci had designed the coin in “high relief,” meaning the sculpted elements of Liberty’s face and the eagle rose dramatically off the flat surface of the coin.
These 1921 high-relief coins are absolute masterpieces, but they were a mechanical disaster for the Mint. The deep design required immense pressure to strike, which caused the steel dies to crack and break rapidly. Furthermore, the coins wouldn’t stack properly for bank tellers. After striking just over one million pieces, the Mint was forced to flatten the design. From 1922 until the end of the series in 1935, all Peace Dollars were struck in “low relief.” Today, the one-year-only 1921 High Relief Peace Dollar is a highly sought-after key date that commands a significant premium in any condition.
The Ultimate Companion Coin
For collectors and silver investors, the Peace Dollar is the natural companion to the Morgan Dollar. Both are struck from the same heavy planchets of 90% silver and 10% copper. But while the Morgan represents the 1800s, cowboys, and the Gold Rush, the Peace Dollar represents the dawn of modern America, Art Deco style, and the interwar period.
Whether you are looking to stack physical silver with beautiful, historic bullion or aiming to complete a rigorous numismatic set, the Peace Dollar is an essential piece of American history.
Do You Have Vintage Silver Dollars?
Because they were heavily circulated, finding high-grade, uncleaned Peace Dollars—especially the rare 1921 High Relief or the low-mintage 1928 Philadelphia strike—can be incredibly rewarding.
Contact Keywell Collectibles today for a professional appraisal of your vintage silver dollars and estate collections.
