1928 Peace Dollar : Mintage, History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

By 1928, silver dollars no longer circulated to any significant degree in the eastern part of the country. Most were held by the Treasury Department, but many of the coins released into circulation had been tucked away in bank vaults. Nevertheless, to conform to the mandate of the Pittman Act, the Philadelphia Mint struck 360,649 1928 Peace Dollars, giving the series its lowest-mintage issue.

The 1928 Philadelphia striking made collector’s imaginations run wild. In the February 1929 issue of the American Numismatic Association’s (ANA) house organ The Numismatist, the claim that the 1928 Peace Dollar was struck “exclusively for cornerstone laying and other dedicatory purposes” was put forth.

The cornerstone myth took hold and was published in the Handbook of United States Coins in 1942, and persisted for many years after that. Researcher Thomas S. LaMarre debunked this claim in his January 1991 Numismatist article, titled “America’s ‘Cornerstone’ Dollar”. Supporting LaMarre’s assertion that the claim is nonsense is the fact that no mention of this purpose for striking the coins was ever enumerated in the Mint Director’s Report.

Instead, Mint Director Robert John “R.J.” Grant described that year’s silver dollar production this way:

“Silver dollar coins executed subsequent to 1920 represent an equivalent number of dollars converted to bullion under the act of April 23, 1918 – 259,121,554 for export to India and 11,111,168 for domestic subsidiary coin.”

As of December 31, 1928, the Treasury held 481,960,397 silver dollars, with an additional 11,526,004 pieces in Federal Reserve Banks. Only 46,475,374 silver dollars were accounted for in circulation. By the end of 1928, the Treasury Department had fulfilled its obligations as outlined by the Pittman Act. The nation’s silver bullion stockpile was depleted.

The 1928 Peace Dollar is scarce relative to the other issues in the series, but it is by no means rare in Mint State. Uncirculated coins tend to fall in the MS63 to MS64 band of grades, but Gems are readily available. The previous top pop grade of MS66 has seen a gradual decrease in value over the past decade, owed in some part to the certification of three MS66+ coins (at least one, the Illinois Set coin, was apparently restored and then upgraded).

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1928 Peace Dollar Market Data and Noteworthy Specimens

In an ad published in the July 1964 issue of Numismatic Scrapbook Magazine, Oklahoma dealer Roy L. Baker offered a Brilliant Uncirculated 1928 Peace Dollar for $95.

In an August 1978 Numismatist ad, dealer George H. Ashley, Jr. of Capital City Coin Exchange in Richmond, Virginia, advertised GEM BU 1928 Peace Dollars for sale at $295 each.

Top Population: PCGS MS66+ (2, 11/2024), NGC MS66+ (1, 11/2024), and CAC MS66 (7:1 stickered:graded 11/2024).

• PCGS MS66+ CAC #45945462: As PCGS MS66 #37728066. Heritage Auctions, January 9, 2020, Lot 4298 – $26,400. Illinois Set on insert. Scattered aubergine toning along the upper periphery. As PCGS MS66+ CAC #45945462. Legend Rare Coin Auctions, April 27, 2023, Lot 373 – $129,250. Re-graded and upgraded one-half point. CAC added. Apparently conserved; toning removed. Hit in hair. Planchet flaw on Liberty’s neck.
• PCGS MS66+ #33301107: Imaged on PCGS CoinFacts. Reflective mark on neck on the upper neck. Brilliant.

• PCGS MS66 #25045946: Del Loy Hansen; DLRC, December 12, 2024, Lot 782327 – View. Hansen novelty insert. Brilliant obverse. Reverse has multiple dark brown and copper-colored toning spots.
• PCGS MS66 #50078942: “The Anne Kate Collection”, Stack’s Bowers, August 15, 2018, Lot 1239 – $28,800; Heritage Auctions, September 14, 2023, Lot 3089 – $16,800. Smears of gold and clay color abound on the obverse and reverse. Subpar eye appeal.
• PCGS MS66 #38305952: Heritage Auctions, May 3, 2023, Lot 3163 – $21,600. All over rose toning on the obverse. Diagonal hit above W in WE. Two rim hits in the hair.
• PCGS MS66 CAC #42061129: As PCGS MS66 #25664071. Heritage Auctions, October 29, 2015, Lot 3466 – $28,200. Ward T. Miller Jr., on insert. As PCGS MS66 CAC #25664071. Stack’s Bowers, February 28, 2019, Lot 1123 – $33,600. CAC sticker added. As PCGS MS66 CAC #42061129. Legend Rare Coin Auctions, April 28, 2022, Lot 287 – $35,250. Regraded, Miller pedigree removed; Heritage Auctions, October 6, 2022, Lot 3135 – $44,400. Gold and russet toning. Fingerprint at the bottom of the obverse.
• PCGS MS66 #42609930: Heritage Auctions, October 7, 2021, Lot 3560 – $27,600; Heritage Auctions, July 14, 2022, Lot 3179 – $25,200. Brilliant. Deep hit on jaw. On the reverse, rim hit under U of UNITED.
• PCGS MS66 #41415977: “The JDC Collection”, Heritage Auctions, August 18, 2021, Lot 3398 – $27,600. JDC on insert. Pale rose toning throughout. Pronounced rim hit at the bottom of E in WE.
• PCGS MS66 #42119438: Legend Rare Coin Auctions, July 15, 2021, Lot 223 – $28,200.
• PCGS MS66 #25609341: Heritage Auctions, January 5, 2017, Lot 5788 – $27,025. Diagonal rim hit on cheek. Copper spot to the right of Liberty’s lower locks. Russet toning along the periphery. On the reverse, rim hit below first L in DOLLAR.
• NGC MS66 #3735409-008: Heritage Auctions, August 10, 2016, Lot 4248 – $17,625. Mottled brown toning on the obverse and reverse.
• PCGS MS66 #7455633: “The Paul Taylor Collection”, Heritage Auctions, April 28, 2011, Lot 5309 – $48,875; “The DeMicco Family Collection”, Heritage Auctions, August 12, 2015, Lot 4233 – $39,950; JACK LEE on insert. Old Green Holder. Brilliant. Tony hit on jaw and at the same elevation, a hit on the back of Liberty’s neck. On the reverse, a planchet flaw at the top of N of UNUM.
• PCGS MS66 #25691755: Heritage Auctions, July 9, 2015, Lot 3245 – $35,250. Light streaks of russet and gold toning on the obverse and reverse. Tiny tick at Liberty’s eyebrow.
• PCGS MS66 #25265570: Heritage Auctions, November 6, 2014, Lot 3890 – $30,550. Peripheral blue, russet, and gold toning, with a pale toned hue throughout.
• PCGS MS66 #50207407: “The Dr. Barry Sutherland Collection II”, Heritage Auctions, January 7, 2011, Lot 6242 – $25,300. Vertical rim hit on the nose. Wispy goldenrod toning on the obverse and reverse.

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Coin Specifications

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