The Peace Dollar was introduced in 1921 as the successor to the popular Morgan silver dollar series. Although the former series generally attracts the most attention from coin collectors, Peace Dollars offer collectors various challenges and highlights. The series spans from only 1921 to 1935, with a total of 24 different coins by date and mint mark. Despite the relatively small number of coins, a complete high grade set can be very difficult to complete.
The first Peace Dollars were produced in the last days of 1921, with the coins released into circulation in January 1922. The coins were designed by sculptor Anthony De Francisci. A new design for the silver dollar was first suggested at the end of World War I to commemorate the restoration of Peace. The American Numismatic Association played a role in building support for the new commemorative peace coin.
The rendering of Liberty on the obverse shows similarities to the Liberty design used on the $20 denomination introduced in 1907 and designed by Augustus St. Gaudens. This, however, was denied by the artist who said it was a rendering of his wife Teresa Cafarelli. The reverse shows further similarities to the largest gold coin of the United States, as the eagle in front of sun rays can also be seen on the St. Gaudens double eagle. Further to that, the arrangements of the legends on the reverse also show similarities to the work of St. Gaudens.
For the first year of issuance the Peace Dollar was struck in high relief. Unfortunately this caused production problems, such as weak strikes and excessive die breakage. The High Relief 1921 Peace Dollars often show considerable weakness on the highest points. Fully struck examples often command a premium. To solve the problem, the relief of the coin was lowered in the following year. The low relief design was used from 1922 through the end of the series.
Regular production of the silver dollar stopped in 1935, as the paper dollar was much easier to make and cheaper with the rising price of silver. In 1965 however, a considerable number of Peace Dollars were struck at the Denver mint, dated 1964-D. Presumably, these were all melted and 1935 is the last collectable silver dollar issued for circulation. In 1971, the silver dollar made a reprise with the introduction of a special 40% silver Eisenhower Dollar struck for collectors.
