The 1928 Peace Dollar (Buy on eBay) struck at the Philadelphia Mint is recognized as the classic key date coin of the series. With total production of 360,649 pieces, the issue has the lowest mintage by a fairly wide margin and carries a premium across all grade levels.
The low mintage was a direct result of the fulfillment of the requirements set forth under the Pittman Act. Under the Act, a total of 270,232,722 silver dollars held in storage had been melted. The same quantity melted was required to be replaced with newly minted silver dollars. Large-scale production had started in 1921 under the Morgan Dollar series and continued into the Peace Dollar series. Production stopped abruptly on April 20, 1928 when the United States Mint had struck exactly the number of silver dollars legally required, inadvertently creating a key date coin.
Overall, the 1928 Peace Dollar is perhaps more available than the mintage would indicate, but its status as a popular key date provides a higher than typical level of demand. More than 300 pieces have been graded MS65 by PCGS and NGC, with only about a dozen pieces graded higher at MS66. One of these finest known specimens sold for $48,875 at an auction held in April 2011.
1928 Peace Dollar Mintage and Specifications
- Date: 1928
- Mint Mark: none (Philadelphia)
- Mintage: 360,649
- Designer: Anthony de Francisci
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm