A 1928 Dollar Coin With Low Mintage Could Be Worth A Ton Of Money

It's no secret that many pre-1965 United States "junk" coins are worth significantly more than their face value. That goes for common half-dollars, quarters, and even dimes. Even in worn-around-the-edges, circulated condition, those commonplace staples of pocket change can be worth significantly more than you might think due to their high silver content. Prior to 1965, many coin denominations were manufactured with a silver content of 90%. As April 1, 2025, silver is trading for around $34.00 per troy ounce, making these seemingly ordinary coins worth a relative bundle – and serving as an easy way to begin investing in the precious metal.

However, some antique coins are valued far in excess of their weight in "junk silver." Such is the case with one particular silver dollar from 1928 — the "Peace Dollar." The aptly-named Peace Dollar, designed by Anthony de Francisci, was first manufactured in late-1921 to commemorate the end of World War I. However. production paused for several years, beginning in 1928, due to the Great Depression. The Peace Dollar then experienced another short run, minted in 1934 and1935. Today, a 1928 vintage can easily fetch a few hundred dollars.

The very earliest Peace Dollars featured an eagle on the reverse side of the coin. Somewhat controversially, the eagle was perched atop a broken sword. While the broken sword was clearly a symbol for the end of wartime fighting, many Americans felt that it portrayed a sense of surrender. Therefore, the broken sword was removed from the design and the eagle was instead shown perched on a rock. The obverse side of the Peace Dollar boasts a portrait of Lady Liberty that was modeled on the designer's wife, Teresa de Francisci.

The reason the 1928 Peace Dollar is so valuable compared to other years is that it has the lowest production, or "mintage," of all the Peace Dollars created for circulation. In fact, a total of just 360,649 of the 1928 Peace Dollars were created. While that might seem like a fair amount, consider that more than 84 million were minted in 1922. Also, unlike in other years, the 1928 Peace Dollars were only produced at the Philadelphia Mint rather than in the Denver or San Francisco facilities. In recent years, like 2021, additional Peace dollars were minted especially for collectors and while these are technically more scarce than the 1928 Peace Dollar, the modern Peace Dollars were never intended to enter circulation.

According to JM Bullion, "extremely fine" condition specimens of the 1928 Peace Dollar sell for approximately $375. Extremely fine coins are permitted to show some very light signs of usage, but the wear is generally minimal. Uncirculated coins, which have never been carried as currency, do slightly better with a value of $400. A second opinion from the Coin Appraiser yields similar results, with the site listing an "average" condition coin price at $175, while "lightly circulated" examples can be worth $200. and uncirculated coins going for about $300.

With that said, coins with certain flaws can and have sold in the five-figure range at auction. Those flaws include what's known as "rim hits," which are errors during the minting process that damage or disfigure the outer edge (rim) of the coin. Also valuable are coins with planchet flaws, which are essentially imperfections in the stamping process. In April 2023, a highly-graded 1928 Peace Dollar with minting errors sold at a Legend Auction for a whopping $129,250. While you're highly unlikely to find one of these particular coins in your morning coffee change, there are other valuable coins you're more likely to have lying around.