The 1921 Peace Dollar marks the debut of Anthony de Francisci’s design, minted from 1921 to 1928 and again in 1934 and 1935. Following the November 11, 1918 armistice, suggestions arose to commemorate World War I’s end with a “victory coin.” Frank Duffield advocated for the idea in Numismatist magazine, and Representative William Ashbrook introduced it to the House Committee on Coinage.
On May 9, 1921, Congressman Albert Henry Vestal, Chairman of the House Committee on Coinage, passed legislation authorizing the Peace Dollar. A three-week design competition began on November 23, and de Francisci’s design was chosen on December 19 by President Herbert Hoover, replacing the Morgan Dollar. The U.S. Mint had limited time to prepare dies and strike coins.
De Francisci initially included PEACE and a broken sword on the reverse. The Treasury Department accepted it, but public backlash over the broken sword, seen as a symbol of defeat, forced the Mint to revise the design.
The Morgan Dollar was revived in 1921 after Congress ordered the Treasury to replenish silver dollar stockpiles. During World War I, over 270 million silver dollars were melted into bullion for Great Britain. While 1921 saw mostly Morgan Dollars, only 1,006,473 Peace Dollars were struck with the new design.
Coin Specifications
Country: United States of America
Year of Issue: 1921
Denomination: One Dollar (USD)
Mintmark: None (Philadelphia Mint)
Mintage: 1,006,473
Alloy: 900 Silver, .100 Copper
Weight: 26.73 g
Diameter: 38.10 mm
Edge: Reeded
OBV Designer: Anthony de Francisci
REV Designer: Anthony de Francisci
Quality: Business Strike
Obverse
The obverse features a left-facing bust of a young Miss Liberty wearing a radiant tiara resembling the Statue of Liberty’s crown. Most of her hair is in a bun, with several locks falling along her neck.
The inscription LIBERTY arcs along the upper rim, while the date 1921 is centered below the bust. The motto IN GOD WE TRVST appears in a single line across the lower quarter, with IN GOD WE to the left of Liberty and TRVST behind her neck. Dots separate the words IN GOD WE, and additional dots appear on the rim side of IN and TRVST. The designer’s AF monogram is placed below Liberty’s neck.
Reverse
The reverse showcases an American bald eagle perched on a mountaintop, clutching an olive branch as a symbol of peace—noticeably without the traditional arrows of military strength. The eagle faces right, partially turned away, gazing towards a rising sun, symbolizing the promise of peace.
Bold sun rays echo those on Miss Liberty’s tiara. The legend UNITED STATES OF AMERICA arcs along the top rim, with the motto E PLURIBUS UNUM directly below. The eagle’s beak breaks the S in PLURIBUS, separating it from UNUM, with a dot between E and PLURIBUS.
The denomination ONE DOLLAR stretches across the lower third, with ONE positioned left of the eagle’s tail and DOLLAR superimposed over the sun’s rays. PEACE is inscribed along the bottom rim atop the rock where the eagle stands..
Designer
Anthony de Francisci (1887–1964), born in Palermo, Sicily, emigrated to the U.S. in 1905. A sculptor trained under James Earle Fraser, Hermon Atkins MacNeil, and Adolph Weinman, he is best known for designing the Peace Dollar (1921–35) and creating several medals.
How Much Is a 1921 Peace Dollar Value?
The 1921 Peace Dollar ranges from $150 in circulated grades to $100,000 for top-quality examples. A typical MS63 uncirculated coin sells for around $1,000, a premium over common-date Peace Dollars.
According to the NGC Price Guide, a Peace Dollar from 1921 in circulated condition is value between $100 and $525, as of January 2025. However, PEACE Silver Dollars in pristine on the open market 1921 uncirculated condition sell for as much as $67500.
While not the rarest, the 1921 Peace Dollar is a key or semi-key issue. Always buy certified coins from CAC, NGC, or PCGS to ensure authenticity. Reputable dealers can source quality-graded coins. Avoid cleaning or damaged pieces.
Also Read – Top 10 Most Valuable Peace Dollars
Bottom Line
The 1921 Peace Dollar is a significant and historic coin, marking the introduction of Anthony de Francisci’s design. With a low mintage of just over one million, it is considered a key or semi-key issue in the series. Values range from $150 in circulated grades to over $100,000 for top-quality specimens, with MS63 examples typically selling for around $1,000. Always purchase certified coins from reputable grading services like CAC, NGC, or PCGS to ensure authenticity. Be cautious of cleaned or damaged coins, as they can significantly impact value.