The Peace dollar was designed by Anthony de Francisci to commemorate the end of World War I. Minted from 1921 to 1928 and again in 1934-1935, it contains the same silver content as the Morgan dollar: 0.8594 troy ounces of 90% silver, yielding 0.7734 troy ounces of pure silver at 26.73 grams total weight.
Peace dollars are the second most popular silver dollar among collectors and stackers. They typically trade closer to melt value than Morgans because collector demand is lower, making them a more efficient way to acquire silver by the ounce. The 1921 Peace dollar, struck in high relief, is the key date — it's scarcer than the 1921 Morgan and carries substantially higher premiums.
The coin's Art Deco design features Liberty wearing a radiate crown with the word PEACE on the reverse. Production ended in 1935, making the Peace dollar the last US silver dollar minted for circulation. A 1964-D Peace dollar was struck but never released and all known examples were destroyed — making it one of numismatics' greatest mysteries.
Peace dollars generally trade closer to melt than Morgans. The 1921 high relief, 1928, and 1934-S are key dates with strong numismatic premiums.