Peace Dollar Symbolizes America’s Hope for Lasting Peace After WWI

President Woodrow Wilson famously described World War I as the war to end all wars.

After a bloody four-year conflict, from 1914-1918, in which over 8 million soldiers and sailors died, the Allied Forces and the Germans signed an armistice ending World War I on November 11, 1918.

After the war ended, the American numismatic community advocated for an official coin to celebrate the peace. Soon after, a design competition for the new coin was announced. A 34-year old Italian sculptor named Anthony de Francisci won the honor of designing this important coin.

The coin’s design elements were carefully chosen to represent peace, harmony and optimism and are treasured by collectors everywhere today as a tribute to WWI and the restoration of peacetime that followed.

The inspirational Peace dollar features a portrait of Miss Liberty facing left with a serene expression on her face, with flowing hair and a radiating crown. The word LIBERTY encircles her crown, and IN GOD WE TRUST and the date lie below. The image represented Americans desire to look ahead.

The reverse of the silver Peace Dollar features a bald eagle, resting on a rock, clutching an olive branch above the word “PEACE.” Rays of sunlight brighten the background. This was one of two designs considered, with the first being a more aggressive representation of the eagle, holding a broken sword. Ultimately, the sword remained but was place beneath the eagle. However, the response to the broken sword was swift and loud. “A sword is broken when its owner has disgraced himself. It is broken when a battle is lost and breaking is the alternative to surrendering. A sword is broken when the man who wears it can no longer render allegiance to his sovereign. But America has not broken its sword. It has not been cashiered or beaten; it has not lost allegiance to itself. The blade is bright and keen and wholly dependable.”

The silver Peace Dollar minted between 1921 and 1935 represents one of the most celebrated and lasting designs in numismatics. It’s calming beauty and its symbolic message along with its unique status as our country’s last circulating silver dollar make it a highly sought after coin series among collectors.

The Peace dollar was issued under the terms of the Pittman Act. That act required the U.S. Mint to strike millions of silver dollars, which began in 1921 initially using the Morgan dollar design. Treasury Secretary Andrew Mellon approved the Peace dollar in December 1921.

While just over one million 1921 $1 High Relief Peace dollars were minted in Philadelphia, the majority met their fate in the melting pot. The high relief was deemed impractical for coinage and was quickly modified to “low relief” in 1922.

Today, the first-year 1921 is one of the scarcest Peace dollars in both circulated and mint state condition. This coin is considered a very important one-year-only silver type coin.

The Peace Dollar series also boasts some intrigue notably around the 1964-D Peace Dollar. U.S. Mint records show that 316,076 silver Peace dollars were struck at the Denver Mint in May of 1965 (though they were backdated to 1964).

At the time, a massive silver shortage meant these Peace dollars were significantly more valuable for their silver content than their $1 face value. Indeed before these coins were even released to the public, private collectors were advertising offers of $7.50 each to buy the coins!

The government was concerned about the potential for public hoarding and the silver Peace dollar program was cancelled. What about those 1964-D Peace Dollars? They were never released to the public and condemned to the melting pot.

What’s more, today, it is illegal to possess a 1964-dated Peace dollar! So do any still exist today? According the official story, at the time, all but two of the 1964 Peace Dollars were melted down for their silver content. The two survivors were reportedly sent to Washington, D.C., where they remained until 1970 when Mint records say they too were melted in the presence of a destruction committee.

However, within the numismatic community there are stories.

It was said that every Denver Mint employee received two coins each. But even if a 1964 Peace Dollar were found today, it would be illegal to own since the coin was never officially monetized.

Today the Peace Dollar is a tangible piece of American history that represents America’s desire for healing and renewal after the Great War. The Peace Dollar has become a powerful and enduring symbol of America’s post-war spirit and America’s desire for lasting peace. Curious? We have just one example of a certified 1921 MS-64 Peace dollar, see it here.

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