1928 Peace Dollar Value — Is Your Silver Dollar a Rarity?
Your Old Coin Could Be Valuable!
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The 1928 Peace Dollar is worth anywhere from $350 in worn condition to over $25,000 for high-grade specimens. This specific year is the “Holy Grail” for many Peace Dollar collectors because it boasts the lowest mintage of the entire series, making it an incredibly lucky find in any family coin jar.
| Condition / Grade | Estimated Value (USD) |
|---|---|
| Good (G-4) to Very Good (VG-8) | $325 – $375 |
| Fine (F-12) to Very Fine (VF-20) | $385 – $420 |
| Extremely Fine (XF-40) | $450 – $520 |
| About Uncirculated (AU-50+) | $600 – $950 |
| Mint State (MS-60 to MS-63) | $3,200 – $6,500 |
| Gem Mint State (MS-65+) | $25,000+ |
Why the 1928 Peace Dollar is the King of the Series
If you’ve discovered a silver dollar dated 1928 in your possession, you might be holding the most valuable business-strike coin in the Peace Dollar series. Unlike other years where millions of coins were produced, the Philadelphia Mint struck only 360,649 of these silver dollars in 1928. This low production was due to the requirements of the Pittman Act being nearly fulfilled, which slowed the demand for new silver dollars significantly.
Because so few were made, even a “beat up” 1928 Peace Dollar carries a massive premium. To ensure you have an authentic Philadelphia strike and not a more common San Francisco version, you should use the top coin identifier and value app to scan your coin and verify its details. For many casual hunters, the CoinKnow app is a lifesaver when distinguishing between a high-value rarity and a common circulated coin.
The rarity of this coin cannot be overstated; it is the “Key Date” for the entire set. In the world of numismatics, the “Key Date” refers to the year that is the hardest to find, and thus the most expensive. While most silver dollars from the 1920s sell for their silver melt value plus a small premium, the 1928 Philadelphia strike starts in the hundreds of dollars immediately.
Your Old Coin Could Be Valuable!
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Identifying the Philadelphia vs. San Francisco Mints
When checking your 1928 Peace Dollar value, the most critical step is looking for a mint mark. In 1928, two mints produced these coins: Philadelphia and San Francisco. The Philadelphia Mint coins have no mint mark, while the San Francisco coins have a tiny “S” on the reverse side.
The “S” mint mark is located on the back of the coin, near the tail feathers of the eagle and just above the word “PEACE.” Ironically, the 1928-S is much more common than the Philadelphia version, with over 1.6 million produced. While a 1928-S is still a great coin, its value is significantly lower than the no-mint-mark Philadelphia version.
Your Old Coin Could Be Valuable!
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| Mint Mark | Mintage | Rarity Level |
|---|---|---|
| None (Philadelphia) | 360,649 | Extremely Rare |
| “S” (San Francisco) | 1,632,000 | Common/Scarce |
Using CoinKnow, you can zoom in on the mint mark area to be 100% certain what you are looking at. Many people mistake scratches or toned spots for mint marks, so a clear photo and a digital identification tool are essential.
The Massive Impact of Condition on Price
Like all vintage collectibles, the grade (or condition) of your coin dictates the final sale price. For the 1928 Peace Dollar, the gap between a “circulated” coin and an “uncirculated” coin is thousands of dollars. A coin that was used in daily commerce and shows wear on Liberty’s hair and the eagle’s wings is considered circulated.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
However, if you find one that looks like it just came from the bank—with a bright, frosty luster and no visible scratches—you are looking at a life-changing sum. You can find detailed Peace Dollar MS grade pricing data to see how much “Mint State” coins have recently sold for at major auctions.
Professional grading by companies like PCGS or NGC is highly recommended for this specific year. Because the 1928 Philadelphia strike is so valuable, there are many counterfeits or “altered” coins (where someone removes an “S” mint mark from a common coin). A professional slab protects the coin and guarantees its authenticity to potential buyers.
1928-S Peace Dollar: The More Affordable Alternative
While the Philadelphia 1928 is the star of the show, the 1928-S is no slouch. It is still a highly sought-after coin for collectors completing their sets. In lower grades, the 1928-S might sell for $35 to $60, making it much more accessible for the average person.
Your Old Coin Could Be Valuable!
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The value of the 1928-S only begins to skyrocket when it reaches “Gem” condition. Most San Francisco strikes from this era were somewhat weak, so finding one with sharp details and a clean surface is difficult. If you are trying to estimate the worth of an “S” mint coin, check this 1928 silver dollar value guide for a breakdown of San Francisco auction records.
| Condition (1928-S) | Typical Selling Price |
|---|---|
| Circulated (Average) | $35 – $55 |
| About Uncirculated | $90 – $180 |
| Mint State 63 | $450 – $600 |
| Mint State 65 (Gem) | $15,000+ |
Even with the CoinKnow app, it is important to remember that markets fluctuate. Silver prices and collector demand can change the value of your silver dollar monthly.
Counterfeits and Altered 1928 Silver Dollars
Because the 1928 Philadelphia coin is worth so much more than any other year, it is a frequent target for fraudsters. The two most common scams involve Chinese-made fakes (which are often magnetic or the wrong weight) and “removed mint marks.”
An altered coin is a 1928-S where a criminal has carefully scraped off the “S” to make it look like a Philadelphia strike. Under a microscope, you can often see the tool marks or a change in the texture of the metal where the mint mark used to be. This is why having your coin authenticated is the only way to realize the full 1928 Peace Dollar value.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
If you are buying a 1928 Peace Dollar, never purchase an “unprocessed” or “raw” coin for a high price. Only buy coins that have been certified by a reputable grading service. If you’ve inherited one, your first step should be to weigh it. A genuine Peace Dollar should weigh 26.73 grams. If it’s significantly lighter or heavier, it’s likely a fake.
Common Questions About 1928 Peace Dollars
Finding an old coin can be confusing, especially with so many variations in price. Here are the most common questions people ask when they find a 1928 silver dollar.
FAQ
Q: How can I tell if my 1928 Peace Dollar is a Philadelphia or San Francisco strike?
A: Check the reverse side of the coin near the eagle’s tail feathers. If you see a small “S,” it was minted in San Francisco. If there is no letter at all, it was minted in Philadelphia. The Philadelphia version is significantly more valuable.
Q: Is a 1928 Peace Dollar made of real silver?
A: Yes, all Peace Dollars minted between 1921 and 1935 are made of 90% silver and 10% copper. They contain approximately 0.7734 troy ounces of pure silver.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Q: Should I clean my 1928 silver dollar to make it worth more?
A: Absolutely not! Cleaning a rare coin like the 1928 Peace Dollar can reduce its value by 50% or more. Collectors prefer the original “patina” or “toning” that comes with age. Even using a soft cloth can leave microscopic scratches that a professional grader will notice.
Q: Why is the 1928-P so much rarer than other years?
A: The 1924-1927 mintages were relatively high, but by 1928, the U.S. Mint had nearly replaced all the silver dollars melted during WWI. Consequently, they only produced a small batch of around 360,000 coins to finish the quota before stopping production for several years.
Q: Can the CoinKnow app tell me the exact price of my coin?
A: CoinKnow provides a highly accurate estimate based on current market trends and recently sold items. However, the final price is always determined by what a buyer is willing to pay, usually confirmed by professional grading.
