As a seasoned US coin collecting expert, I'm often asked about the value of specific coins. One that frequently comes up is the 1935 Peace Dollar – the final year of this iconic series. Whether you're a seasoned numismatist or just starting your collection, understanding the potential worth of these silver dollars can be both exciting and rewarding. Let's dive deep into the world of 1935 Peace Dollars and uncover their true value.
A Brief History of the Peace Dollar
Before we delve into specifics, it's important to understand the historical context of the Peace Dollar series:
- Minted from 1921 to 1935
- Designed by Italian-American sculptor Anthony de Francisci
- Created to commemorate the end of World War I
- Features Lady Liberty on the obverse and an eagle on the reverse
The 1935 Peace Dollar holds a special place as the swan song of this beloved series, making it particularly intriguing to collectors.
Key Specifications of the 1935 Peace Dollar
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Reeded edge
- Designer: Anthony de Francisci
Mintage Numbers and Rarity
In 1935, Peace Dollars were struck at two mints:
- Philadelphia (no mint mark): 1,576,000 coins
- San Francisco (S mint mark): 1,964,000 coins
While these mintage numbers aren't particularly low, high-grade examples and error coins can be quite scarce.
Grading the 1935 Peace Dollar
The value of a 1935 Peace Dollar is heavily dependent on its condition. Coins are graded on the Sheldon Scale from 1 to 70:
- Circulated grades: Good (G-4) to About Uncirculated (AU-58)
- Uncirculated grades: Mint State (MS-60 to MS-70)
Key areas to examine when grading include:
- Hair details on Liberty
- Facial features
- Eagle's feathers
- Overall luster
Comprehensive Value Guide for 1935 Peace Dollars
1935 Peace Dollar (Philadelphia – No Mint Mark)
| Grade | Value Range |
|---|---|
| Good (G-4) | $25 – $30 |
| Very Good (VG-8) | $28 – $32 |
| Fine (F-12) | $30 – $35 |
| Very Fine (VF-20) | $35 – $40 |
| Extra Fine (EF-40) | $45 – $55 |
| About Uncirculated (AU-50) | $60 – $70 |
| MS-60 | $135 – $150 |
| MS-63 | $225 – $250 |
| MS-64 | $500 – $600 |
| MS-65 | $850 – $950 |
| MS-66 | $2,750 – $3,250 |
| MS-67 | $25,000 – $30,000 |
Record sale: An MS-67 specimen sold for $63,000 in February 2021 at a Heritage Auctions event.
1935-S Peace Dollar (San Francisco Mint)
| Grade | Value Range |
|---|---|
| Good (G-4) | $25 – $30 |
| Very Good (VG-8) | $30 – $35 |
| Fine (F-12) | $35 – $40 |
| Very Fine (VF-20) | $45 – $50 |
| Extra Fine (EF-40) | $60 – $70 |
| About Uncirculated (AU-50) | $120 – $140 |
| MS-60 | $325 – $375 |
| MS-63 | $650 – $750 |
| MS-64 | $1,250 – $1,500 |
| MS-65 | $1,700 – $1,900 |
| MS-66 | $5,000 – $6,000 |
| MS-67 | $65,000 – $75,000 |
Record sale: An MS-65 specimen sold for $39,656 in April 2013 at a Heritage Auctions event.
Rare 1935 Peace Dollar Errors and Varieties
Error coins can command significant premiums. Here are some of the most valuable errors found on 1935 Peace Dollars:
1. Four Rays Error
- Description: Four rays between the eagle's tail and "ONE" instead of three
- Estimated Value:
- AU-50: $150 – $200
- MS-63: $400 – $500
- MS-65: $1,000 – $1,500
2. Doubled Die Reverse
- Description: Doubling on reverse design elements
- Estimated Value:
- AU-50: $300 – $400
- MS-63: $1,000 – $1,500
- MS-65: $3,500 – $4,500
3. Lamination Error
- Description: Peeling or flaking on the coin's surface
- Estimated Value: $800 – $1,800 depending on severity
4. Clipped Planchet
- Description: Missing portion of the coin's edge
- Estimated Value: $200 – $500 depending on size of clip
5. Off-Center Strike
- Description: Design not centered on the planchet
- Estimated Value:
- 5-10% off-center: $200 – $300
- 20-30% off-center: $500 – $1,000
- 50% off-center (with full date): $2,000 – $3,000
6. Broad Strike
- Description: Coin appears larger due to missing retaining collar
- Estimated Value: $1,000 – $2,000 in Uncirculated condition
7. Die Cracks
- Description: Raised lines on the coin's surface
- Estimated Value: $100 – $500 premium depending on size and location
Factors Influencing 1935 Peace Dollar Values
- Condition: The single most important factor in determining value
- Mint Mark: 1935-S dollars generally command slightly higher prices
- Strike Quality: Well-struck coins with sharp details are more desirable
- Luster: Original mint luster adds significant value to uncirculated coins
- Toning: Natural, attractive toning can enhance appeal and value
- Errors and Varieties: As discussed, can dramatically increase worth
- Provenance: Coins with documented history from famous collections may fetch a premium
Tips for Collectors and Investors
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Authentication: For high-value coins, always seek certification from reputable grading services like PCGS or NGC. This protects against counterfeits and provides an objective grade.
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Research: Stay informed about market trends. Resources like the Coin Dealer Newsletter (Greysheet) and recent auction results can provide valuable insights.
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Preservation: Store your coins properly in archival-quality holders and in a controlled environment to maintain their condition.
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Patience: Building a quality collection takes time. Don't rush into purchases, especially for higher-grade coins.
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Focus: Consider specializing in a particular aspect of 1935 Peace Dollars, such as error coins or high-grade examples, to maximize your expertise and potential returns.
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Network: Join numismatic organizations and attend coin shows to learn from other collectors and stay updated on market trends.
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Buy the coin, not the holder: While third-party grading is valuable, always examine the coin yourself. Some coins may be under-graded, presenting opportunities for the astute collector.
The Investment Potential of 1935 Peace Dollars
While past performance doesn't guarantee future results, high-grade 1935 Peace Dollars have shown strong appreciation over time:
-
MS-65 1935 (P) Peace Dollar:
- 2000 value: ~$450
- 2010 value: ~$650
- 2020 value: ~$900
- Compound Annual Growth Rate (CAGR): ~3.5%
-
MS-65 1935-S Peace Dollar:
- 2000 value: ~$850
- 2010 value: ~$1,400
- 2020 value: ~$1,800
- CAGR: ~3.8%
These growth rates, while modest, have outpaced inflation and demonstrate the potential of numismatic investments when chosen carefully.
Conclusion: The Enduring Appeal of the 1935 Peace Dollar
The 1935 Peace Dollar represents more than just a piece of metal – it's a tangible connection to American history. As the final year of this iconic series, it holds a special place in many collectors' hearts and portfolios.
For the average collector, circulated examples offer an affordable entry point into the world of classic US silver dollars. For the advanced numismatist, high-grade specimens and rare errors present exciting opportunities for both collection enhancement and potential investment growth.
Remember, the true value of coin collecting extends beyond monetary considerations. The thrill of the hunt, the joy of discovery, and the preservation of history all contribute to the enduring appeal of numismatics.
Whether you're holding a well-worn 1935 Peace Dollar or a pristine MS-67 example, you possess a piece of American heritage. Treat it with care, continue to learn, and above all, enjoy the journey through the fascinating world of coin collecting.
