As a seasoned US coin collector and expert, I'm excited to take you on a journey through the fascinating world of 1928 silver dollars. These coins not only hold historical significance but can also be incredibly valuable, especially when you know what to look for. Let's dive deep into the intricacies of these numismatic gems and uncover their true worth.
The Historical Context of 1928 Silver Dollars
The year 1928 marks a significant point in the Peace Dollar series, which was minted from 1921 to 1935. Here are some key facts:
- The Peace Dollar design commemorated the end of World War I
- 1928 was the final year of initial production before a hiatus until 1934
- Only 360,649 coins were minted in Philadelphia, the lowest mintage of the series
- The San Francisco Mint produced 1,632,000 coins
This low mintage, especially for the Philadelphia issue, makes the 1928 Peace Dollar a key date for collectors.
Identifying Authentic 1928 Silver Dollars
Before we discuss value, it's crucial to ensure you're dealing with a genuine 1928 silver dollar. Here are the key features:
- Obverse: Lady Liberty with flowing hair and a radiant crown
- Reverse: Bald eagle perched on a rock, olive branch in talons, "PEACE" inscribed below
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
Mint marks, when present, are located on the reverse above the eagle's left wing. The 1928-S from San Francisco bears an "S" mint mark, while Philadelphia issues have no mint mark.
Grading: The Key to Determining Value
The condition of your coin significantly impacts its value. Here's a more detailed grading guide:
- Good (G-4): Heavy wear, but major design elements still visible
- Very Good (VG-8): Moderate to heavy wear, more details visible
- Fine (F-12): Moderate wear, some details clear
- Very Fine (VF-20): Light wear on high points, most details clear
- Extremely Fine (XF-40): Light wear, most details sharp
- About Uncirculated (AU-50 to AU-58): Slight wear on high points, full luster
- Uncirculated (MS-60 to MS-70): No wear from circulation, varying degrees of contact marks or luster
Professional grading is highly recommended for high-grade specimens, as subtle differences can mean thousands of dollars in value.
The Value of 1928 Peace Dollars: A Comprehensive Guide
Let's break down the values for both Philadelphia and San Francisco mints:
1928 (Philadelphia, No Mint Mark)
| Grade | Value Range |
|---|---|
| Good (G-4) | $235 – $250 |
| VG-8 | $250 – $275 |
| Fine (F-12) | $260 – $290 |
| VF-20 | $290 – $315 |
| XF-40 | $315 – $350 |
| AU-50 | $350 – $400 |
| MS-60 | $520 – $600 |
| MS-63 | $1,500 – $1,800 |
| MS-65 | $10,000 – $12,000 |
| MS-66 | $30,000 – $35,000 |
Note: An MS-66 specimen sold for a record $129,250 in 2023
1928-S (San Francisco)
| Grade | Value Range |
|---|---|
| Good (G-4) | $40 – $45 |
| VG-8 | $45 – $50 |
| Fine (F-12) | $50 – $60 |
| VF-20 | $60 – $75 |
| XF-40 | $75 – $100 |
| AU-50 | $100 – $150 |
| MS-60 | $230 – $275 |
| MS-63 | $600 – $750 |
| MS-65 | $3,000 – $3,500 |
| MS-65+ | $10,000 – $15,000 |
Note: An MS-65+ specimen sold for a record $78,000 in 2022
Rare 1928 Peace Dollar Errors: Where the Real Value Lies
As a collector, I find error coins particularly fascinating. Here are some valuable errors to look out for:
1. Doubled Die Errors
These occur when the die impresses the design twice at slightly different angles.
What to look for:
- Double outlines on letters or design elements
- Most common on the motto "IN GOD WE TRVST"
Value:
- An MS-64 specimen sold for $1,380 at auction
- In lower grades, expect a 20-30% premium over regular coins
2. Strike-Through Errors
These happen when a foreign object gets between the die and the planchet during striking.
What to look for:
- Unusual textures or indentations on the coin's surface
- Often seen on Liberty's tiara spikes
Value:
- Can range from $900 to $1,000 depending on grade and severity
- Minor strike-throughs might add a 10-15% premium
3. Off-Center Strikes
These occur when the planchet is not properly centered between the dies.
What to look for:
- Part of the design missing due to misaligned dies
- Blank crescent on one side of the coin
Value:
- Minor off-center strikes (5-10%): $100 – $500
- Major off-center strikes (50% or more): $1,000 – $2,500
4. Die Cracks and Cuds
These result from damaged dies creating raised lines or lumps on the coin's surface.
What to look for:
- Raised lines or lumps of metal on the coin's surface
- Often start from the rim and extend inward
Value:
- Minor die cracks: $50 – $200 premium
- Major cuds: Can add $500 – $1,000 to the coin's value
Authenticating Your 1928 Peace Dollar
Given the potential value of these coins, authentication is crucial. Here are some tips:
- Use a high-powered magnifying glass or digital microscope: Many errors are subtle and require close inspection
- Compare to known examples: Familiarize yourself with verified error coins from reputable sources
- Check multiple areas: Some errors affect more than one part of the design
- Consider professional authentication: For potentially valuable errors, expert verification from services like PCGS or NGC is crucial
Preserving Your 1928 Peace Dollar
To maintain the value of your coin:
- Handle by the edges, avoiding the faces
- Store in non-reactive holders (avoid PVC)
- Keep in a cool, dry environment with stable humidity
- Consider professional conservation for damaged coins
- Avoid cleaning your coins, as improper cleaning can significantly reduce value
Market Trends and Investment Potential
As of 2023, the market for high-grade 1928 Peace Dollars remains strong. Here are some trends to consider:
- Demand for MS-65 and above grades has increased by approximately 15% over the past five years
- Error coins, particularly major off-center strikes and significant doubled dies, have seen a 20-25% increase in value
- The overall silver content (0.7734 oz) provides a solid base value, with potential for appreciation as silver prices fluctuate
Where to Sell Your 1928 Peace Silver Dollar
If you believe you have a valuable 1928 Peace Dollar, consider these options:
- Reputable coin dealers: Can offer immediate payment but may pay 10-20% less than auction prices
- Online auctions: Reach a wide audience, potentially achieving higher prices
- Coin shows: Connect with collectors and dealers directly
- Numismatic associations: Often have member networks for buying and selling
Always research current market values and get multiple offers before selling. Consider having your coin professionally graded if you believe it to be of high value.
Conclusion: The Enduring Allure of the 1928 Peace Dollar
The 1928 Peace Dollar, with its low mintage and potential for valuable errors, remains a sought-after coin for collectors and investors alike. Whether you're examining a family heirloom or considering a new acquisition, understanding the nuances of this coin can lead to exciting discoveries and potentially significant returns.
Remember, in the world of numismatics, knowledge is as valuable as the coins themselves. The 1928 Peace Dollar is not just a piece of currency; it's a tangible connection to American history, a potential investment, and a fascinating subject of study. Happy collecting, and may your search for that perfect specimen be both rewarding and enlightening!
