1928 Peace Dollar Value — Collector Prices & Rarity Guide

The 1928 Peace Dollar is worth anywhere from $350 in worn condition to over $3,500 in high-grade mint state. As one of the most coveted dates in the entire series, finding one of these in a drawer or an old collection is a significant financial discovery for any American family.

Condition	1928-P (Philadelphia)	1928-S (San Francisco)
Good / Very Good	$325 – $375	$35 – $45
Fine / Extremely Fine	$400 – $475	$50 – $65
Uncirculated (MS60+)	$2,800 – $3,500	$150 – $400

Why the 1928 Philadelphia Peace Dollar is a Rarity

The 1928 Peace Dollar minted in Philadelphia is widely considered the “King” of the Peace Dollar series. Unlike other years where millions of coins were produced, the Philadelphia mint struck only 360,649 specimens this year. This represents the lowest mintage of any regular-issue circulation strike in the series, making it an instant “Key Date.”

When Americans find an old silver dollar, they often assume all silver dollars from the 20s are the same. However, the 1928-P is a massive exception. Because so few were made, even a heavily scratched or worn version can fetch hundreds of dollars. To ensure you aren’t holding a common date by mistake, using a top coin identifier app can help you confirm the date and mint mark before you head to a local coin shop.

Collectors are always on the hunt for this specific year because it is the hardest hole to fill in a standard Peace Dollar album. If you are lucky enough to own one, you should handle it only by the edges. Even the oils from your fingerprints can damage the surface of a coin this valuable. Many people use the CoinKnow app to photograph their finds and get an immediate sense of whether their specific coin has the characteristics of a high-value Philadelphia strike.

Identifying the 1928-P vs. 1928-S Mint Marks

The value of your 1928 silver dollar depends almost entirely on where it was made. Coins struck in Philadelphia have no mint mark, while those struck in San Francisco feature a small “S” on the reverse side. You can find this mark on the back of the coin, near the eagle’s tail feathers and above the word “PEACE.”

The difference in value is staggering. While a 1928-S is still a precious silver coin, it had a much higher mintage of 1,632,000. This means it is roughly five times more common than the Philadelphia version. You can check the current 1928 Peace Dollar mint state prices to see just how much a “no mint mark” coin commands compared to its San Francisco counterpart.

For a beginner, squinting at a tiny letter on an old silver coin can be frustrating. This is where modern technology like CoinKnow becomes invaluable. By simply taking a clear photo, the app can zoom in and identify the mint mark for you, saving you from the mistake of selling a rare Philadelphia coin for the price of a common San Francisco one.

Mint Mark	Mint Location	Mintage Quantity	Rarity Level
None (P)	Philadelphia	360,649	Very High (Key Date)
S	San Francisco	1,632,000	Moderate

Determining the Grade of Your 1928 Peace Silver Dollar

Condition, or “grade,” is the second most important factor in determining the price of your coin. Professional graders use a 70-point scale. A coin that has been in someone’s pocket for years might be a Grade 4 (Good), while a coin that looks like it just came from the bank is usually a Grade 60 or higher (Mint State).

Even for the 1928-P, the jump in price from a circulated grade to an uncirculated grade is thousands of dollars. A coin with full “luster”—the satiny sheen original to the minting process—is what collectors crave. If the hair of Lady Liberty or the feathers on the eagle are worn flat, the value drops significantly, though it remains a high-value item due to the low mintage.

To get a better understanding of how wear and tear impact your specific coin, you can review detailed 1928 silver dollar value information based on professional grading standards. Many hobbyists use CoinKnow to compare their coins against high-resolution images of professionally graded specimens, which helps in estimating whether a coin is worth sending to a service like NGC or PCGS for official certification.

The “Peace” Symbolism and 1928 Historical Context

The Peace Dollar was designed by Anthony de Francisci to commemorate the end of World War I. The goddess Liberty on the front was modeled after his wife, Teresa. By 1928, the United States was nearing the end of the Roaring Twenties, a period of great economic prosperity before the Great Depression began in 1929.

This historical timing adds to the allure of the 1928 issue. Many of these coins were melted down during the Depression or during subsequent silver booms, further reducing the number of surviving pieces. The 1928-P was actually the last year the Peace Dollar was minted until production resumed briefly in 1934, making it the “finale” of the original 1920s runs.

Owning a 1928 Peace Dollar is like holding a piece of American history right before it changed forever. Because the silver content itself is nearly one ounce, the coin will always have a “floor” value based on the current price of silver bullion. However, the numismatic (collector) value of the 1928-P far outweighs its silver melt value.

Common 1928 Peace Dollar Errors and Varieties

While the 1928 series doesn’t have as many famous “errors” as the 1922 or 1923, collectors still look for specific varieties. One interesting thing to look for is the “Double Die” obverse or reverse, where the stamping process caused a slight doubling of the letters or dates. This is rare and can add a premium to the already high price of the 1928 Philadelphia coin.

Another common issue with 1928-S coins is a “weak strike.” Sometimes the San Francisco mint did not apply enough pressure, resulting in an eagle that looks slightly blurry or hair that lacks detail even if the coin has never been used. Collectors will pay much more for a “well-struck” 1928-S than one that looks soft or mushy.

Be careful of “fakes” or altered coins. Some dishonest people will take a common 1928-S and try to remove the “S” to make it look like a rare 1928-P. Always check the area where the mint mark should be with a magnifying glass to see if there are scratch marks or signs of metal manipulation.

Feature	What to Look For	Impact on Value
Luster	Original cartwheel shine	Increases value by 200%+
Strike Quality	Sharp details on feathers/hair	High premium for “S” mints
Bag Marks	Small nicks from other coins	Reduces grade from MS65 to MS60

How to Sell or Appraise Your 1928 Silver Dollar

If you believe you have a genuine 1928 Philadelphia Peace Dollar, your first step should be authentication. Because this coin is worth several hundred dollars even in the worst condition, it is often worth the $30-$50 fee to have it professionally graded by PCGS or NGC. A certified coin is much easier to sell for its true market value.

When selling, avoid “pawn shops” or “we buy gold” stores, as they often offer only the silver melt value or a fraction of the collector value. Instead, look for reputable coin dealers or specialized auction houses. Bringing along documentation or showing the estimated value from the CoinKnow app can help you start a fair negotiation with a buyer.

Remember that the market for rare coins fluctuates with the economy. However, key dates like the 1928-P have historically held their value very well because the supply is fixed and the demand among collectors never goes away.

FAQ

Q: How can I tell if my 1928 Peace Dollar is a fake?

A: Professional fakes often have the wrong weight or magnetic properties. A real 1928 Peace Dollar weighs 26.73 grams and is 90% silver (not magnetic). If you see a mint mark that looks scratched off or glued on, it is likely an altered coin. Using a high-resolution coin app can help you compare your coin’s details to a known original.

Q: Is the 1928-S Silver Dollar rare?

A: While not as rare as the 1928 Philadelphia strike, the 1928-S is considered a “better date” in the series. It is much more valuable than common dates like 1922 or 1923, especially in uncirculated condition where prices can exceed $300.

Q: Should I clean my 1928 Peace Dollar to make it worth more?

A: No! Never clean a rare coin. Cleaning creates tiny scratches on the surface that professional graders can easily spot. A “cleaned” coin can lose 50% or more of its collector value. Collectors prefer “original skin,” which is the natural toning or dirt the coin has accumulated over the last 90+ years.

Q: What is the silver content of a 1928 Peace Dollar?

A: It contains 0.77344 troy ounces of pure silver. While this gives the coin a base value (usually around $20-$25 depending on silver prices), the 1928-P is worth significantly more due to its low mintage of just over 360,000 coins.