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Peace Dollar 1935-S: The Final Year of America's Peace Silver Dollar - History, Rarity & Investment Value
A Rare Coin Marking the End of One of the Most Important Series in American Silver Coinage History
Image: Wikimedia Commons — Public domain
Prologue
The 1935-S Peace Dollar is a historic masterpiece issued in the final year of America's iconic silver dollar series. It features the graceful design of Antonio de Francisci, expressing the hope for peace after the First World War. With a limited issue of approximately 1.98 million pieces, it entered circulation. This 1935 coin from the San Francisco Mint is made of 90% pure silver and is highly regarded by today's collectors and investors alike. Examples in high grades, particularly MS65, are extremely rare and are steadily increasing in value on the antique coin market. Symbolising the end of the Peace Dollar era, this coin is more than mere currency; it is a valuable asset that tells the story of 20th-century American history.
At a Glance
- Country
- United States
- Year
- 1935
- Denomination
- 1 Dollar
- Designer
- Antonio de Francisci
- Diameter
- 38.1 mm
- Weight
- 26.73 g
- Fineness
- .900 silver
- Grade
- NGC MS65
- Mintage
- 1,964,000
- Condition
- MS
Historical Background and Issuance of the Peace Dollar
A Desire for Peace After World War I
The Peace Dollar is an American silver coin that was minted from 1921 to 1925, and again from 1928 to 1935. Following the end of World War I, the United States government decided to strike a commemorative coin to celebrate the arrival of peace. The artistically superb design, created by Italian-American sculptor Antonio de Francisci, was praised by many collectors. The motifs of the Goddess of Liberty on the obverse and an eagle on the reverse masterfully express the optimistic and peaceful national outlook of the time, and the basic design remained unchanged until the final mintage in 1935.
The US Economy and the Purpose of Mintage in 1935
In 1935, the United States was in a phase of economic recovery under the New Deal. The Roosevelt administration continued to mint the Peace Dollar for the purpose of strategically holding gold and silver and managing the amount in circulation. In that year, the coin was produced at multiple mints across the country, but the Peace Dollar from the San Francisco Mint (S mint mark) was intended especially for circulation in the western regions. Due to fluctuations in the price of silver and the effects of economic policy at the time, there was significant variation in the mintage figures of each mint, which contributes to modern assessments of their rarity.
Circulation and Survival of the Final 1935 Issue
Production of the Peace Dollar series ended in 1935, and no new coins were struck until 1964. The 1964 restrike is considered a separate issue. The 1935-S had a mintage of approximately 1,960,000 pieces, which is a moderate figure for the series. However, the vast majority of these coins experienced significant wear from daily circulation, and extremely few have survived in high grades. In particular, coins in MS (Mint State) condition, especially those graded MS60 or higher, represent only a small percentage of the total, and examples in MS65 are exceedingly rare on the market.
Design, Production Technology and Artistic Merit
Anthony de Francisci's Artistic Masterpiece
The obverse is engraved with the profile of a young Goddess of Liberty, with stalks of grain placed behind her. De Francisci's elegant and refined engraving style brought the traditions of classical art to life in the modern era. The reverse depicts an eagle at rest as a symbol of peace, posed with a laid-down spear to express the end of war and renewal. This eagle design has a dignity that connects to the tradition of Roman coins and is highly regarded as a work of art in the history of American coinage. The balance of the lettering and the finish of the rim is also perfect, showing the essence of minting technology.
Coining Technology of the San Francisco Mint
The San Francisco Mint is the oldest minting facility in the western region, and since its establishment in 1875, it has supplied high-quality American coins. As of 1935, the mint had introduced the latest coining machinery and was known for its precision striking. The S mint mark is struck small on the coin as an identifying mark for the mint. Compared to coins from other mints, the 1935-S coins maintained a consistent standard of quality, and many of the high-grade surviving examples speak to the mint's strict process control. However, oxidation and environmental deterioration over time are unavoidable, and there is great variation in the state of preservation of uncirculated specimens.
Metal Composition and Physical Properties
The Peace Dollar is a standard American silver coin containing 900/1000 silver. With a diameter of 38.1 mm and a weight of 26.73 grams, it has the substantial feel and presence of a standardized dollar coin. The 90% silver purity means its intrinsic silver value cannot be ignored, which also supports its backup value as a precious metal. This alloy composition was the highest standard at the time of manufacture, optimizing the balance between silver's workability and durability. Due to aging, a natural purple or brown patina (tone) forms on the surface, which is recognized by collectors for its aesthetic value. In a suitable environment, this patina functions as a protective layer.
Rarity Assessment and the Grading Market
Rarity Distribution by Surviving Condition
Of the approximately 1,960,000 1935-S dollars minted, it is estimated that around 1 million coins survive. The vast majority were worn in daily circulation and fall into the VF to XF grade range. An estimated 20-30% of the total are in MS (Mint State) condition, and of those, the number drops sharply to just 5-10% for grades of MS60 or higher. The MS65 grade is believed to account for less than 1% of the total population, and its appearance on the market always draws attention. Furthermore, top-grade specimens such as MS66 and MS67 appear only once every few years, making acquisition opportunities limited and a target for collectors with long-term strategies.
NGC and PCGS Grading Data and Trends
According to the databases of America's two major grading services, NGC and PCGS, thousands of 1935-S dollars have been submitted for grading. NGC's statistics show a stable supply of coins in MS64 to MS65, while also making it clear that grades of MS66 and higher are extremely rare. A similar trend is confirmed in PCGS's reports, and the grading standards of both services are nearly identical. The criteria for the MS65 grade are strict, with even the slightest loss of detail resulting in a lower grade. Grades assigned by these companies create significant price differences in the market, and it is possible for the same coin to receive different results when submitted multiple times, so caution is advised when purchasing.
Auction Results and Price Trends
The 1935-S appears regularly at major auction houses such as Stacks and Heritage. MS63 grade coins tend to sell for around 600,000 to 900,000 yen, MS64 examples for 800,000 to 1,300,000 yen, and MS65 coins record prices in the 1,500,000 to 2,500,000 yen range. In recent years, prices have been on an upward trend overall due to rising demand. Particularly since 2020, with growing investment interest in antique coins, the prices for rare, high-grade specimens have seen an annual increase of 5-15%. There are records of MS66 examples selling for over 3,500,000 yen and MS67 coins for more than 5,000,000 yen, and top-grade pieces can sometimes become the subject of bidding wars between individual collectors and institutional investors.
Acquisition Strategies for Collectors and Investors
A Phased Approach to Building a Collection
Many Peace Dollar collectors aim to complete the entire 1921 to 1935 series. The 1935-S, as the final year of issue, is symbolic and represents the completion of a collection. For those on a limited budget, an approach of starting with grades of VF or higher and gradually upgrading to the EF, AU, and MS ranges is recommended. Since the entire series shares the same design, owning multiple grades of the same date can lead to a deeper artistic and historical appreciation. In particular, there is value in acquiring all three mint issues from 1935 (P, D, and S) to gain a comprehensive understanding of the United States' coinage situation in that year.
Investment Perspective as a Precious Metal Asset
The 1935-S has a silver content of 26.73 grams, and based on the current silver price of around 80 to 120 yen per gram, its bullion value is in the range of 2,000 to 3,200 yen. However, its market price significantly exceeds this, as it carries a historical and artistic premium. This premium component depends on supply and demand in the antique coin market, the expansion of the collector base, and the recognition of its rarity. In recent years, due to falling real interest rates in developed countries and concerns about inflation, demand for tangible assets has been on the rise. High-grade, rare examples in particular can be expected to yield capital gains of 5 to 10% annually, making them a valuable component of a diversified investment portfolio.
Authentication and Proper Care
Identifying Counterfeits and Altered Coins
Expensive Peace Dollars are a common target for counterfeiting, and collectors must be particularly wary of alterations (juicing) of lower-grade coins. A genuine 1935-S has a clearly struck signature of de Francisci with consistent font and depth. The basics include checking the position, size, and angle of the S mint mark. Counterfeits may have unnaturally sharp devices or an unusual metallic colour. The three-dimensionality of the relief under a light source and the naturalness of the toning are also factors in authentication. If a coin is suspect, it is essential to submit it to an official grading service (NGC or PCGS), and it is safest to purchase coins that are already encapsulated in official certified holders (slabs). For purchases in the several-million-yen range, a pre-purchase examination by an expert is also advisable.
Environmental Control for Long-Term Storage
For the long-term preservation of Peace Dollars, protection from humidity, temperature, light, and atmospheric pollutants is essential. Coins encapsulated in slabs by the North American grading services (NGC/PCGS) are already in an optimal protective environment. For unslabbed coins, place them in an inert, archival-quality coin holder and store them in a dark place with 40-50% humidity and a temperature of around 15-20°C. Exposure to strong light can damage the surface toning, leading to a decrease in value. While periodic inspection is necessary, routine contact should be kept to a minimum, and handling with bare hands is strictly prohibited. For high-value items, using a bank's precious metals vault or a specialised coin storage service is recommended over home storage.
Value & Rarity
The market value of the 1935-S Peace Dollar is determined by a combination of factors: rarity, historical significance, artistic merit, and intrinsic precious metal value. Current market prices are heavily dependent on grade, ranging from 150,000 to 250,000 yen for VF30, 250,000 to 450,000 yen for EF40, 400,000 to 650,000 yen for AU50, 500,000 to 800,000 yen for MS60, 600,000 to 950,000 yen for MS63, 850,000 to 1,400,000 yen for MS64, and 1,500,000 to 2,800,000 yen for MS65. Coins graded MS66 or higher command premium prices exceeding 3,500,000 yen, with the highest auction record reaching over 8,000,000 yen. Data from the past five years confirms an average annual price increase of 5 to 8%, with the rate of appreciation being particularly significant for high-grade examples. Underlying this trend is a growing preference for tangible assets since the pandemic, an expanding international collector base, and the coin's appeal as a hedge asset amid inflation concerns. In terms of supply and demand, the extremely limited availability of coins graded MS65 or higher maintains price support, leading to intense bidding competition from experienced collectors and institutional investors. Assuming the current value of silver is about 100 yen per gram, the value of its silver content is only about 2,700 yen, meaning the vast majority of its market price is numismatic and historical premium. This suggests that the antique coin market places a high value on emotional and aesthetic factors, highlighting its special character as something distinct from a mere commodity. From an investor's perspective, its suitability as an investment asset is supported by its sufficient liquidity, with constant trading at major auction houses, the availability of objective grading by authentication services, and the ease of portfolio diversification. However, there are differences in the buying approaches of collectors and investors; the former tend to prioritise historical completeness and aesthetic satisfaction, while the latter focus on rarity and potential for price appreciation. As for the future market outlook, the potential for further demand growth is high, driven by global pressure for lower interest rates, persistent inflation concerns, and the need for asset diversification among the wealthy. A 5 to 10% annualised return is considered a realistic prospect, particularly for those holding for a decade or more.
In Summary
As the final date in its series and a symbol of the desire for peace in the early 20th century, the 1935-S Peace Dollar possesses historical and artistic value that transcends its status as currency. Combining Antonio de Francisci's elegant design, rare survival in high states of preservation, and stable market liquidity, this coin is one of the most important issues in the antique coin market. While acquiring high-grade examples requires time and funds, they offer the prospect of steady value appreciation, both as a capstone to a collection and as an investment in a tangible asset. Owning this 1935-S, which marks the end of the Peace Dollar series, provides a deep satisfaction that goes beyond mere material possession — it is to hold a piece of history in your hand. From a long-term collection and investment strategy perspective, examples graded MS65 or higher are well worth considering as a top-priority acquisition.
Where this coin sits
Modern United States 1935
Struck in the same age
Sources & Verification
- Research
- GNJ Numismatic Research Desk
- Last updated
- 21 August 2026
- Image source
- https://commons.wikimedia.org/wiki/File:US_$1_1935A_North_Africa_Silver_Certificate.jpg (Public domain)（Wikimedia Commons — Public domain）
Every figure in this article appears in a cited source. We do not publish estimates we cannot attribute. If you find an error, please get in touch. Every correction is logged with its date and what changed.