1928 Peace Dollar : Mintage, History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

By 1928, silver {dollars} not circulated to any vital diploma within the japanese a part of the nation. Most have been held by the Treasury Division, however most of the cash launched into circulation had been tucked away in financial institution vaults. Nonetheless, to evolve to the mandate of the Pittman Act, the Philadelphia Mint struck 360,649 1928 Peace {Dollars}, giving the collection its lowest-mintage challenge.

The 1928 Philadelphia hanging made collector’s imaginations run wild. Within the February 1929 challenge of the American Numismatic Affiliation’s (ANA) home organ The Numismatist, the declare that the 1928 Peace Greenback was struck “completely for cornerstone laying and different dedicatory functions” was put forth.

The cornerstone fable took maintain and was revealed within the Handbook of United States Cash in 1942, and endured for a few years after that. Researcher Thomas S. LaMarre debunked this declare in his January 1991 Numismatist article, titled “America’s ‘Cornerstone’ Greenback”. Supporting LaMarre’s assertion that the declare is nonsense is the truth that no point out of this function for hanging the cash was ever enumerated within the Mint Director’s Report.

As an alternative, Mint Director Robert John “R.J.” Grant described that yr’s silver greenback manufacturing this manner:

“Silver greenback cash executed subsequent to 1920 characterize an equal variety of {dollars} transformed to bullion beneath the act of April 23, 1918 – 259,121,554 for export to India and 11,111,168 for home subsidiary coin.”

As of December 31, 1928, the Treasury held 481,960,397 silver {dollars}, with a further 11,526,004 items in Federal Reserve Banks. Solely 46,475,374 silver {dollars} have been accounted for in circulation. By the tip of 1928, the Treasury Division had fulfilled its obligations as outlined by the Pittman Act. The nation’s silver bullion stockpile was depleted.

The 1928 Peace Greenback is scarce relative to the opposite points within the collection, however it’s in no way uncommon in Mint State. Uncirculated cash are inclined to fall within the MS63 to MS64 band of grades, however Gems are available. The earlier prime pop grade of MS66 has seen a gradual lower in worth over the previous decade, owed in some half to the certification of three MS66+ cash (not less than one, the Illinois Set coin, was apparently restored after which upgraded).

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1928 Peace Greenback Market Information and Noteworthy Specimens

In an advert revealed within the July 1964 challenge of Numismatic Scrapbook Journal, Oklahoma seller Roy L. Baker provided a Sensible Uncirculated 1928 Peace Greenback for $95.

In an August 1978 Numismatist advert, seller George H. Ashley, Jr. of Capital Metropolis Coin Change in Richmond, Virginia, marketed GEM BU 1928 Peace {Dollars} on the market at $295 every.

Prime Inhabitants: PCGS MS66+ (2, 11/2024), NGC MS66+ (1, 11/2024), and CAC MS66 (7:1 stickered:graded 11/2024).

• PCGS MS66+ CAC #45945462: As PCGS MS66 #37728066. Heritage Auctions, January 9, 2020, Lot 4298 – $26,400. Illinois Set on insert. Scattered aubergine firming alongside the higher periphery. As PCGS MS66+ CAC #45945462. Legend Uncommon Coin Auctions, April 27, 2023, Lot 373 – $129,250. Re-graded and upgraded one-half level. CAC added. Apparently conserved; firming eliminated. Hit in hair. Planchet flaw on Liberty’s neck.
• PCGS MS66+ #33301107: Imaged on PCGS CoinFacts. Reflective mark on neck on the higher neck. Sensible.

• PCGS MS66 #25045946: Del Loy Hansen; DLRC, December 12, 2024, Lot 782327 – View. Hansen novelty insert. Sensible obverse. Reverse has a number of darkish brown and copper-colored firming spots.
• PCGS MS66 #50078942: “The Anne Kate Assortment”, Stack’s Bowers, August 15, 2018, Lot 1239 – $28,800; Heritage Auctions, September 14, 2023, Lot 3089 – $16,800. Smears of gold and clay colour abound on the obverse and reverse. Subpar eye enchantment.
• PCGS MS66 #38305952: Heritage Auctions, Might 3, 2023, Lot 3163 – $21,600. Throughout rose firming on the obverse. Diagonal hit above W in WE. Two rim hits within the hair.
• PCGS MS66 CAC #42061129: As PCGS MS66 #25664071. Heritage Auctions, October 29, 2015, Lot 3466 – $28,200. Ward T. Miller Jr., on insert. As PCGS MS66 CAC #25664071. Stack’s Bowers, February 28, 2019, Lot 1123 – $33,600. CAC sticker added. As PCGS MS66 CAC #42061129. Legend Uncommon Coin Auctions, April 28, 2022, Lot 287 – $35,250. Regraded, Miller pedigree eliminated; Heritage Auctions, October 6, 2022, Lot 3135 – $44,400. Gold and russet firming. Fingerprint on the backside of the obverse.
• PCGS MS66 #42609930: Heritage Auctions, October 7, 2021, Lot 3560 – $27,600; Heritage Auctions, July 14, 2022, Lot 3179 – $25,200. Sensible. Deep hit on jaw. On the reverse, rim hit beneath U of UNITED.
• PCGS MS66 #41415977: “The JDC Assortment”, Heritage Auctions, August 18, 2021, Lot 3398 – $27,600. JDC on insert. Pale rose firming all through. Pronounced rim hit on the backside of E in WE.
• PCGS MS66 #42119438: Legend Uncommon Coin Auctions, July 15, 2021, Lot 223 – $28,200.
• PCGS MS66 #25609341: Heritage Auctions, January 5, 2017, Lot 5788 – $27,025. Diagonal rim hit on cheek. Copper spot to the correct of Liberty’s decrease locks. Russet firming alongside the periphery. On the reverse, rim hit beneath first L in DOLLAR.
• NGC MS66 #3735409-008: Heritage Auctions, August 10, 2016, Lot 4248 – $17,625. Mottled brown firming on the obverse and reverse.
• PCGS MS66 #7455633: “The Paul Taylor Assortment”, Heritage Auctions, April 28, 2011, Lot 5309 – $48,875; “The DeMicco Household Assortment”, Heritage Auctions, August 12, 2015, Lot 4233 – $39,950; JACK LEE on insert. Outdated Inexperienced Holder. Sensible. Tony hit on jaw and on the identical elevation, a success on the again of Liberty’s neck. On the reverse, a planchet flaw on the prime of N of UNUM.
• PCGS MS66 #25691755: Heritage Auctions, July 9, 2015, Lot 3245 – $35,250. Gentle streaks of russet and gold firming on the obverse and reverse. Tiny tick at Liberty’s eyebrow.
• PCGS MS66 #25265570: Heritage Auctions, November 6, 2014, Lot 3890 – $30,550. Peripheral blue, russet, and gold firming, with a pale toned hue all through.
• PCGS MS66 #50207407: “The Dr. Barry Sutherland Assortment II”, Heritage Auctions, January 7, 2011, Lot 6242 – $25,300. Vertical rim hit on the nostril. Wispy goldenrod firming on the obverse and reverse.

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Coin Specs

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