The 1928 Peace Dollar is worth anywhere from $150 in heavily worn condition to well over $1,000 or more in high-grade mint state — making it one of the most valuable regular-issue Peace Dollars in the entire series. If you found one of these silver dollars in a collection or inherited it from a relative, you’re holding something genuinely special. This isn’t just another old coin — it’s a key date that collectors actively seek out.
Before diving in, if you want a quick estimate right now, you can use a free coin identifier app to scan your coin and get an instant value estimate from your phone. It’s a great first step before heading to a dealer or auction.
Why the 1928 Peace Dollar Is a Key Date
The Peace Dollar series ran from 1921 to 1935, and most dates are relatively common. The 1928 Philadelphia Mint issue stands out because only 360,649 coins were struck — the lowest mintage of any regular-issue Peace Dollar. That’s an extremely small number for a coin that was meant for everyday circulation.
Low mintage means fewer coins survived, and even fewer survived in good condition. Most 1928 Peace Dollars you find today show significant wear because they were used as actual money. Finding one in crisp, uncirculated condition is genuinely rare, which is exactly why collectors are willing to pay so much for high-grade examples.
The design itself is beautiful. Designed by Anthony de Francisci, the obverse shows Lady Liberty wearing a radiant crown, and the reverse features a bald eagle at rest with the word “PEACE” inscribed below — a reflection of the optimism following World War I.
1928 Peace Dollar Value by Grade
Coin grade matters enormously when it comes to value. A heavily worn coin and a near-perfect uncirculated coin can differ in price by hundreds of dollars. Here’s a general breakdown of what the 1928 Peace Dollar is worth depending on its condition:
| Grade | Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, major details visible | $150 – $200 |
| Very Fine (VF-20) | Moderate wear, clear design | $250 – $350 |
| Extremely Fine (EF-40) | Light wear on high points | $400 – $600 |
| About Uncirculated (AU-55) | Slight wear, nearly full luster | $700 – $900 |
| Mint State (MS-63) | No wear, some bag marks | $1,200 – $2,000+ |
| Gem Mint State (MS-65) | Exceptional luster, minimal marks | $5,000 – $15,000+ |
For the most up-to-date pricing data, you can check out current 1928 Peace Dollar mint state prices across grades — the market does shift, especially as silver prices fluctuate.
Silver Content and Melt Value
Even a worn, low-grade 1928 Peace Dollar has real metal value. Each coin is composed of 90% silver and 10% copper, with a total silver weight of 0.7734 troy ounces. At today’s silver prices hovering around $28–$30 per ounce, the raw melt value alone is roughly $21–$23.
But here’s the key point: you should almost never melt a 1928 Peace Dollar. Its numismatic (collector) value far exceeds its melt value, even in poor condition. A coin worth $150 in Good grade isn’t worth destroying for $22 in silver.
The CoinHix app is a great tool for tracking both the silver spot price and the collector value of your coin simultaneously, so you always know what you’re actually holding.
How to Grade Your 1928 Peace Dollar at Home
You don’t need to be an expert to get a rough sense of your coin’s grade. Start by examining it under good lighting — natural daylight or a strong LED lamp works well. Tilt the coin gently at different angles to see how much of the original luster (a soft, cartwheel-like shine) remains on the surface.
If Liberty’s hair details on the obverse are sharp and the eagle’s feathers on the reverse are well-defined with no flat, smooth patches, your coin is likely in Very Fine condition or better. Significant flatness across Liberty’s face and the eagle’s breast suggests a Good or Fine grade.
Avoid cleaning your coin. A cleaned coin is instantly worth less to collectors, regardless of grade. Even light polishing removes original mint luster that can never be restored. If your coin looks dull or slightly dirty, leave it alone.
For a more precise grade, CoinHix allows you to photograph your coin and compare it against grading standards, giving you a much clearer picture before you commit to selling or getting it professionally graded.
Should You Get It Professionally Graded?
If your 1928 Peace Dollar appears to be in About Uncirculated or better condition, professional grading from PCGS or NGC is absolutely worth considering. The certification fee typically runs $30–$50 per coin, but a certified MS-63 or higher coin can sell for significantly more than a raw (ungraded) coin of the same quality.
Serious collectors and auction buyers prefer certified coins because the grade is guaranteed. A detailed breakdown of 1928 silver dollar values by certified grade shows just how much premium certified examples can command over raw coins at the same grade level.
If your coin shows heavy wear and grades below VF, professional grading probably isn’t cost-effective. In that case, selling as a raw coin to a dealer or online marketplace is a perfectly reasonable option.
Frequently Asked Questions
Q: How do I know if my 1928 Peace Dollar is real?
A: A genuine 1928 Peace Dollar weighs 26.73 grams and measures 38.1mm in diameter. It should have a reeded (ridged) edge. If it sticks to a magnet, it’s a fake — silver is not magnetic. A reputable dealer or a grading service can authenticate it with certainty.
Q: Is there a 1928-S or 1928-D Peace Dollar?
A: No — 1928 is unique in the Peace Dollar series because it was only struck at the Philadelphia Mint, which means there is no mint mark. All genuine 1928 Peace Dollars are Philadelphia issues. If someone offers you a “1928-S” or “1928-D,” it is not authentic.
Q: Where is the best place to sell a 1928 Peace Dollar?
A: For worn examples, a local coin dealer or a coin show is convenient and straightforward. For higher-grade coins, online auction platforms like eBay or Heritage Auctions can attract competitive bidding from serious collectors. Getting a second opinion on value before selling is always smart — the CoinHix app can help you benchmark current market prices so you don’t undersell a valuable coin.
