Is it Time to Consider Peace Silver Dollars?

July 17, 2014 By ekr


By Tony Davis

As contrarian investors, we’re always looking for depressed prices in various segments of the market, and one of the glaring examples of an undervalued coin at the moment is the Peace silver dollar. At the time of this writing, the melt value of Peace silver dollars is approximately $15.30.  Lower end examples of Peace silver dollars can be had for as little as $20, which is at a very reasonable premium level and one which we haven’t seen in quite some time. In general, the premium for Peace silver dollars tends to contract as silver prices increase, which makes the current low premiums especially surprising, since silver is currently less than $21 an ounce. In today’s article, we’ll delve further into Peace dollars, compare current values to their big sister, Morgan silver dollars, and look at relative values of other popular bullion and semi-numismatic silver coins.

Peace Dollars vs. Morgan Silver Dollars

Historically, the price of Peace and Morgan silver dollars has been relatively close, with Morgan silver dollars selling at slightly higher values; especially those minted in 1904 and earlier. The couple of dollar difference has been negligible; with most investors opting for Morgan silver dollars due to their popularly and notoriety. However, we’re currently seeing fairly significant disparities in price at the moment between the two coins; most significantly at the higher end of the scale. According to, which provides coin dealer wholesale pricing information, the spread between almost uncirculated (AU) and choice uncirculated (CU) Morgan and Peace silver dollars is $8.25 and $12, respectively. In fact, the premiums on uncirculated Peace silver dollars have dropped so substantially in recent weeks that we’ve been having a difficult time keeping up with market fluctuations. On the other hand, pricing for Morgan silver dollars has remained relatively stable.

What Condition Peace Dollars?

At the lower end of the scale, almost good (AG) to good (G) Peace silver dollars are trading at around $20 a piece, while higher end Peace dollars are going for between $25 – $26.75. Granted, Peace silver dollars are easier to find in higher end condition than Morgan silver dollars, but when you look at the negligible price difference between lower end and higher end condition Peace dollars, we highly recommend spending a few extra dollars for a premium coin. It’s been quite a while since you’ve been able to acquire an uncirculated Peace dollar for $11 over the melt value of the coin. In fact, this is the type of premium that you would have paid for a circulated condition Peace dollar during the earlier part of 2013.

Other Semi-Numismatic Silver Coin Options

There are very few semi-numismatic silver coin options that can be had at relatively low premiums. The most comparable coin would be pre-2000 American silver eagles, which tend to sell at similar premiums to Peace silver dollars; however, in our opinion, there is no comparison as to which coin you should purchase. For one, Peace silver dollars have historical value and significance, while American silver eagles are considered bullion coins. Secondly, the mintage of most Peace silver dollars was relatively low, with several dates having production runs of less than 1,000,000 coins. Not to mention, a large number of Peace silver dollars have been melted throughout the years, so the survivorship levels of these coins are likely substantially less. On the other hand, the lowest minted American silver eagle was in 1996 with a production run of 3.6 million coins. While we believe that the future is bright for American silver eagles, there appears to be more upside potential with Peace silver dollars.


In summary, we believe that Peace silver dollars are undervalued semi-numismatic coins that should seriously be considered as part of your silver bullion or numismatic coin portfolio. The premiums on these coins are extremely attractive; especially for high end examples, which historically have sold at substantially higher rates. While other semi-numismatic silver coins can be purchased at similar premiums, in our opinion, none likely have the same upside potential (especially when you consider the survivor rates) as Peace silver dollars. 

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