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May 9, 1921 legislation was introduced calling for a new silver dollar celebrating
the postwar peace. Congress adjourned without taking action. However congressional
authorization wasn't required, since the Morgan dollar had been produced for more
than 25 years and could be replaced without legislative approval.
Type 1
High Relief
A competition was held to determin the design. The winner was a young Italian immigrant
named Anthony de Francisci. His portrait of Liberty was modeled after his young wife Teresa.
The reverse of the coin shows an eagle in repose atop a crag, peering toward the sun
through a series of rays, with the word PEACE superimposed on the rock. No other U. S.
coin produced for circulation has ever borne that motto.
By 1928 the requirements of the Pittman Act were met. The Mint halted production
immediately. The next year brought the onset of the Depression. In 1934 the design
returned because more cartwheels were needed as backing for silver certificates.
Type 2
Low Relief
The entire series of Peace dollars was just 24 coins, none of which were great rarities.
Many collectors strive for complete date and mint collections. However, pristine,
high grade pieces are difficult to find, weak strikes are common, and the open design
makes the coins easy to wear and damage.
Points to check for wear are Liberty's face, neck and the hair over her ear and
above her forehead. On the reverse, wear will first show on the eagle's wing, leg and head.
The phrase "In God We Trust" uses the Roman spelling of the word "trust", ("V"
instead of a "U"). That detail accounts for many owners who believe they have a
rare error on their Peace Dollars.
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