A genuine 1928 Peace dollar with no mint mark is typically worth $350–$450 circulated and $1,500 or more uncirculated. It is the lowest-mintage coin in the series — Philadelphia struck only 360,649 of them.
The catch is the mint mark. A 1928 with an S under the eagle’s tail is a different, much cheaper coin, and that single letter is where most of the mistakes — and the counterfeits — happen. Figures checked November 8, 2026.
1928 Peace Dollar Value by Grade
| Grade | Typical value | Note |
|---|---|---|
| Circulated (Fine–XF) | $350–$450 | The grade most survivors are found in |
| About Uncirculated | $650–$900 | Light friction on the hair and eagle only |
| MS60–MS62 | $1,200–$1,600 | Bag marks common; strike often soft |
| MS63–MS64 | $1,800–$3,000 | Certified examples trade fastest |
| MS65 | $4,500+ | Gem survivors are a small fraction of the mintage |
The floor under every grade is the silver: a Peace dollar holds 0.7734 oz of silver, worth $40.27 in melt at $52.07 spot — Data by Bullion Price Check, as of November 8, 2026, 12:53 AM ET. The other $300-plus on a worn coin is pure collector premium for the date.
1928 vs. 1928-S: The Letter That Costs $300
San Francisco also struck Peace dollars in 1928 — 1,632,000 of them, more than four times the Philadelphia output. A circulated 1928-S is typically worth $50–$75, against $350–$450 for the mint-mark-free coin. The mint mark sits on the reverse beneath the eagle’s tail feathers; Philadelphia coins have nothing there. Collectors also split the 1928-S into small-S and large-S varieties, a minor premium point — but no variety of the S coin approaches the plain 1928.
Why the 1928 Is the Key Date
By 1928 the silver dollar’s work was done: the Treasury had finished replacing the melted Pittman Act coinage, mintages collapsed across all three mints, and Philadelphia’s 360,649 was the smallest run of the series. Most went into bank bags and circulation, so gem survivors are rare — which is why this coin anchors the Peace Dollar Key Dates list and why a full date set is priced around it.
Counterfeits and Altered Coins
The price gap between the 1928 and the 1928-S created the alteration: an S mint mark tooled off a San Francisco coin, or a date worked over on a common coin. Warning signs are disturbed metal where the mint mark belongs, a mint-mark area that looks polished or grainy under a loupe, and weight off the standard 26.69 grams. On a coin worth this much, certified examples are the safe buy — Agate’s certified Peace Dollar – PCGS MS65 (year varies) is $150.51 while in stock, and any raw 1928 offered near common-date money deserves a grading submission before it deserves your money.
Frequently Asked Questions
How much is a 1928 Peace dollar worth?
A genuine Philadelphia 1928 — no mint mark — is typically worth $350–$450 circulated and $1,500 or more uncirculated. The 1928-S from San Francisco is worth far less, about $50–$75 circulated.
Why is the 1928 Peace dollar so valuable?
It has the lowest mintage of the series at 360,649 pieces, and most were spent rather than saved, so high-grade survivors are scarce. Every Peace dollar set needs one, which keeps demand permanent.
How can you tell a real 1928 from a 1928-S?
Check the reverse beneath the eagle’s tail feathers: an S means San Francisco. Because altered coins exist, weigh the coin (26.69 grams), inspect the mint-mark area under magnification, and prefer certified examples.
What is a common-date Peace dollar worth for comparison?
Dates like 1922 and 1923 trade near melt to about $45–$65 in nice uncirculated condition — see our Peace Dollar Value guide for the full date-by-date picture.
Educational content only — not financial advice. Values are typical ranges for problem-free, genuine coins, checked November 8, 2026, and move with the silver market and the individual coin’s grade.