1928 Silver Dollar Value: How Much Is It Worth Today?
Are you a collector who’s curious about the 1928 silver dollar value? Have you been thinking of collecting these coins for a while but need more information first? If so, you’ve come to the right place; we have the information you need here.
Today, we’re going to talk about the varieties of these coins, the errors they can have, their history, and their key features.
1928 Silver Dollar Value Chart |
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| Type | XF45 | AU55 | MS60 | MS63 | MS66 |
| 1928 No Mint Mark Silver Dollar (P) Value | $310 | $425 | $525 | $875 | $32,000 |
| 1928 S Silver Dollar Value | $80 | $160 | $250 | $675 | $88,000 |
1928 No Mint Mark Silver Dollar (P) Value
1928 silver dollars are part of the Peace Dollar Series. This series was minted from 1921 to 1928 and then again in 1934 and 1935. It was also minted in 2021 and is expected to continue to be minted from 2023.
This dollar series gets its name from the fact that its design depicts peace. The mint did this on purpose to commemorate the end of World War I. It even held a competition so that different artists could submit designs that suited this theme.
The mint went as far as guiding them on the must-have design elements for the coin. Eventually, reverse and obverse designs by Anthony de Francisci won the competition.
He was only 34 at the time and was the youngest participant in the competition.
He was also one of the least experienced participants. Unlike the others, he had never designed a coin or medal. The most he had done at the time was converting drawings to a finished design. He did this for the 1920 Maine commemorative half dollar.
Whatever the case, his obverse design featured a left-facing profile of Lady Liberty. He created this profile using the features of his wife, Teresa de Francisci. It only featured Lady Liberty’s head and neck; she wore a tiara on her head.
Also, she had her hair in a bun at the back of her head, with some of it flowing in the front as if being blown by the wind. On top of her tiara, along the coin’s top rim, the word “LIBERTY” is written; it runs from left to right.
The word “IN GOD WE TRUST” is also written at the bottom of the coin underneath Lady Liberty’s chin. The first three words are located to the left of her neck while the last word is to the right of it.
The designer’s initials, AF, are also engraved below where Lady Liberty’s neck cuts off. Below that, along the coin’s bottom rim is the date.
The coin’s reverse design has one main feature. This is a bald eagle standing on a mountaintop. He is facing the horizon as sun rays hit him. In his talons, he is holding an olive branch. To the left of him the word “ONE” is written.
To his right, the word “DOLLAR” appears. At the bottom of the coin where the mountain top meets the rim, the word “PEACE” appears. There are two other legends on the top side of the coin.
The first says “UNITED STATES OF AMERICA” and is written along the top rim while the second says “E PLURIBUS UNUM” and is right below it. Keep in mind that all Peace dollars have this reverse design and the original obverse design.
In 1928, the Philadelphia mint produced only 360,649 of these dollars. These were all regular-strike coins and had no mint mark. This is one of the lowest Peace dollar mintages and makes this coin rare.
This is further exacerbated by the fact that 1928 was the last year Peace dollars were minted for a long time; this makes it a key date. As such, many samples have been collected and preserved over the years, making them available in uncirculated conditions.
Numismatic experts estimate that 40,000 of these coins still exist across all grades, with 25,000 being mint state. Of these, only 800 are estimated to have a grade of MS65 or better.
While a circulated sample sells for $100 to $500, a mint-state one can go for as high as $80,000.
1928 S Silver Dollar Value
Like the Philadelphia 1928 silver dollars, the San Francisco ones have a reeded edge, a diameter of 38.1 mm, and a thickness of 2.4 mm. More importantly, they are also made of 90% silver and 10% copper. This gives them a mass of 26.73 grams.
Keep in mind that most Peace dollars have this composition and mass. It was only in 2021 that the mint started using 99.9% silver for these coins.
If there’s one thing that you need to know though, it’s that Peace dollars minted in Denver and San Francisco have a D and S mint mark respectively. This is usually located on the coin’s reverse below the “O” in the word “ONE”.
Interestingly, the mint used all three facilities for Peace dollars in most years. These are 1922, 1923, 1926, 1927, and 1934. Beyond that, the coins were only minted in Philadelphia in 1921 and 2021.
For the rest of the years, the mint only used Philadelphia and San Francisco facilities. The year 1928 is in this category. Interestingly, the San Francisco mint produced around 4 times the number of 1928 silver dollars; these were 1.632 million pieces.
Because of this, these coins are more readily available and cheaper than their Philadelphia counterparts. Experts estimate that 127,500 of them exist, with 27,500 of them having a grade of MS60 or higher. Only 80 of these have a grade of MS65 or better.
Circulated samples usually cost $20 to $250 per piece. However, mint-state samples can sell for up to $88,000 per piece.
Interestingly, several 1928 S silver dollar varieties exist, many of which have the designation VAM.
This designation is used on Morgan and Peace dollar varieties identified in an encyclopedia called The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars.
It was made by George Mallis and Leroy Van Allen. The resulting designation was made from the two people’s initials. Generally, dollars with this designation are hard to tell apart from regular ones.
To notice differences, you will have to use a loupe with 15x magnification. When you do this, you may notice that some coin details are more polished than they should be. These details may include the eagle’s wings/tail feather and Lady Liberty’s hair and eyes.
You may also notice die clashes or doubling in some elements like the “LIBERTY” engraving.
One popular 1928 S VAM variety is the VAM3 Doubled Motto variety. This usually shows doubling in the words “IN GOD WE TRUST” and the initials AF.
PCGS has graded several of these coins over the years and they have sold for good prices. While an XF45 sample sells for around $155, an MS60 one sells for $305. An MS65 sample sells for $2,000 to $15,000.
1928 Silver Dollar Grading
Grading 1928 silver dollars and other Peace dollars requires you to look at them keenly. For one of these to be considered an uncirculated sample, it has to have uninterrupted luster. Since checking for this can be tricky, it’s best left to professional graders.
Rare 1928 Silver Dollar Error Lists
1928 Silver Dollar Lamination
Lamination errors occur when the planchet alloy is contaminated. This makes the planchet’s surface peel or flake. This can happen before or after striking. Either way, it makes the resulting coin more valuable.
For instance, an MS63 1928 no mint mark silver dollar with this error on its obverse near the date inscription can sell for around $645. A circulated version with this error under Liberty’s face can sell for over $250.
1928 Silver Dollar Struck Through
When a coin is struck with something in between the die and the planchet, it creates a strikethrough error. The error can have the foreign object missing or still present. Either way, it makes the coin more valuable.
An NGC MS63 1928 S silver dollar with an obverse strikethrough error across Lady Liberty’s tiara can sell for $920.
1928 Silver Dollar Off-center and Die Adjustment Strike
An off-center strike occurs when a planchet is not placed properly in the striking chamber and ends up being partially struck. The design is usually skewed to one side and sometimes doesn’t fit on the coin.
The more skewed and incomplete the design is the more valuable the error. This error becomes even more valuable when it appears with other errors. An error that can occur with it on a 1928 silver dollar is a die adjustment strike.
This is an error that occurs when a coin is created using a weak strike. As such, it creates a coin that has a faint design. A 1928 S silver dollar with this error and struck 5% off-center sold for $5,320 at a 2008 auction.
1928 Silver Dollar FAQ
Why is the 1928 Peace Dollar so valuable?
The 1928 Peace dollar is valuable for two main reasons. For one, this year is a key date because after it the Peace dollars weren’t minted for years. Secondly, the 1928 Peace dollars had a low mintage.
The only Peace dollar mintage that is lower than it is the 2021 one.
Where is the mint mark on the 1928 Peace Dollar?
Only San Francisco 1928 Peace dollars have a mint mark. This is an S written on the reverse side of the coins. The mark is near the coin’s lower left rim, under the O in “ONE” and above the eagle’s tail feather.
But you need to be keen when you’re looking for this mark on a coin. Some fraudsters have resorted to shaving off this mark to make S-type coins pass for Philadelphia ones. This is because the latter is rarer and more expensive.
So even when you notice a faint S mark, know that you have an S-type coin.
How can you tell if a silver dollar is rare?
To tell whether a silver dollar is rare, check its date, mint mark, type (proof/regular strike), and variety. This will help you find mintage, rarity, and price information online. Once you have this, you can then check the coin for errors.
Remember, coins with errors are usually rarer and more expensive.
How to tell that a coin has silver?
To tell whether a coin is made of silver, check its denomination and date. This will allow you to look up what that specific coin was made of online. Another way to check whether a coin is made of silver is to check its edge.
If it has a solid silver stripe, it’s made of silver. If it has a solid copper stripe, it’s a copper-clad coin.
How do you sell a silver dollar?
To sell a silver dollar or any other coin, you can go see a coin dealer or coin shop. Alternatively, you can sell it on online stores like eBay. Remember, you don’t have to get your coin professionally graded to do this.
However, if you have a pristine coin, it’s best to get it graded. This is especially helpful if you have a 1928 no mint mark dollar.
How do you authenticate the 1928 Peace dollar?
When trying to authenticate 1928 Peace dollars, start by looking at the date, especially the digit 8. This is important because some fraudsters try to pass 1923 Peace dollars as 1928 ones.
When this happens, you may notice an 8 that is more distinct than the other digits in the date. This can usually be seen with the naked eye. However, using a loupe will allow you to clearly see the alteration.
Another way to ensure that a 1928 Peace dollar is genuine is to look for die features. One common genuine die feature is a raised line that connects two strands of Lady Liberty’s hair.
Another feature is a raised line that runs from the middle of the B in “LIBERTY” to the right, moving through the tiara.
