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Do you own a 1928 silver dollar and are curious whether it is worth any money?
Are you considering buying a silver dollar dated 1928 and looking for value for your money?
You’ve come to the right place!
We created this guide to teach you everything you need to know about the 1928 silver value. In addition to exploring the coin’s history, we also cover its key features, how to grade it, and most importantly, what to expect regarding the market value.
As you will discover, some error silver dollar coins can be worth a fortune, but you must know what to look for to identify such a valuable coin.
So, without further ado, let’s jump in and answer the question: How much is a 1928 peace silver dollar worth?
1928 Silver Dollar Value Chart
|Mint Mark||Good||Fine||Extremely Fine||Uncirculated|
|1928 No-Mint Mark Silver Dollar Value||$235||$260||$315||$32,000|
|1928- S Silver Dollar Value||$40||$50||$75||$50,000|
The History of the 1928 Silver Dollar
The origins of the silver dollar date back to 1878 when Congress passed the Bland-Allison Act, requiring the United States Treasury to buy at least $2 million ounces of silver and use it to produce silver dollars. This resulted in the first silver dollar, the Morgan dollar.
Congress then passed the Sherman Silver Purchase Act, requiring the Treasury to purchase even more domestic silver for coinage. The Treasury obliged, bought more silver, and coined it until 1904, ending the production of the Morgan silver dollar.
In 1918, nearly 15 years after the United States Mint struck the last silver dollars, Congress introduced the Pittman Act, allowing the U.S. government to sell silver metal to the British government as part of the World War I efforts to defeat Germany.
As part of the Pittman Act requirements, the Treasury melted about 47% of all the Morgan dollars that had since been minted, selling the melted bullion to the British government.
The Act further required the Treasury to strike new silver dollars to replace the melted Morgan silver dollars. As per the Act, these new coins would be struck from locally purchased silver. This particular requirement marked the beginning of the production of the Peace Silver Dollars.
Following a competition to find a designer for the new silver dollar, the Treasury approved the American-Italian sculptor Anthony de Francisci. The Treasury Secretary, Andrew Mellon, accepted Francisci’s design of the Peace Dollar in December 1921, and production began immediately.
The Mint struck the new Peace dollars from 1921 to 1928 when the requirements in the Pitman Act were met regarding the purchase of a certain amount of domestically mined silver.
Also read: 12 Most Valuable One-Dollar Coin Worth Money
The Features of the 1928 Silver Dollar
The 1928 silver dollar was the last in the Peace silver dollar series. In this section, we’ll explore the unique features of this coin so you know what to look for in a 1928 silver dollar worth money.
The Obverse of the 1928 Silver Dollar
The 1928 silver dollar boasts a beautiful obverse featuring the allegorical Lady Liberty. Her hair flows in the wind, and she adorns a brilliant tiara, giving her a royal, majestic look.
The word LIBERTY appears around the top of the coin’s inner rim while the year date, 1928, is inscribed below Lady Liberty’s truncated neck.
On the left surface, you will see the words IN GOD WE followed by TRVST on the right, with Lady Liberty’s neck separating our country’s heavenly motto. The dies used then could only accommodate the font V and not U, so the word TRUST appears as TRVST.
Looking closely, you will notice the coin designer’s initials, AF, just above the 2 and 8 in the year date.
The Reverse of the 1928 Silver Dollar
The reverse of the 1928 peace silver dollar is equally stunning. You will see a balding eagle perched on a mountaintop and clasping an olive branch in its talons.
The bird is looking into the horizon where the sun’s brilliant rays are shining.
The country’s name appears around the top of the coin, while the motto E PLURIBUS UNUM is shown right below the country’s name.
The coin’s denomination, ONE DOLLAR, is inscribed horizontally across the lower part of the coin. You will also notice the word PEACE imprinted on the mountain.
After World War I, numismatics, and other interested parties lobbied lawmakers to design a coin embodying peace, creating the Peace Dollar in 1921.
Other Features of the 1928 Silver Dollar
The 1928 silver dollar is quite large and heavy, measuring 38.10 millimeters in diameter and weighing 26.73 grams.
The coin is made of 90% silver and 10% copper, and unlike the Morgan Dollar with a plain edge, it comes with a modern reeded edge.
The 1928 silver dollar was struck in Philadelphia and San Francisco. Coins from Philadelphia will not have a mint mark, but those struck in San Francisco will have the mint mark S on the reverse, above the tip of the eagle’s wing.
Also read: 14 Most Valuable Coins In Circulation
1928 Silver Dollar Value Guides
This section will answer the question: How much is a 1928 silver dollar worth?
The 1928 silver dollar value will depend on factors such as the coin’s condition, rarity, and errors. Errors can significantly increase the value of an otherwise inexpensive coin.
There are two varieties of the 1928 silver dollar whose value we will explore. These are the:
- 1928 No-Mint Mark Silver Dollar
- 1928-S Silver Dollar
1928 No-Mint Mark Silver Dollar Value
When the Mint first struck peace silver dollars in 1921, it produced about a million of these coins. But the mintage kept reducing in subsequent years so that by 1928, the final year of production, the mintage had dwindled to the low hundreds of thousands.
That year, the Philadelphia Mint struck only 360,649 peace silver dollars, the lowest mintage in the Peace Dollar series. This makes the 1928 silver dollar a key date among collectors.
Due to the low mintage, many examples of the 1928 peace silver dollar were hoarded and preserved, so surviving pieces are in pretty good condition.
Due to the extensive hoarding, circulated 1928 silver dollars, especially those lower than the extremely fine variety, are quite scarce. Most of the silver peace dollars from 1928 are found in higher grades. It would be safe to say that this year is the rarest peace dollar in grades lower than mint state.
Mint state 1928 silver dollars ranging from MS60 to MS63 are generally common but are in high demand due to the low mintage. Any specimen graded higher than MS64 would be extremely rare.
These mint state silver dollars from 1928 are identifiable by their satiny finish and milky frosting. Even in average condition, the 1928 peace silver dollar appeals to the eye.
You can expect between $200 and $475 in circulated condition for your 1928 silver dollar. Specimens in mint state will fetch as much as $530 for an MS60 and up to $32,000 for one graded MS66.
According to Legend Rare Coins Auctions, the most expensive 1928 peace silver dollar was graded MS66 and sold for an astonishing $129,250 during a 2023 auction.
1928-S Silver Dollar Value
The San Francisco mint also struck silver dollars in 1928, with about 1,632,000 examples from this location.
It is important to remember that despite being minted in San Francisco, the 1928-S silver dollars were regular-strike and not proof coins. No proof peace dollars were minted that year.
Despite having a mintage nearly five times more than Philadelphia, the San Francisco 1928 peace dollars are quite rare in higher grades. Most examples have a weak strike, while others feature deep/large contact marks, lowering their grade.
Coins graded Extremely Fine and About Uncirculated are more abundant, but these will typically not fetch a premium.
You can expect between $34 and $200 for circulated 1928 silver dollars. Prices will increase significantly for specimens graded MS64 to MS66, with these rare examples fetching up to $50,000.
A 1928 silver dollar graded MS65+ is the most expensive to date, having been sold for an eye-watering $79,000 in a 2022 Heritage Auctions sale.
1928 Silver Dollar Grading
When collecting peace silver dollars, it pays off to focus on specimens graded MS64 and above.
Such specimens will display the original luster but may also show one or two small contact marks, although large contact marks on a few coins are uncommon.
Like others in the series, the 1928 silver coins were struck in high relief so they may show signs of flatness along Lady Liberty’s face and hairline. Do not confuse this flatness for wear; consider other coin elements for proper grading.
In particular, pay attention to Liberty’s hair bun and the hairline along her forehead on the obverse. On the reverse, check for signs of wear on high points, especially the bird’s head and wings and the PEACE inscription on the mountain.
Check out this video for more amazing tips on grading peace dollars, including the ones dated 1928.
Rare 1928 Silver Dollar Errors List
Errors are inevitable during the minting process. While all collectors admire a perfect coin, sometimes, the appearance of an error can significantly change its value, increasing its worth and desirability.
Here are some 1928 silver dollar errors worth money that you should pay attention to:
1928 Doubled Die Silver Dollar Error
Doubled die errors are quite common and can be spotted in some 1928 silver dollars.
This error occurs when the punching die strikes the coin twice or more, landing at a slightly different angle with each strike. This results in a doubling of the elements on the coin.
With the 1928 silver dollars, doubling is mostly seen in the motto, IN GOD WE TRVST. According to the Professional Coin Grading Service (PCGS), the most expensive 1928 doubled die motto silver dollar error is graded MS64 and fetched $1,380 at a Heritage Auctions sale.
1928 Strike-Through Silver Dollar Error
A strike-through error occurs when a foreign object gets caught between the punching die and the planchet.
This foreign object could be a speck of dust, grease, or other debris, which is subsequently struck through, leaving its impression on the planchet.
In some 1928 silver dollars, you will notice a strike-through error on spikes of Liberty’s tiara. Small objects, possibly dust particles, were struck through and left their impression on the tiara.
A 1928 strike-through silver dollar error can bring between $900 and $1000 depending on the coin’s condition, with higher grades costing more.
How to authenticate the 1928 Peace Dollar?
Being a high-value key date, the 1928 no-mint mark peace silver dollar is prone to forgery. This is usually done by removing the mint mark from the 1928-S silver dollar or changing the 3 in a 1923-S silver dollar to an 8. It helps to familiarize yourself with the texture, luster, and general appearance of genuine 1928 peace dollars to detect counterfeits. That said, one feature to pay attention to is the edge reeding. The reeding tends to be shallow and concave in counterfeits and may extend to the rim without the beveling seen on genuine peace dollars.
Where is the mint mark on the 1928 Peace Dollar?
The 1928 peace dollar struck in San Francisco is the only one with a mint mark. You can locate the mint mark S on the reverse above the tip of the eagle’s wing. The 1928 peace dollars struck in Philadelphia do not have a mint mark.
What makes a 1928 silver dollar rare?
The 1928 no-mint mark silver dollars are the rarest in the Peace Dollar series because of their low mintage. Many of these coins were hoarded as soon as they were released into circulation, and many more were held in Treasury and bank vaults. So, a circulated or well-worn 1928 no-mint mark silver dollar is rare; most examples are graded mint state. Due to their rarity, circulated 1928 no-mint mark silver dollars are quite valuable compared to other circulated silver dollars in the series.