1928 Silver Dollar Value Checker: Errors List, “S” & No Mint Mark Worth

1928 Silver Dollar value ranges from $1.00 face value to $129,250. That record price was set by an MS66+ example sold at Legend Rare Coin Auctions in April 2023 — one of only two coins ever certified at that grade by PCGS, making it a true finest-known piece. To find out what yours might be worth, upload a photo of your coin below for a quick value range. You can also scroll down to check recent eBay sales and see what buyers are actually paying for this date right now

 

1928 Silver Dollar Value By Variety

Here’s how 1928 Silver Dollar value breaks down by mint mark and condition. If you already know your coin’s grade, jump to the Value Guides section for exact pricing.

Also Read: Top 30+ Most Valuable Peace Dollars Worth Money

 

Top 10 Most Valuable 1928 Silver Dollar Worth Money

The top slot belongs to a 1928 MS66+ that hammered at $129,250 — the all-time record for this date. It’s one of just two coins PCGS has ever graded that high, so the buyer was essentially paying for a coin that may never come up again.

The 1928-S dominates the rest of the list, showing up from MS63 all the way to MS66. That tells you everything about how tough this coin is in high grade. A 1928-S MS65+ brought $78,000, and even an MS64 error piece — the VAM 3 Doubled Motto — landed at $1,380. Weak strikes and heavy bag marks wiped out most gem-quality survivors, so anything MS65 or better is a serious find.

 

History of the 1928 Silver Dollar

The Peace Dollar debuted in 1921, replacing the Morgan Dollar as a symbol of recovery after World War I. Anthony de Francisci’s design — Liberty in a radiant crown, an eagle perched on a mountaintop — was meant to feel hopeful, not militaristic.

By 1928, the country was deep into the Roaring Twenties. Jazz, speculation, and easy money were everywhere. But this was actually the final year of the Peace Dollar’s first production run. The Pittman Act’s silver replacement requirements had been met, and the Mint saw no reason to keep striking them.

Here’s the fun detail: just one year later, the stock market crashed. So the 1928 Peace Dollar sits right at the edge of the cliff — the last silver dollar minted before the Depression hit. Production wouldn’t resume until 1934, and even then only briefly.

Also Read: Top 100 Rarest Silver Dollar Coins Worth Money (Most Expensive)

 

Is Your 1928 Silver Dollar Rare?

Here’s what trips people up: the 1928-S had a much bigger mintage, so you’d expect it to be the common one. And in lower grades, it is. But try finding one in MS65 with a sharp strike — good luck. The No Mint Mark coin is the key date of the entire Peace Dollar series by mintage, yet proportionally more of them survived because collectors recognized the low production early and stashed them away. The 1928-S? Most went straight into bags and got beat up.

The Coin Identifier and Value App makes it easy to check the rarity score of your 1928 Silver Dollar in seconds.

 

Key Features of the 1928 Silver Dollar

Knowing what to look for on your 1928 Silver Dollar helps you spot mint marks, identify varieties, and catch details that affect grade.

The Obverse of the 1928 Silver Dollar

Lady Liberty faces left, hair windswept, wearing a radiant tiara. “LIBERTY” runs along the upper rim. “IN GOD WE TRVST” is split across the lower field on either side of her neck.

Notice the “V” instead of “U” in TRVST — that’s intentional, a classical Latin styling the Mint used on the dies. The date 1928 sits below Liberty’s truncated neck. Look between the 2 and 8 for the designer’s initials “AF” — you’ll need a loupe to see them clearly.

The Reverse of the 1928 Silver Dollar

Flip it over and you’ll see a bald eagle at rest on a mountaintop, clutching an olive branch. Bold sun rays radiate behind it — the whole design screams “peace and new beginnings.”

“UNITED STATES OF AMERICA” arcs along the top, with “E PLURIBUS UNUM” just below. “ONE DOLLAR” and “PEACE” appear in the lower field. If you have a 1928-S, look beneath the word “ONE” for the small “S” mint mark.

Other Features of the 1928 Silver Dollar

The 1928 Silver Dollar weighs 26.73 grams and measures 38.1 mm in diameter. It’s 90% silver and 10% copper with a reeded edge. The Peace Dollar series was the last U.S. dollar coin struck for circulation at that silver composition.

Also Read: Top 100 Most Valuable Morgan Silver Dollar Coins Worth Money List

 

1928 Silver Dollar Mintage & Survival Data

The San Francisco Mint struck roughly four and a half times more coins than Philadelphia in 1928. You’d think that would make the S-mint the easy one to find. Not exactly.

Only about 7.81% of 1928-S coins survived, compared to 11.09% for the No Mint issue. Collectors spotted the Philadelphia coin’s low mintage right away and tucked examples into albums. The S-mint coins? Most went into Treasury bags and picked up contact marks.

In raw numbers, though, about 127,500 1928-S coins survive today versus roughly 40,000 No Mint pieces. That’s like comparing a small-town high school to a mid-size college — the S-mint is easier to find overall, but try finding one that actually grades well.

Also Read: Top 20+ Most Valuable Eisenhower Dollars Worth Money

 

The Easy Way to Know Your 1928 Silver Dollar Value

Three things drive what your 1928 Silver Dollar is worth: mint mark, condition, and errors. That’s it.

Check Liberty’s hair and cheek for wear on the obverse. On the reverse, look at the eagle’s breast and wing feathers. Full luster with no visible wear means Mint State territory.

Want a faster answer? The Coin Identifier and Value App lets you check your coin’s grade in seconds.

 

1928 Silver Dollar Value Guides

Two mints produced 1928 Silver Dollars. Knowing which one made yours is step one.

• 1928 No Mint Mark Silver Dollar — struck at the Philadelphia Mint, this is the key date of the entire Peace Dollar series.
• 1928-S Silver Dollar — struck at the San Francisco Mint, this issue is more accessible in lower grades but becomes notably scarce in Mint State.

Same design, very different stories when it comes to rarity and price.

 

1928 No Mint Mark Silver Dollar Value

Here’s something that surprises a lot of people: circulated 1928 No Mint Mark dollars are actually harder to find than uncirculated ones. Collectors recognized this coin’s tiny mintage immediately and pulled examples out of circulation. Most survivors today are Mint State.

That makes this the key date of the entire Peace Dollar series. Grades of MS60 to MS63 are available, but many of those coins have enough bag marks or weak spots that serious collectors push for MS64 or MS65 instead. I think the sweet spot for most buyers is MS64 — you get a nice coin without the five-figure price tag.

The top auction result? $129,250 for an MS66+ at a 2023 Legend Rare Coins auction. Even well-worn examples trade at a solid premium over melt.

Here are recent auction results across different grades.

The market activity chart below tracks collector interest in this key date over time.

 

1928-S Silver Dollar Value

Can you find a 1928-S Peace Dollar? Sure. Can you find a nice one? That’s a different question entirely. The San Francisco Mint used weak dies on this issue, and it shows — especially on the reverse eagle. Soft strikes are the norm, not the exception.

Most slabbed examples fall between MS60 and MS63. MS64 pieces are scarce. MS65 with a sharp strike? We’re talking top-pop territory for registry set collectors. This is one of those coins where the mintage numbers lie to you — plenty were made, but almost none survived in gem condition.

A 1928-S MS65+ brought $78,000 at Heritage Auctions in February 2022. That price tells you exactly how desperate collectors are for quality on this date.

Check out the auction records below for price data across grades.

This chart shows how collector attention has shifted month to month.

Also Read: 17 Rare Dollar Coin Errors List with Pictures (By Year)

 

Rare 1928 Silver Dollar Error List

A few documented errors exist on 1928 Peace Dollars. If you know what to look for, cherrypicking one of these from a raw coin lot can pay off nicely.

1. 1928-S Doubled Motto

This is the 1928-S VAM-3, and it’s a Top 50 Peace Dollar variety. The doubling shows on “IN GOD WE TRVST” — look at the lower right portion of the letters. You can also catch it on Liberty’s hair bun, the back of her neck, and the rear tiara rays.

The record sale is $1,380 for an MS64 at Heritage Auctions in January 2022. How strong the doubling looks and the coin’s overall condition are what drive the premium. A sharp example in a raw dealer box is a great cherrypick opportunity.

2. 1928 Struck-Through Error

Sometimes debris — a thread, a metal fragment, grease — gets caught between the die and the planchet during striking. The result is an impression pressed into the coin’s surface. On some 1928 dollars, you’ll find this on the spikes of Liberty’s tiara.

Location matters. A bold struck-through right on Liberty’s face will get attention at any coin show. A faint one near the rim? Not so much.

3. 1928 Lamination Error

Lamination errors happen when the planchet metal is contaminated, causing the surface to peel or flake. These can show up on either side of the coin and sometimes cut right across major design elements.

A tiny surface flake won’t add much value. A dramatic lamination peeling across Liberty’s face or the eagle? That’s the kind of thing error collectors chase.

 

Where to Sell Your 1928 Silver Dollar?

Thinking about selling your 1928 Silver Dollar? We’ve put together a complete guide covering the top platforms where collectors and dealers buy coins, including an honest breakdown of the pros and cons for each option.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1928 Silver Dollar Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1928 Silver Dollar

1. How much is a 1928 Silver Dollar worth?

It depends on the mint mark and grade. The 1928 No Mint Mark starts at $188 in Good and reaches $1,418 in Mint State. The 1928-S starts at $82 in Good and can climb to $3,932 in Mint State. Top-grade gems have sold for six figures at auction.

2. How do I know if my 1928 Silver Dollar is the Philadelphia or San Francisco issue?

Flip the coin over. No mint mark means Philadelphia. A small “S” above the eagle’s tail feathers means San Francisco. Grab a magnifying glass — the mint mark is tiny.

3. Why is the 1928 No Mint Mark Silver Dollar so valuable?

Lowest mintage in the entire Peace Dollar series. By a wide margin. Collectors knew it was scarce from day one, so even beat-up examples trade well above melt value.

4. Is the 1928-S Silver Dollar rare?

In lower grades, no — they’re around. But the San Francisco Mint used weak dies, and most coins picked up heavy bag marks. Finding a sharply struck gem in MS65 or above is genuinely tough. It’s a classic condition rarity.

5. What is the highest price ever paid for a 1928 Silver Dollar?

The auction record for the 1928 No Mint Mark is $129,250, achieved by an MS66+ example at a 2023 Legend Rare Coins auction. For the 1928-S, the record stands at $78,000 for an MS65+ sold at Heritage Auctions in February 2022.

6. How do I grade my 1928 Silver Dollar at home?

Focus on Liberty’s hair, cheek, and neck on the obverse. On the reverse, check the eagle’s breast, wing, and leg feathers. Full original luster with no wear visible under good light? That’s Mint State.

7. Are there counterfeit 1928 Silver Dollars I should watch out for?

Yes. A common trick is shaving the “S” mint mark off a 1928-S to fake the rarer Philadelphia coin. Look closely at the reverse field where the mint mark would sit — tooling marks or disturbed luster are red flags. Buy slabbed when you’re spending real money.

8. What errors exist on the 1928 Silver Dollar?

The big one is the 1928-S VAM-3 Doubled Motto — a Top 50 Peace Dollar variety with doubling on “IN GOD WE TRVST.” An MS64 sold for $1,380 at Heritage Auctions in 2022. Struck-through errors and lamination errors also exist but are less common.

9. Why do most 1928 Silver Dollars survive in uncirculated condition?

Collectors spotted the low mintage immediately and pulled coins out of circulation. That’s why uncirculated survivors actually outnumber heavily worn ones — a rare situation for any U.S. coin.

10. Is the 1928 Silver Dollar a good coin to collect or invest in?

I’d say yes. The No Mint Mark is a true key date with strong demand across all grades. The 1928-S appeals to specialists chasing condition rarities. Both have a solid collector base and consistent auction performance.