1935 Silver Dollar Value Checker: Errors List, “S” & No Mint Mark Worth

The 1935 Peace Dollar holds a place that no other coin in the series can claim. It was the very last Peace Dollar ever struck for circulation, and also the final 90% silver dollar produced by the U.S. Mint before a 36-year pause in silver dollar production.

Two mints struck coins that year. Philadelphia produced the no mint mark version, while San Francisco contributed the “S” mint coin. Despite the San Francisco issue having a higher mintage, it consistently trades at a premium over the Philadelphia version in higher grades.

In terms of 1935 Silver Dollar value, the difference between the two becomes clear once condition improves. Both start around $82 in Good to Fine grades. But in Mint State, the Philadelphia coin averages around $728, while the 1935-S climbs to roughly $1,395.

Condition drives almost everything with this coin. The rest of this article walks you through what each grade means for value, which errors are worth hunting for, and how the two versions compare side by side.

 

1935 Silver Dollar Value By Variety

The 1935 Silver Dollar came from two mints, and the mint of origin matters more than most people expect. A coin with an “S” mintmark and a coin without one can look nearly identical in hand, yet carry very different price tags.

Here’s a quick look at where each variety stands today. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

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

 

Top 10 Most Valuable 1935 Silver Dollar Worth Money

Grade and variety both play a major role in what a 1935 Peace Dollar sells for at auction.

At the top of the market, the numbers can be striking. A 1935 Philadelphia graded MS67 set the auction record at $63,000, making it the single highest-valued coin from this year.

PCGS and NGC combined list only 28 submissions in MS67, with none graded finer, which explains why examples at that level are so rarely offered.

The 1935-S record sits at $39,656, achieved by an MS65 example. That’s a full two grades below the Philadelphia record-setter, yet the price remains substantial. It reflects just how difficult it is to find a 1935-S with strong eye appeal and clean surfaces in gem condition.

The 1935-S VAM 4 Doubled Reverse rounds out the picture. Its auction record reached $4,200 at MS66, and it holds an official spot on the Top 50 Peace Dollar VAM list. For a variety that most people walk right past, that’s a meaningful premium over a standard example.

Across the chart, the 1935-S appears more often than the Philadelphia issue in the upper tiers. That’s not because it’s rarer overall — it’s because finding one in truly exceptional condition is genuinely hard to do.

 

History Of The 1935 Silver Dollar

The Peace Dollar was first struck in 1921 to mark the end of World War I. Production ran from 1921 to 1928, then stopped once the legislative requirements that authorized it were fulfilled.

The coin returned to production with the passage of the Silver Purchase Act of 1934, which required the Mint to buy large quantities of domestic silver. That purchase obligation is the direct reason the 1935 dollar exists at all.

Mint officials gave consideration to striking 1936 silver dollars and even prepared working dies, but with no commercial demand for them, none was actually struck. The 1935 issue quietly closed the series without any formal announcement.

No silver dollar coins were struck by the Mint and issued into circulation after 1935. That gap would last until 1971.

At the time, few people recognized what the 1935 dollar represented. Bags of 1935-S dollars ended up sitting in government vaults for years, paid out later in the late 1940s and early 1950s, with the coins coming back only lightly circulated. The historical weight of the date wasn’t fully appreciated until long after the coins had already dispersed.

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

 

Is Your 1935 Silver Dollar Rare?

Rarity ratings can shift depending on grade and variety. The Coin Value Checker App breaks down exactly where your 1935 dollar sits on the scale, so you get a clearer picture before buying or selling.

 

Key Features Of The 1935 Silver Dollar

The 1935 Peace Dollar was designed by sculptor Anthony de Francisci and struck in low relief. Both the obverse and reverse carry intentional symbolism tied to the post-war era. Here is a closer look at what you will find on each side of the coin.

The Obverse Of The 1935 Silver Dollar

The obverse depicts the head and neck of the Goddess of Liberty in profile. She faces left, wearing a radiant crown of rays. De Francisci noted that the design was inspired in part by his wife Teresa, though the face was elongated and not intended as a direct portrait.

The word “LIBERTY” runs along the upper rim. “IN GOD WE TRVST” appears on either side of Liberty’s neck. Note the “V” in “TRVST” — this is not an error. It was an intentional stylistic choice carried throughout the Peace Dollar series. The date “1935” sits at the bottom of the obverse, with the designer’s initials “AF” just above it.

The Reverse Of The 1935 Silver Dollar

The reverse depicts a bald eagle at rest, holding an olive branch, with the legend “PEACE” inscribed at the base. The eagle stands on a rock, with rays of light rising behind it in the background.

The eagle is perched on a rock above what appears to be a rising sun. This imagery was deliberate. The scene was meant to represent a new beginning after years of war.

“UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” arc across the top of the reverse. The denomination “ONE DOLLAR” is split across the lower field, with “ONE” to the left of the eagle’s tail feathers and “DOLLAR” to the right. On the 1935-S, the mintmark “S” appears just below “ONE”, near the eagle’s tail.

Other Features Of The 1935 Silver Dollar

The coin weighs 26.730 grams, measures 38.10 mm in diameter, and has a reeded edge. Its composition is 90% silver and 10% copper, which gives it a silver content of 0.77344 troy ounces.

The 1935 dollar was struck in low relief, unlike the high-relief 1921 issue. This made the coins easier to stack and more practical for circulation. All Peace Dollars from 1922 onward, including the 1935, were produced in low relief.

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

 

1935 Silver Dollar Mintage & Survival Data

The Philadelphia issue had a mintage of 1,576,000, while the San Francisco issue came in slightly higher at 1,964,000. On the surface, that makes the 1935-S look like the more available coin. The survival data, however, points the other way.

An estimated 140,000 Philadelphia coins survive today, giving it a survival rate of around 8.88%. The 1935-S has an estimated survival of 100,000 pieces, at roughly 5.09%. Despite having a higher original mintage, the San Francisco issue has fewer coins remaining — a gap that becomes especially relevant when searching for higher-grade examples.

Bags of 1935-S dollars sat in government vaults for years and were paid out in the late 1940s and early 1950s, at which point the coins came back only lightly circulated. They were not carefully set aside when first released, and that lack of early preservation contributed to a thinner supply of quality survivors.

The low survival rates across both varieties are a reminder that mintage figures alone do not capture how scarce a coin has become over ninety years.

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

 

The Easy Way to Know Your 1935 Silver Dollar Value

Two things matter most when sizing up a 1935 Silver Dollar: the mint mark and the condition. Flip the coin to the reverse and check just below the word “ONE” near the eagle’s tail. An “S” means San Francisco; no mark means Philadelphia.

From there, look at the coin’s surfaces under good lighting. Check Liberty’s hair detail and the eagle’s feathers — these are the first areas to show wear, and their sharpness separates a circulated coin from an uncirculated one.

Once you have a rough sense of condition and variety, the Coin Value Checker App can take it further with an AI photo scan that cross-references your coin against current market data.

 

1935 Silver Dollar Value Guides

The 1935 Peace Dollar came from two mints, and each variety has its own value profile. Mint mark, grade, and surface quality all factor into what a coin is actually worth.

The Philadelphia coin is more available in higher circulated grades, while the San Francisco issue trades at a premium in Mint State despite its larger original mintage. Both are the final-year issues of the entire Peace Dollar series, which gives them lasting collector appeal beyond just silver content.

• 1935 No Mint Mark Silver Dollar — Philadelphia issue; more accessible in gem grades
• 1935-S Silver Dollar — San Francisco issue; scarcer in top condition, commands higher Mint State premiums

Grade is what separates a common example from a valuable one. A well-struck, original-surface coin in Mint State can be worth many times more than a circulated piece of the same variety.

 

1935 No Mint Mark Silver Dollar Value

The Philadelphia issue is one of the more accessible Peace Dollars in Mint State. Luster and strike quality on the 1935 Philadelphia coin are notably strong, and examples are affordable across most grades up through the gem level.

That accessibility has a ceiling, though. MS66 examples are scarce, and anything finer is a condition rarity. PCGS and NGC combined list only around 28 submissions in MS67, with none graded finer. Some MS65 examples show slight softness in Liberty’s hair detail and the eagle’s feathers, so surface quality and strike sharpness matter when selecting a gem-level coin.

The auction record for this issue was set at $63,000 by a PCGS MS67 example at Heritage Auctions in February 2021. A Heritage listing from late 2021 noted that an earlier MS67 from the Blake Collection had realized $49,200 — showing how consistently top-grade examples of this date perform.

For anyone building a type set or a complete Peace Dollar run, the 1935 Philadelphia is a practical entry point in lower Mint State grades. But if you are aiming for gem or better, be selective. The jump from MS65 to MS66 represents a real scarcity threshold on this coin.

Top-grade examples of this coin have a strong track record at major auctions, with MS67-level pieces reaching five figures and even the finest known pushing well past $60,000.

The chart below shows market trends helping collectors identify optimal timing for acquisitions or sales.

 

1935-S Silver Dollar Value

The 1935-S presents a different challenge. This coin has known issues with bag marks, and striking consistency is a recurring problem. Most examples in the market are perfectly collectible, but finding a well-struck piece with clean surfaces takes more effort than the mintage figures would suggest.

MS66 is very scarce and MS67 is extremely rare for the 1935-S — a pattern that pushes premiums sharply upward once the grade climbs past MS65. A wholesale bid for an MS65 example sits around $1,800, while MS66-level coins have sold in the $3,000–$10,800 range at major auctions depending on eye appeal and variety.

The variety factor matters here too. The 1935-S is the only Peace Dollar with a documented four-ray reverse, and CAC-approved examples consistently draw stronger results than uncertified pieces at the same grade.

The overall auction record stands at $39,656 for an MS65 example sold at Heritage Auctions in 2013 — a notable result for a coin that grades below the finest known. It reflects how tightly the market values clean, well-struck survivors of this date in any strong grade.

The 1935-S has seen notable results across a wide range of grades at auction, with well-struck gem examples regularly drawing strong premiums over standard market estimates.

Displayed here is a snapshot of market activity that highlights the popularity and activity level of the issue.

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

 

Rare 1935 Silver Dollar Error List

Error coins from the 1935 Peace Dollar series are not common, but they do exist. Most turn up unattributed in dealer inventories or old collections, which means patient collectors can still find them at prices that do not reflect their true value.

1. 1935-S VAM 4 Doubled Reverse Error

The VAM 4 is the most significant documented variety for the 1935 Silver Dollar. It appears exclusively on the 1935-S and carries an official listing on the Top 50 Peace Dollar VAM list.

The doubling on this coin originates from the die-making process. When the working die was hubbed, a slight misalignment between strikes caused certain reverse design elements to appear doubled. The effect is visible on the lower reverse, particularly around the eagle’s branch and surrounding lettering.

To identify it, you need a loupe and some patience. Look for a faint shadow or secondary image running alongside the primary design on the lower reverse. The doubling is raised, not flat — that distinction matters when separating a true hub doubled die from common machine doubling, which has no collector value.

The certified population at PCGS sits at just four examples in MS65, with two graded finer. The auction record stands at $4,200 for an MS66 example sold at David Lawrence Rare Coins on December 26, 2016.

Attribution on the holder is required to realize the full premium at auction — unattributed examples routinely sell at standard 1935-S prices.

2. 1935 Silver Dollar Lamination Error

A lamination error is a planchet defect, not a striking mistake. It happens before the coin is ever struck.

During the preparation of the metal strip, contaminants such as gas, dirt, or trapped oxides create weak spots within the alloy. These weak areas may flake, peel, or split because adhesion is poor. The result on a finished coin is a surface that shows peeling, cracking, or missing layers — sometimes with a flap of metal still attached.

On the 1935 Peace Dollar, lamination errors tend to appear on the obverse fields or across Liberty’s portrait. A retained lamination — where the flap is still attached — is generally more desirable than a detached one, since it provides a clearer record of what happened.

Minor laminations typically trade for $100–$150, while major or dramatic examples with large peeling sections can reach $400–$850 depending on visual severity. The size, placement, and whether the flap is retained all affect where a specific coin lands in that range.

3. 1935 Silver Dollar Clipped Planchet Error

This error happens at the very beginning of the coin-making process, before any design is applied.

When the cutting punch overlaps a hole where a blank was previously removed, the resulting planchet will be missing a curved or straight section along the rim. The coin goes on to be struck normally, but it comes out with a permanent notch or crescent shape missing from its edge.

On a 1935 Peace Dollar, look for a smooth concave area along the rim where the metal is simply absent. The surrounding surfaces should show the same wear and patina as the rest of the coin — that consistency helps distinguish a genuine mint error from post-mint damage, which often looks rougher or shows tool marks.

A coin can sometimes have more than one clip if the punch struck an area that overlapped multiple previous holes. Multiple clips on a single coin are rarer and generally more sought after. Values for clipped planchet Peace Dollars range from a few hundred dollars for minor examples to higher premiums for dramatic, clearly defined clips on higher-grade pieces.

4. 1935 Silver Dollar Broadstrike Error

A broadstrike occurs when the retaining collar — the ring that holds the planchet in place during striking — fails to engage properly.

The collar prevents the metal of the blank from flowing outside the confines of the die. Without it, the metal spreads outward freely during the strike. The coin ends up wider than its normal 38.1mm diameter, with a plain smooth edge instead of the standard reeding.

The design on a broadstruck 1935 Peace Dollar is still centered, which is what separates it from an off-center strike. Both sides show the full design, but the coin looks slightly flattened and expanded. Running a fingernail along the edge will confirm the absence of reeds.

A centered broadstrike in AU or Mint State condition typically sells for $350–$500, with exceptional specimens reaching higher at auction. On a large silver dollar, the visual impact of a broadstrike is more dramatic than on smaller denominations, which tends to attract stronger collector interest.

5. 1935 Silver Dollar Off-Center Strike Error

Off-center strikes on Peace Dollars are among the rarest mechanical errors in U.S. silver coinage.

The sheer mass of the silver dollar planchet makes off-center strikes mechanically difficult to produce without jamming the press — which accounts for their extreme rarity compared to smaller denominations. When one does occur, the planchet was not seated properly within the collar before the dies came down, leaving a blank crescent of unstruck metal on one side while the design is pushed toward the opposite edge.

Value depends heavily on two factors: how far off-center the coin is, and whether the date is still visible. A coin struck 10–15% off-center is already considered rare for this series. More dramatic examples — 25% or beyond — are genuinely exceptional and command significant premiums.

Coins that show the full date despite the misalignment are more desirable to collectors than those where the date has been pushed off the planchet entirely. Circulated off-center examples on Peace Dollars start at around $3,000, with more dramatic strikes reaching well into five figures at major auctions.

 

Where To Sell Your 1935 Silver Dollar?

After identifying varieties and understanding market values, selecting an appropriate selling venue becomes the crucial next step. Multiple platforms serve collectors and dealers, each presenting unique advantages depending on your specific circumstances.

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

 

1935 Silver Dollar Market Trend

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

 

FAQ About The 1935 Silver Dollar

1. How much is a 1935 Silver Dollar worth?

It depends on which mint produced it and what condition it’s in. Both the Philadelphia and San Francisco versions start around $82 in Good to Fine grades.

In Mint State, the gap widens considerably. The Philadelphia coin averages around $728, while the 1935-S climbs to roughly $1,395 in MS grades. Top examples of the Philadelphia issue have sold for as much as $63,000 at auction in MS67.

2. How do I find the mint mark on a 1935 Silver Dollar?

Flip the coin to the reverse side and look just below the word “ONE”, near the eagle’s tail feathers. An “S” means San Francisco. If there is no letter, the coin came from the Philadelphia Mint.

No Denver-minted 1935 Peace Dollar exists. If someone shows you a 1935 Peace Dollar with a “D” mintmark, treat it with serious caution.

3. Is the 1935-S Silver Dollar worth more than the no mint mark version?

Yes, in most cases above the circulated grades. Both versions trade at similar prices in Good and Fine condition, around $82 each.

The difference becomes meaningful in AU and Mint State grades. The 1935-S reaches around $145 in AU compared to $88 for the Philadelphia coin, and about $1,395 versus $728 in MS. The 1935-S survival rate of roughly 5.09% is lower than the Philadelphia’s 8.88%, which contributes to stronger premiums at higher grades.

4. What does “TRVST” mean on my 1935 Silver Dollar — is it an error?

No. The spelling “TRVST” in the motto “IN GOD WE TRVST” is intentional. It reflects the Latin practice of using “V” in place of “U”, a stylistic choice applied consistently across the entire Peace Dollar series from 1921 to 1935.

It appears on every Peace Dollar ever struck and carries no premium. It is one of the most commonly misidentified features on this coin, so it is worth knowing upfront.

5. What is the rarest error on a 1935 Silver Dollar?

The most significant documented variety is the 1935-S VAM 4 Doubled Reverse, which holds an official spot on the Top 50 Peace Dollar VAM list. It appears exclusively on the San Francisco issue.

The doubling is visible on the lower reverse, around the eagle’s branch and surrounding lettering. PCGS has certified only four examples at MS65, with two graded finer. The auction record for this variety stands at $4,200 for an MS66 example sold at David Lawrence Rare Coins on December 26, 2016.

6. How do I know if my 1935 Silver Dollar has been cleaned?

Cleaned coins typically show an unnatural brightness or a slightly grey, dull appearance rather than the warm, original luster of an untouched coin. Under a loupe, look for fine hairline scratches across the coin’s fields — these are left by polishing and are a reliable sign of cleaning.

Professional graders at PCGS and NGC flag cleaned coins permanently on the certification label, which significantly reduces resale value. A cleaned coin can lose 50% or more of its market value compared to a problem-free example in the same grade.

7. How many 1935 Silver Dollars survive today?

Estimates put the surviving Philadelphia issue at around 140,000 coins, representing a survival rate of about 8.88% of its original figures. The 1935-S has an estimated 100,000 survivors, a survival rate of roughly 5.09%.

Despite the San Francisco issue having a higher original figure, it has fewer coins remaining today. Bags of 1935-S dollars sat unnoticed in government vaults for years before being paid out in the late 1940s and early 1950s, and many returned lightly circulated without having been carefully preserved.

8. What grade should I look for when buying a 1935 Silver Dollar?

For the Philadelphia issue, MS63 and MS64 examples offer good value and are relatively easy to find. MS65 is accessible but worth being selective about — some examples show slight softness in Liberty’s hair and the eagle’s feathers.

MS66 is where true scarcity begins on this date. For the 1935-S, the same general principle applies, but the 1935-S is notably harder to find with a sharp strike and clean surfaces at any Mint State level. A wholesale bid for a 1935-S MS65 sits around $1,800, reflecting stronger demand relative to the Philadelphia coin at the same grade.

9. What is the 1935 Silver Dollar made of?

The 1935 Peace Dollar is composed of 90% silver and 10% copper. It weighs 26.730 grams and measures 38.10 mm in diameter, with a reeded edge.

The coin contains 0.77344 troy ounces of pure silver, which sets a base melt value regardless of its numismatic condition. Even a heavily worn example retains value tied to its silver content, though collector-grade pieces trade well above that floor.

10. Why did Peace Dollar production stop after 1935?

The 1935 issue was struck to fulfill the purchasing obligations of the Silver Purchase Act of 1934, which required the Mint to convert newly acquired domestic silver into coins. Once those obligations were met, there was no commercial demand to justify continuing.

Mint officials did prepare working dies for a potential 1936 issue, but none were ever struck. With no legislation requiring further production and no public demand for silver dollars at the time, the master dies were ordered destroyed in January 1937 — and the 1935 coin quietly became the last 90% silver dollar struck for U.S. circulation for 36 years.