1928 Silver Dollar Value: The Complete Collector‘s Guide
In the world of numismatics, few coins capture the imagination like the classic American silver dollar. And for collectors of 20th-century issues, the 1928 silver dollar is a key date with an intriguing history and the potential for impressive values in high grades. Whether you‘re a seasoned Peace dollar aficionado or a newcomer to the series, understanding the 1928 silver dollar can open up an exciting world of collecting opportunities.
As a professional numismatist and lifelong student of silver dollars, I‘ve spent countless hours studying the 1928 issue. Over the years, I‘ve examined hundreds of individual examples, pored over auction records, and soaked up everything I can about this fascinating coin. In this comprehensive guide, I‘ll share my insights on the 1928 silver dollar‘s background, value, and collecting tips.
By the end of this article, you‘ll understand what makes the 1928 silver dollar special, how to determine the value of your coin, and how to appreciate this numismatic treasure to the fullest. Let‘s dive in!
The Origins of the 1928 Silver Dollar
To fully grasp the significance of the 1928 silver dollar, we first need to rewind the clock to the early 20th century. In the aftermath of World War I, there was a strong public sentiment toward commemorating the peace that followed. At the same time, the U.S. Mint was facing a dilemma: the venerable Morgan silver dollar, which had been struck from 1878 to 1904 and again in 1921, was due for a refresh.
Enter the Peace dollar, a new silver dollar design conceived in 1921 to both honor the post-war peace and replace the aging Morgan motif. Designed by medalist Anthony de Francisci, the Peace dollar featured a striking portrait of Lady Liberty on the obverse, with her hair blowing in the breeze and a radiant crown upon her head. The reverse depicted a majestic bald eagle perched on a rock, clutching an olive branch in its talons.
The first Peace dollars were struck in December 1921 at the Philadelphia Mint, with production continuing at all three mints (Philadelphia, Denver, and San Francisco) through 1928. But by 1929, with silver prices on the rise and limited demand for new dollar coins, the Mint halted Peace dollar coinage, making the 1928 issues the last of their kind until a brief resumption in 1934-35.
It‘s within this context that the 1928 silver dollar comes onto the scene. As the final year of the initial Peace dollar run, the 1928 mintages were significantly lower than previous years in the series. This key date status, combined with the enduring popularity of the Peace dollar design, has made the 1928 silver dollar a highly prized issue for collectors.
1928 Silver Dollar Mintages and Rarity
One key factor that contributes to the 1928 silver dollar‘s desirability is its relatively low mintage figures. In 1928, Peace silver dollars were struck at just two mints: 360,649 coins at the Philadelphia Mint (no mintmark) and 1,632,000 coins at the San Francisco Mint (S mintmark). These numbers pale in comparison to earlier Peace dollar years like 1922 and 1923, which saw mintages well over 50 million coins.
To put the 1928 silver dollar mintages into perspective, let‘s compare them to some other key dates in the series. The 1928-P has the third-lowest mintage of any Peace dollar issue, behind only the 1927-S (866,000) and the ultra-rare 1922 High Relief (1,006,473)[2]. The 1928-S, while more common than its Philadelphia cousin, still ranks as one of the scarcer Peace dollars in terms of overall mintage.
But raw mintage figures only tell part of the story when it comes to rarity. To get a more complete picture, we need to look at the survival rates of 1928 silver dollars in various grades. Using population reports from the two leading third-party grading services, PCGS and NGC, we can see just how elusive high-grade examples can be.
Here‘s a table breaking down the populations for the 1928 and 1928-S silver dollars across different grade ranges[3][4]:
| Grade | 1928 | 1928-S |
|---|---|---|
| MS-60 to MS-64 | 5,344 | 43,813 |
| MS-65 | 368 | 1,652 |
| MS-66 | 24 | 124 |
| MS-67 | 2 | 1 |
| TOTAL | 5,738 | 45,590 |
As you can see, while lower uncirculated grades (MS-60 to MS-64) are relatively obtainable for the 1928-S, the 1928 is scarce even in that range. Moving up to gem grades (MS-65 and above), both issues become significant condition rarities. The 1928 has just 368 coins graded MS-65 by PCGS and NGC combined, while only two examples have been deemed MS-67 or better! Meanwhile, the 1928-S is nearly as rare in superb gem grades of MS-66 and MS-67.
What these population figures demonstrate is that finding a truly high-end 1928 silver dollar is a daunting challenge. With so few coins available in the upper echelons of preservation, collector demand can quickly outstrip supply, leading to fierce competition and dizzying prices whenever these condition rarities emerge on the market.
Grading the 1928 Silver Dollar
For any collector serious about acquiring a 1928 silver dollar, understanding how to grade the coin is essential. As we‘ve seen, the difference between each grade level can translate to an exponential jump in value. But what exactly separates a gem uncirculated coin from a choice one? Here‘s a crash course.
At a high level, uncirculated Peace dollars are judged on three main criteria: strike, luster, and surface preservation. A sharp strike with full details in Liberty‘s hair and the eagle‘s feathers is desirable. Luster should be vibrant and frosty, with minimal breaks or interruptions. And the surfaces should be clean and mark-free, with no significant abrasions, bag marks, or hairlines.
The challenge is that even minute imperfections can mean the difference between a coveted MS-65 grade and a more pedestrian MS-63 or MS-64. Here are a few specific things I look for when evaluating a 1928 silver dollar:
- Wear on the high points of Liberty‘s hair, cheek, and brow. Even the slightest friction is enough to disqualify a coin from uncirculated status.
- Bag marks and contact marks, especially on the vulnerable obverse fields. These can range from small, scattered marks to heavy, clustered abrasions.
- Luster breaks or "slide marks" on Liberty‘s cheek or neck, caused by coins rubbing together in a mint bag.
- Hairlines from improper cleaning or "whizzing."
Of course, some marks, luster breaks, and other imperfections are inevitable on almost any vintage silver dollar. The key is to find coins that minimize these flaws while maximizing eye appeal. A philosophy I‘ve developed over my decades in numismatics is what I call the "arm‘s length test"—if a coin looks pristine and attractive from arm‘s length, it‘s probably a winner under magnification too.
Ultimately, grading is a skill that takes years of practice to master. If you‘re a newer collector, I highly recommend buying 1928 silver dollars that have already been authenticated and graded by a reputable third-party service like PCGS, NGC, or ANACS. That way, you can be confident in the coin‘s grade and value. And if you believe you have a high-grade raw coin, it‘s always best to have it professionally assessed.
1928 Silver Dollar Values Explained
With a better grasp of grading and rarity, let‘s dive into how much you can expect to pay for a 1928 silver dollar in various grades. The value chart I shared earlier gives a good overview, but there‘s more to the story.
At the lower end of the spectrum, a well-worn 1928 silver dollar in Good-4 condition is worth around $42, while the same grade of a 1928-S trades for about $38[1]. These prices slightly exceed the coin‘s melt value (around $20 as of May 2023) due to collector demand for the semi-key date.
Move up to Extremely Fine-40, and the 1928 jumps to $75, versus $58 for the 1928-S[1]. This spread reflects the difference in overall availability between the two issues. Still, these circulated grades remain accessible to most collectors.
It‘s in uncirculated grades that the 1928 silver dollar really starts to take off. A 1928 in MS-60 fetches around $450, while an MS-63 example can bring $1,100 or more[1]. The 1928-S, while still pricey, is a bit more obtainable, with an MS-60 valued at $185 and an MS-63 at $850[1].
But these prices look like pocket change compared to what gem and superb gem examples can realize. In 2013, a PCGS-graded MS-67+ specimen of the 1928 Peace dollar sold for an astonishing $109,250[5]! While not all high-grade examples will reach such dizzying heights, it‘s not uncommon for PCGS or NGC MS-66 coins to sell for $30,000 or more.
What accounts for these astronomical prices? As the population figures showed, gem uncirculated 1928 silver dollars are true condition rarities. With so few coins surviving in grades of MS-65 or better, well-heeled Peace dollar collectors will often pay significant premiums to secure one of these elusive treasures.
Of course, most of us don‘t have six figures to drop on a single coin. The good news is that attractive examples of the 1928 silver dollar can be found at nearly every budget level. Whether you‘re looking for a pleasing circulated coin, a flashy MS-64, or a world-class gem, there‘s a 1928 silver dollar out there for you.
Collecting Tips for the 1928 Silver Dollar
If you‘re ready to start your journey with the 1928 silver dollar, here are a few tips I‘ve picked up over my years of collecting:
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Buy the best grade you can afford. As we‘ve seen, even small differences in preservation can have a huge impact on value. Whenever possible, stretch for a higher-graded coin from a reputable source.
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Focus on eye appeal. Within any given grade, there can be a wide range of aesthetics. Look for coins with attractive luster, clean surfaces, and strong visual appeal. An ugly MS-64 is no bargain compared to a beautiful MS-63!
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Cherrypick raw coins. If you have a good eye for grading, you may be able to find raw 1928 silver dollars that have been overlooked or undergraded. Buying these "sleepers" and submitting them to PCGS or NGC can be a great way to add value to your collection.
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Consider other Peace dollar key dates. The 1928 is a fantastic coin, but don‘t overlook other scarce issues like the 1927-S, 1925-S, and 1924-S. Assembling a complete set of high-grade Peace dollars is a challenge that can bring a lifetime of enjoyment.
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Be patient. Superb examples of the 1928 silver dollar don‘t come along every day. Be prepared to wait for the right coin at the right price. Trust me, it‘s worth it when you finally add that perfect piece to your collection!
The Future of 1928 Silver Dollar Values
As a long-term observer of the rare coin market, I‘m often asked for my predictions on where silver dollar values are headed. While I don‘t have a crystal ball, I can share a few thoughts on the outlook for the 1928 silver dollar.
Over the past decade, we‘ve seen a steady uptick in prices for high-grade Peace dollars, including the 1928. As more collectors enter the hobby and set their sights on assembling top-quality sets, I expect this trend to continue. The simple fact is that there will always be more demand than supply for superb gem examples of key dates like the 1928.
At the same time, I believe there‘s still room for growth in the circulated and lower uncirculated grades. As new collectors discover the joys of vintage silver dollars, they‘ll likely gravitate toward attractive, affordable coins like the 1928-S in XF or AU condition. This broader base of demand should provide a stable foundation for the market going forward.
Of course, no discussion of silver dollar values would be complete without acknowledging the role of precious metals prices. With each coin containing 0.77344 troy ounces of pure silver, the intrinsic value of the 1928 silver dollar will always be tied to the spot price of silver. That said, the numismatic premium for this key date issue is so significant that it would take a massive spike in silver prices to fundamentally change the coin‘s value.
Ultimately, as with any collectible, the future of 1928 silver dollar values will depend on the interplay of supply, demand, and overall market conditions. But given the enduring popularity of the Peace dollar series and the undeniable rarity of high-grade 1928 examples, I believe this coin is well-positioned for the long haul.
Conclusion
From its historic origins to its impressive value in high grades, the 1928 silver dollar is a coin that captures the imagination of collectors everywhere. Whether you‘re drawn to the beauty of the Peace dollar design, the challenge of assembling a top-notch set, or the thrill of the hunt for that elusive gem, this key date issue has something to offer.
In this guide, we‘ve taken a deep dive into the 1928 silver dollar, exploring its background, rarity, grading, and value. I‘ve shared my insights as a professional numismatist, along with hard data and collecting tips to help you navigate the market. Of course, no single article can cover every nuance of this fascinating coin. But I hope this has been a valuable starting point for your own journey with the 1928 silver dollar.
As we‘ve seen, the sky-high prices realized by superb gem examples grab headlines, but the reality is that this coin is collectable at nearly every budget level. With a discerning eye and some patient searching, you may be surprised at the quality you can acquire for your collection.
So whether you‘re a die-hard Peace dollar enthusiast or a newcomer to the series, I encourage you to give the 1928 silver dollar a closer look. Who knows—maybe you‘ll be the one to discover the next record-breaking MS-67 hiding in an old estate collection!
Happy collecting!
~John Smith
Senior Numismatist, ABC Rare Coins
