1926 Peace Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Philadelphia Mint struck almost two million Peace Dollars in 1926. Numerous examples of this date survive in Mint State, including many in Gem or better grades. The 1926 Peace Dollar typically lacks the bright luster and shimmering eye appeal of some of the finer 1922 and 1923 Peace Dollars and many of the Gem examples that we have reviewed have problems like rim hits, planchet voids, and other disturbances.

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Market Data and Noteworthy Specimens

In the January 1976 issue of The Numismatist, coin dealer John B. Love of the Record Coin Shop in Cut Bank, Montana, advertised that he was offering $350 for nice BU Rolls of this date.

In an August 1978 Numismatist ad, dealer George H. Ashley, Jr. of Capital City Coin Exchange in Richmond, Virginia, advertised GEM BU 1926 Peace Dollars for sale at $42 each.

The PCGS population of MS66+ coins has risen dramatically since the first two coins were certified at this level in 2012. When the first coins were graded MS66+, PCGS had certified none finder. Since then, the service has certified an additional 70 at MS66+ (many upgrading from MS66) and one coin at MS67. The MS67 sold twice in 2021: once for $46,125 at GreatCollections (then a record price) and four months later for an astonishing $120,000 at Heritage. Neither price is likely to be supported long-term, especially in the highly probable event that more MS67s will be made.

CAC has applied its sticker to several MS66+ coins, but its legacy stickering service did not differentiate between full grades and plus grades.

Top Population: PCGS MS67 (1, 7/2024), NGC MS67+ (1, 7/2024), and CAC MS66+ (0:2 stickered:graded, 7/2024).

• PCGS MS67 #43380733: As PCGS MS67 #4183999. GreatCollections, June 20, 2021, Lot 986172 – $46,125. Pop 1, none finer. As PCGS MS67 #43380733. “The James E. Blake Collection,” Heritage Auctions, October 7, 2021, Lot 3558 – $120,000. Regraded. Pop 1, none finer. Brilliant. Small copper spot to the left of L of LIBERTY. Circular die scratch along bust truncation. Tiny ticks in the field on the reverse.
• NGC MS67 #448234-010: “The Robert Moreno Registry Collection of Peace Dollars,” Heritage Auctions, April 7, 2006, Lot 1223 – $14,950.
• PCGS MS66+ CAC #49469526: Heritage Auctions, May 10, 2024, Lot 4893 – $7,200.
• PCGS MS66+ #09524032: Stack’s Bowers, March 28, 2024, Lot 7387 – $4,800. Frosty with pearl toning.
• PCGS MS66+ CAC #35779067: Stack’s Bowers, August 17, 2018, Lot 3666 – $12,000; Heritage Auctions, January 12, 2024, Lot 4739 – $8,700.
• PCGS MS66+ #39257484: Stack’s Bowers, June 19, 2020, Lot 1130 – $2,640; Stack’s Bowers, November 16, 2023, Lot 6355 – $3,360. Streaky yellow toning across Liberty’s face. Dark toning scattered at the rim below L. Deep rim hit hidden in hair. Dark spot to the left of the forehead.
• PCGS MS66+ CAC #36208279: Heritage Auctions, September 15, 2023, Lot 3443 – $5,280.
• PCGS MS66+ CAC #38156716: “The Schwenk Family #1 PCGS / CAC Peace Dollar Set,” Heritage Auctions, October 9, 2022, Lot 7188 – $10,200; Stack’s Bowers, March 21, 2023, Lot 3178 – $14,400.
• PCGS MS66+ CAC #25230775: “The Ward T. Miller, Jr. Collection”, Stack’s Bowers, March 2019, Lot 1120 – $8,400; “The Jlionel51 #8 Ranked PCGS Peace Dollar Set”, Heritage Auctions, July 20, 2023, Lot 3757 – $8,700.
• PCGS MS66+ #35923115: Heritage Auctions, January 26, 2022, Lot 27427 – $5,520. VAM-2. California on insert.
• PCGS MS66+ CAC #42822260: Stack’s Bowers, November 23, 2021, Lot 3195 – $5,040.
• PCGS MS66+ CAC #42930898: Stack’s Bowers, November 23, 2021, Lot 3194 – $5,760.
• PCGS MS66+ CAC #34519278: Legend Rare Coin Auctions, October 28, 2021, Lot 493 – $5,640.
• PCGS MS66+ CAC #41415971: “The JDC Collection,” Heritage Auctions, August 20, 2021, Lot 3999 – $6,900. JDC on insert. Another JDC MS66+ CAC coin was sold by GreatCollections on November 1, 2020.
• PCGS MS66+ CAC #39328379: Heritage Auctions, November 20, 2020, Lot 3682 – $4,087.20. Creamy with isolated splotches of light rust color. Long diagonal mark across neck. Small spot to the right of E of LIBERTY. Light disturbance on the chin.
• PCGS MS66+ CAC #38156716: Heritage Auctions, September 18, 2020, Lot 3254 – $5,460. Diagonal planchet void near the rim below the O of GOD. On the reverse, rim hit in the rays above A of DOLLAR.
• PCGS MS66+ CAC #38972659: GreatCollections, May 3, 2020, Lot 768239 – View; Stack’s Bowers, August 7, 2020, Lot 2890 – $3,960.
• PCGS MS66+ CAC #39264179: Stack’s Bowers, June 19, 2020, Lot 1129 – $5,280.
• PCGS MS66+ CAC #21338913: Legend Rare Coin Auctions, January 30, 2020, Lot 342 – $6,168.75; Heritage Auctions, September 18, 2020, Lot 3253 – $5,160. Flecks of rust toning from the top of the head to the rim to the right of R of LIBERTY. Cluster of tiny ticks between rays above E of ONE. Thin scratches on the mound below the eagle’s talon. Latte color.
• PCGS MS66+ CAC #38347556: Heritage Auctions, February 21, 2020, Lot 3885 – $3,960; GreatCollections, August 7, 2022, Lot 1186915 – View. Pale gold throughout with blue-green hue at Liberty’s face and hair.
• PCGS MS66+ CAC #37728060: As PCGS MS66+ CAC #35373861. Heritage Auctions, June 14, 2018, Lot 4078 – $10,200. As PCGS MS66+ CAC #37728060. Heritage Auctions, January 10, 2020, Lot 4937 – $6,660. Illinois Set on insert. Brilliant. Light rim hit in the left obverse field above IN GOD. Two small marks below IN GOD that nearly touch at a right angle. Rim hit to the immediate right of 6. Cluster of hidden marks on the eagle.
• PCGS MS66+ CAC #36068227: Legend Rare Coin Auctions, December 12, 2019, Lot 520 – $6,756.25; GreatCollections, February 9, 2020, Lot 795680 – View. Brilliant.
• PCGS MS66+ CAC #21647884: Stack’s Bowers, August 15, 2019, Lot 3198 – $7,200.
• PCGS MS66+ CAC #37460571: Heritage Auctions, June 6, 2019, Lot 3181 – $7,200. Diagonal mark above IN. Curved die scratch across the bust truncation. Reflective area above UNI. Pale golden toning.
• PCGS MS66+ #81872986: Stack’s Bowers, April 30, 2019, Lot 91280 – $4,800.
• PCGS MS66+ CAC #36211527: Stack’s Bowers, March 1, 2019, Lot 7478 – $8,400.
• PCGS MS66+ CAC #36208279: Stack’s Bowers, February 28, 2019, Lot 1121 – $6,600. Diagonal toning striations from the rim into the lower left obverse field. Rose toning along the lower obverse periphery. 
• PCGS MS66+ CAC #35823943: Heritage Auctions, November 8, 2018, Lot 3189 – $10,800.
• PCGS MS66+ CAC #81349160: Legend Rare Coin Auctions, August 8-17, 2016, Lot 91 – $13,000; “The Monterey Bay Collection,” Heritage Auctions, January 22, 2021, Lot 4378 – $5,040; Heritage Auctions, June 18, 2021, Lot 3604 – $5,640. Monterey Bay on insert. Slate and gold patina throughout.
• PCGS MS66+ #81630295: Heritage Auctions, October 3, 2016, Lot 3251 – $4,230. Crescent pale blue toning below bust truncation. Long diagonal streak above IN in left obverse field. Planchet disturbance between 1 and 9 of date.
• PCGS MS66+ CAC #25327287: Heritage Auctions, April 24, 2014, Lot 5106 – $10,575. Brilliant. VAM-3A.
• PCGS MS66+ CAC #25394421: Heritage Auctions, October 19, 2012, Lot 5115 – $7,050. Pop two when offered, likely second coin made.
• PCGS MS66+ CAC #25518528: Heritage Auctions, June 1, 2012, Lot 4487 – $5,750. Top pop, pop one when offered.

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Design

Obverse:

The obverse of the 1926 Peace Dollar is dominated by a leftward-facing bust of a young Miss Liberty wearing a tiara of rays that resembles the radiant crown upon the head of the Statue of Liberty. Most of Miss Liberty’s hair is contained within a bun at the back of her head, though several locks are seen hanging alongside her neck.

Arcing along the rim on the upper half of the obverse field is the inscription LIBERTY, and centered below the bust of Liberty near the bottom rim is the date 1926. The motto IN GOD WE TRUST appears in a single line of text across the lower quarter of the obverse and spreads across that field section, with the words IN GOD WE appearing to the left of Miss Liberty and the word TRUST located behind her neck. Dots appear between the words IN GOD WE and are also seen on the rim side of the words IN and TRUST. Sculptor Anthony de Francisci’s monogram AF appears below Liberty’s neck in the lower obverse field.

Reverse:

The depiction of an American bald eagle perched on a mountaintop anchors the reverse. Clutched in its claws is an olive branch symbolizing peace; notably not included in this eagle depiction is a band of arrows representing military strength, a symbol commonly seen in similar visages of the patriotic avian emblem. The rightward-facing eagle is seen at an angle partly turned away from the viewer and towards a sunrise, which symbolizes the promise of dawning peace in the world.

The bold rays in the image of the rising sun harmonize with the rays seen in Miss Liberty’s tiara on the coin’s obverse. The legend UNITED STATES oF AMERICA appears along the rim in the top half of the reverse. The motto E PLURIBUS UNUM is located directly below in lettering that is identical in size to the legend. The eagle’s beak breaks the bottom of the “S” in PLURIBUS and visually divides that word from UNUM; meanwhile, a dot punctuates the space between E and PLURIBUS.

The denomination ONE DOLLAR appears across the bottom third of the reverse in a single line of text, with the word ONE inscribed to the left of the eagle by its tail feathers and DOLLAR superimposed over the sun’s rays to the right of the eagle. PEACE is inscribed along the rim below the eagle, atop the rock on which the patriotic bird stands. The mint mark “S” is located beneath the word ONE near the tips of the eagle’s wings.

Edge:

The edge of the 1926 Peace Dollar is reeded.

Designer

Anthony de Francisci was born in Palermo, Sicily, in 1887 and emigrated to the United States in 1905. He began his career as a sculptor studying under such notable numismatic artists as James Earle Fraser, Hermon Atkins MacNeil, and Adolph Weinman. The Peace Dollar (1921-35) is his most famous creation, but he also produced several medals. He died in 1964.

Coin Specifications

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