What Not Online Auctions

HomeCoin ProfilesUS CoinsUnited States 1923 Peace Dollar

United States 1923 Peace Dollar

United States 1923 Peace Dollar

The 1923 Peace dollar is one of the most common issues in the series of dollar coins (1921-35) designed by Anthony de Francisci. Peace dollars bear an obverse image of a young Lady Liberty crowned with rays, strikingly resembling the Statue of Liberty in New York Harbor. First issued five years after the end of World War I, de Francisci’s youthful Liberty suggests a renewed hope for peace.

However, the design also held personal significance to the artist.

The designer’s wife, Teresa Cafarelli de Francisci, served as the model for the coin that numismatist Farran Zerbe and others famously dubbed a “peace coin” to honor the end of what was then called “The Great War”[1]. Born in Italy in 1898, Teresa de Francisci was in her early 20s when her medalist husband, also an Italian-born immigrant, enlisted her as his muse for the new silver dollar. The image of Liberty on the coin is not an exact likeness but rather a “composite” of facial features that “typified something of America”[2].

Anthony de Francisci, in choosing Teresa as a model, lovingly fulfilled a dream long held by his young wife. She recalled seeing the Statue of Liberty tower over the ship she and her family were on as they approached the shores of the United States from Italy; a young Cafarelli was heartbroken when she was passed over for the role of the American goddess during a patriotic school play. Her likeness as the basis for Miss Liberty on the beloved Peace dollar lives on decades after Teresa de Francisci passed away at the age of 92 on October 20, 1990 – 26 years to the day after her artist-engraver husband passed away at the age of 77[3].

While the last official Peace dollars were struck in 1935, the silver dollar remains highly popular today among both hobbyists and bullion investors. The 1923 Peace dollar is particularly well-traded due to its relatively inexpensive price in the circulated and lower uncirculated grades. With 30,800,000 pieces struck, the 1923 Peace dollar claims the second-highest mintage of the series and, despite mass melting over the years, remains plentiful in all circulated grades.



The obverse is dominated by a leftward-facing bust of a young Miss Liberty wearing a tiara of rays that unmistakably 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 1923. The motto IN GOD WE TRUST appears in a single line of text across the lower quarter of the obverse and spreads across that section of the field, with the words IN GOD WE appearing to the left of Miss Liberty and the word TRUST located behind her neck. Incidentally, the letter “U” in “TRUST” appears as a “V,” which de Francisci employed to represent a “V” for “Victory”[4]. Dots appear between the words IN GOD WE and are also seen on the rim side of the words IN and TRUST. The designer’s monogram, AF, appears below Liberty’s neck in the lower obverse field.


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 particular depiction of the eagle 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 top half of the reverse. The motto E PLURIBUS UNUM is located directly below in lettering 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 edge of the 1923 Peace dollar is reeded.


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

Country:  United States
Year Of Issue:  1923
Denomination:  One Dollar (USD)
Mint Mark:  None (Philadelphia Mint)
Mintage:  30,800,000
Alloy:  90% Silver, 10% Copper
Weight:  26.73 grams
Diameter:  38.10 mm
Edge Reeded
OBV Designer  Anthony de Francisci
REV Designer  Anthony de Francisci
Quality:  Business Strike

* * *


[1] Zerbe, Farran. “Commemorate peace with a coin for circulation.” The Numismatist Oct. 1920: 443-44. Print.

[2] LaMarre, Tom. “The Dollar Daze of 1921.” Coins Oct. 1999: 56–57. Print.

[3] Taxay, Don. The U.S. Mint and Coinage (Reprint Ed.) Arco Publishing, 1983. Print.

[4] https://www.pcgs.com/News/Why-Does-The-Peace-Dollar-Have-A-Ivi-In-The


CoinWeek IQ
CoinWeek IQ
With CoinWeek IQ, the editors and writers of CoinWeek dig deeper than the usual numismatic article. CoinWeek IQ provides collectors and numismatists with in-depth information, pedigree histories, and market analysis of U.S. coins and currency.

Related Articles


  1. I have a 1923 silver $1. Peace coin and I wanna know how much is it really worth? And if it is worth anything ,how much is it worth on selling ?

    • It’s difficult to value it without seeing its condition, I would recommend going to ebay and searching for the particular coin and then check out the sold listings to get an idea of the value. You can also compare the condition of yours to others that have sold. I hope this helps.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.