1928 Silver Dollar Value Guide

The 1928 Silver Dollar Value

The 1928 silver dollars minted in Philadelphia are by far the most valuable version across the grades. 

However, those from San Francisco are more valuable in the upper mint-state grades. A 1928-S silver dollar graded at MS 66 is worth more than double compared to a Philadelphia-minted silver dollar of the same grade.

An N/A for a value below indicates no publicly known examples of that version of the 1928 silver dollar with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1928 silver dollar’s melt value is approximately $19. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1928 Silver Dollar	1928-S Silver Dollar
Good – G	$223	$35
Very Good – VG	$235	$40
Fine – F	$252	$44
Very Fine – VF	$275	$56
Extra Fine – XF	$316	$80
About Uncirculated – AU	$345-$482	$102-$220
Mint State – MS	$522-$31,000 (66)	$232-$69,000 (66)

What Makes A 1928 Silver Dollar Valuable?

Grading, rarity, mint marks, and die varieties can make 1928 silver dollars valuable. 

Let’s start with grading.

Grading

The 1928 silver dollars from the Philadelphia and San Francisco Mints are often weakly struck.^2-4 This is especially evident in the middle of the coin and on the reverse side.

Therefore, higher mint-state grades that are well-struck are worth a premium. They can reach thousands and tens of thousands of dollars.

Due to its rarity, even the lowest “good” grade of the Philadelphia-minted 1928 silver dollar is worth over $223. 

Rarity

The Mint minted 1928 silver dollars approximately 1,992,649 times across all of its versions. Please see the following list for the breakdown for each version:

• 1928: 360,649 minted in Philadelphia^1-2
• 1928-S: 1,632,000 minted in San Francisco^3-4

This is the lowest mintage from the Philadelphia Mint for the entire peace dollar series.^1-2 This makes it a rare coin.

Despite the larger mintage from the San Francisco Mint, upper mint-state grades of the 1928-S silver dollar are 3 times more rare than the Philadelphia ones.⁴

Mint Marks

The U.S. Mint minted 1928 silver dollars in 2 locations:

• Philadelphia: coins from this mint do not have a mint mark^1-2
• San Francisco: these coins have an “S” mint mark^3-4

The 1928 silver dollars without a mint mark are the most valuable across the grades until the upper mint-state range. Coins with an “S” mint mark are the most valuable in the high mint-state grades.

Strike Types

There are only circulation strikes for the 1928 silver dollar.^6-7 So, this doesn’t increase or decrease the coin’s value.

Design Variations

There are no design variations of this dollar.

Special Designations

No special designations exist for this coin (such as prooflike or deep (mirror) prooflike).

Error Coins 

Errors, or mint errors, can often increase the value of a coin. These errors can make some interesting and unique coins. In fact, many people focus on collecting error coins.

Some known errors for the 1928 silver dollar are struck-through errors and lamination errors.^8-9 

Depending on the severity of the errors, they can increase the coin’s value. However, if the error is only slight, it might not add that much value to your coin.   

If a coin is struck through a distinct object and the impression is pronounced, or in a prominent focal point, it is likely to increase in value. 

Lamination errors do not tend to raise the value, aside from when a lot of the coin’s design is laminated and flaked off. 

Die Varieties

A die variety refers to a die or die pairing (the combination of an obverse and reverse die) that gives the coins it strikes distinct characteristics. These are not part of the original design.

Collecting die varieties is popular with many numismatists. These die varieties often increase the value of the coin.  

VAMS are popular die varieties. Leroy Van Allen and A. George Mallis (the acronym is taken from the initials of their last names) created the list. This list is related specifically to Morgan and peace dollars. 

Here are some examples of VAM varieties for the 1928 silver dollar:

• 1928 VAM-2: this has doubled tiara rays, and part of “Liberty” is, too¹⁰
• 1928-S VAM-3A: this variety shows a doubled motto and die file lines¹¹

Composition

The 1928 silver dollar is 90% silver. The current melt value is $19, but this depends on the fluctuating market. 

We advise against melting your coin because it will be worth more when selling it. 

How Do You Know If You Have A Valuable 1928 Silver Dollar?

The best way to know if you have a valuable coin and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Be selective when choosing your 1928 silver dollar, particularly those minted in San Francisco. 

Because many were weakly struck, you want to look for ones with sharp strikes and clear details. Also, look for ones with little marks or scratches, as these will be graded higher.

You will really see value in the grades of MS 65 and MS 66. These range from $18,000 to $69,000 for coins from the San Francisco Mint and $4,100 to $31,000 for Philadelphia-minted dollars. 

However, any grade of the Philadelphia-minted 1928 silver dollars is valuable.

Mint Marks

To find the mint mark on your coin, look at its reverse side.

You’ll find it just above the eagle’s tail and below “One.”

You will see an “S” mint mark for San Francisco. This is the most valuable version at the upper mint-state grades.

If your coin has no mint mark, it came from the Philadelphia Mint. This is the most valuable version across the grades.

Strike Types

There are only circulation strikes of the 1928 silver dollar, so you don’t have to look out for anything in particular. 

Just be sure to select a well-struck coin, as it will be more valuable. 

Design Variations

There are no design variations of this coin.

Special Designations

There are no special designations for this dollar coin.

Error Coins

When a struck-through error occurs, an item accidentally comes between the die and the planchet, leaving an impression on the coin that is not supposed to be there.

So, when looking for this error, make sure to check both sides of your coin for evidence. It could be in the form of lines, marks, or grooves. For example, if it was struck through a wire, a clear groove of the wire would be left on the coin. 

Lamination is due to problems with the metal, usually the result of contaminants. This error affects the planchet and can happen before or after striking.

A lamination error can result in either a cracked or flaking planchet.

So, look for signs of this on both sides of your coin. Sometimes, it can be very pronounced. Other times, less so.

You will see added value if the lamination is severe and affects major parts of the coin.  

Die Varieties

Here are some ways to help you identify VAM varieties for the 1928 silver dollar. You may want to use a loupe or some form of magnification. 

1928 VAM-2

The characteristics of this variety are on the coin’s obverse side.¹⁰ 

Look at the spikes of Liberty’s tiara. There will be doubling on the front ones, from around the 4th to the 8th of the short spikes. Some of the longer spikes will also show a slight doubling. 

The “IBER” of “Liberty” will also show doubling. Look for it on the lower left side of the “I,” inside the bottom loop of the “B,” the middle and lower crossbars of the “E,” and the loop of the “R.”

1928-S VAM-3A

For this variety, look at the obverse side of your coin.¹¹ 

The motto “In God We Trvst” will show a strong doubling on the right-hand side of the letters.

Also look for die file lines—these will be distinct grooves or striations. They are across the left field of the obverse side and around the “RTY” of “Liberty.”

On your coin’s reverse side, look for the “S” mint mark to be set slightly higher than normal.

This is a Top 50 Peace Dollar VAM, which increases the coin’s value.  

How To Spot A Fake 1928 Silver Dollar

It is always worth double-checking the authenticity of any coin you buy. You can ask the seller to have the coin professionally certified or get it certified yourself. 

Remember to take extra care when checking the authenticity of key dates and highly sought-after coins.

Below are some tips to help you identify some of the known counterfeit 1928 silver dollars.^3,15-16

Mint Mark Removal

For a long time, the Philadelphia-minted 1928 silver dollars were known to be an exceptional and valuable rarity. The 1928-S silver dollars, on the other hand, were a common coin (they are now rare in higher grades).

So, unsurprisingly, forgers took advantage of this discrepancy and took the opportunity to turn the readily available 1928-S silver dollars into the rare 1928 silver dollars from Philadelphia. 

Most of the 1928 silver dollar forgeries involve the removal of the “S” mint mark. This makes a less expensive coin much more valuable.

So, you want to thoroughly check your coin for any signs of tool marks or abrasions where the “S” mint mark could have been. This is on the coin’s reverse side, just above the eagle’s tail.

Altered Date

Another example of a 1928 silver dollar counterfeit is when the forger takes a cheaper 1923 silver dollar and alters the “3” of the date to an “8.” Thus creating the desired and valuable 1928 coin. 

Check the date on the obverse side of your coin. Look carefully for any evidence that the “8” has been doctored. It may stand out from the other numbers. 

Sometimes, it is so pronounced that it is obvious, even without magnification.

Complete Counterfeit

NGC has also come across a 1928 silver dollar that was a completely forged coin. 

The key identifier of this counterfeit coin was that the forger based the reverse on the 1921 high-relief version’s design. This design has 3 rays below the “One.” This design was altered to 2 rays on the low-relief versions from 1922 and on. 

So, make sure to check the amount of rays below the “One” on the reverse side of your coin. You want 2 rays for an authentic 1928 silver dollar coin.

Additional Information About The 1928 Silver Dollar

History

The peace dollar series finds its beginnings in the Pittman Act of 1918. This Act by the U.S. Government required that hundreds of millions of silver dollars be melted into bullion for sale to Great Britain. 

The Act also required minting new silver dollars to replace the melted ones. This is where the peace dollar comes in. 

Along with the 1-year return of the Morgan dollar, the peace dollar was first minted in 1921 to fulfill the Pittman Act requirements. The number of required replacements was completed with 1928’s mintage.

With the call for the minting of new silver dollars in 1921, the U.S. Mint took the opportunity to redesign the silver dollar. A competition chose a coin commemorating the newly found peace after World War I.

Anthony de Fracisci, an Italian sculptor, designed the peace dollar. It ran from 1921 to 1928 and then again for 2 years in 1934 and 1935. The Mint brought it back in 2021 (and on) as a collectible coin. 

1928 sees the lowest mintage of peace dollars from the Philadelphia Mint. It was said to have fulfilled the requirements of the Pittman Act. 

By special request, the Mint Director, Robert J. Grant, sent a 1928 silver dollar to New York to be included in the cornerstone of the Tammany Hall Building. 

The Tammany Hall Building (built 1928-29) is the Union Square headquarters of the influential New York political party, Tammany Hall. 

Confusion over the Mint Director sending the coin to Tammany Hall led many people to incorrectly believe that the Mint only produced 1928 silver dollars for ceremonial occasions. 

While San Francisco minted a much larger number of silver dollars in 1928, the higher mint-state grades are much rarer than those from Philadelphia.

The 1928-S silver dollar is one of the rarest coins at a grade MS 65 for the entire series. 

^{Sources: 1-8,12-14}

The Coin’s Obverse Side

The 1928 silver dollar’s obverse side features a left-facing profile of Lady Liberty, who wears a spiked crown.

On either side of Liberty’s neck is “In God We” on the left and “Trvst” on the right. Francisci’s initials “AF” are below her neck. 

Circling the rim at the top (and going behind Liberty’s crown) is “Liberty.”

At the bottom of the coin is the year, “1928.”

^{Sources: 1-2}

The Coin’s Reverse Side

The 1928 silver dollar’s reverse side features a bald eagle perched on a rock inscribed with “Peace.” The eagle holds an olive branch in its talons.

Behind the eagle are the rays of the rising (but unseen) sun. 

Curving along the coin’s rim at the top is “United States of America.” Following this curve, just below, is America’s Latin motto, “E Pluribus Unum.” This means “Out of many, one.” 

On either side of the eagle is the coin’s denomination. “One” is on the left above the eagle’s tail, and “Dollar” is on the right-hand side. 

Just above the eagle’s tail is, if present, the mint mark. There will be an “S” for coins from San Francisco.

^{Sources: 1-4}

Why Is “Trust” Spelled “Trvst” On The Obverse Side?

For stylistic reasons, Francisci decided to use the Latin alphabet for the obverse side of his design. 

The Latin alphabet had fewer letters than the alphabet we use now. So, a “v” was used as a “u.”

Hence, the spelling of “trvst” is different from “trust.”

Sources

1928 Silver Dollar Guide Sources