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The Certified Peace Silver Dollar 1921 MS62 PCGS with toning is a historically significant and visually captivating coin that represents the beginning of one of America’s most iconic numismatic series. Graded Mint State 62 by the Professional Coin Grading Service (PCGS), this coin is preserved in uncirculated condition and further distinguished by the presence of natural toning—colorful oxidation that enhances its uniqueness and desirability. As the inaugural year of issue and the only high relief strike in the entire Peace Dollar series, the 1921 Peace Dollar occupies a special place in the pantheon of U.S. silver coinage, making examples such as this one highly collectible and rich in both historical and artistic value.
The Peace Dollar was authorized to commemorate the end of World War I, with a design that would embody peace rather than martial strength. The coin was designed by Anthony de Francisci, a young sculptor whose submission won a competition held by the Commission of Fine Arts. De Francisci's wife, Teresa Cafarelli de Francisci, served as the model for Liberty, infusing the design with classical elegance and contemporary inspiration. The Peace Dollar replaced the Morgan Dollar, marking a transition in style from 19th-century utilitarianism to 20th-century idealism. The series ran from 1921 through 1928 and resumed briefly in 1934 and 1935.
The 1921 issue of the Peace Dollar was struck in high relief, an artistic and technical decision intended to enhance the coin’s visual impact and symbolism. However, the high relief proved too demanding for production, requiring excessive pressure on dies and resulting in rapid die wear. As a result, beginning in 1922, the design was modified to a lower relief, making the 1921 issue the only high-relief Peace Dollar ever produced. With a mintage of 1,006,473 coins from the Philadelphia Mint, the 1921 Peace Dollar is relatively scarce in higher grades and is especially prized in mint state, as most entered circulation or suffered from weak strikes.
The obverse of the 1921 Peace Dollar features the radiant head of Liberty facing left, wearing a spiked crown reminiscent of the Statue of Liberty’s. The word “LIBERTY” arcs across the top, with the motto “IN GOD WE TRUST” (with the U in “TRVST” reflecting classical Latin spelling) below and the date “1921” at the bottom. The high-relief design creates a bold and sculptural rendering of Liberty’s face and hair, and on this MS62 example, those contours are well-preserved, with moderate contact marks typical of the grade but with much of the coin’s original brilliance and character intact.
The reverse showcases an eagle at rest on a mountaintop, wings closed, holding an olive branch of peace. Rays of sunlight radiate from below, with the inscription “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” above, and “ONE DOLLAR” and “PEACE” below. The eagle’s powerful yet tranquil stance reinforces the coin’s theme of peace after the devastation of war. The high-relief elements lend additional gravitas to the reverse, and in this MS62 example, the details in the eagle’s feathers, the rocky perch, and the sun’s rays are still sharp and appealing, though some light abrasions are visible in the mirrored fields.
PCGS’s Mint State 62 designation reflects a coin that is uncirculated, retaining full mint luster, but with noticeable marks or abrasions that prevent it from reaching higher grades. On this 1921 Peace Dollar, those marks are present but not overly distracting, and the coin retains strong eye appeal, especially when enhanced by attractive toning. Toning can occur over decades of storage and typically results from the coin's exposure to sulfur or other reactive compounds, especially in original mint bags or albums. The toning on this piece likely includes soft golden, amber, or pastel hues, which may frame Liberty’s profile or pool in the protected recesses of the design, adding depth and personality.
The presence of natural toning significantly boosts the visual uniqueness of any silver dollar, particularly on coins with bold relief like the 1921 Peace Dollar. Collectors often seek toned coins for their originality and character, and coins with appealing toning often command a premium. Crescent toning, rainbow patterns, or soft peripheral hues can dramatically change a coin’s appearance, and when combined with the reflective qualities of uncirculated surfaces, the result is a piece that stands out in any collection.
While over one million 1921 Peace Dollars were struck, relatively few survived in high grades, especially with strong strikes and clean fields. The high-relief design made full strikes difficult, and many coins show softness in Liberty’s hair or the eagle’s breast feathers. However, this MS62 specimen offers better-than-average definition for the grade, with pleasing luster and coloration. It is also a rare survivor of the short-lived high-relief format, appreciated by specialists and general collectors alike for its artistic superiority and historical significance.
The Philadelphia Mint, which struck the entire mintage of 1921 Peace Dollars, was the nation’s premier coining facility and the only one to produce the high-relief version. These coins were not included in the Mint’s standard production schedule but were authorized late in the year to be struck in honor of peace after World War I. As a result, they were produced rapidly and under considerable mechanical stress, further contributing to the scarcity of high-grade survivors. The rarity of DMPL or even PL examples from 1921 underscores the challenges posed by the high-relief design.
The PCGS encapsulation ensures that this coin’s grade and authenticity are guaranteed, providing protection and marketability. The secure holder preserves the coin’s surfaces and showcases its toning while confirming its status as a Mint State example of a one-year design. Collectors who build Peace Dollar sets, pursue type coins, or focus on toned silver dollars will find this piece especially appealing due to its combination of early series prestige, high-relief artistry, and colorful natural aging.
The Certified 1921 Peace Silver Dollar MS62 PCGS with toning is a prized example of American numismatics, embodying both artistic ambition and historical resonance. It marks the rebirth of peace after war, the beginning of a new coinage era, and the only instance of the Peace Dollar’s high-relief design. In Mint State condition with unique toning, this coin offers a powerful visual and symbolic experience—bridging the idealism of the 1920s with the enduring legacy of American coin artistry.