The Series Says Goodbye: 1935-S Peace Dollar
Coin Encyclopedia · 9 min read · Published November 7, 2026
One million nine hundred sixty-four thousand. The 1935-S Peace dollar was the final Peace dollar struck at San Francisco — and 1935 was the final year of the Peace dollar series altogether. After 1935 the Mint struck no more silver dollars for circulation until the Eisenhower dollar of 1971, which makes every 1935 Peace dollar a closing coin. Our guide carries researched figures at all six grades: G-4 runs $31 to $38, F-12 runs $30 to $50, XF-40 runs $45 to $75, AU-50 runs $60 to $281, MS-60 runs $240 to $325, and MS-65 runs $1,300 to $2,250.
What makes the 1935-S interesting is how ordinary it looks at the bottom and how scarce it is at the top. The worn grades trade near the silver floor — a G-4 example starts near thirty dollars — but the figures climb steadily with condition, and the MS-65 range reaches $2,250. That climb is decided by survival: San Francisco's final-year dollars circulated hard across the West, and few escaped with their lustre intact.
What a 1935-S is worth by grade
The curve climbs steadily: G-4 at $31 to $38, F-12 at $30 to $50, XF-40 at $45 to $75, AU-50 at $60 to $281, MS-60 at $240 to $325, and MS-65 at $1,300 to $2,250. The jump from MS-60 to MS-65 — roughly fivefold — is the steepest step, and it is decided by lustre and marks: a coin with no wear but heavy marks is a few-hundred-dollar coin, while the same coin with full lustre and clean fields is a four-figure coin.
| Grade | Estimated collector value |
|---|---|
| G-4 | $31–$38 |
| F-12 | $30–$50 |
| XF-40 | $45–$75 |
| AU-50 | $60–$281 |
| MS-60 | $240–$325 |
| MS-65 | $1,300–$2,250 |
A dash (—) means our November 2026 review holds no researched figure for that grade yet — it is a gap in our data, not a zero. Figures are collector estimates, reviewed November 5, 2026.
The curve is the story here. Worn examples cluster near the silver floor, and the figures only start to separate once the coin keeps its lustre and its strike. This date has researched figures at 6 of six grades. At G-4 the range runs $31 to $38, and at the top end, MS-65 runs $1,300 to $2,250.
1935: the series ends
The Peace dollar ran from 1921 to 1935, with a five-year gap in the middle, and 1935 was its final year. San Francisco struck 1,964,000 Peace dollars that year — the largest output of the final two years — and then the series ended. No silver dollars were struck for circulation again until the Eisenhower dollar of 1971, which makes the 1935-S a closing coin in the fullest sense: the last Peace dollar from San Francisco, from the last year of the series, from the last silver dollar series of its kind.
For the collector, the practical consequence is simple: a 1935-S is the affordable way to own the end of the Peace dollar story, and a mint-state example with full lustre is the version of that story worth chasing.
How to grade your 1935-S
Start with the crown rays and Liberty's cheek — those are the Peace dollar's high points, and wear flattens them first. Then check the eagle's breast and wing tips on the reverse. A mint-state Peace dollar shows full, frosty lustre and sharp detail; a circulated one shows smooth, grey high points and muted fields. Because the series is famous for weak strikes, a coin with genuinely sharp hair and a fully feathered eagle is worth a closer look even before you think about the grade number.
Start with the crown rays and Liberty's cheek — those are the Peace dollar's high points, and wear flattens them first. Then check the eagle's breast and wing tips on the reverse. A mint-state Peace dollar shows full, frosty lustre and sharp detail; a circulated one shows smooth, grey high points and muted fields. Because the series is famous for weak strikes, a coin with genuinely sharp hair and a fully feathered eagle is worth a closer look even before you think about the grade number.
Specs and the silver floor
Peace dollars share the Morgan's weight and fineness — 26.73 grams, 38.1 millimetres across, 90% silver with 10% copper, 0.7734 troy ounces of pure silver in each coin — and that metal puts a floor of $40.27 under every genuine Peace dollar. Anthony de Francisci's design is unmistakable: Liberty wearing a radiate crown, and on the reverse an eagle perched on a rock, the sun's rays behind it, with PEACE below. Find the mint mark under the eagle if you want to know where yours was struck.
Metal floor updates live from our Worker — last updated November 7, 2026.
The silver floor is close to the whole story for a worn 1935-S, and that is the point. At 1,964,000 struck, closing the series at San Francisco, this date trades near its metal at the bottom and on condition at the top — and the top is where the learning pays off.
Is your 1935-S genuine?
The first test costs nothing: weigh the coin. A genuine silver dollar weighs 26.73 grams and measures 38.1 millimetres, and fakes are usually light, or the wrong diameter, or both. Silver is not magnetic, so a coin that sticks to a magnet is not silver. Then look at the lettering with a loupe — genuine letters are sharp and even, while cast copies show mushy edges, pitted fields, and soft stars. A scale, a calliper, and a magnet settle most questions in a minute; anything still in doubt goes to a professional grading service.
Final-year Peace dollars are faked less often than the great Morgan keys, but any coin claimed as mint state deserves the full check — weight, diameter, magnet, and loupe. Under a loupe, genuine striking leaves crisp, even lettering and clean fields; a cast copy betrays itself with soft details, tiny pits, and a slightly greasy surface. When the stakes are high, certification settles it.
Latest reported results for this coin
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1935-S Peace dollar: the questions collectors ask
How much is a 1935-S Peace dollar worth?
Researched figures run $31 to $38 at G-4, $30 to $50 at F-12, $45 to $75 at XF-40, $60 to $281 at AU-50, $240 to $325 at MS-60, and $1,300 to $2,250 at MS-65. Every grade carries a researched figure — the fullest coverage of any final-year Peace dollar in this guide.
What is the mintage of the 1935-S Peace dollar?
San Francisco struck 1,964,000 Peace dollars in 1935 — the final year of the Peace dollar series, and the final Peace dollar from San Francisco. No silver dollars were struck for circulation again until the Eisenhower dollar of 1971.
Why did Peace dollar production end in 1935?
The series had run since 1921, with a five-year gap in the middle, and 1935 was its final year. After 1935 the Mint struck no more silver dollars for circulation for decades, which makes every 1935 Peace dollar a closing coin.
How do I know my 1935 Peace dollar is from San Francisco?
Turn the coin over and look below the eagle, above the word ONE. A small S there means San Francisco. No mint mark means Philadelphia. The S is struck cleanly into the coin, at the same depth as the surrounding design.
Is the 1935-S Peace dollar a key date?
It is a recognised final-year date, not a famous key like the 1928 Philadelphia — but its closing status, its full grade coverage in our guide, and its steep gem curve make it a date collectors chase, especially in mint state.
Should I get my 1935-S Peace dollar graded?
For a worn example, usually not — the figure is close to the silver floor. Consider certification when the coin looks uncirculated with full lustre, because the jump to MS-65 is large enough that an independent grade protects both the coin's identity and its figure.
Check your 1935-S Peace
Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full guide is here: Peace Dollar Values: Silver Prices and Key Dates. The previous San Francisco date is the 1934-S Peace dollar, the Depression-era return of the series.
The last Peace dollar from San Francisco closes a fourteen-year series — learn the mint mark, learn the grade, and keep the history close. Shared for education only.
