Pre-1965 US "junk" coins are known to be worth far more than their face value. That includes half-dollars, quarters, and dimes. Even worn-out, circulated pocket change can be worth more than you think due to its high silver content.
Many coin denominations had 90% silver before 1965. On April 1, 2025, silver is trading at approximately $34.00 per troy ounce, making these coins a valuable investment opportunity.
Some old coins are worth far more than their "junk silver." One 1928 silver dollar is the "Peace Dollar." The Anthony de Francisci-designed Peace Dollar was introduced in late 1921 to commemorate World War I.
When the Great Depression hit in 1928, production halted. The Peace Dollar had another brief life in 1934 and 1935. A 1928 model can fetch several hundred dollars now.
Original design was controversial. The first Peace Dollars had an eagle on the back. The eagle on a broken sword was controversial. The broken sword symbolized the end of the battle, but many Americans saw it as surrender.
The design was altered to depict the eagle perched on a rock instead of the shattered sword. The Peace Dollar's obverse has a depiction of Lady Liberty based on the designer's wife, Teresa de Francisci.
Because it has the lowest "mintage," or production, the 1928 Peace Dollar is more precious than others. In truth, only 360,649 1928 Peace Dollars were produced. That may seem like a lot, but 1922 saw almost 84 million.
Unlike earlier years, 1928 Peace Dollars were solely manufactured in the Philadelphia Mint, neither Denver or San Francisco. More Peace Dollars were struck in 2021 for collectors, but they were never meant for circulation, despite being scarcer than the 1928 Peace Dollar.
Flaws make coins more appealing. JM Bullion estimates that "extremely fine" 1928 Peace Dollars retail for around $375. Very fine coins may show some wear, although it's usually modest.
At $400, uncirculated coins, which have never been used as cash, do better. A second view from the Coin Appraiser lists "average" coins for $175, "lightly circulated" at $200, and uncirculated at $300.
However, coins with defects have sold for five figures at auction. The coin's outside edge (rim) is damaged by "rim hits," which occur during minting. Coins with planchet flaws—stamping errors—are also valued.
A Legend Auction sold a highly graded 1928 Peace Dollar with minting flaws for $129,250 in April 2023. Although these coins are unlikely to be in your morning coffee change, you may uncover other precious coins.