The Peace Dollar is a silver United States dollar coin minted from 1921 to 1928, then again in 1934 and 1935. Early proposals for the coin called for a commemorative issue to coincide with the end of World War I, but the Peace Dollar was issued as a circulating coin.

Designed by Anthony de Francisci, the Peace Dollar was so named because the word PEACE appears on the bottom of the coin's reverse. De Francisci's design featured his rendition of Lady Liberty on the obverse. His wife, Teresa, was the model for the sculpture.

Production of the Peace Dollar commenced on December 21, 1921, and it was placed into circulation on January 3, 1922. That same day, President Harding was presented with the first Peace Dollar. Roughly one million examples were struck before it was realized that the relief on the coin was so high that it was difficult to strike, and the dies used were breaking at a high rate. Also, the coins were nearly impossible to stack. In 1922, the high relief was adjusted, making it far more available to the public – in fact, that year, more than 84 million Peace Dollars were struck, the highest mintage of the series.

By 1928, the US Mint had struck enough silver dollars (Morgan and Peace combined) to satisfy the requirements of the Pittman Act. The Pittman Act was a United States federal law that authorized the conversion of standard silver dollars into bullion. For every silver dollar reduced to bullion form, the Pittman Act required the government to purchase newly mined silver to mint into a replacement silver dollar. Since public demand for silver dollars did not materialize, the mint halted production of the Peace Dollar that year (with fewer than two million struck). The Peace Dollar returned briefly in 1934 and 1935, and again in 1965 (dated 1964), but no examples of this issue were ever released to the public and the entire mintage was supposed to have been melted. The Peace Dollar is the last dollar coin to actually contain silver that was minted for circulation in the United States.

During the 1960s and 1980s, when the silver price skyrocketed, huge numbers of silver dollars were melted down, leaving relatively few Peace dollars available today in Brilliant Uncirculated condition. This true scarcity gives them the potential for added leverage to a rising silver price and makes them one of the smartest ways to invest in bulk silver. Peace dollars offer true scarcity and greater leverage to the silver market than bullion coins for very little additional cost. Plus, they offer instant worldwide liquidity.