It’s funny how people will pay so much for something that’s not even worth the metal it’s made of. Sure, a 1928 silver dollar might be worth a pretty penny these days, but it’s not like you can actually use it to buy anything. In fact, I think I might have more use for a regular old penny these days. At least with that I could buy myself a pack of gum or a piece of candy.
Jokes aside, a 1928 silver dollar is actually worth quite a bit more than its face value. In fact, depending on the condition of the coin, it could be worth anywhere from $35 to $200 for a circulated version. Of course, if you find one in perfect condition, or with a minting error, it could be worth even more.
The main drive of price for a collector is its condition and desirability. A dollar coin in pristine condition will always be worth more than a coin that is battered and bruised. As for desirability, some coins are just more popular than others. For example, a 1928 silver dollar with a San Francisco mintmark is going to be worth more than one without because it’s rarer.
Now that you know all this, you’re probably wondering how much your 1928 silver dollar is actually worth. And to do that, we’ll start with the coin’s history.
The History of the 1928 Silver Coin
The first thing you need to know is that the 1928 silver coin is not exclusively made of silver. In fact, it’s only 90% silver and 10% copper. The government did this because they needed to save on costs, as the price of silver was rising at the time. So, while a 1928 silver dollar might look like it’s made of pure silver, it’s actually not.
The coin follows the trend of its predecessors (the 1924, 1925, 1926, and 1927 coins), that also were made of the same blend of silver and copper. It weighed in at 26.73 grams, with a diameter of 38.10 mm.
The 1928 silver coin belongs to the Peace series, which began in 1921 and ended in 1935. The series was designed by Anthony de Francisci, with the obverse featuring a profile of Liberty, and the reverse an image of an American bald eagle.
The coin was minted at all three U.S. Mints (Philadelphia, Denver, and San Francisco), with a total mintage of over 36 million. This made it one of the most common silver dollars ever minted.
If you scour websites that specialize in coins, you will notice two versions of the coin, one named simply “1928”, while the other “1928-S”. The difference is that the “1928-S” was minted at the San Francisco Mint, while the regular “1928” was minted at Philadelphia.
TheSan Francisco coin is actually more valuable than the Philadelphia one. This is because it has a lower mintage, with only around 12 million coins minted. In contrast, over 24 million
So, now that you know a bit about the history of your 1928 silver dollar, let’s move on to its value.
The Value of a 1928 Silver Coin
A typical circulated 1928 silver coin is going to sell for anywhere between $35 and $200, depending on condition and place of minting. Uncirculated coins, or those that have never been used, can go for around $500. However, if you find a coin in perfect condition, or with a minting error, it could be worth even more. The rarest ones can sell for up to tens of thousands of dollars.
Speaking of uncirculated coins, mind their grading. There are 6 different categories of uncirculated coins:
- Uncirculated (MS-60, 61, 62) — Uncirculated coins that look damaged or with very noticeable imperfections, either by an overabundance of bagmarks, a poor strike, or poor luster.
- Select Uncirculated (MS-63) — An uncirculated coin with fewer deficiencies than other coins in lower grades. In general, this will be an ordinary-looking uncirculated coin. The term “Select Uncirculated” is sometimes used to refer to a coin graded MS-62.
- Choice Uncirculated (MS-64) — A coin in this range will show very little wear and have few, if any, noticeable blemishes. They look better than coins in previous categories, and as such command higher prices.
- Gem Uncirculated (MS-65,66) — This is close to perfection. A coin in MS-65 or higher will have no wear and very few, if any noticeable blemishes. These are top-tier collector coins and as such are worth a pretty penny.
- Superb Gem Uncirculated (MS-67, 68, 69) — These coins present even less imperfections than gem uncirculated ones. They are very close to perfection, and as such are extremely valuable.
- Perfect Uncirculated (MS70) — The pinnacle of perfection. It’s as good as new and has been minted to the highest possible standards. Of course, a coin like this is going to be worth quite a bit more than one in lower grades.
Fun fact: There is a 1928 silver coins (an MS-65+ to be exact) that sold for $78,000. There are other 1928 silver dollar coins that sold for tens of thousands of dollars. So, if you happen to have one in pristine condition, you might have struck gold (or…silver).
Here’s an awesome video that showcases various 1928 silver dollar coins, what they sold for, and why they were sold for their respective amounts:
The coins’ condition is the biggest factor that determines its value. So, if you have a 1928 silver dollar and want to know how much it’s worth, your best bet is to take it to a professional coin dealer or appraiser and have them take a look at it. But you can also do it yourself. Start with PCGS’ grading chart and compare your coin to the ones in the page.
Another interesting phenomenon for this coin is that the S version’s prices are lower than the regular one’s prices until you get up to the upper echelons of grading. At the top, the S coins go for way higher than their non-S counterparts.
1928 Silver Dollar Value Chart
Here’s a table with what prices you should expect, based on the coin’s condition and minting:
| Quality | 1928 | 1928-S |
| From PO-1 to G-4 | Between $165 and $322 | Between $20 and $65, though a PO-1 piece sold for $428.97 |
| From G-6 to VG-10 | Between $130 and $311 | $160 |
| From F-12 to VF-20 | Between $127 and $240 | Between $27 and $55 |
| From VF-25 to XF-40 | Between $156 and $345 | Between $36 and $73 |
| From XF-45 to AU-58 | Between $180 and $900 (though this only happened once recently for a 58+ piece) | Between $56 and $1725 |
| MS/PR60 | Between $353 and $529 | Around $160-170 |
| MS/PR-61 | Around $450 | Between $200 and $650 |
| MS/PR-62 | Between $450 and $600 | Between $250 and $600 |
| MS/PR-63 | Between $600 and $750 (with a recent sale for $1,140) | Between $500 and $900 |
| MS/PR-64 | Between $800 and $1,400 | Between $1,000 and $2,800 |
| MS/PR-65 | Between $2,000 and $5,000 | Between $7,800 and $30,000 |
| MS/PR-66 | Most pieces go for around $27,000, but we’ve seen recent auctions priced at $17,625 and $35,250 | There’s only 1 recent sale of $25,850 |
Price sources: Greysheet and pcgs (non-S and S coins).
Editor’s note: There have been no recent sales of 1928 silver dollar values with a grading value above MS-66, that’s why we didn’t include it in our table. Also, in those cases, the auctions are much more competitive, which can easily skew prices one way or another. Prepare to pay tens of thousands of dollars for one piece, but you can’t get a better estimate, as these are one-off auctions. You can cut yourself a better deal if you’re good at auctioning, so definitely read up on that if you want to save a few thousand dollars.
As you can see, prices stay consistent, but there are some outliers. Why is that? Let’s see it together.
Explaining Price Fluctuations
Prices varying so wildly even among coins of the same grading (especially the highest you go) are because of a few factors.
First off, all of these coins are sold via auction. There are ways to buy them at “retail price”, but obviously, you’ll always pay more than in an auction. Auctions can have all sort of crazy outcomes because people get emotional about their bidding. It’s all about the mental game, someone might give up randomly at the perfect moment and let their opponent snatch the coin for a vastly lower price. Other times two people might get in a bidding war and pay a hefty sum rather than lose the coin to their opponent.
The second reason is in the auction location. This is an especially interesting phenomenon to see with eBay compared to, say, Auction House. The former’s prices are almost always lower, though it’s also probably because buyers understand there are risks associated with shopping coins on eBay.
1928 Silver Coin Errors
There are some 1928 silver coins that, because of errors during their manufacture, are worth way more than others.
The most famous one is the “Inverted Mint Mark” coin. These were produced in San Francisco and have the “S” mint mark upside down. Except the coin’s value to increase greatly because of this mistake.
Another famous error is the “Double Die” coin. This happens when the die (the tool used to stamp images on coins) that’s supposed to have a single image ends up with two images.
The last famous error is the “1928-D Struck Over a 1927-D Dime” coin. This one was produced in Denver and it’s thought that only around 24 pieces exist.
So, if you have a 1928 silver dollar, it might be worth more than you think! The best way to know for sure is to take it to a professional and have them appraise it. But even if it’s not one of the more valuable ones, it’s still a beautiful coin that’s definitely worth keeping.
FAQs
What is the 1928 Silver Dollar Made From?
Despite its name, this coin is not made of 100% silver. The 1928 silver dollar is made from 90% fine silver and 10% copper.
What are Peace Dollars?
Peace dollars were minted from 1921 to 1928 and then again in 1934 and 1935. They were produced to commemorate the end of World War I and the peace that followed.
What’s the difference between a 1928 and a 1928-S silver dollar?
The main difference between a 1928 and a 1928-S silver dollar is that the S stood for San Francisco, and these coins were minted in that city. The non-S coins were minted in Philadelphia instead. Other than that, they’re both made of 90% fine silver.
Summary
The 1928 silver dollar is a beautiful coin made of 90% fine silver and 10% copper. It’s part of the peace dollar series which was minted from 1921 to 1928 and then again in 1934 and 1935. These coins were produced to commemorate the end of World War I and the peace that followed.
The coin’s condition are the biggest indicator of its value. The less imperfections, the more valuable it is. Although there are some imperfections that can also raise its value, mostly minting errors such as the double die or the inverted mint mark.
There are plenty of services out there who will grade your coin for a fee. If you have a 1928 silver dollar you want to sell, it might be worth to get it appraised. As long as it’s in decent enough condition, it’s likely very valuable. You could sell it in an auction (eBay is the simplest way to do so, albeit the least lucrative), or to a retailer. Auctioning yields the higher earning potential, but the retailer is secure money. It’s all about how you feel about potential gains.
Collectors are always on the look for exquisite pieces to add to their collection, and the 1928 silver dollar is one of the most highly sought after pieces, since it’s the coin with the lowest circulation of them all.
