The 1935-S Peace Dollar holds a special place in numismatic history as the last silver dollar minted for circulation at the San Francisco Mint.
With a mintage of 1,964,000 coins, it outnumbers its Philadelphia counterpart, yet its scarcity across all grades makes it highly desirable for collectors.
Unique Variety: Four Rays vs. Three Rays
One of the most interesting aspects of the 1935-S Peace Dollar is the Four Rays (or Extra Ray) variety, classified as VAM-3. This variety was discovered in 1939 when collector Olav Berghli noticed an additional ray extending from the eagle’s tail feathers to the “S” mintmark on some coins.
- Four Rays Variety: Features an extra ray below the eagle’s tail.
- Three Rays Variety: The standard design with three rays.
Despite its uniqueness, the Four Rays variety is relatively easy to find, with many high-quality examples available in today’s market.
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Market Trends and Historic Auctions
The 1935-S Peace Dollar saw renewed interest during the marketing of the Redfield Hoard in the 1970s. This hoard, primarily consisting of Morgan Dollars, included several Peace Dollars, including this specific mint issue. Early auctions priced the coin as follows:
- January 1976: BU Rolls offered at $1,900.
- August 1976: Single high-grade coins sold for $154.50 each.
- August 1978: Gem BU examples reached $220 each.
Over the years, prices have skyrocketed, particularly for coins with CAC (Certified Acceptance Corporation) approval or those graded MS66+ or higher by PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation).
Top-Graded Coins and Notable Sales
Collectors often aim for the best-preserved coins, and the 1935-S Peace Dollar has seen impressive sales at auctions:
- PCGS MS67: Sold for $19,550 in 2009.
- PCGS MS66+ CAC: Prices range from $5,000 to over $20,000, depending on toning, strike quality, and other factors.
- Four Rays Examples: Coins with unique toning or fewer imperfections fetch higher prices.
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Coin Specifications
| Specification | Details |
|---|---|
| Country | United States |
| Year of Issue | 1935 |
| Denomination | One Dollar (USD) |
| Mintmark | S (San Francisco) |
| Mintage | 1,964,000 |
| Alloy | .900 Silver, .100 Copper |
| Weight | 26.73 grams |
| Diameter | 38.10 mm |
| Edge | Reeded |
| Obverse Designer | Anthony de Francisci |
| Reverse Designer | Anthony de Francisci |
| Quality | Business Strike |
Editorial Note: This article was created through automated technology, with all details verified and polished by our editorial expert.