Q. David Bowers
In February 1936 in The Numismatist, Arline French offered the following Peace silver dollars for sale. The business was actually operated by her hus-band Charles French, earlier known as Charles Lehrenkraus. The Frenches were active dealers for many years and maintained a coin and hobby shop in Troy, New York, and conducted auctions.
The prices of Peace dollars in this listing, apart from the 1924 in AU grade, sound like a broken record-everything cost the same. There was relatively little interest in the Peace series, none sold for a premium, and the rarity of the 1934-S was unrecognized.
1921 Unc. $1.50
1922 Unc. $1.50
1922-S Unc, $1.50
1923-S Unc, $1.50
1924 AU $1.25
1924-S Unc. $1.50
1925-S Unc. $1.50
1926-D Unc, $1.50
1927-D Unc. $1.50
1928 Unc. $1.50
1928-S Unc. $1.50
1934 Unc. $1.50
1934-D Unc, $1.50
1934-S Unc. $1.50
1935 Unc. $1.50
1935-S Unc. $1.50
In the May 1936 issue of The Numismatist, J. Graham Duff, of Detroit, Michigan, offered a selection of Peace dollars as given below. Note that Duff specifically considered the 1928 Philadelphia issue to be rare. This is because publicity printed in the same publication in 1928 wrongly informed readers that 1928 dollars would be issued only for ceremonial purposes, such as for including in cornerstones of buildings.
In time the 1925 Peace dollar, here offered for just $1.50 in Uncirculated grade, would be considered to be rare, as supplies dried up.
During the time collectors did not place strong emphasis on condition. Today, in the 1990s, it is hard to appreciate that in 1936 an Uncirculated 1921 Peace dollar cost just 15 cents more than an EF one, or that an Uncirculated 1923-S cost just 25 cents more than an EF piece. In the 1930s, collectors were primarily concerned with acquiring an example of the date and mint to fill an album hole, and quality was not as important as it would later become.
1921 Fine $1.25; EF $l.35; Unc. $1.50.
1922 Fine $1.25; VF $1.35.
1922-D Fine $1.25; Unc. $1.50.
1922-S Unc. $1.50.
1923-S Fine $1.25; Unc. $1.50.
1924 VF $1.25; Unc. $1.40.
1924-S Vnc. $1.50.
1925 Unc. $1.50.
1925-S VF $l.25.
1925-S Unc. $1.50.
1926 Unc. $1.50.
1926-D Vnc. $1.50.
1926-S Fine $1.25.
1927 Fine $1.50; Unc. $2.00.
1927-D Unc. $l.50.
1927-S Unc. $2.00.
1928 Unc. $4.00.
1928-S VF $1.25; Unc. $l.50.
In The Numismatist, August 1936, M.H. Bolender offered Uncirculated 1934 Peace dollars for sale for $1.25 each.
In The Numismatist, August 1936, Lu Riggs offered these recent Peace dollars for sale.
1934 Unc. $l.50.
1935 Unc. $1.50.
1935-S Unc. $1.50.
In the March 1937 issue of The Numismatist, W.H. Livingston, a dealer in Ebensburg, Pennsylvania, offered this short list of Uncirculated Peace dollars.
1921 $2.60.
1922 $2.00.
1924 $2.00.
1925 $2,00.
1926 $2.00.
1928 $3.00.
At the time, most dealers augmented their stock by acquiring coins from banks or by writing to dealers in distant parts of the country to acquire silver dollars on an exchange basis. For example, Philadelphia Mint Peace and Morgan dollars were more apt to be released in the East, so an Eastern dealer could readily supply them. On the other hand, someone in California would be a good source for San Francisco varieties.
There was a flurry of activity in the 1923-O Peace dollar at the time, and in the February 1938 issue of The Numismatist; an advertisement by Carl Ross offered a set of Morgan and Peace dollars 1921-1928 (including the three varieties of 1921 Morgans) in Uncirculated grade for $50, with this notation: "This includes the rare 1923-D with records to $20." In the same advertisement Ross offered these single dollars.
1922-D Unc. $2.50.
1923-S Unc. $2.50.
1925-S Unc. $3.00.
1926-D Unc. $2.50.
1927 Unc. $3.00.
Thus, the 1923-D was the first "key" issue in the Morgan dollar series. As time went on, the status of what was the foremost scarcity or, to use the term loosely, rarity, in the series, would change.
In the March 1938 issue of The Numismatist, Maryland dealer John Zug, of Bowie, Maryland, offered Peace silver dollars for sale. A stiff premium (for the era) was attached to the aforementioned 1923-0, which, obviously, Zug also considered to be a key issue. As a general rule, certain of the Philadelphia Mint Peace dollars had not yet been released in quantity and were considered scarce. The Zug listing omits the 1922, 1924, 1925, 1926, and 1927.
Zug was a consistent, and important, advertiser in The Numismatist. As he never conducted auctions, and his printed price lists were simple, Zug is little remembered today. However, in his time his stock of coins=including major rarities-in various series was one of the very finest of any dealer.
1921 Unc. $2.00.
1922-D Unc. $3.00.
1922-S Unc. $2.00.
1923 Unc. $2.50.
1923-D Unc. $12.50.
1923-5 Unc. $2.50.
1925-5 Unc. $3.50.
1926-D Unc. $3.50.
1927-D Unc. $3.50.
1928 Unc. $2.50.
1928-S Unc. $3.50.
1934 Unc. $1.50.
1934-D Unc. $2.00.
1934-S Unc. $1.75.
1935 Unc. $1.25.
1935-S Unc. $1.25.