Q. David Bowers
The Treasury released a quantity of bags of the "rare" 1923-O dollar in late autumn 1938. The January 1939 issue of The Numismatist carried an advertisement by the Franklin Coin Mart, Columbus, Ohio, pricing Peace doliars as follows, including the 1923-0 at a new low price. The mighty had fallen. This offering is notable for its omission of Philadelphia Mint Peace dollars from the early 1920s, save for the first year of issue.
1921 Unc. $2.00,
1922-D Unc. $1.50
1922-S Unc. $1.50
1923-D Unc, $2.00
1923-S Unc. $1.50
1925-S Unc. $2.00
1926-D Unc. $1.75
1927-D Unc, $1.50
1928 Unc. $2.00
1928-S Unc, $1.50
1934-D Unc. $1.50
1935-S Unc. $1.50
In the February 1939 issue of The Numismatist, John Zug offered Peace dollars at the following prices.
1923 Unc. $2.00.
1923-D Unc. $2.00.
1924 Unc. $2.00.
1928 Unc. $2.00.
1928-S Unc. $2.00.
1934 Unc. brilliant $1.50.
1935 Unc. brilliant $1.50.
In March 1939, A. A. Sigwart of Oakland, California, apparently had a quantity of 1935-5 Peace dollars and offered them at $1.25 each. Presumably, he obtained them at face value from San Francisco across the bay. Minted just four years earlier, 1935-S dollars were available in virtually unlimited quantities. However, the market for Peace dollars was limited.
In the April 1939 issue of The Numismatist, Franklyn H. Miller of Milwaukee, Wisconsin, offered these Peace dollars for sale.
1921 Peace Unc. $1.50.
1922-D Unc, $2.25.
1922-S Unc. $1.70.
1923-S Unc. $1.70.
1925-S Unc. $1.70.
1927-D Unc. $1.70.
1928 Unc. $2.00
1928-S Unc. $1.85.
1934-D Unc. $1.70.
The May 1939 issue of The Numismatist included an offering of Peace dollars by the Watkins Coin Company (operated then by S. J. Watkins and M. H. Vail; later by L.W. Hoffecker), El Paso, Texas. At the time there were no expensive coins in the series, nor were there any issues considered to be rarities. However, Watkins Coin Company had in inventory only 20 of the 24 different issues in the series.
The typical dealer's stock changed, and sometimes a variety would be on hand if he obtained a roll or two of it, and other times it would be out of stock a few months or longer. For example, 1927-S was hard to find. There was no excitement about Peace dollars, and no one was pushing them for investment, or proclaiming their future rarity.
1921 Unc. $1.50.
1922-D Unc. $3.00.
1922-S Unc. $2.00.
1923-D Unc. $4.00.
1923-S Unc. $2.00.
1924 Unc. $2.50.
1925 Unc. $3.00.
1925-S Unc. $2.50.
1926 Unc. $2.50.
1926-D Unc. $2.50.
1927 Unc. $2.50.
1927-D Unc, $2.00.
1928 Unc. $3.00.
1928-S Unc. $2.50.
1934 Unc. $1.75.
1934-D Unc. $2.00.
1934-S Unc. $2.00.
1935 Unc. $1.50.
1935-D Unc. $2.00.
1935-S Unc. $2.00.
The Numismatist, July 1939, published this listing of Uncirculated Peace dollars offered for sale by J. L. Golden of Baltimore, Maryland. As can be seen, in the late 1930s the 1934-S had yet to be identified as having any claim to scarcity. Of course, the 1934-S coins were only five years old at the time.
1922 Unc. $1.75.
1922-D Unc. $2.75.
1922-S Unc. $2.00.
1923-D Unc. $2.00.
1923-S Unc. $2.00.
1925-S Unc. $2.00.
1926-D Unc. $2.00.
1927-D Unc. $2.00.
1928 Unc. $2.00.
1928-S Unc. $2.00.
1934 Unc. $l.50.
1934-D Unc. $2.00.
1934-S Unc, $2.00.
1935 Unc. $1.40.
1935-S Unc. $1.75.