As a coin collector, coming across a near-century old silver dollar like the 1924 issue is always exciting. These 90% silver coins from the early 20th century are becoming increasingly scarce, especially in pristine uncirculated condition. Depending on the specific variety and grade, a 1924 silver dollar can be worth anywhere from $25 to over $50,000!
In this comprehensive guide, we‘ll dive deep into the 1924 silver dollar and provide you with all the information you need to determine the value of your coin. We‘ll examine the coin‘s history, features, varieties, recent auction prices, and more. Whether you‘re a seasoned collector or just starting out, this article will give you expert tips to enhance your knowledge and appreciation of this classic American silver dollar.
The History of the 1924 Silver Dollar
To fully understand the 1924 silver dollar and its place in numismatic history, we need to go back to the early 1920s. In the aftermath of World War I, there was a strong desire in the United States to commemorate the restored peace. The idea for a new silver dollar design reflecting this sentiment was proposed by Farran Zerbe, the former president of the American Numismatic Association (ANA).
With the support of the ANA and the U.S. Commission of Fine Arts, a competition was held to select the design for this new "Peace Dollar". On December 28, 1921, the first Peace silver dollars were struck, featuring a portrait of Liberty on the obverse and a bald eagle clutching an olive branch on the reverse, designed by Italian-American sculptor Anthony de Francisci.
Minting of the Peace Dollar continued in 1922, 1923, and 1924 to fulfill the requirements of the Pittman Act, which mandated the melting and recoining of millions of older silver dollars. 1924 would end up being a key date, with far fewer silver dollars produced compared to the previous two years.
1924 Silver Dollar Mintages and Specifications
1924 silver dollars were minted at two facilities – the Philadelphia Mint and the San Francisco Mint. The coins minted in Philadelphia bear no mintmark, while the San Francisco issues have a small "S" on the reverse below the eagle.
Here are the mintage figures for the two varieties of 1924 silver dollars:
- 1924 (Philadelphia): 11,811,000
- 1924-S (San Francisco): 1,728,000
As you can see, the 1924-S has a significantly lower mintage, making it the scarcer and more valuable of the two varieties in general.
All 1924 silver dollars have the following specifications:
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Edge: Reeded
- Designer: Anthony de Francisci
Key Date and Valuable Varieties
As mentioned, the 1924-S silver dollar from the San Francisco Mint is considered the key date of the issue due to its lower mintage of 1.7 million coins. As a result, it commands significantly higher prices than the Philadelphia version in all grades.
Additionally, there are some notable varieties that can greatly impact the value of a 1924 silver dollar. One of the most valuable is the VAM 4 "Clashed Die" variety. This occurred when the coin dies struck each other without a planchet between them, leaving behind clash marks. A 1924 VAM 4 in MS66 grade sold for $41,125 in a 2020 auction.
Other varieties to look out for include:
- 1924 VAM 12 "Bar D" – Doubling on the motto "IN GOD WE TRUST"
- 1924 VAM 12A "Doubled Die Obverse" – Doubling visible on Liberty‘s hair and eye
- 1924-S VAM 2 "Gouge on Cheek" – A die gouge on Liberty‘s cheek
- 1924-S VAM 6 "Doubled Die Reverse" – Doubling on "UNITED STATES OF AMERICA"
While these varieties are rare, finding one can mean a huge jump in value for your 1924 silver dollar.
Grading and Condition
As with any collectible coin, the condition and grade of a 1924 silver dollar play a huge role in determining its worth. Coins are graded on the Sheldon scale from 1 to 70, with 70 being a perfect mint state coin.
Here are approximate values for 1924 silver dollars in various grades:
| Grade | 1924 Value | 1924-S Value |
|---|---|---|
| Good (G-4) | $25 | $50 |
| Fine (F-12) | $28 | $65 |
| Extra Fine (EF-40) | $32 | $150 |
| About Uncirculated (AU-50) | $35 | $200 |
| Mint State (MS-60) | $75 | $425 |
| Mint State (MS-65) | $400 | $3,500 |
As you can see, gem uncirculated examples of the 1924 silver dollar, especially the 1924-S, are extremely valuable. In 2021, a 1924-S graded MS67+ by PCGS sold for a staggering $55,812!
When grading a 1924 silver dollar, pay close attention to the amount of wear on the high points of the design, such as Liberty‘s hair or the eagle‘s breast feathers. Additionally, look out for any marks, scratches, or other damage that can detract from the coin‘s grade.
Melt Value and Bullion Value
Even in lower circulated grades, a 1924 silver dollar is still worth more than its $1 face value due to its silver content. With silver prices around $25 per troy oz at the time of writing, the melt value of a 1924 silver dollar is approximately $18.50.
However, the numismatic or collectible value of a 1924 silver dollar almost always exceeds its melt value. Only extremely damaged or cleaned coins trade for close to spot price. So while melt value provides a floor, the potential upside is far greater.
Frequently Asked Questions
Q: How rare is a 1924 silver dollar?
A: 1924 silver dollars are scarcer than common date Peace Dollars, especially the 1924-S. But in circulated grades they are not considered rare coins. High grade gems and varieties are much rarer.
Q: Are 1924 silver dollars pure silver?
A: No, they are composed of 90% silver and 10% copper, which was the standard for U.S. silver coins at the time. This made them more durable for circulation.
Q: How can I tell if my 1924 silver dollar is authentic?
A: Weighing and measuring the coin is one way to check authenticity, as counterfeits will often differ from mint specifications. Having the coin authenticated by a reputable grading service like PCGS or NGC is the best way to ensure authenticity.
Conclusion
The 1924 silver dollar is a fascinating piece of American numismatic history and a prized collectible for Peace Dollar enthusiasts. With the right variety and grade, it can be worth substantial sums of money.
Key things for collectors to remember:
- The 1924-S is lower mintage and more valuable than the Philadelphia issue
- Look for rare varieties like the 1924 VAM 4 and 1924-S VAM 2
- High grade uncirculated examples are very scarce and command huge premiums
- Even low grade coins have bullion value exceeding face value
We hope this guide has enhanced your knowledge and sparked further interest in this beautiful classic silver dollar. Wishing you the best in your collecting pursuits!
