The 1927-S Peace Dollar is one of the scarcer issues of its series. Only 866,000 were made, making it among only four regular-issue Peace Dollars with mintages of less than 1 million. But this alone isn’t what makes the Peace Dollar scarce, a fact perhaps best illustrated by its prices in lower circulated grades, which are largely in line with other Peace Dollars from adjacent years yet with higher mintages. In fact PCGS, estimates that 120,000 examples exist across all grades, which is markedly higher than several other dates boasting higher mintages.
So what’s the story behind the 1927-S Peace Dollar? Interestingly, the coin had ridden a supply roller coaster in terms of overall market availability during its first five decades of existence. At some points earlier in its life, the coin was perceived as scarce or even rare in all grades due to low quantities being known. Later on, the coin gained a reputation as a rather common piece given the San Francisco Mint eventually releasing bag quantities of the coin. As more Peace Dollar collectors came into the fold, the coin would seem scarce yet again only to see sales propagated by later discoveries of hoards either in the hands of the Mint or in the dispersal of private collections.
While circulated pieces are relatively common and low-end Mint State examples are also widely available, what hasn’t changed significantly much over the years is the number of examples in grades of MS65 or higher. This isn’t necessarily a remarkable revelation for the Peace Dollar series, as the coin is notorious for weak strikes and numerous contact marks. The latter was attributed to the coin’s large size and heavy weight, which didn’t bode well for preservation purposes when the Peace Dollar was frequently transported around in large bags of 1,000 coins. This resulted in many coins obtaining bag marks, which are clearly evident in the broad fields on both sides of the coin.
The coin’s propensity for picking up bag marks and other imperfections along with strike issues leaves very few 1927-S Peace Dollars in top grades. In fact, PCGS estimates that only around 150 examples qualify for the grade of MS65 or better. So, while it’s possible to purchase a 1927-S Peace Dollar for less than $100 in grades up through XF40, the price is closer to $850 in MS63. The coin is rare in MS65, where it fetches well into the four figures. An example in MS65 goes for around $6,500. The tiny handful of examples graded PCGS MS66 take nearly $70,000, with one specimen in that same grade commanding $78,000 in a 2022 auction.