Coin Value Finder » 1928 Silver Dollar Value: are “S”, No mint mark worth money?

1928 Silver Dollar Value: are “S”, No mint mark worth money?

Old coins are turning out to be treasure troves for collectors. You may have some of these coins without knowing their actual value. And without knowing what they are worth, you may give them away thinking they are worthless.

A silver dollar, or the Peace dollar, was minted when there was a search for the best representation of the peace emblem. The obverse side features the head of the Lady Liberty, while the reverse side features a bald eagle at the top of a mountain. It is a distinct coin that cannot be confused with others.

This article explains the value of a 1928 silver dollar and gives a brief story behind it. If you have a considerable collection of these coins in good condition, you may have a tidy sum waiting for you.

1928 Silver Dollar Details

1928 Silver Dollar Details

There are several details of the 1928 silver dollar that increases or decreases its value. This section helps you understand the type of silver dollar you have based on the mint mark and a few other details.

  • Category: Peace dollars
  • Mint: Philadelphia and San Francisco
  • Mintage: 1,992,649
  • Obverse Designer: Anthony de Francisci
  • Reverse Designer: Anthony de Francisci
  • Metal Composition: 90% Silver
  • Edge: Smooth
  • Fineness: 0.9
  • Weight: 26.73 grams
  • Diameter: 38.1 mm
  • Thickness: 2.4 mm

The 1928 silver dollar is a unique type and ranks high on the rarity scale. There are only two U.S. mints that struck the silver dollar in 1928: the San Francisco mint and the Philadelphia mint. Each mint comes with a mint mark on the dollar to show where it was struck.

Typically, the mint mark is easy to miss. Because of the design of the coin, there is no clear place to insert the mint mark. So the designers put it under the letter O in the ONE DOLLAR phrase on the reverse side. The mark is tiny and you can miss it if the coin is old and worn.

If the silver dollar in your possession has no mint mark, it was struck in the Philly mint. But if it has a  mint mark ‘S’ under the O in the ONE DOLLAR phrase on the coin, it was struck in the San Francisco mint.

Since only a few were minted in that year, the coins are sought after by collectors, which increases their value. The no-mint mark silver dollar is rarer than the coin with a mint mark because a fewer number of it was struck. Therefore, there are fewer available than the marked coin.

Also Read: Top 21 Most Valuable 2000 P Sacagawea Dollar Coin Worth Money

1928 Silver Dollar Value Chart

The chart below gives you an idea of the value of each silver dollar based on its condition and grade.

Mint Mark Good Fine Extremely Fine Uncirculated
1928 ‘S’ Silver Dollar $31 $42 $59 $200 to $23,000
1928 No Mint Mark Silver Dollar $320 $377 $433 $545 to $5,000

These prices can vary, depending on who is buying and the coin’s condition. Some collectors prefer coins with wear and tear showing, while others prefer to see the coins in mint or untouched condition.

Because of this, you may find that the coin in your possession is worth only a little over $200 if it has the mint mark S and is in an uncirculated condition. The value will be less if the condition is less than mint state or uncirculated.

The unmarked silver dollar fetches more money because of its rarity on the market. The U.S. Mint did not strike many of these coins because of the drop in the abundance of silver from the mines. Over time, this only improved the value of the coins for serious collectors.


A key aspect of the value of the 1928 silver dollar is the grading. The grade of a coin refers to the condition based on the details of the design. Regular handling of any coin slowly but surely wears out the fine details and makes the tone dull.

The first aspect that draws attention is the luster or color of the coin. An uncirculated 1928 silver dollar is typically bright and shiny. If the coin does not show any luster when you hold it at an angle to the light, the coin is no longer in mint or uncirculated condition.

The details of Lady Liberty’s head and the eagle’s image on the obverse and reverse sides should be in sharp relief to increase its value. For example, the cheek and hair of Lady Liberty are usually the first to show signs of degradation.

In other words, those parts quickly lose their luster if handled for even a short period. The same applies to the roundness and fullness of the hair and cheeks. If not well preserved, they lose the sharp relief that comes with newly minted coins.

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1928 Silver Dollar Value and Varieties Guides

Let’s look at each 1928 silver dollar type in detail to see what makes each one different.

1928 ‘S’ Silver Dollar

1928 ‘S’ Silver Dollar

  • Type: Peace Dollars
  • Edge: Smooth
  • Mint Mark: S
  • Minting Place: San Francisco
  • Minting Year: 1928
  • Face Value: $1
  • Price: $23 to $278 (or more)
  • Quantity Produced: 1,632,000
  • Designer: Anthony de Francisci
  • % Metal Composition: 90% Silver
  • Mass: 26.73 grams
  • Diameter: 38.1 mm

The 1928 silver dollar with the ‘S’ mint mark is rare on the rarity scale because of the number minted that year. This rarity makes it valuable to many collectors since the coin is almost out of circulation. The value increases if the coin is uncirculated. A grader will have to check it thoroughly to determine its actual condition.

The mint mark means the coin was struck in the San Francisco branch of the U.S. Mint. This is different from other mint branches and the main mint in Philadelphia. Some collectors prefer silver dollars with the S mint mark because of other coins within their collection. Others may even prefer it with a little wear or story behind it because of the value it adds for them.

1928 No Mint Silver Dollar

1928 No Mint Silver Dollar

  • Type: Peace Dollars
  • Edge: Smooth
  • Mint Mark: None
  • Minting Place: Philadelphia
  • Minting Year: 1928
  • Face Value: $1
  • Price: $139 to $384 (or more)
  • Quantity Produced: 360,649
  • Designer: Anthony de Francisci
  • % Metal Composition: 90% Silver
  • Mass: 26.73 grams
  • Diameter: 38.1 mm

This silver dollar without a mint mark is even rarer than the S silver dollar. The reason is that fewer coins were minted that year in Philly than in San Francisco, which reduces the number available and raises its rarity. It also makes it more valuable than the S silver dollar.

How much it fetches for you depends on who is buying it. As with the S silver dollar, the coin collector may want an uncirculated version. However, you may find some collectors looking for slightly worn coins and are willing to pay more for them.

Generally, the 1928 no-mint mark silver dollars are worth more than the marked coins. This is especially true if the coin is in uncirculated condition.

Also Read: Top 19 Most Valuable Silver Eagles Worth Money

History of the 1928 Silver Dollar

The silver dollar was first minted in 1921 and minting ran until 1935. There was no minting between 1929 and 1933 because the United States needed to sell silver to the United Kingdom according to the Pittman Silver Purchase Act of 1918.

It started as a way to celebrate peace in the country at the end of World War 1. Then President Harding had ordered its production after he ended the war against Germany on November 21 of that year.

The ideas for the new coin began flowing in after the announcement was made to send in coin design ideas. There were several to select from, but the Lady Liberty piece with the eagle on the reverse won the day. Within a short period, the first coins were minted and were in circulation just before Christmas.

During the Great Depression, the American West silver mines bullion was bought, so there was no silver for minting coins. Minting began again in 1934 after silver became available again but was cheap and the U.S. could purchase more.

Sculptor Anthony de Francisci inscribed the image of a bald eagle on the reverse side and the face of Lady Liberty on the obverse side. Many believe that the sculptor used the face of his beautiful wife as a muse to create the Liberty image.

1928 Silver Dollar Grading

Looking at any coin will tell you its condition. But coin grading has a scale that goes from 1 to 70; 1 is the lowest grade which means the coin is too worn. The details would no longer be visible or in relief on the coin. But 70 means the coin is in the best condition.

Here is a video explaining the grading of different 1928 silver dollars and how it affects the value.

1928 Silver Dollar Errors

As with many other coins, the 1928 silver dollar has some minting errors that may not be readily noticeable if you do not have a keen eye. Interestingly, some of these errors only increase the value of the coin, whether or not it is in mint state. For others, it decreases the coin’s value.

1. 1928 Silver Dollar Strike-Through Error

1928 Silver Dollar Strike-Through

A strike-through error happens on a coin when a foreign item falls into the die and without removing it, the coin is printed. The item affects the final design of the coin and may significantly mar it, depending on the item.

Sometimes, this error only serves to increase the coin’s value on the market, especially if the foreign shape is distinct. It increases the uniqueness among collectors.

2. 1928 Silver Dollar Doubled Die Error

1928 Silver Dollar Doubled Die

This error is common when minting coins. It happens when the die, which is the tool typically used to stamp the coin images, strikes at slightly different angles. If the die is not steady, it may shift a little during striking, causing the image to double or triple on the coin.

The result is that the coin has a main and sharp image with two or three more faint ones showing at different angles. Some of the coins with this error never went into circulation but only surfaced when collectors showed a preference for coins with these errors.

3. 1928 Silver Dollar Lamination Error

1928 Silver Dollar Lamination

A coin lamination error occurs when the coin’s metal plating is yet to stick and parts of it get missing. They may be small, almost imperceptible parts, and the untrained eye may miss the error if they are not looking.

However, to a grader, the error is obvious, and this can affect the coin’s value positively or negatively. A 1928 silver dollar with this error but in extremely fine condition sold for about $645, which is not bad for a coin with only a $1 face value.

4. 1928 Silver Dollar Inverted Mint Mark Error

1928 Silver Dollar Inverted Mint Mark

This error is not common and refers to a mistake during the striking of the mint mark. It applies to coins minted in the San Francisco branch; the S is upside down and the wrong way around. There are only a few coins with this error, but it positively changes the value.

Below is a video explaining the coin and errors that you may encounter.

1928 Silver Dollar FAQs

What is a 1928 silver dollar worth today?

The worth of a 1928 silver dollar depends on the grading and condition. It also depends on the errors and who is buying. For some, a worn silver dollar is worth more money than a mint-state coin. For others, the unique errors add character to the coin and increase its value.

However, the consensus is that this silver dollar is valuable when in mint state or uncirculated. You can sell such a coin for as low as $31 or as high as $5,000 or more, depending on the mint mark and condition.

Why is the 1928 Peace Dollar so valuable?

The value lies in the mintage; it has the lowest mintage of the regular Peace dollar coins in the same series. Besides, the coins from the Philly mint were more softly struck than others minted before them from the same place.

Where is the mint mark on a 1928 silver dollar?

The mint mark is under the O on the phrase ONE DOLLAR on the coin’s reverse side. It is clearly above the eagle’s tail and close to the coin’s rim but is small enough to be missed.

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