In 1921, beginning on December 26 and ending on December 31, a total of just 1,006,473 Peace silver dollars were struck. (In 1922, just one year later, 66 million Peace silver dollars were issued.) Today fewer than 10% of that original 1921 limited mintage survive in our Very Fine quality or higher grades. Only the principal Philadelphia Mint struck the new 1921 coin and these first Peace dollars had an experimental high-relief design that slowed up the minting process. This coveted first issue had the lowest annual mintage in the entire series and it remains the ONLY American silver dollar ever struck in beautiful high-relief.
During the midst of the Great Depression in 1935, the U.S. Mint briefly revived the Peace series, but only released very limited numbers. This key 1935-S San Francisco Mint had a limited production of just 1.9 million. Mintages for that final year were less than 4% of the peak 1922 output. Today just 23,250, or 1% of that original production may remain in mint-state condition. As a result Very Fine quality specimens such as these are in demand. Those final coins would prove to be the very last 90% silver U.S. dollars ever issued for commerce.