Q. David Bowers: The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).
Commentary: The 1935, like the 1934, came out on the market slowly and over a long period of time. Little attention was paid to the issue in numismatic circles.
Circulated grades: Worn coins are slightly scarce now and are mostly in higher grades such as EF and AU. In the 1950s, mixed bags of dollars abounded with these and other issues of 1934 and 1935.
Mint State grades: The 1935 is readily available in Uncirculated grade. Most are in MS-60 through 63 or even 64 grades. MS-65 pieces are scarcer but can be found with ease. Lustre is often satiny, rather than deeply frosty. The strike is usually decent, including on the center of the reverse. Cherrypickers would go out of business if all Peace dollar issues were like the 1935!
Some pieces show abrasions, often prominent on the face of Miss Liberty. It is not unusual for a 1934, 1935, or 1935-S to have frosty fields with few bagmarks, but to have the face nicked up, the latter possibly being from marks on the original planchet.
1. Breen-5739. Hub combination III-B2. VAM-I. Just the one variety.
Dies prepared: Obverse: Unknown; Reverse: Unknown.
Circulation strike mintage: 1,576,000
Estimated quantity melted: Unknown.
Characteristics of striking: Usually well struck and frosty with a satiny surface.
Known hoards of Mint State coins: I am not aware of any extant mint-sealed bags. Rolls sometimes come on the market.
The 1935 in Mint State is usually seen with satiny lustre and nicely struck.
Silver Price Amended
The Annual Report of the Director of the Mint, 1935, told of a silver price amendment:
"Under Executive proclamation of December 21, 1933, the price to be paid by the mints for newly mined domestic silver was fixed at 64.64 cents. This proclamation was amended by a proclamation of April 10, 1935, fixing the price at 71.11 cents. A further proclamation of April 24, 1935 raised the price to its present level of 77.57 cents."