1926 $1 MS66 Certification #49021064, PCGS #7367

A superb and exceptionally lustrous example of this lower-mintage Philadelphia issue. Brilliant silver surfaces generate booming cartwheel activity across both sides, producing broad, rapidly shifting bands of light from rim to rim. Delicate original color accents the brilliance rather than subduing it: champagne-gold, amber, pale aqua, rose, and blue-gray appear intermittently around the borders, with additional russet-gold flecks across the lower obverse and reverse. Liberty is sharply presented, with strong delineation through the coronet rays, forehead waves, central hair, and trailing curls. Her cheek and neck are remarkably free of consequential contact, while the surrounding fields remain exceptionally smooth for the type. The reverse is equally impressive, combining intense mint bloom with clear definition through the eagle’s head, neck, wing, tail, talons, and olive branch. Minor softness across the breast is characteristic and does little to compromise the commanding visual effect. One of 1,939,000 pieces struck, this MS66 is a radiant, high-end example whose powerful luster and outstanding preservation dominate the eye. The TrueView has frozen the cartwheel at a particularly revealing moment: the dark reflective bands sweeping across the left obverse and right reverse are not toning but the shaded portions of intensely rotating mint luster. In hand, those bands should travel rapidly across the surfaces, alternately illuminating Liberty and the eagle. This coin is primarily about motion. The toning plays a supporting role—a narrow golden frame at portions of the rim, scattered russet flecks below Liberty’s chin and around the date, and small flashes of blue-green and rose near the borders. It adds originality and definition without interfering with the brilliance. The obverse is technically excellent. Liberty’s cheek is exceptionally clean, the neck shows very little contact, and the open field before her face avoids the abrasions that normally interrupt such reflective surfaces. A few tiny toning flecks are visible, but they are superficial color features rather than significant marks. The hair is also well brought up, particularly through the forehead waves and the locks behind the ear. The reverse may be even more forceful. The eagle appears almost white against the alternating bands of light, and the radiating lines amplify the cartwheel effect. Although the center of the breast is not fully articulated, the wing feathers, tail, claws, and olive branch retain strong definition. Surface preservation is excellent throughout. This is a very different expression of originality from the heavily or colorfully toned coins. Nothing veils the mint character. The coin looks remarkably close to the moment of issue, while the restrained peripheral color provides evidence of its subsequent history.

Ron Guth

In 1926, the output of Silver Dollars at the Philadelphia mint dropped to less than a fifth of the previous year.  For that reason alone, some collectors think the 1926 is scarce or worth a premium.  In general it is not.  Certainly, the population of certified Mint State examples is lower than in 1925, but not to the point where collectors are unable to find nice examples.  In fact, thousand of MS-63 and MS-64 examples have been certified by PCGS and even in MS-65, this date is readiuly available.  However, in MS-66, the population drops off dramatically and absolutely none have been graded finer by PCGS.  Although strike varies, this date can be found with full details and a strong strike.  Luster ranges from frosty to brilliant.  Collectors seeking quality 1926 Peace Dollars should have no trouble finding nice-looking, well struck examples with a minimum of marks.  Anything less should be avoided or discounted.

According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1926 Peace Dollars directly from the U.S. Treasury for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."

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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).

Coinage Context

Low mintage: The production of 1,939,000 1926 Philadelphia Mint Peace dollars is the lowest Philadelphia Mint figure since 1921.

Numismatic Information

Commentary: In November 1941 in an advertisement in The Numismatist, the Hollinbeck Stamp & Coin Stores referred to the 1926 Peace dollar as the scarcest coin in the series, and offered Uncirculated coins for $4.50, each. The honor for the scarcest is" sue changed from time to time, as hoards Were dispersed. Later, the 1926 became common. In 1944, bags, Were released; several authorities, John Highfill, Walter Breen, and Wayne Miller among them, report that most of these were extensively bagmarked.

In 1953 and 1954, a large number of bags came out through Eastern banks, but they were generally ignored. It was felt that 1926 dollars would be, forever common. However, these bags were soon dispersed, and as the decade wore on, not many others came to light, although-a few are said to have emerged in 1962-64.

Circulated grades: The 1926 Peace dollar is common in worn grades, up to and including AU. Many seem to be in the higher grade ranges, indicating that they may have been put into circulation in the 1940s or early 1950s. Probably, several hundred thousand exist.

Mint State grades: Many Mint State coins survive.

Most are in grades from MS-60 to MS-63; but MS-64 coins are not rare, and MS-65 pieces Can be located without difficulty. The typical specimen is well struck with nice lustre. Bagmarks, when present, are apt to be light. Cherrypicking is worth doing, but you will not have to look long or hard to find a quality piece.

The 1926 is usually not available in large quantities. Most on the market are encountered a coin or two at a time.

Varieties

Circulation strikes:

1. Normal reverse: Breen-5724. Hub combination II-B2. VAM-1. Standard variety with normal reverse. 2. Doubled die reverse: VAM-2. Doubling plainest on claws and leaves. Discovered by Fred White. Listed in new VAM 3rd edition.
Dies prepared: Obverse: Unknown; Reverse: Unknown.

Circulation strike mintage: 1,939,000

Estimated quantity melted: Unknown.

Characteristics of striking: Usually well struck, lustrous, and attractive.

Known hoards of Mint State coins: Many bags were released by the Treasury in 1944; others were released from then through 1962-64, but not enough to make this a "common date."

Commentary

Mint State 1926 Peace dollars usually have very attractive surfaces.