At the 1920 American Numismatic Association (ANA), it was suggested that the United States issue a coin to commemorate the peace treaties that ended World War I. Former ANA President Farran Zerbe is largely credited as the prime motivator in the move for the Peace Dollar. Past precedent allowed for commemoratives as collector’s pieces and fundraisers, but not circulation. However, after strong advocacy by Zerbe and the ANA, the new “Peace Dollar” was issued in 1921 for general circulation.

The Fine Arts Commission sponsored a design contest and invited eight well-known sculptors to compete. The winner was Anthony de Francisci, an Italian immigrant who worked as a medalist in New York. Francisci’s design was modeled after his wife, Teresa Cafarelli de Francisci.

Composed of 90% silver, the obverse features a portrait of a youthful Miss Liberty, facing left. The image is very realistic, closely resembling Ms. Francisci. Her mouth is slightly open, as though beginning to speak. Windswept hair is mostly gathered at the back of her head, contained by a crown of rays, much like the one seen on the Statue of Liberty. It is a strong yet simplistic design. A tiny “AF” is monogramed under Liberty’s neckline, recognizing the designer. 

The reverse of the Peace Dollar presents a large, powerful eagle, facing right. It is perched, wings folded, atop a mountain peak. A sprig of mountain laurel grows from a split in the rock. Rays of sunlight extend from beyond the eagle in the lower right portion of the coin, symbolizing the rising sun and a new day. 

Shortly before it was circulated, the Peace Dollar fell into controversy. The coin was unveiled to newspaper reporters, and one critic argued that the original reverse of the coin—an eagle holding a broken sword—was a symbol of defeat, 

and therefore unfit to become the new national symbol of peace: “… a broken sword carries with it only unpleasant associations. A sword is broken when its owner has disgraced himself. It is broken when a battle is lost and breaking is the alternative to surrendering. A sword is broken when the man who wears it can no longer render allegiance to his sovereign. But America has not broken its sword. It has not been cashiered or beaten; it has not lost allegiance to itself. The blade is bright and keen and wholly dependable. It is regrettable that the artist should have made such an error in symbolism.” 

This was taken into consideration, and the “eagle at rest” became a last-minute replacement for the broken sword.

The high relief issues of 1921 required excessive pressure to be applied to fully bring out the design of the coin, and the dies frequently broke. This proved impractical for coinage, and in January of 1922 production was halted. Francisci attempted to fix the problem without reducing the relief, but his efforts were not successful. He finally agreed to modify the coin to a shallow relief. This style continued through 1935. The rare matte and satin finish proofs of 1922 were designed in both high relief and normal relief style. 

The coin celebrates the end of many years of disastrous world war and was designed to convey a hope for lasting world peace. Francisci intently selected strong imagery that would capture the fundamental values the U.S. was built upon. Francisci’s understanding of artistic design and strong imagery gives the Peace Dollar its strong impact. The watchfulness of Miss Liberty coupled with the strength and power of the eagle creates a powerful dynamic that is praised as much for its aesthetic merits as it is for its symbolic importance.