1928 US Coins: Values & Mintages

US coinage in 1928

The Peace dollar was struck only in Philadelphia and San Francisco. The Philadelphia figure of 360,649 is the lowest of the series.

The Mint in the 1920s

After the First World War, demand for coins rose and fell sharply. A sharp recession in 1920 and 1921 cut demand for new coins, which is why several branch-mint issues of the early 1920s have low mintages. The Morgan dollar returned briefly in 1921 and the Peace dollar replaced it, struck in large numbers to replace the dollars melted under the Pittman Act.

Through the middle of the decade the economy boomed and the Philadelphia, Denver and San Francisco mints struck cents, nickels, dimes, quarters and half dollars in growing numbers. Dates that wore off easily, on the Buffalo nickel and the Standing Liberty quarter, are a feature of the era's coins. The decade ended with the stock market crash of October 1929.

How many coins were made in 1928

Counting the circulation issues on this page, US mints struck 273,732,249 coins dated 1928 across 16 issues. That is close to the 1927 total of 295,581,650. In 1929 the figure rose to 384,388,950.

By mint: Philadelphia 192,519,649 (70%, down from 226,207,750), Denver 43,394,600 (16%, up from 40,136,900) and San Francisco 37,818,000 (14%, up from 29,237,000).

Those coins held about 6,406,749 troy ounces of pure silver and 8,529,419 troy ounces of gold.

1928 coins by denomination

Cents: 182,552,000 struck in 3 circulation issues of the Lincoln Wheat Cent, down 1.8% on 1927. The scarcest is the 1928-S (17,266,000) and the most plentiful the 1928 (134,116,000).

Nickels: 36,783,000 struck in 3 circulation issues of the Buffalo Nickel, down 22% on 1927. The scarcest is the 1928-D (6,436,000) and the most plentiful the 1928 (23,411,000).

Dimes: 31,041,000 struck in 3 circulation issues of the Mercury Dime, down 18% on 1927. The scarcest is the 1928-D (4,161,000) and the most plentiful the 1928 (19,480,000).

Quarters: 10,607,600 struck in 3 circulation issues of the Standing Liberty Quarter, down 20% on 1927. The scarcest is the 1928-D (1,627,600) and the most plentiful the 1928 (6,336,000).

Half Dollars: 1,940,000 struck in 1 circulation issue of the Walking Liberty Half Dollar, down 19% on 1927.

Dollar Coins: 1,992,649 struck in 2 circulation issues of the Peace Silver Dollar, down 33% on 1927. The scarcest is the 1928 (360,649) and the most plentiful the 1928-S (1,632,000).

Gold Coins: 8,816,000 struck in 1 circulation issue of the Saint-Gaudens Double Eagle, up 41% on 1927.

Every 1928 circulation issue at a glance

• 1928 Peace Silver Dollar: 360,649 struck, the lowest mintage of all 24 Peace Silver Dollar issues, down from 848,000 in 1927, a famous date.
• 1928-D Standing Liberty Quarter: 1,627,600 struck, 8th lowest of 37 in the series, up from 976,000 in 1927.
• 1928-S Peace Silver Dollar: 1,632,000 struck, 11th lowest of 24 in the series, up from 866,000 in 1927.
• 1928-S Walking Liberty Half Dollar: 1,940,000 struck, 19th lowest of 65 in the series, similar to 1927.
• 1928-S Standing Liberty Quarter: 2,644,000 struck, 15th lowest of 37 in the series, up from 396,000 in 1927.
• 1928-D Mercury Dime: 4,161,000 struck, 9th lowest of 77 in the series, similar to 1927.
• 1928 Standing Liberty Quarter: 6,336,000 struck, more than 61% of the series' 37 issues, down from 11,912,000 in 1927.
• 1928-D Buffalo Nickel: 6,436,000 struck, 23rd lowest of 64 in the series, similar to 1927.
• 1928-S Buffalo Nickel: 6,936,000 struck, 24th lowest of 64 in the series, up from 3,430,000 in 1927.
• 1928-S Mercury Dime: 7,400,000 struck, 23rd lowest of 77 in the series, up from 4,770,000 in 1927.
• 1928 Saint-Gaudens Double Eagle: 8,816,000 struck, the highest mintage of the series, up from 2,946,750 in 1927.
• 1928-S Lincoln Wheat Cent: 17,266,000 struck, 28th lowest of 140 in the series, similar to 1927.

The 4 more plentiful issues are listed in the tables below.

Lincoln Wheat Cent: Initials return and the 1922 plain

In 1918 Brenner's initials returned, this time tiny on the truncation of Lincoln's shoulder, where they stayed for the rest of the series. Production stayed high after the war, but a recession cut 1921 output. In 1922 only Denver struck cents. Worn and filled dies at Denver produced coins with no visible mint mark, the 1922 Plain. Only one die pair shows a strong reverse and no trace of the D. That is the variety collectors want.

Branch mint cents of the 1920s are known for soft strikes. The 1924-D, 1926-S and other San Francisco and Denver dates often show weak hair detail and mushy wheat lines. The 1926-S is notoriously hard to find with red color. Most dates from this era survive in circulated grades with brown surfaces. Fully struck, red examples from the branch mints are much harder to find than Philadelphia coins.

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Buffalo Nickel: Branch mint keys and soft strikes

No nickels were struck in 1922. Production resumed in 1923. San Francisco struck small numbers in several years, creating the 1923-S, 1924-S and 1926-S semi-keys. The 1926-S, at 970,000, is the lowest mintage regular issue of the series. Denver and San Francisco coins from these years are known for weak strikes, especially on the bison's head and the date.

The Depression cut demand in 1930 and 1931. In 1931 only San Francisco struck nickels, 1.2 million pieces. The coin was saved by many people at the time. Survivors from the 1920s are usually found with worn or missing dates. Coins with full horn detail carry a premium. Dateless Buffalo nickels from this era are often treated with acid to reveal the date.

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Standing Liberty Quarter: Recessed dates protect the year

In 1925 the Mint cut the date into a recessed area of the step, so it no longer stood above the surface and survived heavy wear. Quarters of 1925 to 1930 therefore usually show full dates even in the lowest grades, which makes them much easier to identify than earlier coins.

The 1927-S, with 396,000 struck, is the key of the recessed date years and is very rare with a full head. The 1926-D and 1926-S are also tough with full heads because of poor striking. The 1929-D, 1929-S and 1930-S are more common and make good choices for a type set. Production ended in 1930 at Philadelphia and San Francisco. No quarters were struck in 1931 before the Washington quarter took over in 1932.

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Walking Liberty Half Dollar: Soft strikes and scarce postwar dates

Mintages fell after World War I, reaching only 246,000 at Philadelphia, 208,000 at Denver and 548,000 at San Francisco in 1921. These three 1921 coins are the keys of the series. The 1921-D is the rarest. The 1919 issues from all three mints are also scarce, especially in better grades. Most survivors of these dates are well worn.

No halves were struck in 1922 or from 1924 to 1926. Only San Francisco struck them in 1923, 1927 and 1928. Weinman's design was hard to strike, so coins from these years often show flat centers on Liberty's head and left hand. Fully struck examples of the 1919-D, 1920-D and 1923-S are seldom seen. The 1929-D and 1929-S close the period with mintages near one and two million.

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Peace Silver Dollar: Pittman Act coinage winds down

Peace dollars continued in large numbers to replace the coins melted under the Pittman Act, with Philadelphia striking 30.8 million in 1923. Output fell after that year. San Francisco's 1924-S and 1925-S, each under two million, are scarce in high grades. Denver made no dollars in 1924 or 1925.

The 1927 issues from all three mints are relatively scarce. The 1928 from Philadelphia, with only 360,649 struck, is the lowest mintage of the series and is often confused with the more common 1928-S. Pittman purchases were complete in 1928 and coinage stopped. San Francisco dollars of these years are often softly struck. Many survivors show heavy bag marks from storage in Treasury vaults. Bags of Peace dollars also emerged in the Treasury releases of the early 1960s.

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Saint-Gaudens Double Eagle: Postwar mintages and overseas hoards

Double eagle production stopped from 1917 through 1919. When it resumed in 1920, much of the output went into Treasury vaults or abroad as reserves. The 1920-S and 1921 are rare because most were melted in the 1930s. The 1927-D is one of the great rarities of American gold, with only a handful known from 180,000 struck.

The Philadelphia coins of 1924 to 1928 are among the most common double eagles because many were shipped to European banks and later returned in quantity. Branch mint coins of the same years tell a different story. The 1924-D, 1924-S, 1925-D, 1925-S, 1926-D and 1926-S are scarce despite mostly large mintages because most were melted. Bag marks and rim nicks are the usual flaws on the repatriated Philadelphia coins.

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Mercury Dime: The late 1920s and the Depression

Philadelphia struck between 19,480,000 and 32,160,000 dimes a year from 1926 to 1929, while Denver and San Francisco usually made between about 4.2 and 7.4 million each. The exception is the 1926-S. San Francisco produced only 1,520,000 that year, the smallest mintage of the decade after the 1921 issues. Most survivors are worn and softly struck. It is a semi-key and scarce in any grade above Fine.

The Depression then cut demand sharply. Philadelphia's output fell to 6,770,000 in 1930 and 3,150,000 in 1931. San Francisco struck 1,843,000 and 1,800,000. Denver skipped 1930 entirely before making 1,260,000 in 1931, the third lowest Denver figure of the series after the 1916-D and 1921-D. The 1931-D is counted among the semi-keys. As with 1923, there is no genuine 1930-D dime; any coin with that date and mint mark is a fake.

Dimes from these years usually turn up in Good to Fine. Their low mintages make the 1930-S, 1931-D and 1931-S more desirable than the Philadelphia dates in every grade. For the common dates of 1926 to 1929, condition and strike decide the premium. Look at the center bands of the fasces and the hair above Liberty's forehead. Then make sure the mint mark at the lower left of the fasces is crisp and properly placed. Every dime of these years is 90% silver, so even the most worn common date is worth more than face value.

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