Its obverse represents the head and neck of the Goddess of Liberty in profile, and the reverse depicts a bald eagle at rest clutching an olive branch, with the legend "Peace".

Numismatists began to lobby the Mint to issue a coin that memorialized the peace following World War I; although they failed to get Congress to pass a bill requiring the redesign, they were able to persuade government officials to take action.

[4] It is uncertain who originated the idea for a US coin to commemorate the peace following World War I; the genesis is usually traced to an article by Frank Duffield published in the November 1918 issue of The Numismatist.

[6] According to numismatic historian Walter Breen, "Apparently, this was the first time that a coin collector ever wielded enough political clout to influence not only the Bureau of the Mint, but Congress as well.

Though no bill was put before it, the committee heard from the ANA delegates, discussed the matter, and favored the use of the silver dollar, which as a large coin had the most room for an artistic design.

[9] The committee took no immediate action; in March 1921, after the Harding administration took office, Vestal met with the new Secretary of the Treasury, Andrew W. Mellon, and Mint Director Raymond T. Baker about the matter, finding them supportive so long as the redesign involved no expense.

[12] Sometime after the December 1920 hearing requested by the ANA, the chairman of the U.S. Commission of Fine Arts, Charles Moore, became aware of the proposed congressional action, and decided to investigate.

[14] On July 28, President Harding issued Executive Order 3524, requiring that coin designs be submitted to the Commission before approval by the Treasury Secretary.

[13] By November, proponents of the peace coin had realized that congressional approval was not necessary—as the Morgan dollar had been struck for more than 25 years, it was eligible for replacement at the discretion of the Secretary of the Treasury under an 1890 act.

[18] On November 19, Fraser notified competition participants by personal letter, sending official rules and requirements four days later, with submissions due by December 12.

After considerable discussion among Fraser, Moore, and Herbert Adams (a sculptor and former member of the Commission), a design by Anthony de Francisci was unanimously selected.

The latter design, which would form the basis for the reverse of the Peace dollar, recalled de Francisci's failed entry for the Verdun City medal.

At that time, Baker, who hoped to start Peace dollar production in 1921, outlined the tight schedule for this to be accomplished, and requested certain design changes.

A Mint press release described the reverse as "a large figure of an eagle perched on a broken sword, and clutching an olive branch bearing the word, 'peace'".

[30] At the time, according to Burdette, given the traumas of the Great War, Americans were highly sensitive about their national symbols, and unwilling to allow artists any leeway in interpretation.

Acting Mint Director Mary Margaret O'Reilly sent him a telegram on December 23, urgently seeking his approval to remove the sword from the reverse, as had been recommended by Moore and Fraser at a meeting the previous afternoon.

Due to the tight timeline for 1921 strikings of the dollar, it was not possible to await Baker's response, so on the authority of Treasury Undersecretary Seymour Parker Gilbert, who was approached by O'Reilly, the Mint proceeded with the redesign.

[35] Farran Zerbe, whose paper to the ANA convention helped launch the dollar proposal, saw de Francisci's defense and the press release, and suggested that the sculptor had mistakenly thought his alternate design had been approved.

Morgan had to hide the excision; he did so by extending the olive branch, previously half-hidden by the sword, but had to remove a small length of stem that showed to the left of the eagle's talons.

[37] On December 28, Philadelphia Mint Superintendent Freas Styer wired Baker in San Francisco, reporting the first striking of the Peace dollar.

Take it from the new 'Peace Dollar,' put in circulation yesterday, the young woman who has been adorning silver currency for many years, never looked better than in the 'cart wheel' that the Philadelphia Mint has just started to turn out.

However, even after 15 years of possessing the pantograph-like device, the Mint had no expert in its use on its staff, and, according to Burdette, "[h]ad a technician from Tiffany's or Medallic Art [Company] been called in, the 1922 low relief coins might have turned out noticeably better than they did".

The Peace dollar's lettering tended to strike indistinctly, and Burdette suggests that the new chief engraver, John R. Sinnock (who succeeded Morgan after his death in 1925), may have begun work in the middle of the motto "In God We Trust", and for reasons unknown, only the one word was boldened.

[11] Production of Peace dollars resumed in 1934, due to another congressional act; this one requiring the Mint to purchase large quantities of domestic silver, a commodity whose price was at a historic low.

[55] Mint officials gave consideration to striking 1936 silver dollars, and in fact prepared working dies, but as there was no commercial demand for them, none was actually struck.

[52] Much of the pressure for the coins to be struck was being applied by the Senate Majority Leader, Mike Mansfield (Democrat–Montana), who represented a state that heavily used silver dollars.

[59] Treasury Secretary C. Douglas Dillon was strongly opposed to restriking the Peace dollar and in early 1965 informed President Lyndon Johnson that such coins would be unlikely to circulate in Montana, nor anywhere else; they would simply be hoarded.

[60] Dillon resigned on April 1; his successor, Henry H. Fowler, was immediately questioned by Mansfield about the dollars, and he assured the senator that things would be worked out to his satisfaction.

On May 24, one day before a hastily called congressional hearing, Adams suddenly announced that the pieces were deemed trial strikes, never intended for circulation.

[70] On January 5, 2021, President Donald Trump signed legislation to issue Morgan and Peace dollars in 2021 to mark the centennial of the transition between the two designs.