Coin collecting is certainly one of the more satisfying hobbies because the coins hold their value much longer and better than other collectibles. Collectors also like the fact that each coin does have a history. The Peace Silver Dollar, for example, was circulated after World War I. It features a relief of an eagle on the reverse side, under which reads the namesake, "Peace." Production began on 1921, but dwindling demand caused an end to the coin in 1928 with a brief revival in 1934 to 1935.
Determine if the coin is high relief or a regular. For the Peace Dollars, the high-relief coins were produced for only one year. These coins were actually found to have too high of relief, causing the coin to be very difficult to strike. The high relief coins are only on the 1921-22 mints. This first year coin is in higher demand among collectors. A very small number of these coins have proper strikes, with high detail in the center. Regular relief coins are now found to include light or vague and imaginary features on Miss Liberty's hair toward the center.
Look for mint markings to determine valuable coins with regular relief. These coins were altered from their predecessors to also include shallow, low reliefs that altered the image significantly. Collectors look for three types of mint markings by which to identify the coin's rareness. Underneath the "ONE" on the reverse side, there will be either a letter "S," for San Francisco, a "D," for Denver, or none at all, for Philadelphia. Value depends on the year. The most valuable are: 1928 and 1934-S with just 360,649 and 1,011,000 in minted for circulation respectively.
Identify the elusive Peace Silver Dollar. The coin is in circulation though it carries certain mythic qualities. In 1965, President Johnson approved an additional minting of Peace Silver Dollars. However, as the country was switching to cupro-nickel standard, the coins were never released to public circulation. Most, if not all, were melted down. However, it is alleged that some do exist and were snatched up by opportunistic numismatists. The coin is identified, of course, by the date 1964 (though produced in 1965). These are the unicorns of of Peace Silver dollars, rare--but the most valuable of all.
Check the coin against the standards of the grading companies. Many are out there on the market but only a few are certified trustworthy and consistent in their claims. Those are Professional Coin Grading Service (PCGS), Numismatic Guaranty Corporation (NGC), American Numismatic Association Certification Service (ANACS), and Independent Coin Grading (ICG).