HomeUS Coins1922 Peace Dollar : A Collector's Guide

1922 Peace Dollar : A Collector’s Guide

1922 Low Relief Peace Dollar

1922 Peace Dollar. Image: Stack's Bowers.
1922 Peace Dollar. Image: Stack’s Bowers.

The year 1922 marked the first full-calendar production year for artist Anthony de Francisci’s Peace dollar design. Premature die breakage on the High Relief strikings of 1921 caused the United States Mint to lower the relief on the 1922 issues to lengthen die life and answer spurious complaints in the media regarding the inability of the new coin to stack. This lowering was carried out by Mint Chief Engraver George T. Morgan, whose own dollar design was retired in favor of the new design. Writer Don Taxay, in The U.S. Mint and Coinage (2nd Edition, 1983) provides an interesting anecdote by way of sculptor James Earle Fraser. Fraser claims that Morgan lowered the relief of de Francisci’s design by hammering down the surfaces of the electroplate with a flat board (359).

Before settling on the production version of the 1922 Peace dollar, the Mint produced Proofs in Matte and Satin finishes, test strikings in modified relief, and low-relief Proofs with Matte and Satin finishes. These coins are scarce to rare and appear at auction infrequently.

The low-relief business strikes, on the other hand, are common issues and frequently encountered in rolls, in old accumulations, and in modern coin collections. Collectors prefer examples in uncirculated condition, as they are plentiful.

Historic Pricing Data

In an August 1978 Numismatist ad, dealer George H. Ashley, Jr. of Capital City Coin Exchange in Richmond, Virginia, advertised GEM BU 1922 (Low Relief) Peace dollars for sale at $10 each.

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Market Data and Noteworthy Specimens

The NGC population of MS-67 grading events has increased from 18 in January 2002, to 37 in November 2013, to 49 as of March 2024. The PCGS population of MS67 coins has increased from 48 to 53 since July 2023.

Top Population: PCGS MS-67 (53, 3/2024). NGC MS-67+ (1, 3/2024). CAC MS-67 (18:1 stickered:graded, 2/2024).

  • NGC MS-67 #3167329-001: Stack’s Bowers, August 18, 2023, Lot 6466 – $2,880.
  • PCGS MS-67 CAC #31679871: “The Monterey Bay Collection,” Heritage Auctions, January 2021, Lot 4372 – $10,500; “The Jlionel51 #8 PCGS Peace Dollar Set”, Heritage Auctions, July 20, 2023, Lot 3147 – $21,600. Orange discoloration to the left of nose, between L and I of LIBERTY, below IN G of IN GOD. Contact marks on cheek and eyebrow. Dark spot above 1 of DATE. Orange discoloration on reverse, primarily around ONE and the eagle’s tail feathers. Die gouge in rays to the right of the olive branch.
  • PCGS MS-67 CAC #371939518: Heritage Auctions, February 24, 2022, Lot 3120 – $12,000. Brilliant. Die crack at the bottom of Liberty’s bun. Thin curved march through 1 in date. Thin mark on neck. IN weakly impressed.
  • PCGS MS-67 CAC #41415961: Heritage Auctions, August 20, 2021, Lot 3987 – $10,500. Brilliant. Thin mark above 1 on date. Thin die crack through bust truncation. Pale peach discoloration over IN.
  • NGC MS-67 #351854-011: Heritage Auctions, January 11, 2019, Lot 5387 – $2,160.
  • PCGS MS-67 #30761876: Heritage Auctions, April 28, 2017, Lot 4835 – $8,518.75. Larry Shapiro/ Ward T. Miller Jr. on insert. Brilliant with light green and orange splotchy toning near the rim at 3 o’clock on the reverse. Prominent hit in hair near the coin’s center.
  • PCGS MS-67 #18448394: “The DeMicco Family Collection,” Heritage Auctions, August 14, 2015, Lot 5849 – $11,162.50. MBJ on insert. Thin die crack above 9 on the neck. Another from the neck on the right to T in TRUST. Light tarnish.
  • PCGS MS-67 CAC #6558313: Heritage Auctions, January 10, 2014, Lot 6058 – $16,450. Mostly brilliant with light tarnish on the reverse. Die break from right edge of bust truncation through T in TRUST to below second lowest lock of Liberty’s hair. Mark on upper lip. Reflective mark on eye brow. On reverse, discoloration above O in DOLLAR.
  • NGC MS-67: Stack’s Bowers, November 6, 2013, Lot 3333 – $3,525. Binion Hoard. Dipping residue on obverse.
  • PCGS MS-67 CAC #3284445: Heritage Auctions, August 2000, Lot 640; Heritage Auctions, January 2001, Lot 7686; Heritage Auctions, February 3, 2012, Lot 4369 – $9,775; “The Jim O’Neal Collection,” Heritage Auctions, April 26, 2013, Lot 5060 – $17,625. Brilliant. Die line across bust truncation. Thin scratch above first 2 of date. discoloration at top of G in GOD. Mark to the right of the tip of L.
  • PCGS MS-67 CAC #1603194: “The Paul Taylor Collection,” Heritage Auctions, April 28, 2011, Lot 5298 – $12,650. Die clash mark below OD in GOD. Light hit in Liberty’s hair above eye. On the reverse, three parallel horizontal marks on eagle’s tail feathers. Die break to the right of the olive branch.
  • PCGS MS-67 #8427092: “The Dr. Barry Southerland Collection,” Heritage Auctions, January 7, 2011, Lot 6226 – $8,625. Brilliant. Two dark copper spots in hair. Die crack through bust truncation. Thin discoloration streak through LI to crown.
  • PCGS MS-67 #06592571: “The Del Rio Collection, Part Two,” Heritage Auctions, August 20, 2004, Lot 7048 – $9,200 Jack Lee 2 on insert. Heritage Auctions, February 17, 2007, Lot 5839 – $8,625.
  • NGC MS-67 #151443-001: Heritage Auctions, September 16, 2006, Lot 5614 – $19,550. Brilliant. Dark mark to the right of L on LIBERTY. Rim hit below TR in TRUST. Die line between 1 and 9, extending across bust truncation.
  • NGC MS-67 #351455-059: “The Robert Moreno Registry Collection of Peace Dollars,” Heritage Auctions, April 7, 2006, Lot 1213 – $8,050. Binion Collection green-border insert.
  • PCGS MS-66+ CAC #38994870: Legend Rare Coin Auctions, May 14, 2020, Lot 270 – $2,056.25. Brilliant.
  • PCGS MS-62 CAC #80469334: Legend Rare Coin Auctions, May 14, 2020, Lot 271 – $2,350. Stunning toning.

Coin Specifications

Country: United States of America
Year Of Issue: 1922
Denomination: One Dollar (USD)
Mint Mark: None (Philadelphia)
Mintage: 51,737,000
Alloy: .900 Silver, .100 copper
Weight: 26.73 g
Diameter: 38.10 mm
Edge: Reeded
OBV Designer: Anthony de Francisci
REV Designer: Anthony de Francisci
Quality: Business Strike



Bowers, Q. David. The Experts Guide to Collecting & Investing in Rare Coins. Whitman Publishing.

–. A Guide Book of United States Type Coins. Whitman Publishing.

Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.

Guth, Ron and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.

Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.

Yeoman, R.S and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.

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CoinWeek Notes
CoinWeek Notes
CoinWeek Notes presents expert analysis and insights from Charles Morgan and Hubert Walker, the award-winning editors of CoinWeek.com.

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