United States 1922 dollar
This specimen was lot 3403 in Stack's Bowers ANA sale (Costa Mesa, CA, August 2021), where it sold for $6,300. The catalog description noted,
"1922 Peace Silver Dollar. MS-67 (PCGS). An exceptional Superb Gem with a gentle dusting of gold and bronze tones over pearlescent silver surfaces. The luster is impressively frosty, remaining smooth and undisturbed by abrasions of note across either side. Each side boasts sharp central elements. With strong eye appeal and superior technical quality this piece is surely an important opportunity. Over 51.7 million examples of the normal relief 1922 Peace dollar were struck for circulation at the Philadelphia Mint, which was a record for silver dollar production by any mint up until that point. It would remain a record for the denomination until the introduction of the Eisenhower dollar in the 1970s. This large quantity of 1922 dollars far exceeded demand, and the vast majority of these wound up stored in canvas bags in the Mint and the Treasury for decades. These were later paid out by banks to collectors and dealers throughout the 1940s and 1950s, and Q. David Bowers notes that bags 'were still being distributed by the Treasury as late as March 1964.' While this issue is readily available in Mint State up through Gem, in the very finest Superb grades this issue is incredibly scarce. The present piece shares the MS-67 grade with only 41 other examples at PCGS and not a single coin has been graded finer. It is truly a significant find for the most advanced collectors of the series and PCGS Registry Set participant."
Silver dollars ceased to circulate in the 1890's, the populace finding paper currency more convenient, but silver mining interests persuaded Congress to force the Treasury to continue minting them. The unneeded coins sat in bags in government vaults and served as backing for silver certificates. Britain, facing a silver shortage in India after World War One, purchased several hundred million to be melted down and made into rupees. Numismatists mounted a campaign to have the melted dollars replaced by a new design celebrating the coming of peace after World War One. This was accepted and the "Peace" dollar was introduced late in 1921 (the dies not being ready, the Morgan dollar was revived and struck in 1921). Large quantities were struck 1922-28 to public indifference. A few more were minted 1934-35 and the series ended. No silver dollars have been struck for circulation since. A few hundred thousand were made in 1964 but the whole run was melted with none being saved. No Peace dollars are rare tho some dates are scarce and true gems are hard to find.
Recorded mintage: 51,737,000, the most common date.
Specification: 26.73 g, 0.900 fine silver, .773 troy oz ASW, 38.1 mm diameter, reeded edge.
Catalog reference: KM 150.
- Breen, Walter H., Walter Breen's Complete Encyclopedia of U. S. and Colonial Coins, New York: Doubleday, 1987.
- Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.
- Yeoman, R. S., and Kenneth Bressett (ed.), A Guide Book of United States Coins, 65th Ed., Atlanta, GA: Whitman Publishing, 2011.
- Alexander, David T., Coin World Comprehensive Catalog & Encyclopedia of United States Coins, Sidney, OH: Amos Press, 1995.
Link to: