1922 Peace Dollars 1921-1935 MS64

History

The Pittman Act of April 23, 1918 authorized the melting of millions of silver dollars, mostly Morgans, and obligated the government to coin replacements later. Replacement coinage began with 1921 Morgan dollars, but veterans groups and the American Numismatic Association petitioned Congress for a new type marking the end of World War I, and an invitational competition, with each artist paid $100 for plaster models, was won by Anthony de Francisci. Every 1921 Peace dollar was struck in de Francisci's original high relief, which chewed through dies, so Chief Engraver George Morgan sharply reduced the relief for 1922 and every year after. R.W. Julian found General Services Administration paperwork in 1974 showing a trial mintage of 35,401 business-strike 1922 High Relief dollars produced between January 5 and January 23, 1922, using four obverse and nine reverse dies on regular toggle presses; nearly all were melted, though a few reached Mint and Treasury officials in Washington.

Details

Anthony de Francisci designed both sides. The coin is 90 percent silver and 10 percent copper, weighs 26.73 grams, measures 38.10 mm across and has a reeded edge. Philadelphia struck 51,737,000 without a mint mark, an all-time record for a United States silver dollar and roughly a quarter of the approximately 187 million Peace dollars coined from 1921 through 1935. The 35,401 high relief trial pieces were a separate production and are not included in that figure.

Features

The obverse carries a youthful Liberty facing left in a radiant tiara, and the reverse shows an eagle perched on a mountain peak with the rays of a rising sun behind it. PEACE at the base of the reverse is the only element identifying the coin as commemorative. Against the 1921, the 1922 shows much lower and flatter relief, though strike quality is generally good and luster runs from soft creamy white to a hard chrome-like surface. Recognized varieties for the date include VAM 2 and VAM 8, the Doubled Tiara, a Top 50 variety, with a separate listing for the 1922 Matte Finish High Relief.

Notable facts

• The standard variety references for the series are Van Allen and Mallis, Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars, and Oxman and Close, The Official Guide to The Top 50 Peace Dollar Varieties.
• Grading service populations cluster heavily in MS63 and MS64, with MS65 readily available, a sharp drop at MS66 and extreme condition rarity at MS67.
• Mint-sealed bags of 1,000 Mint State 1922 dollars are known to have existed.
• Congressional legislation introduced in May 1921 gave the coin the name peace dollar, and Treasury Secretary Andrew Mellon approved de Francisci's design after the Commission of Fine Arts selected it.
• The frequently repeated story that Liberty was modeled on de Francisci's wife Teresa is regarded by some in the field as a romantic notion rather than settled fact.