The 1922 High Relief Peace Dollar: A Numismatic Legend
Introduced to the United States in 1921, the Peace Silver Dollar ushered in a new era of hope at a time when the world so desperately needed it. The Peace Dollar is today remembered as one of the most iconic coins in history, and the issue that stands above all others is the 1922 edition in high relief.
The Peace Dollar was originally struck in high relief to allow the elements of Anthony de Francisci’s design to shine to their fullest ability. Though the high relief style brought out the best of the design, it did not come free of problems. For one, the high relief strike caused substantial wear and tear on the dies used to produce the coins, and the Mint needed to replace them far too frequently. Additionally, the high relief did not allow for the coins to stack easily on top of one another. Stacking coins was a common practice in testing whether a coin was practical for commerce and storage. So, a few months into the coin’s second year of issue, it was altered to display its design in standard relief.
Before adjusting the coin in 1922, the Mint had already struck 35,401 in high relief. Though one might think several should surely have survived to the present day, this unfortunately is not the case. The overwhelming majority of 1922 High Relief Peace Dollars were melted down within just months of their production, and only an estimated twelve Proof examples remain in existence today.
As for business strike examples of the 1922 High Relief Peace Dollar, there is only one known that survived the melts and remains today. However, it is the subject of great controversy. Although it is graded in Very Fine condition as a business strike coin, many believe it is actually a proof coin that made its way into circulation. Since no one can prove this, though, it is accepted as a business strike.
Given their rarity, 1922 High Relief Peace Dollars demand a pretty penny in the marketplace. The finest known example is certified Mint State 67 by PCGS, and it originally sold at auction for $172,500 in 2003. When it re-entered the marketplace in 2014, it sold for a whopping $458,250. The next time this coin is on the market, there is no telling how high a price it will demand. Even lower-grade examples sell for astronomical amounts, one example being a Very Fine 25 specimen that sold for $10,638 in 2002.
The 1922 in high relief is undoubtedly the holy grail of Peace Silver Dollars and a true numismatic rarity. While it’s unfortunate that nearly all struck were melted down, the collecting world is fortunate to have the few examples that remain today.
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