The 1922 Silver Dollar, also known as the Peace Dollar, is a popular coin among collectors and investors. It features an elegant design with historical significance that stands out as a valuable addition to many collections.
Let’s explore why this coin holds significance, its history, and how it might have hidden value in your collection.
Historical Context
The Peace Dollar was introduced in 1921 to commemorate the end of World War I and to symbolize peace. The 1922 Peace Dollar marked the first year the coin was mass-produced with the new low-relief design after the high-relief version proved difficult to strike in 1921. With production at the Philadelphia, Denver, and San Francisco Mints, 1922 saw the highest mintage of the entire Peace Dollar series, making it one of the most accessible silver dollars from that era.
1922 Silver Dollar Value Chart
The value of a 1922 Silver Dollar depends on its condition and mint mark. Coins in higher grades or with rare errors can significantly increase in value. Below is a table showing estimated values based on condition:
| Grade | Philadelphia (No Mint Mark) | Denver (D Mint Mark) | San Francisco (S Mint Mark) |
|---|---|---|---|
| Good (G) | $25 – $28 | $28 – $32 | $30 – $35 |
| Fine (F) | $28 – $32 | $32 – $38 | $35 – $40 |
| Extra Fine (XF45) | $35 – $45 | $40 – $50 | $50 – $60 |
| About Uncirculated (AU) | $45 – $60 | $55 – $70 | $65 – $80 |
| Brilliant Uncirculated (BU) | $60 – $85 | $80 – $100 | $90 – $120 |
| Mint State 65 (MS65) | $200 – $350 | $300 – $450 | $500 – $800 |
| Mint State 66 (MS66) | $800 – $1,200 | $1,200 – $1,500 | $1,800 – $2,500 |
| Mint State 67 (MS67) | $5,000+ | $7,000+ | $10,000+ |
Values can fluctuate based on market conditions and the coin’s specific appeal (such as attractive toning or low wear).
Obverse and Reverse Design
The obverse (front) of the 1922 Peace Dollar features a portrait of Liberty with a radiant crown, designed by Anthony de Francisci to symbolize freedom. The word “LIBERTY” arcs above her head, with the date “1922” positioned below her neck. The motto “IN GOD WE TRUST” is prominently displayed, with the V in TRUST representing the Latin U.
.jpg)
The reverse (back) shows a bald eagle perched on a rock, clutching an olive branch, symbolizing peace. The words “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” appear above, with the denomination “ONE DOLLAR” along the bottom edge.
The reeded edge of the 1922 Peace Dollar contains 192 reeds, a feature used to deter counterfeiting and coin clipping.
1922 Silver Dollar Composition and Physical Features
The 1922 Peace Dollar is composed of 90% silver and 10% copper, a common alloy for U.S. silver coins at the time. Each coin contains 0.7734 troy ounces of silver. Its physical specifications are as follows:
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Thickness: 2.8 mm
- Edge: Reeded with 192 reeds
1922 (P) Silver Dollar – Standard Circulation Strike
The 1922 Philadelphia Mint Peace Dollar is the most common variety of the year, struck in low relief to address production issues experienced with the earlier high-relief 1921 version. These coins do not carry a mint mark.
- Mintage: 51,737,000
- Typical Value:
- Good (G) – $25 to $28
- Fine (F) – $28 to $32
- About Uncirculated (AU) – $45 to $60
- Mint State 65 (MS65) – $200 to $350
- Mint State 66 (MS66) – $800 to $1,200
These coins are widely available, but values increase significantly for higher-grade uncirculated examples (MS65 or above).
Rare 1922 Silver Dollar Error Coins
While the 1922 Peace Dollar is common in circulated grades, certain coins with errors or rare varieties can command high prices. Some of the most valuable error coins include:
Cracked planchet errors occur when a coin is struck on a metal blank (planchet) that has structural flaws such as cracks or splits that form during the manufacturing process. As a result, cracks appear on the coin leading to visible imperfections on the surface.
The location and severity of the crack affect the coin’s collectibility and value. In some cases, the cracks appear along the edge or across the design, giving the coin a distinct appearance. These errors are considered valuable anomalies by collectors.
Cracked planchet errors are often confused with die cracks, but they are fundamentally different.
A Curved Clip error occurs when a planchet is improperly punched from a metal sheet, causing it to be missing a curved portion along the edge. A 1922 Peace Dollar with a Curved Clip error is missing part of its reeded edge in a crescent shape, with no reeds or edge pattern in that section.
Die Cracks and Die Breaks occur when worn or damaged dies are used to strike coins, resulting in visible cracks or breaks on the coin’s surface that can create unique patterns that make the coin stand out. Many collectors find this appealing and coins with noticeable die cracks are more valuable, especially if it enhances the visual appeal or rarity.
A reverse lamination error occurs when a thin layer of metal peels away from the reverse of the coin. This error is caused by impurities, defects, or improper bonding in the coin’s metal planchet during the minting process. As a result, on some 1922 Peace Dollars part of the surface layer is detached, leaving visible flakes, gaps, or rough textures near parts of the eagle design on the reverse side. Peeling also sometimes appears surrounding legends “UNITED STATES OF AMERICA” or “ONE DOLLAR.”
Additionally, Peace Dollars with clear mint marks (especially the Denver “D” and San Francisco “S” varieties) can be more valuable than those from the Philadelphia Mint, which lacks a mint mark.
1922 (P) Silver Dollar – Satin Finish, High Relief
The Satin Finish High Relief Peace Dollar is a rare trial or prototype strike issued in very limited numbers by the Philadelphia Mint. These coins retain the high-relief design similar to the 1921 Peace Dollar, with sharper detail on Liberty’s portrait and the eagle on the reverse. However, the high-relief design was abandoned early in 1922 due to difficulties in mass production.
- Mintage: Likely around 10 pieces (prototypes only)
- Typical Value:
- AU – $20,000 to $30,000
- MS63 – $50,000 to $75,000
- MS65 – $100,000+
These coins are incredibly rare, with most known examples residing in museums or high-end private collections.
1922 (P) Silver Dollar – “Moustache” Variety (VAM-12A)
The VAM-12A “Moustache” Variety is a notable error variety caused by a die defect. The defect gives Liberty the appearance of having a moustache on her upper lip, making this variety sought after by collectors. The error is more noticeable on coins with minimal wear and is often found only on early strikes.
- Mintage: Unknown (Error variety)
- Typical Value:
- Fine (F) – $100 to $150
- Extra Fine (XF45) – $250 to $400
- Mint State 63 (MS63) – $1,500 to $2,500
This variety is relatively rare, and prices increase significantly for coins in uncirculated condition.
Other 1922 VAM Varieties
The VAM (Van Allen-Mallis) varieties catalog small differences in Peace Dollars resulting from die variations or errors. Some of the most notable 1922 VAM varieties include:
- VAM-2: Doubled Die Reverse
- Features doubling on the eagle’s beak and lettering.
- Typical Value: XF – $50 to $100; MS63 – $500 to $1,000
- VAM-3: Die Break on Obverse
- Shows a noticeable die crack near Liberty’s hairline.
- Typical Value: XF – $40 to $70; MS63 – $300 to $500
- VAM-5A: “Spike in Eagle’s Shoulder” Variety
- Displays a small raised line on the eagle’s shoulder, resulting from a die gouge.
- Typical Value: XF – $60 to $120; MS63 – $400 to $800
These VAM varieties are collected for their unique characteristics, and values vary based on their rarity and condition.
Special Releases of the 1922 Peace Dollar
Some prototype and trial strikes exist and are exceptionally rare. Proof Peace Dollars were not officially released to the public in 1922. These coins are often housed in museum collections or held by high-end collectors. If a 1922 proof or special mint strike surfaces, it would likely fetch hundreds of thousands of dollars at auction.
How to Identify a Valuable 1922 Silver Dollar
Identifying valuable 1922 Peace Dollars requires a careful examination of the coin’s condition, mint mark, and potential errors.
- Inspect the Condition: Coins with minimal wear are more valuable, particularly coins in AU, BU, or MS grades.
- Check the Mint Mark: The mint mark is located on the bottom of the reverse. Coins with “D” or “S” mint marks are more valuable. Coins without a mint mark were issued by Philadelphia.
- Look for Errors: Use a magnifying coin loop to check for signs of doubling, cracks, or off-center strikes.
- Evaluate the Toning: Attractive or unique natural toning can increase a coin’s value, particularly among collectors.
- Verify Authenticity: Always have the coin authenticated by a professional coin dealer if you believe it may hold significant value, especially for rare varieties or high-grade examples.
Due to the instrinsic value of the metal, even in heavily worn or cull condition, a 1922 Peace Dollar is worth melt value.
How to Store and Protect Your 1922 Silver Dollar
Proper storage is essential to maintain the value and condition of your 1922 Peace Dollar and should be kept in air-tight holders or coin flips to prevent damage or scratches from handling. If the coin is of high value, consider submitting it to a third-party grading service like PCGS or NGC to have it authenticated and encapsulated for long-term protection.
Conclusion
The 1922 Peace Dollar remains a favorite among collectors and investors for its historical significance, elegant design, and affordability. While many of these coins are common in circulated grades, finding higher-grade coins or rare error varieties can be both challenging and rewarding. Understanding the value, design features, and composition of the 1922 Silver Dollar can help you make informed decisions when collecting or investing in these iconic coins.
