The 1922 Peace Silver Dollar Value, History, Minting

The 1922 Peace Dollar was issued in large quantities for circulation (51,737,000 coins) and is readily available today. This coin came about both as a commemoration of the end of WWI and a fulfillment of the 1918 Pittman Act. The Pittman Act had led to the melting of 270,232,722 Morgan Silver Dollars held by the U. S. This had been done for England, a U. S. ally, which needed silver to support the Indian Rupee in 1918.

The Pittman Act also provided for the replenishment of those silver dollars, primarily for backing U. S. Silver Certificates. This coin has silver value, containing .7734 ounces of silver and some degree of numismatic value based upon its condition.

Importance of the 1922 silver dollar in American History

The 1922 Peace Dollar was important in American History for several reasons. It continued a Constitutional maintenance of tangible backing for the dollar while also continuing governmental support for Western silver miners. It also commemorated the end of WWI (1914-18).

1922 Silver Dollar Value

How much is a 1922 silver dollar worth?

The 1922 silver dollar value ranges from approximately $26 to $128, based on different grading scales. Prices increase as the condition improves from Very Fine to Mint State 65, taking into account factors like wear, luster, and contact marks.

Coins are graded using the 70-point Sheldon Scale. Coins that have circulated but are still collectible may be given grades between Very Fine 20 and Almost Uncirculated 58. Uncirculated full-luster coins are graded between MS60 and MS70 on contact marks, eye appeal, and strength of the strike.

The current 2023 1922 Silver Dollar wholesale and retail values are shown in that order:

• Very Fine 20–Hair over eye well-worn, etc.; only some eagle feathers visible; etc. ($26/$35)
• Extremely Fine 40–Hair lines strong but worn; outside wing feathers visible but faint ($28/$38)
• Almost Uncirculated 58-Most Mint luster present; very small traces of wear on high points (cheek, hair, eagle’s right wing/ leg) ($32/$42)
• Mint State 63–full and attractive Mint luster; noticeable detracting contact marks ($46/$61)
• Mint State 65–full and attractive Mint luster; minute detracting contact marks ($95/$128)

Where is The Mint Mark on a 1922 Silver Dollar?

The 1922 Peace Dollar was minted for circulation in Philadelphia, Denver, and San Francisco. The Philadelphia coins show no mintmark, while the other mints have “D” and “S” mintmarks below “ONE” on the reverse.

How Much is a 1922 Silver Dollar Worth With No Mint Mark?

The Philadelphia Mint 1922 Peace Dollars have no mint mark. They are the most common 1922 Peace Dollars, with over 51 million minted, and their values are shown above.

1922-d silver dollar value

The 1922-D Peace Dollar had a mintage of 15,063,000. It has similar values to the 1922 Peace Dollar up to the AU58 grade. Approximate 2023 current wholesale/retail values for the grades AU58 and higher follow.

• AU58–$40/$50
• MS63–$90/$122
• MS65–$475/$585

Related: 1923 Silver Dollar Value in 2023

1922 liberty silver dollar trust misspelled Value

1922 silver dollar in god we trvst

This is, unfortunately, not an error. ALL Peace Dollars used “V” as the Latin equivalent of our “U” (which the Latin language does not have). This was done as a Deco-Roman stylistic consideration on all Peace Dollars (1921-35).

The 1922 Peace Dollar

History of the 1922 Peace Dollar, with its Design and Symbolism

Following World War One (1914-18), with its 116,000+ American deaths, a silver dollar to commemorate War’s end was created. A competition among nine artists took place, with Anthony DeFrancisci chosen as the winner. DeFrancisci, an Italian immigrant, had used his wife Theresa as the model for Lady Liberty.

He stated, “It is a composite face…[expressing] the spirit of the country…”. The reverse required an image of the Eagle as a symbol of America. DeFrancisci at first designed the eagle standing on a broken sword, indicating the end of the War. When the public response saw that image as one of defeat, he re-designed it, showing the eagle on a mountain top. 

The coin’s first year (19 21) employed a High Relief design which was hard for the Mint to make. The pressure needed to strike a High Relief coin caused frequent die breakage and short die life. The relief was lowered for the 1922 Peace Dollar after 35,401 High Reliefs were minted. Almost all High Reliefs were melted, though one is known to have survived, along with eighteen proof coins for collectors.

Rarity And Value of The 1922 Peace Dollar

1922 Peace Dollar Value

For the value of the 1922 Peace Dollar (the most common Peace Dollar), see above on pages 2 and 3.

What Makes a 1922 Peace Dollar so Rare?

The 1922 Peace Dollar is rare in the sense that it is no longer in circulation. It exists in most numismatic grades in large quantities and can be readily purchased.

1922 Peace Dollar Errors

Rather than calling them “errors,” they are more properly called “VAM die varieties.” There are at least 16 recognized Van Allen-Mallis (VAM) “die varieties” for the 1922 Peace Dollar.

 Leroy Van Allen and George Mallis, two numismatic researchers, examined many thousands of Morgan and Peace Dollars in the 1970s. They noted the results from hundreds of Mint dies, which left specific characteristics on the coins struck from those dies. They wrote what is called “The Big VAM Book,” summarizing their work. 

While there are definitely VAM collectors, the VAM field is somewhat speculative. First, whether you are a VAM buyer or seller, you MUST deal ONLY with coins authenticated and certified as VAM varieties by PCGS, NGC, or ANACS, the three major third-party authenticators and graders.

Related: 1888 Silver Dollar Value – What’s it Worth Today?

Second, you are advised to buy or sell 1922 authenticated VAM varieties through a major numismatic auction firm (Heritage; StacksBowers; Great Collections; etc.) None of the VAM varieties for the 1922 Peace Dollar are listed in either A Guide Book of United States Coins (the “Red Book”) or in “The Coin Dealers’ Newsletter.” 

The YouTube video below examines sixteen 1922 Peace Dollar VAM varieties. These VAM varieties are at least somewhat speculative in terms of adding extra value–you must find the “right buyer/seller” of authenticated VAM coins. VAMS are a highly specialized numismatic field!

What is The Super Rare 1922 Error Silver Peace Dollar?

35,401 1922 “High Relief” Peace Dollars were struck before die breakage led to a “low relief” design. All High Reliefs were melted–except for one, which somehow made it out of the Mint. 

Proof 1922 “High Relief” Peace Dollars were made in small quantities and in matte and satin finishes for collectors. Around 40 “High Relief Proofs” were made in total, with the finest known, a PCGS Proof 67 (Matte Finish), having sold for $458,000+.

How Can You Tell if a 1922 Peace Dollar is High Relief?

Compare the images of the “High Relief” above (or with a 1921 Peace Dollar, all of which are “High Relief”) with the image of the common “low relief” below. There are differences regarding the length of the “spikes”/rays on both obverse and reverse as well.

How to Authenticate a 1922 Peace Dollar?

Here is an important topic! 1922 [Chinese] counterfeit Peace Dollars are flooding the USA! Because most 1922 Peace Dollars are not valuable enough to justify the expense of third-party authentication and grading, counterfeits abound! Buying uncertified 1922 Peace Dollars on eBay, at estate sales, pawn shops, etc. at “bargain prices” is a  huge risk! Weighing a 1922 Peace Dollar (which should weigh 26.73 grams) is one detection of authenticity.

Buying only from a reliable coin dealer is another. Seeing as many genuine 1922 Peace Dollars as possible helps–”fakes” often “don’t look right.” Avoiding greed at “buying a bargain” helps as well.

Collecting Tips for the 1922 Peace Dollar

Since this is a common silver dollar, buying a third-party graded and authenticated high-grade coin won’t cost you much. All three 1922 Mints’ (Philadelphia, Denver, and San Francisco) coins are readily available in all but the very highest grades.

The 1922 Liberty Silver Dollar

The term “Liberty Silver Dollar” refers to the 1922 Peace Dollar. They are the same coin, its history explained above on page 1. Just as many people call “the cent coin” “a penny,” many people call the 1922 Peace Dollar “a Liberty Dollar.” They are the same coin. Liberty’s head on the coin has rays like the Statue of Liberty’s spiked headgear, likely leading to the coin’s name.

How to authenticate a 1922 Liberty Silver Dollar

1. Its weight (26.73 grams for a real one);
2.  Has it been third-party authenticated and graded?;
3. Is it being sold uncertified at “a bargain price” at an estate sale, a pawn shop, etc.? (If yes, run–don’t walk–away from it!)

Related: 1882 Silver Dollar Value

The Minting of the 1922 Silver Dollar

The minting process of the 1922 silver dollar

Except for “High Relief” proof coins (and any “High Relief” circulation strikes not melted), all were struck in low relief. This was to avoid the frequent die breakage caused by the very high pressure needed to strike “High Relief” coins.

The different mint marks and their significance

To provide 1922 Peace Dollars for banks/commerce throughout the U. S., Philadelphia, Denver, and San Francisco all minted them. Philadelphia used no mintmark, Denver a “D,” and San Francisco an “S.” These identifying mintmark characteristics are helpful to coin collectors today. 

The role of the Philadelphia, Denver, and San Francisco mints

The role of each of the three Mints was to provide 1922 Peace Dollars for commercial use in all parts of the U. S.

Variations in the minting process that affect the value of a 1922 silver dollar

The primary variation in the minting process affecting value is the “Low Relief” design vs. the “High Relief” design. “High Reliefs” were minted in proof finishes for collectors, “Low Reliefs” for circulation. Fewer than 20 “High Relief” proofs were made, 83+ million “Low Relief” circulation strikes were made. Only one of the 35,401 “High Reliefs” initially struck for circulation is known to have escaped Mint melting.

The role of mint errors in determining the value of a 1922 silver dollar

(Again, it is more accurate to say “VAM die varieties” rather than “mint errors” for the 1922 Peace Dollar.)

 In the highly specialized numismatic sub-market of die varieties, VAM die varieties MUST be third-party authenticated and graded. Some VAMS–if one can find the right buyer/seller, usually at a large numismatic auction–can realize large value increases. Or perhaps not. This is a specialist’s market, and a somewhat speculative one.

Investing in The 1922 Silver Dollar

Is the 1922 silver dollar a good investment

If genuine, bought at a price reflective of both silver value and some numismatic premium for its grade, perhaps so. There are no guarantees that any investment will be “a good investment.” The .7734 ounces of silver in a 1922 Peace Dollar varies in value, but probably provides some “investment stability.”

Factors to consider when investing in a 1922 silver dollar

1. Buy the best grade you can afford; 
2. Buy upper grades only if authenticated and graded by PCGS, NGC, or ANACS;
3. Buy from a reliable source; 
4. Buy a coin with good eye appeal and originality;
5. Use “The Coin Dealers’ Newsletter” (a. K. a. “The Greysheet”) for wholesale pricing data (“What is ‘Bid’ from “The Greysheet?”)

How to buy and sell a 1922 silver dollar

1. Uncertified coins are to be bought ONLY from a reliable source;
2. Third-party authenticated and graded coins are readily available for high-grade 1922 Peace Dollars at coin dealers, coin shows, and major numismatic auctions;
3. Use “The Greysheet” for pricing (see above).

Protecting your investment in a 1922 silver dollar

Store it in  a non-polyvinyl chloride 2” X 2” “flip,” in its third-party graded plastic “slab, or in a coin album designed to prevent “toning.” Storage in a low-humidity environment/fire and theft-resistant safe is prudent.

Collecting And Caring for a 1922 Silver Dollar

How to start a collection of 1922 silver dollars

With only three 1922 Peace Dollars, get the most pleasing coins–re: eye appeal and originality– you can afford. Genuine coins are guaranteed when you buy the three major third-party grading services’ coins.

Cleaning a 1922 silver dollar: dos and don’ts

Arghh! DO NOT clean ANY potentially valuable coin in any way, at any time, with anything! Doing so will send half or more of the coin’s value  “down the drain,”–cleaning destroys a coin’s originality!

Common mistakes to avoid when collecting a 1922 silver dollar

1. Buying a [Chinese] “fake” at “a bargain price;
2. Cleaning a coin (or buying a cleaned coin at more than about half price);
3. Buying from a seller whom you don’t know and trust.

The 1922 Silver Dollar FAQs

What is the difference between the 1922 Peace Dollar and the 1922 Liberty Silver Dollar?

There is no difference whatsoever between a 1922 Peace Dollar and a 1922 “Liberty Silver Dollar.” These are two names for the very same coin.

How can I tell if a 1922 silver dollar is authentic?

1. Buy high-grade specimens that have been third-party authenticated and graded;
2. Buy from a reliable source whom you know and trust;
3. Weigh an uncertified specimen (26.73 grams is the weight of a real 1922 Peace Dollar);
4. Avoid uncertified 1922 Peace Dollars available “at a bargain price.” They may well be fake.

How can I protect my 1922 silver dollar investment from damage?

 Storage in a safe, non-humid  environment in non-reactive “coin flips” or a non-reactive coin album is important. See “tips” above.

Should I clean my 1922 silver dollar?

Nooooo! Never! You will probably reduce your coin’s value to just the value of the .7734 ounces of silver that it contains.

Conclusion

The 1922 Peace Dollar is the most common Peace Dollar, readily available in all but the very highest grades. 51,737,000 were minted in Philadelphia, 15,063,000 in Denver, and 17,425,000 in San Francisco. It contains .7734 ounces of silver and is 38 mm in diameter.

It commemorated the end of WWI (1914-1918), and replaced the Morgan Silver Dollar (1878-1904 and 1921).

References

• “Coin Dealer Newsletter” (March, 2023) for wholesale prices

• “Coin Price Guide Market Review” (April, May, June) for retail prices

• “Coin World”

• A Guide Book of United States Coins (“The Red Book”)

• The Morgan and Peace Dollar Textbook by Wayne Miller

• Ngccoin

• The Official American Numismatic Association Grading Standards for United States Coins, Sixth Edition

• USA Coinbook