PCGS Nos: 7357, 7383

Mintage:
Circulation strikes: 51,737,000
Proofs: estimated 10

Designer: Anthony de Francisci

Diameter: 38.5 millimeters

Metal Content:
Silver - 90%
Copper - 10%

Weight: 412.5 grains (26.7 grams)

Edge: Reeded

Mintmark: None (for Philadelphia, PA) below ONE on the reverse

Images courtesy of Ira & Larry Goldberg Coins & Collectibles

Varieties:
High Relief
Low Relief

Notes:
The finest Uncirculated 1922 Peace Dollars graded by PCGS are 19 MS-67's.

The finest Matte Proof 1922 Peace Dollars graded by PCGS are 2 PR-66s.

Matte Proofs have a dull texture caused by etching of the coin's surfaces.  The Matte texture has been found on both High Relief and Low Relief 1922 Peace Dollars.

Satin Proofs have a brilliant texture unlike that seen on examples made for circulation.  The Satin finish is found only on Low Relief 1922 Peace Dollars.  The finest Satin Proof, Low Relief 1922 Peace Dollar is the former Jack Lee example, cited as NGC PFSA-66 in Goldbergs 01/2004:2839

The strike on Proof 1922 Peace Dollars should be strong and there should be no underlying marks.  Friction on the high points or contact marks will leave shiny areas where the matte or satin finish has been disturbed.  Beware of fraudulent Proofs where a faux texture has been applied to a circulation strike -- these will show matte or satin surfaces inside any contact marks.  True Matte Proofs are extremely rare, with only six to eight known of the High Relief version and only two to four known of the Low Relief version.  Satin Proofs are also extremely rare, with only two to four known. 

The August 28, 2001 issue of Numismatic News contained the following announcement:
"First circ high-relief '22 found.  The first reported high-relief 1922 Peace Dollar struck for circulation and not as a matte or satin proof was found and on display at the Numismatic Guaranty Corporation table at the ANA convention.  The owner, who did not want to be identified, said it is confirmation that not all 35,401 coins struck were melted.  He added that he had no immediate plans to sell it, but he would in a year or so."

Significant examples:
NGC Matte Proof-65 (Low Relief) (illustrated above)
- Norweb 1988:3933
- Goldbergs 01/2004:2840, $74,750.00
"These were not known to Breen and are not reported in his Proof or regular encyclopedias. Two of these turned up in the massive Norweb sale by Bowers and Merena in 1988. Both apparently came from the collection of Ambrose Swasey, a member of the Assay Commission at the time. It appears that George T. Morgan coined two pieces in this matte finish specifically at the request of Swasey. This coin was from Lot #3933 in the Norweb Sale. Although 4 are reported in the NGC census, there may be one reported twice, this coin is listed under "Norweb/Lee" (one of 2 graded Proof 63 and this coin as 65), then below as "Matte Low Relief" as Proof 65, since this is one of two Norweb coins it is reasonable to assume that someone sent it back for a possible upgrade, keeping the known population at 3 coins. Milky white in color, and an outstanding gem in every way. Free of toning and a beautiful example in every respect..."

NGC Matte Proof-64 (Low Relief)
- Norweb 1988
- Superior 01/1995:1069, $242,000.00

NGC Matte Proof-65 (High Relief) (illustrated above)
- Goldbergs 01/2004:2841, no prior pedigree, $86,250.00

PCGS Matte Proof-64 (High Relief)
- Superior "ANA Sale" 03/2001:407, not sold

NGC Satin Proof (Low Relief) (illustrated above)
- Goldbergs 01/2004:2842, no prior pedigree, $20,700.00

Recent appearances:
PCGS MS-67.  Ex - Heritage Numismatic Auctions, Inc.'s "Philadelphia 2000 Signature Sale", August 6-7, 2000, Lot 6420, illustrated, not sold

PCGS MS-66.  Ex - Heritage Numismatic Auctions, Inc.'s "Long Beach Signature Sale", May 31-June 2, 2001, Lot 6692, not illustrated, sold for $529.00

Sources and/or recommended reading:
"Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins" by Walter Breen

"The PCGS Population Report, January 2005" by The Professional Coin Grading Service

NUMISMATIC NEWS, August 28, 2001, page 1