How Much Is a 1922 Silver Dollar Worth?

As you have probably known, 1922 Peace dollars are beautiful, and many people want to have at least one piece in their collections. Surprisingly,  these coins have low value, primarily because they are not rarities.

In fact, 84,275,000 coins produced that year, making the Peace dollar mintage the highest in American history. Therefore, most of them are affordable, except for a few unique pieces. Let’s see how much is a 1922 silver dollar worth these days.

The 1922 Peace Dollar Production

Almost 45% of Peace Silver Dollars ever minted were produced in 1922. Among 109,577,279 coins made during fifteen years, from 1921 to 1935, as many as 84,275,000 were minted that year.

In the 60s, most of them were melted. However, their number is still huge. According to professional estimation, over 15 million of them still exist, including approximately:

  • 10 million 1922 with no mintmark of 51,737,000 minted in Philadelphia
  • 3 million 1922-D of 15,063,000 minted in Denver
  • 2 million 1922-S of 17,475,000 minted in San Francisco

The question is why the US Mint made so many Peace Dollars in 1922. The reason was a World War I silver law. The government got permission to melt 270 million silver dollars in 1918 through Pittman Act, but the requested condition was to replace these dollars after the war.

Minting started in 1921 with 86 million Morgan dollars, and the silver dollars’ production continued with over 84 million 1922 Peace dollars in 1922 and 56 million in 1923.

No D 1922-D Lincoln cent

The only small coin minted in 1922 was a famous rare Lincoln cent from the Denver Mint. They needed to polish the original dies to continue production until wearing out and the D mintmark entirely polished away.

They were forced to keep producing Lincoln cents with such dies, and the result was No D 1922-D Lincoln cent.

1922 Peace Dollar Condition

Preserving coins in top-notch condition can bring decent earnings to collectors. Strong strike with exceptionally full details makes some of the 1922 Peace Silver Dollars highly valued.

For instance, one 1922 D Peace Silver Dollar in decent condition is worth about $20, but one scuff-free piece in perfect condition reached $690 in a David Lawrence rare coin auction.

Grading system

Grading system
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The first step before selling your 1922 Peace Silver Dollar is to get it evaluated. Experts use the PR scale for regular coins, and it ranges from 1 to 70. The condition scale includes:

  • Poor (P – 1), Fair (FR – 2), and About Good (AG – 3) – These coins are usually smoot and worthless without visible details.
  • Good (G-4) – Such a coin was in use for a long, and you can notice heavy wear and lack of fine detail. Therefore, it is not collectible, and its value will remain low. Nowadays, it is in demand as a bullion silver coin.
  • Very good (VG-8) – Such a coin is heavily worn out but with visible details.
  • Fine (F-12) – Wear and tear are evident, but details within Liberty’s hair are visible, with separated major strands.
  • Very fine (VF-20) – Liberty’s hair is worn out but with a few well-defined hair strands. Parts of the eagle feathers are also visible.
  • Extremely fine (EF-40) – The hair lines are slightly worn but strong, while eagle’s feathers are visible although a bit faint.
  • MS 60 uncirculated (MS-60) – This coin is shiny and without signs of wear, but you can notice a few marks, stains, and abrasions on the surface.
  • MS 65 gem uncirculated (MS-65) – Coin of such a quality is appealing and with strong luster and barely noticeable contact marks.
  • Perfect (MS-70) – It is an entirely flawless coin under a magnification of 8x on a microscopic scale. It is a precious collectible piece.
  • Proof (PR – 65) – Experts use the PR scale for proof coins, and it ranges from 1 to 70 like the MS scale. Proof coins with mirror-like surfaces are longer struck under high pressure. They are highly collectible, worth a lot of money, and you can find them only in cases or sets.

Keep in mind that there is no significant difference in the price of two coins of adjacent gradation. However, it can change over time, so it is always better to have a better-graded piece.

1922 Silver Dollar Value

Most people believe that 1922 Silver Dollars are worth nothing since there are too many of them. On the contrary, it is actually worth more than its face value. The reason is 90% of silver it contains. However, the exact price will depend on the coin type you have.

You should know that the 1922 Silver Dollar value is based on silver bullion worth $17 per troy ounce. Its price will vary depending on the coins’ condition, variety, and existing errors.

1922 Peace Silver Dollar Value, June 2021

Coin type Coin condition
G-4 F-12 EF-40
1922 $20.13 $20.74 $24.13
1922 S $20.13 $20.74 $24.13
1922 D $20.13 $20.74 $24.13

 The US Mint began devising the new Peace design for silver dollars to commemorate peace after WWI. The chosen designer Anthony de Francisci used the high relief method initially, but such design caused many dies to break under the increased stress.

Therefore, the US Mint changed this idea, and coins produced from 13th February 1922 to 1935 are made in low relief.

As a result of massive production, these coins don’t worth much. Their price is usually from $18 to $50, except for a few unique pieces. For example, it is known that mints produced only 35,401 high relief Peace Dollars in 1922. All of them were melted except one, which value is estimated to $137,776.

Additionally, only 11 of a couple of dozen high-relief matte proof 1922 Peace Dollars made in January and February that year survived. There are indications that a few more were discovered recently, but it is still not confirmed.

The estimated price of each piece is probably over $100,000. Believe it or not, one of them was recently sold at auction for $329,000.

Coin Value by USA Coin Book

Coin condition 1922 Peace Silver Dollar (normal relief) 1922 Peace Silver Dollar (high relief) 1922 D Peace Silver Dollar 1922 S Peace Silver Dollar
G-4 $28 / $28 $28
VG-8 $31 / $31 $31
F-12 $36 / $36 $36
VF-20 $42 / $42 $42
EF-40 $42 / $42 $42
AU-50 $44 / $46 $46
MS-60 $52 / $62 $62
MS-65 $174 / $650 $2,591
PR-65 $82,493 $137,776 / /

1922 Peace Silver Dollar (normal relief)

1922 Peace Silver Dollar (normal relief)
Image:usacoinbook

It is an early silver dollar with a normal relief design minted in Philadelphia without a mintmark. It weighs 26.73 g (0.8593 troy ounces), has 38.1 mm in diameter, and contains 90% silver and 10% copper.

After Anthony de Francisci designed it, 51,737,000 pieces were minted in 1922. The value of the coin in decent condition is approximately $20 to $30. However, it is still a value above the silver melt price.

A coin in uncirculated (MS+) mint condition is more expensive and reaches $52 to $174. Finally, a rare proof coin is worth more than $82,000.

1922 Peace Silver Dollar (high relief)

1922 Peace Silver Dollar (high relief)
Image:usacoinbook

It is an early silver dollar with a high relief design minted in Philadelphia without mintmark. It weighs 26.73 g (0.8593 troy ounces), has 38.1 mm in diameter, and contains 90% silver and 10% copper.

After Anthony de Francisci designed it, 35,401 pieces were minted in 1922. According to USA Coin Book, the only 11 remaining proof coins are worth $137,776 each. It is known that there is one non-proof business strike coin minted in this design.

1922 D Peace Silver Dollar

1922 D Peace Silver Dollar

It is an early silver dollar minted in Denver. It weighs 26.73 g (0.8593 troy ounces), has 38.1 mm in diameter, and contains 90% silver and 10% copper.

After Anthony de Francisci designed it, 15,063,000 pieces were minted in 1922. The value of the coin in decent condition is approximately $20 to $30. Most of these coins are of low quality since people often used them in Nevada casinos.

According to USA Coin Book, a piece in uncirculated (MS 65) mint condition reaches $650. The finest-known coin is worth $90,000.

1922 S Peace Silver Dollar

1922 S Peace Silver Dollar
Image:usacoinbook

It is an early silver dollar minted in San Francisco. It weighs 26.73 g (0.8593 troy ounces), has 38.1 mm in diameter, and contains 90% silver and 10% copper.

After Anthony de Francisci designed it, 17,475,000 pieces were minted in 1922. The value of the coin in decent condition is approximately $20 to $30.

According to USA Coin Book, a piece in uncirculated (MS 65) mint condition reaches $2,591. The finest-known coin is worth $41,125.

Summary

Peace silver dollars replaced Morgan silver dollars and were minted from 1921 to 1935. Although many of these coins have been preserved to this day, some are rare and worth a small fortune.

The legend says that Anthony de Francisci designed the new coin inspired by his wife, Teresa, but the rays on Miss Liberty’s head are similar to those on the Statue of Liberty. On the other side is an American eagle as a symbol of the American dream.

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