By CoinWeek Notes ….. Updated by CoinWeek Feb 2026
The Complete History of America’s Rarest Peace Dollar
The 1922 High Relief Matte Proof Peace dollar stands at the pinnacle of the Peace dollar series. Fewer than a dozen examples survive. Every confirmed specimen ranks among the most important 20th-century United States coins.
More importantly, this issue captures a decisive moment at the United States Mint. Officials attempted to preserve sculptural artistry in 1922. However, mechanical reality forced them to abandon high relief permanently.
This fully fact-checked guide presents the coin’s origin, production, survival, discovery history, certification changes, and verified auction results, incorporating the published research of Roger W. Burdette and primary auction documentation.
The Legislative Foundation: The Pittman Act
The Peace dollar exists because of the Pittman Act. Congress authorized the melting of 270,232,722 silver dollars during World War I. At the same time, lawmakers required their replacement using newly mined American silver.
When silver prices declined in 1920, the Treasury resumed purchases. Production of new silver dollars became mandatory.
Meanwhile, numismatist Farran Zerbe publicly advocated for a “Peace” coin to commemorate the end of the Great War. His proposal gained momentum at the 1920 ANA convention.
Legislation and symbolism aligned. The Peace dollar followed.
De Francisci’s Vision and Morgan’s Refinement
On December 13, 1921, the Commission of Fine Arts selected the design by Anthony de Francisci. Liberty’s portrait reflected his wife Teresa.
The reverse showed a bald eagle perched on a mountaintop before a rising sun.
Public criticism forced removal of a broken sword beneath the eagle. Chief Engraver George T. Morgan removed the sword directly from the reverse hub.
He also refined Liberty’s outline, strengthened hair details, narrowed and rounded lettering, and altered the reverse A’s to slanted tops.
According to Roger Burdette, Morgan created new 1922-dated high relief hubs by modifying a 1921 hub.
These refinements produced what Burdette described as the finest execution of the Peace dollar design ever struck.
The 1921 High Relief Problem
The Mint struck 1,006,473 High Relief 1921 Peace dollars from December 28 to December 31, 1921.
Serious problems appeared immediately. Dies failed after roughly 25,000 strikes, far below the 250,000-coin lifespan typical for Morgan dollar dies. Standard presses failed to bring up full central detail in a single blow.
The Mint could not sustain high relief production.
The 35,401 High Relief Coins of 1922
Coin Controversy: Business Strikes or Not?
Early in 1922, the Mint struck 35,401 High Relief 1922 Peace dollars as a production test. Officials quickly halted the run due to continued die breakage and stacking issues.
The Mint ordered all 35,401 pieces melted.
For decades, numismatists believed one circulated business strike survived from that testing run. Modern die diagnostics now confirm otherwise. The famous circulated example matches the Proof die pair used for the Matte Proof strikings.
Therefore, no confirmed business-strike 1922 High Relief Peace dollars survive. Every known 1922 High Relief example is a Matte Proof struck on the medal press.
How the Matte Proofs Were Produced
The Mint struck the 1922 High Relief Proofs on the medal press using multiple blows to maximize detail. After striking, technicians sandblasted the surfaces to create a fine granular finish.
Collectors commonly refer to them as “Matte Proofs.” Technically, they are Sandblast Proofs.
The Mint recorded no official mintage. However, roster studies and auction appearances confirm approximately 10 to 12 surviving examples. No credible research supports a significantly larger number.
These coins never entered public distribution. Mint and Treasury officials likely received them as presentation pieces.
The Lush Discovery Coin: From PCGS to NGC
The only circulated example surfaced in the late 1970s.
Ernest Lush discovered the coin in Lathrup Village, Michigan, within a group of circulated Peace dollars. His careful inspection preserved the coin during the silver boom melt era.
Original PCGS Certification
The coin first appeared in the marketplace certified by PCGS as Proof-25, certification number 02423037. That PCGS holder documented the piece for decades.
2024 Conservation and Crossover
In 2024, the consignor elected to have the coin professionally conserved. Earlier auction appearances showed dark toning that obscured the sandblast texture. Conservation removed that distracting toning and revealed the delicate matte surface beneath.
Following conservation, the coin crossed into an NGC holder as Matte Proof-25.
Stack’s Bowers described the piece as showing honest circulation wear, bold detail, and a delicate golden overtone. The conservation highlighted the sandblast fields without altering the coin’s character. Minor marks consistent with the grade remain visible.
Importantly, the original Lush Coin in the PCGS PR25 holder, illustrated by at least two different images on line, no longer exists.
November 2024 Sale
The reholdered coin realized $45,600 in Stack’s Bowers’ November 2024 Showcase Auction, Session 3 – Rarities Night, Lot 3077.
This result reflects the coin’s circulated status relative to higher-grade six-figure examples.
Provenance of the Circulated Example
The Lush discovery coin traces a documented pedigree:
- Ernest Lush (late 1970s discovery) Stack’s Bowers November 2024 Showcase Auction
- Michigan collection
- RARCOA Auction ’83
- Gwyn Houston
- Julian Leidman (displayed at the 1992 ANA Convention)
- Heritage Central States Sale (2002)
Today, it remains the only circulated 1922 High Relief Matte Proof known.
Confirmed Auction Records of Other Examples
- The finest certified example, a PR67 graded by PCGS, realized $458,250 at Goldberg Auctioneers in June 2014.
- An NGC PF67 example from the Greensboro Collection brought $329,000 at Heritage in January 2014.
- A PF66 example from the Joseph C. Thomas Collection sold for $161,000 in 2009.
- A PF61 specimen purchased by Rick Harrison on Pawn Stars for $80,000 later realized $99,875 at Heritage in January 2015.
- An impaired PCGS Proof Uncirculated Details example realized $144,000 at Heritage in February 2023.
No example finer than PR67 currently appears in population reports.
Why the 1922 High Relief Matte Proof Matters
The Mint reduced the Peace dollar’s relief later in 1922. The lower-relief design continued through 1935.
Roger Burdette concluded that the High Relief Proofs preserve the design in its fullest sculptural form. Liberty’s hair displays deeper modeling. The lettering appears sharper. The eagle shows stronger feather definition.
Later low-relief issues sacrificed that depth for efficiency.
Thus, the 1922 High Relief Matte Proof preserves the artistic ideal that production realities ended.
Final Assessment
The 1922 High Relief Matte Proof Peace dollar represents a fleeting moment when artistry challenged industrial practicality. The Mint attempted to continue the sculptural beauty of 1921. Mechanical limitations forced compromise.
Only a handful of presentation pieces survived that transition. Among them, the circulated Lush discovery coin, now conserved and housed in an NGC Matte Proof-25 holder, remains unique.
Every confirmed example carries third-party certification. Every piece commands significant value. And every survivor reflects the most refined execution of the Peace dollar design ever struck.
For collectors and historians alike, the 1922 High Relief Matte Proof remains the definitive Peace dollar rarity and one of the most important American coins of the 20th century.
Coin Specifications
- Country: United States
- Year: 1922
- Mint: Philadelphia (no mintmark)
- Composition: .900 silver, .100 copper
- Weight: 26.73 grams
- Diameter: 38.10 mm
- Edge: Reeded
- Designer: Anthony de Francisci
- Finish: Sandblast (Matte) Proof
- Estimated Survival: ~10–12 examples
Yo tengo 2 monedas morgan una de 1922 y una de 1893 donde las puedo vender
I have a peace dollar 1922 mint state 70 uncirculated what’s it worth
A mint state 70 is considered a flawless example. A 1922 in this condition is roughly $40 at the time of this writing.
No one in their right mind would ever sell a MS 70 Silver Dollar for 40.00, Considering that less than 1% of all collectible coins are in that category.
$5.00
$5??? Maybe 80 years ago but not now.
Editors, can you remove misleading / fake posts?
I have some of those coins were I can sell them because don’t show were we can sell them
Monthly coin shows in your town are a great place to sell them. Vendors will offer to buy your coins.
A local coin shop is a great place to sell coins (and buy). I have found that they have better prices online for buying and selling coins.
Where can send this coin when I get one?
I have a 1922 peace dollar high luster looks like matte how much would it be worth
@Dale Clark As the article’s description explains, a matte finish was achieved by sandblasting the dies. That’s inconsistent with a high-luster finish.
I think I found a matte 1922
How do I know If mine 1922’s are high relief
@Sheila Compare your coin’s relief to that shown in the photos. If that’s inconclusive, have it examined in person by a certified dealer or appraiser. However given how few actual matte 1922s survive and how large the mintage of standard 1922s was, it’s almost certain you have a regular issue.
Peace dollars are one of the best looking coins.
I like reading and learning more about these coins, but I feel like most coins are “among the most historical” minted.
Another story amazing story about the amazing peace dollar.
One of my favorite coins.
Beautiful coin design
The high relief NGC 25 Lust 1922 Peace does not seem very high relief to me. I thought the 1921 Peace Dollar was rarer. Since no more are in circulation & I believe has the lowest mintage.
Very informative article. My aunt used to go to Reno casinos in the 1970s. You played with real silver dollars and she saved many. I have not looked at them in years. This article inspired me to
I do love my Morgan & Peace Dollars
These coins are truly beautiful…
The Peace Dollar is one of my favorite.
these r such beautiful coins
Wow! Interesting story about the coin. I didn’t know the model’s name was Teresa.
Love the peace dollar
The matte proof finish is absolutely spectacular
Now *that* is a grail coin!
Excellent looking coin.
Information not widely known by the general public, and many collectors. Wish they could have found a way to make that work with high relief. I like the cartwheel luster of BU coins, however, the matte finish gives some a more regal look, imho. Great article!!
Would be fun if there were more of these rare coins out there for us to discover.
The rays – both on the crown and the field behind the eagle – are a special design feature.
Interesting
1922 Matte is worth what today????
This is a wonderful coin, It is nice to know the history of this coin.
I always loved the Peace dollar design. I would love to see a real Matte finish 1922 in person!!
Thanks it is one of my favorite designs.
I didn’t even know this existed. Very nice.
Nice article about a beautiful coin.
Always likes our large dollar coins whether there piece or Morgan’s
What a beautiful coin design! Thanks for sharing the history of these!
I had quite a number of these, but unfortunately, they were lost in a fire.
Thanks for the informative article! I remember seeing the Pawn Stars episode on the History channel where one came into the shop, I had never heard of this type of coin until then – and forgot all about it again until this article.
I also didn’t know that the 1921 high relieve mintage was all done within the last 3 days of December 1921, it amazes me that they’d even bother minting a coin for 3 days to need to quickly change out the dies for the 1922 date. Interesting stuff!
Beautiful coin from the past.
The 1922 Peace Dollar is a beautiful coin.
Beautiful design and interesting history.
Great article AND great coin.
Surprised to learn how long dies lasted. Their life cycle is much shorter than I would have imagined, but I’m guessing the fine details were the first to go, prompting a new die.
I would love this for my collection!!!!
Never even knew about this until now. That’s what makes coin collecting SO interesting.
Love Peace Dollars but I never knew this coin existed – WOW!
i LOVE silver dollars!
Interesting coin. Too bad the dies broke so quickly
Amazing coin and story
This is a rarity that gets little attention.
Very information article. It is amazing that none of the 35,401 High Relief 1922 examples exist.
I have 11 Peace Dollars and I think 6 of the 11 are or will be graded UNCIRCULATED when I have them graded. I am looking forward to seeing what they will bring at today’s prices.
Great article, and great coin! I wish I had some of these in my collection.
great information
great article – very interesting
Peace is beautiful!
The 22 matte proof looks fantastic. Great article.
Simple. Refined. Beautiful.
I saw the Pawn Stars clip on You Tube and wondered how someone would take in such a rare coin to a pawn shop to sell. Suspect it was just for the publicity and not really to sell. Until I saw that, I didn’t realize the 22 Peace matte proofs were high relief, like 1921.
Thats a beautiful coin
What incredible detail!
I would love this coin
Forgot all about the Peace Dollar..Would so love to add one to my collection. Thank you for the arricle to remind me
I love the matte finish
Peace Dollars are one of my favorite designs
I love the Peace dollar!!!
I would love to have one of these!
great article about a remarkable coin
historic coin – very special
Great article! I thought high relief peace dollars were only minted in 1921.
very nice coin and information. thank you
I have this on my list to acquire
One of my favorite coins
I have always felt that Peace dollars don’t get the love they deserve!
Noice!
Allways one of my favorite coins.
I have a 1921 Peace dollar and it’s One of my favorite coins. Wish I could afford a 22 HR. lol