1922 Peace Silver Dollar Value

The 1922 Peace Silver Dollar is one of the most iconic coins in American numismatic history. Its beautiful design and historical significance make it a prized possession for those who appreciate the art and history of coinage. They were designed to be a symbol of the peaceful atmosphere that involved the world after the First Great War.

In this article, we will delve into the history and value of the 1922 Peace Silver Dollar, exploring the factors that determine its worth.

We also present a complete price guide for all known variations to help collectors and investors make informed decisions about buying and selling this valuable coin.

History of Peace Dollars

The Peace Dollar series are American silver dollar coins, produced for circulation in the 20s, in 1934, 1935, and in 2021. They carry a face value of $1.

In the early 20s, the US Government was required to strike millions of silver dollars. And they started minting them with the traditional Morgan silver dollar design, introduced back in 1878, but discontinued in 1904. The Morgan Dollar would return for a final year in 1921.

Morgan Silver Dollar ObverseMorgan Silver Dollar Reverse

A movement of artists and numismatists idealized to celebrate the moment of post World War I stability through the creation of a symbol: a series of commemorative silver coins using the theme of peace. A competition was organized, and the winner was the sculptor Anthony de Francisci.

It took a while until the government agreed to redesign the one-dollar coin, but by the end of 1921, the Peace Silver Dollar was in circulation. The production officially ceased in 1928, after some controversial discussion about the original dies. In 1934 and 1935 some more were coined as a result of further legislation but in a lower relief design.

The three mints responsible for the production of this bullion silver coin were: Philadelphia, Denver, and San Francisco. Philadelphia's coins have no mint mark engraved on them, but to identify Denver's and San Francisco's, they were named 1922 D Peace Dollar and 1922 S Peace Dollar, respectively, receiving those letters as mint marks.

The Denver Mint produced over 316.000 peace dollars dated 1964, but since they were never issued, it is believed they have been melted.

In 2021, the United States Mint struck a special commemorative Peace Dollar edition to celebrate the 100th anniversary of Francisci's design.

The winning design

Peace Silver Dollar ObversePeace Silver Dollar Reverse

The story says that Anthony de Francisci found inspiration in his wife for his portrayal of Lady Liberty. It features her left-face profile on the obverse side, wearing a pointed crown over her flowing hair. On this side, the words “Liberty”, “IN GOD WE TRUST" and “1922” are displayed around the goddess.

A representation of the bald eagle on the reverse side, as a symbol of the American dream, was a requirement of the contest. Frascisci depicted the American eagle on the coin's reverse resting on the top of a stone, clutching an olive branch with the sun rising in the horizon. The text reads “United States of America”, “E Pluribus Unum”, “One Dollar” and “PEACE”.

The 1922 Peace Dollar was the last US dollar to be struck for circulation in silver and became one of the most popular among collectors.


The 1922 Peace Dollar was one of the most produced coins in the history of the United States Mint. Normal relief design pieces are still pretty common, but, besides them, the Peace Dollar was also struck in proof and high-relief varieties.

1922 Peace Dollar - Normal Relief

1922 Peace Silver Dollar - Normal Relief


Mint: Philadelphia

Mintage: 51,737,000

Composition: 90% silver + 10% cooper.

Survival Estimate (all grades): approximately 10 million

Mint Mark: None

As it is the most common piece, the 1922 No Mint Mark Silver Dollar normal relief variety is easy to find and usually more affordable, even in mint condition.

1922 D Peace Dollar

Mint: Denver

Mintage: 15,063,000

Composition: 90% silver + 10% cooper.

Survival Estimate: approximately 3 million.

Mint Mark: D

Used a lot in Nevada Casinos, such coins may present signs of wear. Easily found in circulated grades.

1922 S Peace Dollar

1922-S Peace Silver Dollar


Mint: San Francisco Mint.

Mintage: 17,475,000

Composition: 90% silver + 10% cooper.

Survival Estimate: approximately: 2 million

Mint Mark: S

Most of them were highly used in Nevada Casinos, which also made them suffer from wear.

1922-S Peace Dollar.

1922 High Relief

1922 High Relief Peace Silver Dollar


Mint: Philadelphia Mint, released in 1922

Mintage: 35.401.

Composition: 90% silver + 10% cooper

Survival Estimate: Aprox. 7

Mint Mark: None

In 1921, the Peace Dollars produced were all high-relief. However, despite their beauty, the high-relief coin was more prone to wear and tears, which made constant replacements necessary. Then, the US Mint decided to melt these coins and use their silver content to produce low-relief ones for circulation. Nearly all the 35.401 High-Relief Peace Silver Coins were melted, so they are quite rare today. Only a small number is known in uncirculated condition.

1922 Proof High Relief

Mint: Philadelphia Mint

Mintage: 10-12 - extremely rare and seldom offered in private or public auditions.

Composition: 90% silver + 10% cooper

Curiosity: the tip of Lady Liberty's bust engages the “9” in 1922.

Mint Mark: None

According to the finish method used, there are 4 types of proof Peace Dollars:

High relief

  1. matte or sandblasted finish - 5 to 8 survivors
  2. satin finish - 3 survivors

Low relief

  1. matte or sandblasted finish - 2 survivors
  2. satin finish - 3 survivors

Relief comparison reverse1922 Peace silver dollar comparison of High Relief vs. normal relief (reverse design).


Relief comparison obverse

1922 Peace silver dollar comparison of High Relief vs. normal relief (obverse design).


VAM Peace Silver Dollars

VAM Silver Dollars are a series of Peace and Morgan Dollars that have been classified using the Van Allen-Mallis (VAM) system.

This system was developed by Leroy C. Van Allen and A. George Mallis to identify the different varieties of Morgan and Peace Silver Dollars that were minted with specific die breaks, doubling, and other minting errors or anomalies.

The full catalog of VAM Peace and Morgan Dollars feature on their book The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars.

VAM Peace Dollars are highly sought-after among collectors today because of their rarity and unique characteristics, which can increase their value beyond that of a regular Peace Silver Dollar.

Arguably the most valuable Silver Dollar Die Break comes from the San Francisco Mint. The 1922-S VAM 3 Tripled Reverse side in uncirculated condition can be worth up to $2,500.

Coin Conditions

The value of an item, especially if it is a collectible one, is influenced by many factors: history, design, raw material, production methods, rarity, and also the condition. The most used grading system to evaluate conditions is the Sheldon Coin Grading Scale, which is internationally accepted and very detailed. 

Here, for example, there are some of the concepts used to classify coins conditions:

  • Good – these coins usually lack details and show heavy wear. They were probably in use for a long time. For Peace Silver Dollars, good condition coins are not so interesting as collectible. Since they were massively produced, it is possible to find better quality coins in venues. They may be interesting for bullion investment, though, as they tend to be more affordable;
  • Fine – it is possible to notice a smooth reduction of metal all over the design, and if this loss is not severe, they are acceptable. Details within Lady Liberty's hair are visible still; 
  • Extremely Fine – there are light amounts of wear, which tend to be better noticed at the hair above the eye and behind Liberty's neck. Eagle's feathers are visible, but maybe a bit faint. Light wears in these spots are acceptable.
  • Mint State - these are uncirculated coins, or about uncirculated, with a few tiny imperfections, but barely visible.

1922 Silver Dollar Value Chart

The massive production of 1922 Peace Dollar units ended up devaluing them. So, unless it is a rare, uncirculated condition and unique piece, low relief units tend to be priced for their intrinsic bullion value. Silver spot price may vary a little, but usually, these coins are priced from $18 to $50

High relief 1922 coins were melted at that time because they were considered unworkable for circulation. The only one that was preserved, though, has an estimated value of $137,776.

The 11 high relief matte proof peace dollars made in 1922 are estimated to value over $100.000 each, but in the last auction in which one of them was negotiated, the sold price reached $329.000.

According to the US Coin Book, these are the 1922 Peace Dollar coin prices nowadays:

Coin condition

1922 Peace Silver Dollar (normal relief)

1922 Peace Silver Dollar (high relief)

1922 D Peace Silver Dollar

1922 S Peace Silver Dollar














































Why collect Peace Silver Dollars

There are several reasons why collectors may choose to collect the Peace series:

  1. Historical significance: Peace Silver Dollars were minted from 1921 to 1935 and represent an important period in American history.
  2. Unique design: The Peace Dollar has a unique design featuring Lady Liberty on the front and an eagle perched on a rock on the back.
  3. Rarity: Some uncirculated coins of the Peace series are rare, such as those with certain mint marks or VAM varieties, which can make them valuable collectibles.
  4. Investment potential: Silver has been a valuable commodity for centuries, and the silver melt price tends to perform well during times of economic downturn. Therefore, owning physical silver in the form of Peace Silver Dollars can serve as an investment in addition to a collectible, even if they are in circulated condition.
  5. Enjoyment of the hobby: Collecting Peace Silver Dollars can be an enjoyable hobby for those who appreciate history, art, and coin collecting.


Which Peace dollar is most valuable?

According to the USA Coin Book, the most valuable one is the unique 1922 High Relief Peace Dollar, which is worth $137.776. Also, the 1922 High Relief Proof Peace Silver Dollar is estimated at $100.000 each, considering that there may be only 11 survival units. But in a recent auction, one of these high relief proof coins reached $329.000.

How much is a 1922 Peace silver dollar worth today?

Silver coin values depend on the condition they are in. In good conditions, they value from $20 to $30 on average. An uncirculated version may value a little more, from $50 to $170. A very rare 1922 high relief proof coin is estimated for $100.000 approximately. Besides their numismatic value, Peace Dollars are essentially made of silver, which also gives them bullion value.

How much silver is in a 1922 peace dollar?

Peace Dollars are composed of 90% silver and 10% copper. This alloy is good enough to make coins, but not to maintain luster and design strikes strong over the years. Silver bullion is a malleable metal and prone to wear and tears. This is one of the reasons why the Peace Dollar mintage was the last series of American coins made essentially of silver.

How can you tell if a 1922 peace dollar is a high relief?

Some discrepancies in the design of the coins were pointed out after that process of melting the high relief coins and minting low relief ones for circulation. But the first difference is the relief itself. The design images extend above the outer edge of the coin, like a 3-D image in which concaves can be seen and felt.

Why is the 1922 silver dollar worth so much?

The 1922 silver dollar is rare and historically significant. The US Mint produced a limited number of these coins, and only a few were distributed to the public. They were made of 90% silver, which is valuable to collectors and investors. The coin's value is also influenced by its condition and rarity, making it a sought-after collectible.

Where do you find the mint mark on a 1922 Silver Dollar?

The mint mark on a 1922 Silver Dollar can be found on the reverse (back) of the coin, near the bottom, just above the word "ONE" on the left-hand side. The mint mark is a small letter that indicates where the coin was minted. For the 1922 Silver Dollar, the mint mark will be either a "D" for coins minted in the Denver branch, or "S" for San Francisco. Coins produced in Philadelphia bear no mint mark.

How can you tell if a 1922 Peace Dollar is high relief?

You can tell if a 1922 Peace Dollar is a high relief version by examining the design details on the coin. The high relief version has a more pronounced design with deeper, more defined lines and greater detail. Specifically, the hair above the ear on Liberty's head will stand out more on the high relief version. Additionally, the date on the high relief version will be slightly raised.

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Mo Menezes
Mo Menezes
Researcher and Contributor

Murilo (Mo) Menezes is an attorney and tenured English professor. His passion for economics and coinage led him to the gold and silver industry where he writes in-depth articles about collectible coins; as well as coin news and investing articles...