1922 Silver Dollar Value Guide

The 1922 Silver Dollar Value

The 1922 silver dollar has consistent values across its circulation strike, low-relief versions except when getting into the higher grades. Its proof strike versions, both low-relief and high-relief, are far more valuable as they are very rare. 

An N/A for a value below indicates no publicly known examples of that version of the 1922 silver dollar with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1922 silver dollar’s melt value is approximately $18.^12,13 Please note the melt value will fluctuate with the silver market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1922 Low Relief Silver Dollar	1922-D Low Relief Silver Dollar	1922-S Low Relief Silver Dollar
Good – G	$32	$32	$32
Very Good – VG	$32	$32	$32
Fine – F	$32	$32	$32
Very Fine – VF	$33	$33	$33
Extra Fine – XF	$35	$34	$37
About Uncirculated – AU	$38-$44	$40-$50	$40-$51
Mint State – MS	$48-$8,700 (67)	$58-$50,000 (67)	$62-$47,000 (66+)

Matte Finish Proof Strike (PR) Value Chart

	Coin Names And Coin Values
Grade Names	1922 Matte Finish Proof Low Relief Silver Dollar	1922 Matte Finish Proof High Relief Silver Dollar
Matte PR 60	N/A	$90,000
Matte PR 61	N/A	$107,000
Matte PR 62	N/A	$125,000
Matte PR 63	N/A	$150,000
Matte PR 64	N/A	$210,000
Matte PR 65	$234,000	$215,000
Matte PR 66	N/A	$300,000
Matte PR 67	N/A	$487,000
Matte PR 68	N/A	N/A
Matte PR 69	N/A	N/A
Matte PR 70	N/A	N/A

Satin Finish Proof Strike (PR) Value Chart

1922 Satin Finish Proof Low Relief Silver Dollar
Grade Names	Coin Values
Satin PR 60	N/A
Satin PR 61	N/A
Satin PR 62	N/A
Satin PR 63	$86,000
Satin PR 64	N/A
Satin PR 65	N/A
Satin PR 66	N/A
Satin PR 67	N/A
Satin PR 68	N/A
Satin PR 69	N/A
Satin PR 70	N/A

What Makes A 1922 Silver Dollar Valuable?

1922 silver dollars (also known as peace silver dollars) are valuable coins. Many aspects contribute to a 1922 peace dollar’s value, including its rarity and grading. It’s also more valuable if it’s a certain strike type (such as a proof strike or high-relief strike), an error coin, or a die variety. Die varieties are especially valuable if they’re among the top VAM die varieties.

Let’s start with grading.

Grading

Coin grades range from ungradable to the mint-state 70 grade (MS 70).^16,17 The higher the grade, the higher the coin’s value.

However, even a 1922 silver dollar minted in Philadelphia and with a low grade still fetches $30 or more. You’ll start to see $100 or more for 1922 peace dollars graded in the low-to-mid 60s and $1,000 or more for mid-to-high 60s.

Rarity

The Mint minted 1922 silver dollars approximately 84,310,401 times across all of its versions. Please see the following list for the breakdown for each version:

• 1922 Low Relief: 51,737,000 minted in Philadelphia^1,4
• 1922-D Low Relief: 15,063,000 minted in Denver^2,5
• 1922-S Low Relief: 17,475,000 minted in San Francisco^3,6
• 1922 High Relief: 35,401 minted in Philadelphia^14,15
• 1922 Matte Finish Proof Low Relief: The true amount is unknown^8,10
• 1922 Satin Finish Proof Low Relief: The true amount is unknown^8,11
• 1922 Matte Finish Proof High Relief: The true amount is unknown^7,9

The U.S. Mint minted the 1922 dollar more than any other silver dollar. As a result, more of that year’s silver dollar survived in greater numbers than others.^1,4 

In other words, while the 1922 peace silver dollar is popular among collectors, it is not rare.

However, the proof and high-relief versions of the 1922 silver dollar are exceptionally rare. It’s unclear how many still exist, but the numbers are in the single or low double digits.

This is because the U.S. Mint always mints proof coins in low amounts. Additionally, they only minted 35,000+ of the high-relief version before switching to the low-relief version due to issues with the minting. They melted down the high-relief versions shortly thereafter, although it is possible some high-relief circulation-strike coins still exist.^14,15

Mint Marks

The U.S. Mint also minted far fewer coins in Denver (with a “D” mint mark) and San Francisco (with an “S” mint mark).^2-3,5-6 As a result, fewer of these coins survive at higher grades. This is especially true for the San Francisco version, the rarest of the three versions for grades 65 and up.

Strike Types

The 1922 silver dollar has several strike types: the low-relief circulation strike, the low-relief proof strike, and the high-relief proof strike.^34-36  

The low-relief circulation strike is the least valuable of the bunch, but higher grades still have considerable value. The low-relief and high-relief proof strikes carry far greater value as they are much rarer.

Design Variations

The 1922 silver dollar has no design variations (such as the 2009 Lincoln penny’s four design variations).

Special Designations

The 1922 silver dollar has no versions with special designations (such as a full-steps Jefferson nickel).

Error Coins 

Most error coins are worth more than other coins since they are unique.¹⁸

1922 silver dollars follow suit. Examples of their errors include:

• Clipped planchet errors
• Struck-through errors
• Struck off-center errors
• Double-strike errors

Of those, the double-struck and struck off-center errors are the most valuable, increasing the 1922 silver dollar’s value significantly. The clipped planchet and struck-through errors increase the value a little.¹⁹

Die Varieties

The 1922 silver dollar has many sought-after die varieties. 

All peace-dollar and Morgan-dollar die varieties are called VAMs. VAM is an acronym of the last names of Leroy C. Van Allen and A. George Mallis. They cataloged all known die varieties for Morgan and Peace dollars, a process that others carry on today.²⁰

Generally, die-variety coins are more valuable than non-die-variety coins.

Here are some examples of valuable 1922 silver dollar die varieties:

• 1922 VAM-5A (die break on Lady Liberty’s cheek on the obverse side, called “Scar Cheek”)²¹
• 1922-D VAM-2A (die break on the obverse side)²²
• 1922-S VAM-2X (rim cud on the reverse side by the “UN” in “United”)²³

See more in the “Die Varieties” section below to identify these coins.

Composition

The 1922 silver dollar is made from 90% silver. This means it will always be worth its weight in silver, although that value depends on a fluctuating precious metals market. 

We also don’t recommend melting any 1922 peace silver dollar down, as the value of selling the coin is worth more than its melt value.

How Do You Know If You Have A Valuable 1922 Silver Dollar?

The best way to know if you have a valuable 1922 silver dollar (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Generally, coins at higher grades have characteristics such as:²⁴

• Little to no marks or blemishes
• Little to no issues with the edges or rims
• Lustrous (shiny)
• Strike quality
• Eye appeal

The above is not a comprehensive list, but it is a good start. You can determine some of these from the naked eye. However, you’ll need magnification, such as with a loupe for others, especially for determining higher grades.

Mint Marks

Two versions of the 1922 silver dollar have mint marks: the Denver one and the San Francisco one. Both are rarer and more valuable than the Philadelphia version (which has no mint mark) at the higher grades.

Check the back of your coin to see if it has a mint mark. You’ll find it to the left of the eagle’s tail feathers. It will either be a small “D” for Denver or a small “S” for San Francisco.

Strike Types

Most proof coins bear a mirror-like finish with exceptional quality.²⁵ However, the 1922 silver dollar proofs (high- and low-relief) bear a matte finish.^7-10 The low-relief can also have a satin finish.^8,11

Matte finishes are non-reflective. They have more of a flat, grainy look with a high level of detail.²⁵

The high-relief version shows more depth than the low-relief version.¹⁴ 

Satin finishes will have more reflectiveness than matte finishes but less than proof coins.²⁵

The high-relief-proof version combines these two elements.

All are more valuable than low-relief, non-proof versions of the coin due to their rarity and aesthetic appeal.

Design Variations

The 1922 silver dollar has no design variations.

Special Designations

The 1922 silver dollar has no versions with special designations.

Error Coins

Generally, look for anything unusual with your coin. That’s a good sign it’s an error. However, here are some specific details you can look for to identify certain errors.

For clipped planchet errors, parts of the coin will be clipped off, usually in a curved shape.²⁶ 

For struck-through errors, look for something literally struck onto the coin. This can be cloth, for example.²⁷

For struck off-center errors, the design is shifted off-center by a certain amount. As a result, sometimes it’s incomplete.²⁷ 

For double-struck errors, the second strike presses the design into the coin a second time, and it can be rotated or off-center.^27,33

Die Varieties

As with any coin, we always recommend working with a professional to determine if one is a die variety or not. 

However, there are some things you can look for to help identify if your coin is one.

Let’s start with the 1922 VAM-5A die variety.

1922 VAM-5A (“Scar Cheek”)

1922 VAM-5A’s are notable for one feature on the obverse side of the coin (the front).²¹ This feature is a vertical die break on Lady Liberty’s cheek. 

This die variety carries the name “Scar Cheek” since the die break resembles a scar.

1922-D VAM-2A

All features distinguishing the 1922-D VAM-2A die variety from other 1922 silver dollar die varieties appear on the coin’s obverse side.²²

Most prominent is the die break running from the “R” in “Liberty” through Lady Liberty’s hair bun and the “Y.”

Die breaks, in case you don’t know, are strips of raised metal on coins. They form when a part of the die striking the coins breaks. As the broken die strikes the coins, the coins’ metal fills the break, resulting in the raised strips of metal.

A die crack also runs from Lady Liberty’s neck through the “T” in “Trvst” up through Lady Liberty’s loose hair below her bun.

Die cracks are similar to die breaks. However, die cracks are thin lines resembling cracks in concrete. They’re not as raised or thick as die breaks.

1922-S VAM-2X

One feature distinguishes a 1922-S VAM-2X from other 1922 silver dollar die varieties.²³

That feature is a cud appearing on the coin’s rim on the reverse side by the letters “UN” in “United.”

Additional Information About The 1922 Silver Dollar

History

The 1922 silver dollar’s history starts with the reminting of the Morgan dollar in 1921. Previously, the U.S. Mint had minted Morgan dollars from 1878 to 1904, then discontinued them until 1921. 

However, World War I ended in November of 1918, and many desired a coin to celebrate the following peace. 

This desire coincided with the Pittman Act, passed in April 1918 to aid the United Kingdom with their dire need for silver during World War I. The U.S. melted over 270 million silver dollars and sold these to the British.

This melted down nearly half of all Morgan dollars, but crucially, the act also required the Mint to replace all melted coins.

Thus, the Peace dollar replaced the Morgan dollar in 1921, continuing from then to 1928, from 1934 to 1935, and starting again in 2021. 

Additionally, the Denver Mint struck over 300,000 Peace dollars in 1964 but allegedly melted all of them. This was in part due to controversy over their minting in the first place.

A commission invited several designers to a competition to create the 1922 peace silver dollar’s design. Anthony de Francisci, despite having only previously created one design for the Mint before, won.

He based Lady Liberty’s design on his wife’s, Teresa de Francisci, profile.

Original designs for the reverse side featured the bald eagle perched on a broken sword. Many interpreted this as symbolizing something negative, such as defeat. As a result, the Mint removed the sword.

The resulting design, described below, is one of the most aesthetically pleasing coin designs, and it symbolizes one of the most important events in history.

^{Sources: 28-31}

The Coin’s Obverse Side

Lady Liberty fills most of the 1922 peace silver dollar’s obverse side. 

“In God We Trvst” (see below for why they spelled “Trust” this way) flanks both sides of her neck, while “Liberty” curves around her head. The year rests against the coin’s bottom by the rim.

Anthony de Francisci designed the coin. As such, his initials, AF, appear merged together beneath Lady Liberty’s neck.

^{Sources: 1,4}

The Coin’s Reverse Side

A bald eagle holding an olive branch fills much of the 1922 silver dollar’s reverse side. 

The words “United States Of America” and “E Pluribus Unum” curve around the coin’s rim at the top. The words “One Dollar” appear on either side of the eagle, and the word “Peace” appears below it.

Denver-minted and San-Francisco-minted versions of the 1922 silver dollar have a mint mark just to the left of the eagle’s tail feathers. Denver shows a “D,” and San Francisco shows an “S.”

^{Sources: 1-6}

Why Does The Obverse Side Say “In God We Trvst?”

Without getting too complicated, it comes from the Latin alphabet, which had fewer letters than our current one.³² The “v” letter served as a “u,” which is why you’ll see older buildings using the “v” in place of the “u.” It’s a stylistic choice, the same one made for this coin.

Sources

1922 silver dollar sources