Ah, the 1922 Peace Dollar! The coin that has dashed the hopes of would-be millionaires more times than we can count. Before you quit your day job, let's dive into what that piece of silver in your hand is actually worth. The short answer is: it depends, wildly.
Your 1922 Peace Dollar is the most common coin in the entire series, with over 51 million struck at the Philadelphia mint alone. Think of it as the popular kid in the high school yearbook. Because they're so plentiful, the value for a well-circulated coin that looks like it's paid for a few hot dogs in its day is mostly tied to its silver content. You're likely looking at a value somewhere in the $19 to $22 range for a coin in "Good" to "Extremely Fine" condition. It's certainly more than a dollar, but it won't be funding your retirement.
However, this is where the story gets interesting. If your coin has been living a sheltered life and has never seen the inside of a pocket, its value can climb dramatically. The price is all about the grade, which is a fancy way of saying how pretty and pristine it is. A basic uncirculated 1922 might start around $34. A nicer one, graded MS-65, could be worth about $100.
Now, if you happen to have a nearly flawless, certified specimen that looks like it just fell off the minting press yesterday, you could be sitting on a small treasure. The value for a top-grade MS-67 coin can skyrocket to around $3,500. So, the value of your coin lives somewhere on the vast spectrum between a fancy lunch and a used car. The devil, as always, is in the details and the near-microscopic scratches.
