In numismatic terms, the standard 1922 Peace Silver Dollar is not considered a rare coin. In fact, it is the most common date in the entire Peace Dollar series due to its exceptionally high mintage. The Philadelphia Mint alone struck over 51.7 million of these coins, with the Denver and San Francisco mints adding another 15 million and 17.4 million, respectively. This abundance means that the vast majority of 1922 silver dollars are readily available to collectors and hold a value primarily based on their silver content and condition.
The rarity associated with the 1922 date arises from a specific and scarce variety known as the 1922 High Relief Peace Dollar. The original design for the series, used in 1921, featured a high relief that created a distinct, sculptural appearance. However, the immense pressure needed to fully strike this design caused the coin dies to break frequently, making mass production impractical. To remedy this issue, the U.S. Mint began experimenting with a modified Low Relief design at the beginning of 1922.
Consequently, while a small number of 1922-dated coins were struck using the original High Relief dies, the mint quickly transitioned to the more durable Low Relief design for the remainder of the year's massive production run. It is estimated that of the approximately 35,000 High Relief 1922 dollars minted, most were subsequently melted down. The very few surviving examples that escaped the mint are what constitute the rare and highly sought-after 1922 High Relief variety. Therefore, it is this specific variant, not the date itself, that is considered rare.
