An MS67 1922 Peace Dollar sold for $35,250 at Stack's Bowers in 2014 — yet a worn example trades for just above its silver melt value. Your coin's worth hinges on three things: the mint mark on the eagle's tail, the condition of Liberty's cheek, and whether you're holding a prized error variety like the famous Earring VAM.
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The Earring VAM is one of the most sought-after die varieties on any 1922 Peace Dollar. A blob-like die break appears in Liberty's hair just where an earring would sit. Use the comparison below and the 4-item checklist to see if yours qualifies.
Liberty's hair flows smoothly behind the ear with no interruption. The hair strands curve naturally toward the back of the neck. The surface in front of the ear is clean and evenly modeled with no bumps or hollows. No unusual raised or recessed areas appear in the hair behind or below the ear lobe.
A distinct blob-like raised or recessed area appears in Liberty's hair directly behind and below the ear — exactly where an earring would hang. This feature is a die break: a piece of the die face chipped away during production, leaving an abnormal bulge or hollow that stands out clearly under a 5–10× loupe. On high-grade examples the earring is unmistakable.
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For a complete step-by-step 1922 silver dollar identification breakdown covering all varieties and die states, consult this thorough 1922 Peace Dollar guide and reference. The chart below summarizes current market ranges by mint mark and grade tier.
| Variety | Worn (G–F) | Circulated (VF–AU) | Uncirculated (MS60–63) | Gem (MS64–65) | Superb Gem (MS66+) |
|---|---|---|---|---|---|
| 1922-P (Philadelphia) | $32–$35 | $35–$45 | $50–$125 | $125–$175 | $565–$35,250 |
| Earring VAM (P) ⭐ | $80–$150 | $200–$500 | $600–$1,200 | $1,600–$2,500 | $3,000+ |
| 1922-D (Denver) | $32–$35 | $35–$50 | $58–$150 | $150–$300 | $600–$50,000 |
| 1922-S (San Francisco) 🔥 | $32–$35 | $37–$55 | $62–$155 | $155–$1,400 | $17,500–$47,000 |
| VAM-1A Die Gouge in Rays | $50–$120 | $150–$400 | $400–$900 | $900–$1,500 | $2,000+ |
| High Relief Matte Proof | $11,500+ | $22,000–$81,000 | — | $155,000–$391,000 | $437,000+ |
⭐ = Signature variety (Earring VAM) · 🔥 = Rarest in high grade · Values are approximate market ranges; actual realized prices vary.
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The 1922 Peace Dollar was struck in such enormous quantities — over 84 million coins across three mints — that die fatigue, hub-doubling, and die breaks were almost inevitable. The VAMWorld registry lists dozens of varieties for the 1922-P alone, and several have earned "Top 50" or "Elite 30" status among Peace Dollar specialists. The six varieties below are the ones collectors and dealers most actively seek, ranked by collector demand and premiums over standard examples.
The Earring VAM is a die break error — a piece of the working die chipped away during the high-pressure production run of 1922, leaving a hollow or blob-like depression in the specific area of Liberty's hair just behind and below her ear. Because the die itself was damaged, every coin struck from that die after the break occurred carries the same distinctive feature.
Visually, the earring looks like a small, irregularly-shaped raised or recessed area that interrupts the natural flow of hair strands. Under a 10× loupe it stands apart clearly from bag marks or scratches — it has sharp, defined edges consistent with die metal failure rather than post-mint damage. On gem examples the blob is unmistakable even without magnification.
Collectors prize the Earring VAM because it is immediately dramatic to the naked eye, it photographs well, and it ranks among the most marketable Peace Dollar varieties for new and seasoned collectors alike. High-grade mint state examples (MS64–MS65) regularly trade between $1,600 and $2,500, commanding two to four times the value of a plain 1922-P in the same grade.
The VAM-1A is one of the most widely collected Peace Dollar die varieties in the entire series, earning a coveted spot on the official VAMWorld Top 50 Peace Dollar VAM list. The diagnostic feature is a prominent die gouge — a raised metal line — running through the reverse rays on the eagle side. This gouge originated when a sharp tool or abrasive scored the working die during the hub transfer or die preparation process, and it was replicated on every coin struck from that die.
On the coin, the die gouge appears as a thin raised line cutting through or across one of the radiant rays that fan out from the central design. Under a 10× loupe it looks like a deliberate scratch but with raised metal on both sides — the signature of a working die injury, not a post-mint mark. The location and angle of the gouge are consistent across all specimens.
Top 50 status drives sustained collector demand and a measurable premium over plain 1922-P examples. Circulated examples can trade for $150–$400 above baseline, and mint state specimens at MS64–MS65 have realized $900–$1,500+ at specialty auctions. PCGS and NGC both attribute this variety, and slabbed examples labeled "VAM-1A Top 50" command the strongest prices.
The Denver Mint struck 15,063,000 Peace Dollars in 1922, making the 1922-D the most common Denver-mint issue in the entire Peace Dollar series. In worn grades the coin trades alongside its Philadelphia sibling with little distinction. The real story is in its Mint State grades, where the 1922-D becomes a surprisingly difficult coin to find in high quality.
Denver's presses were set with slightly wider die spacing than Philadelphia's, producing a characteristically softer strike — particularly on the eagle's breast feathers and the hair above Liberty's ear. Most 1922-D dollars in uncirculated condition show heavy bag marks from decades stored in canvas Mint bags at the Federal Reserve. A genuinely clean, sharply struck 1922-D is far harder to locate than its mintage suggests.
Specialist buyers pay meaningful premiums for well-struck, mark-free 1922-D examples in MS65 and above. An MS65 1922-D can bring $600 or more, while MS66 examples are genuinely rare and have sold for over $1,750. MS67 specimens are extreme rarities, with very few reported at PCGS. Cherrypicking for strike quality — full breast feathers, sharp hair detail — rewards diligent collectors.
The San Francisco Mint produced 17,475,000 Peace Dollars in 1922 — an enormous number that kept the 1922-S affordable in worn grades for generations of collectors. In circulated condition it trades at essentially the same level as the Philadelphia issue. But the 1922-S hides one of the most dramatic grade cliffs in the Peace Dollar series: the leap from common at MS63 to genuinely rare at MS65 is extreme.
San Francisco's striking characteristics are the culprit. The mint's dies tended to produce shallow, weakly defined strikes on the central design elements — Liberty's hair above the ear and the eagle's breast feathers in particular. An MS65 1922-S must simultaneously show a sharp strike AND clean surfaces: both are independently rare, making their combination extraordinarily scarce. PCGS notes that MS65 1922-S coins already represent a major condition rarity.
The premium for high-grade 1922-S specimens reflects genuine rarity backed by PCGS and NGC population reports, not speculative hype. An MS65 1922-S can bring around $1,400. An MS66 example has sold for approximately $17,500. MS66+ and above specimens are among the most coveted Peace Dollars in the entire series, with auction realizations surpassing $40,000 for the finest known examples.
Hub-doubling on the 1922 Peace Dollar affects several different working dies, resulting in multiple VAM attributions under the VAMWorld system. The most collectible doubled die varieties show clear separation lines on the motto "IN GOD WE TRUST" on the obverse, or on the reverse lettering "DOLLAR" and the surrounding rays. The doubling occurs during the hub-to-die transfer process when the die receives two slightly offset impressions from the hub.
On the obverse doubled-motto varieties (such as VAM-22, "Doubled 922 and Motto"), the digits of the date and the motto letters show visible shelf-like doubling under a 10× loupe. Separation between the primary and secondary impressions can be subtle or quite bold depending on the specific die. Reverse doubled-die varieties show doubling on letters within DOLLAR, on rays, and on olive branch elements.
Collector premiums for doubled-die 1922 Peace Dollars are more modest than the Earring VAM but still meaningful. Worn examples showing clear doubling can trade for $100–$250, while circulated coins with bold doubling reach $300–$700. Mint state examples of the more dramatic varieties (VAM-22, VAM-39) bring higher premiums, particularly if attributed and slabbed by PCGS or NGC under their VarietyPlus program.
Before the U.S. Mint committed to the standard low-relief design for mass production, it experimented with a higher-relief version of the Peace Dollar in early 1922. These high-relief strikes are among the rarest and most beautiful Peace Dollar pieces known. The designs are significantly deeper-cut than circulation strikes, giving Liberty's portrait and the eagle a three-dimensional sculptural quality that was lost in the production coins to speed up the coining process.
The matte proof variants were struck with a special sandblasted or matte finish die treatment, producing a frosted, non-reflective surface entirely unlike the brilliant luster of circulation strikes. High-relief pieces show notably sharper hair strands, deeper feather definition, and a crisper crown on Liberty. Comparing a high-relief piece side by side with a standard 1922-P makes the design difference immediately obvious even without a loupe.
These coins are genuine rarities — very few examples are known of each variety — and have been authenticated and graded by PCGS and NGC. Values climb steeply with grade: even circulated high-relief pieces start at $11,500–$13,600, while About Uncirculated examples have sold for $81,400–$132,500. Matte Proof examples command even more, with PR65 and above pieces regularly realizing six figures at major auctions.
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The 1922 date represents the single largest production year in the entire Peace Dollar series — and among the largest single-year silver dollar mintages in U.S. history. The combined 84+ million pieces from three mints dwarfed the output of all other Peace Dollar years combined through 1935.
| Mint | Mint Mark | Mintage | Notes |
|---|---|---|---|
| Philadelphia | None | 51,737,000 | Largest single-mint output; Treasury bags held for decades |
| Denver | D | 15,063,000 | Most common Denver Peace Dollar; often weakly struck at center |
| San Francisco | S | 17,475,000 | Common worn; extreme rarity in MS65+; strike quality critical |
| TOTAL (circulation strikes) | — | 84,275,000 | Exceeds all other Peace Dollar years combined through 1935 |
| Philadelphia (High Relief Pattern) | None | Very few | Extremely rare; pattern/proof pieces, not for circulation |
| Philadelphia (Matte Proof) | None | Very few | Estimated fewer than 10 genuine examples of each proof variety |
Despite the enormous mintage, very few 1922 Peace Dollars survive in pristine Superb Gem condition. The coins circulated heavily in the West and Midwest, and those held in Treasury bags suffered decades of contact marks. High-grade survivors represent a tiny fraction of original production — explaining why MS67 examples command five-figure auction prices despite 51+ million being struck at Philadelphia alone.
The Peace Dollar's large 38mm silver surface shows wear quickly. The diagnostic high points — Liberty's cheek, the hair above her ear, and the eagle's breast feathers — are your primary grading references. Examine under a single 75-watt incandescent lamp tilted at 45°; avoid overhead fluorescents which flatten relief.
Heavy to moderate circulation wear. Liberty's cheekbone and hair above the ear are worn flat. Crown rays are visible but lack definition. Eagle's wing and breast feathers show smooth areas. Date and lettering fully readable. "PEACE" on the rock visible. Still a silver coin worth its melt value of ~$18–$22, but numismatic value is minimal above that.
VF: Most major design details visible; high points slightly flat. Hair strands show above ear; individual crown rays mostly distinct. AU: Only the slightest friction on Liberty's cheek and hair; most mint luster remains in protected areas. Eagle's breast feathers clear. AU examples can be difficult to distinguish from uncirculated without a loupe and experience.
No wear anywhere, but bag marks and contact marks are visible with the naked eye (MS60) or under low magnification (MS63). Mint luster is full but may appear broken by marks in open fields. Strike quality varies by mint — check 1922-D and 1922-S for central weakness on eagle's breast. Many raw "uncirculated" 1922 dollars are MS60–MS62 once properly assessed.
MS64: Above-average surfaces; only minor marks, none in focal areas. MS65 Gem: Outstanding cartwheel luster, few scattered minor marks visible only under magnification. MS66+ Superb Gem: Near-perfect surfaces with exceptional eye appeal. For 1922-S, sharp strike is mandatory at Gem level. For 1922-D, bag-mark freedom determines the grade. Professional grading (PCGS/NGC) is essential for MS64+ coins.
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The right venue depends on your coin's grade and variety. A circulated 1922-P is easy to sell anywhere. A VAM variety or high-grade 1922-S deserves a specialist auction where bidders compete for condition rarities.
Best choice for high-grade MS65+ examples, confirmed VAM varieties, and proof issues. Stack's Bowers holds the auction record for the 1922-P at $35,250. Both firms attract specialist bidders who understand Peace Dollar variety premiums and will pay accordingly for attributed pieces. Consignment fees apply but are offset by competitive bidding at major sales.
Ideal for circulated and lower MS-grade examples where collector competition is broad. Check the recently sold prices for 1922 Peace Dollars on completed eBay listings to calibrate your asking price before listing. Use clear photographs of both sides and the mint mark area. For VAM varieties, label them explicitly in the title — many buyers search by VAM designation.
Fast and convenient for circulated 1922 Peace Dollars. Expect offers near melt value for worn examples — dealers need margin to resell. However, an LCS with Peace Dollar expertise may pay strong prices for confirmed VAMs or high-grade examples if they have a ready buyer. Bring documentation (VAMWorld attribution printouts) when presenting error coins.
Community platforms connect you directly with knowledgeable buyers who appreciate variety coins. Lower fees than auction houses. Post sharp close-up photos and any attribution details. Ideal for mid-grade circulated coins ($50–$300 range). Larger sales benefit from the accountability of established marketplace platforms over informal forums.
A circulated 1922 Peace Dollar (any mint) is typically worth $32–$50 based on silver content alone. Uncirculated examples range from about $50 to $130 at lower MS grades, while Gem MS65 coins can reach $150–$1,400+ depending on mint mark. The 1922-S in MS66 is exceptionally valuable at around $17,500. The record auction sale is $35,250 for an MS67 Philadelphia issue.
The 1922 Peace Dollar contains 0.77344 troy ounces of pure silver (the coin is 90% silver, weighing 26.73 grams total). At current silver prices, the melt value fluctuates with the market but is approximately $18–$22 at silver prices around $23–$28 per troy ounce. Always check the current spot price before making buying or selling decisions.
The Earring VAM is a die break error on the 1922 Peace Dollar where a blob-like hollow appears in Liberty's hair just behind her ear, resembling a dangling earring. It is catalogued among the Top 50 Peace Dollar VAMs. Mint state examples can command significant premiums over a standard coin of the same grade, with MS64–MS65 examples trading in the $1,600–$2,500 range.
The mint mark on a 1922 Peace Dollar is located on the reverse (eagle side) near the tip of the eagle's tail feathers, just above the word 'ONE.' Philadelphia-struck coins have no mint mark. Denver coins show a 'D' and San Francisco coins show an 'S' in that location. Use a 5–10× loupe for clarity, as the mint mark is small relative to the coin's 38.1mm diameter.
In circulated grades, no — the 1922 is the most common Peace Dollar, with over 84 million struck across three mints. However, in the highest Mint State grades it becomes genuinely scarce. An MS67 1922-P is very rare with only a few dozen known at PCGS. The 1922-S in MS66+ is extremely rare. Special error varieties like the Earring VAM and the 1922 High Relief proofs are legitimately rare across all grades.
The 1922-D (Denver Mint) bears the 'D' mint mark on the reverse. Denver's presses tended to be spaced more widely, producing weaker strikes — particularly on the eagle's breast feathers. Most 1922-D coins in Mint State show heavy bag marks from storage. Despite being common in circulated grades, a clean, well-struck 1922-D in MS65 or above is genuinely scarce and commands a premium over the Philadelphia issue.
The 1922-S (San Francisco Mint) is common in worn grades but dramatically scarce in high Mint State. San Francisco's dies produced many weakly struck coins, meaning MS65 examples must show both sharp strike and clean surfaces — a rare combination. An MS66 1922-S is worth roughly $17,500, and MS66+ examples can exceed that considerably. This makes the 1922-S one of the most grade-sensitive Peace Dollars in the entire series.
The 1922 High Relief is a rare proof or pattern striking made early in 1922 before the Mint switched to the standard low-relief design for mass production. These pieces have sharper, deeper designs than circulation strikes. Very few examples exist. Circulated high-relief specimens can reach $22,000–$26,000, while MS-grade examples have sold for well over $100,000. All known examples are rare and highly prized.
Never clean a 1922 Peace Dollar. Cleaning destroys the original mint luster — a key factor in grading — and leaves hairline scratches visible under magnification that PCGS and NGC can detect. A cleaned coin is assigned a 'details' or 'cleaned' designation and may be worth a fraction of an equivalent original-surface example. Even a mildly cleaned MS63 coin can lose more than half its numismatic value compared to the same grade in original skin.
Check the weight (should be exactly 26.73 grams) and diameter (38.10mm). Genuine coins have reeded edges and a distinct ring when dropped on a hard surface. Look for sharp design detail on Liberty's hair and the eagle's feathers. Counterfeits often show mushy details, incorrect weight, or wrong edge texture. For high-value examples, professional third-party grading by PCGS or NGC is the definitive authentication method.
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