Pre-Long Beach Auction #84

1922 Matte Finish High Relief. PCGS graded Proof 66. PQ. High Relief Peace dollar business strikes were initially struck in 1921, but only for the last two weeks of December. The same design was contemplated for 1922, but the difficulty in striking large numbers of such coins in high relief prevented further plans of mass production. As was the case of the High Relief double eagles of 1907, the obverse and reverse details were difficult to bring up with just a single blow of the dies, the die life was much shorter, and the coins would not stack properly. However, in January 1922, a small number (experts estimate no more than 12) High Relief proofs were struck in a Matte finish; only 8 to 10 of those are known today (variations with Satin finish are also known but not included in these figures). This estimate is more or less consistent with the PCGS and NGC population figures, which show a total of 19 Matte Proofs certified, some being likely resubmissions. David Bowers, in his Silver Dollars and Trade Dollars of the United States, points out that the 1922 Proof High Reliefs, while traditionally called "Matte Proofs," were: "In actuality… made with at least two different finishes. The first is a dull, microscopically porous gray somewhat similar to Sandblast Proofs of the era. The second finish is a special silver-glaze surface quite unlike the Sandblast or Matte Proofs of the time."

The die characteristics of the Matte Proof coins are slightly different from those seen on business strikes. On the proof coins, the ray on the reverse that passes through the N of ONE is much longer than on business strike 1921 or 1922 Peace dollars. Also, a very short ray segment is next to the rim, wedged between the tail and the tip of the wing. The rays are rounded, and magnification reveals a small curving defect in the area between the eagle's talon and leg, and the olive branch.

This is a fully bright Gem that has platinum-silver finish whose brilliance seems to stretch to the horizon and beyond. A razor sharp impression is also presented as expected of a presentation strike such as this. Given the proper amount of striking pressure from the Proof High Relief dies, this coin is fully brought up in all areas. This is a fascinating and incredibly beautiful example having no bothersome abrasions nor points of weakness. An important, seldom offered rarity. No advanced collection of Peace dollars can be complete without a 1922 High Relief example. Pop 2; 1 finer in 67. (PCGS # 7383) .
Estimated Value $250,000 - 300,000.