The 1922 Peace Dollar is rare in the sense that it is no longer in circulation, but it exists in most numismatic grades in large quantities and can be readily purchased. However, there are some factors that make certain 1922 Peace Dollars rare and valuable:
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Proof Format: The 1922 Peace Dollar was the last of the series to be issued in Proof (PF) format, and not many were struck, making them rare and worth more.
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High Relief Design: The coin’s first year (1921) employed a High Relief design which was hard for the Mint to make. The pressure needed to strike a High Relief coin caused frequent die breakage and short die life. The relief was lowered for the 1922 Peace Dollar after 35,401 High Reliefs were minted. Almost all High Reliefs were melted, though one is known to have survived, along with eighteen proof coins for collectors.
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Mintmarks: Three mints produced silver dollars in 1922: Philadelphia, Denver, and San Francisco. Mintmarks used to distinguish the mints were placed on the reverse. Denver used a "D" mintmark, San Francisco an "S," and Philadelphia, the main mint, did not use a mintmark. Mintmarks on 1922 Peace dollars become a factor in value if your coin is in uncirculated condition.
Overall, the rarity and value of a 1922 Peace Dollar depend on its condition, mintmark, and whether it was struck in Proof format or High Relief design.
