1922 $1 Low Relief Satin PR65 NGC. This is a very ...

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Description

Extremely Rare 1922 Low Relief Satin Finish Proof Dollar

1922 $1 Low Relief Satin PR65 NGC. This is a very unusual coin and quite frankly, this is an issue we have no acquaintanceship with. All we can really do is repeat what is in the literature and relate what we see on the coin itself. The coin has a most unusual appearance, unlike any other 1922 Peace Dollar we have ever encountered. The surfaces have a bright, satiny finish and each side shimmers and glows with a mint sheen that is completely different from that seen on a regular issue, low relief 1922 Dollar. Compare this coin side-by-side with the MS67 1922 Peace Dollar several lots above. The difference in the two finishes is profound.
Breen notes that the Low Relief Satin proof strikings show no mint frost, no "cartwheel," which he describes as 'cold flow radial lines.' He compares these coins to the 1921 satin proofs, and indeed there are many similarities in finish and overall texture between the two coins. He also notes that the rims are built up more strongly than on business strikes, and the inner coronet line is exceptionally strong. Full striking definition is seen on the central hair, full feathers are evident even on the upper wing and breast. The lettering is all noticeably higher contrasted with the fields than on business strikes, and the edges of the letters are more sharply defined.
Predictably, Wayne Miller had several pointed and thought-provoking comments in his 1982 book The Morgan and Peace Dollar Textbook (pages 243-244). In his opinion, the Beck-Riethe coin was not a Satin Finish proof. However, the piece in Steve Ivy's Herrman Sale in 1979 was a proof striking. The last paragraph of Miller's entry about this curious proof is quite interesting and we reproduce it here as it compares and contrasts the Satin vs. Matte strikings of this year:
"Although satin finish 1922 proof Peace dollars are much more rare than the matte proof variety, the latter will probably always bring a higher price for the following reasons: First, the matte proof variety has been known and documented for a much longer period of time. Second, the high relief of matte proofs makes them more desirable. Third, the satin finish proofs are not mentioned in official mint reports. They thus lack official sanction. Fourth, since there are only three satin finish proofs known, they lack the exposure necessary to command a price commensurate with their extreme rarity."
Wayne Miller's above comments should also be placed in the context of the time in which they were written. In 1982, condition was king. It wasn't until several years later that rarity began to replace condition as the primary factor that determined a coin's desirability and price. Additionally, third-party grading was not the market force then that it is today. Which all means that even though the Satin Finish coins are struck in low relief, their absolute rarity offsets this in today's market. Thus, this Satin Finish proof should command a price at auction that is in line with its extreme rarity and Gem condition.
Each side is attractively toned with a smoky-gray patina that shows speckles of deeper russet on each side, but especially around the word DOLLAR on the reverse. There are no obvious contact marks on either side, which makes the pedigree of this piece difficult to trace, and we, unfortunately, do not know which of the five known pieces this one is. This is an extremely rare opportunity for the specialist to purchase a coin that is very seldom offered for sale at public auction.

Coin Index Numbers: (NGC ID# 2828, PCGS# 7383, Greysheet# 7890)

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

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