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    Description

    1922 High Relief Peace Dollar, SP64
    Unique Sandblasted, Antique Finish, Judd-2018
    Ex: Baker Estate

    1922 $1 High Relief, Sandblasted Antique Finish, Judd-2018, R.8, SP64 PCGS Secure. Judd-2018 is a recently discovered trial striking of the 1922 High Relief Peace dollar, struck in business-strike format and first reported by David W. Lange in 2007. It is one of the rarest die combinations from 1921 to 1922, a time period when the Mint experimented extensively with the relief of Anthony de Francisci's artistic Peace dollar design, in sandblast, satin, proof, and business-strike finishes. Judd-2018 combines George T. Morgan's slightly reworked 1922 High Relief obverse, which was later used to strike the 1922 High Relief proof issues, with the old reverse design used on the 1921 Peace dollars (which were struck in high relief). Only three examples of Judd-2018 have been identified. Heritage Auctions is privileged to offer the finest-known example of this rare pattern issue, from the estate of Mint Director Raymond T. Baker, in this important offering.

    The Judd-2018 Trial Striking
    High relief 1922 Peace dollars have been known to specialists since the 1920s, when Farran Zerbe exhibited a proof example in his Money of the World Collection, but no business-strike examples were identified until recent times. In 1974, researcher R.W. Julian found documentation in the General Services Administration in Philadelphia that revealed a previously unknown trial mintage of 35,401 business-strike 1922 High Relief Peace dollars that took place between January 5 and January 23, 1922. Reportedly, four obverse and nine reverse dies were used to accomplish the small trial mintage. The coins were struck on regular-production toggle coin presses, not the medal press. The high relief of the design required extremely high striking pressure to bring up the details of the devices, resulting in an unacceptable rate of die failure. All these trial strikes were believed to be destroyed, but it seems a few were sent to Mint and Treasury officials in Washington, D.C. for inspection, escaping the wholesale melting of the rest of the mintage. All three Judd-2018 survivors were apparently struck from the same die pair, suggesting they were all struck and sent out at about the same time, but more study is needed to confirm this. Julian reported his findings to Q. David Bowers in 1993, and they discussed a single VF example of the 1922 High Relief Peace dollar known to them that had a non-proof finish, a possible survivor from the mysterious 1922 trial striking. After further experimentation with a 1922 Medium Relief Peace dollar issue, Mint officials determined only a low-relief Peace dollar design could satisfy the requirements of high-speed business-strike coinage. Most of the experimental trial pieces were melted for recoinage shortly afterward.

    Survivors of Judd-2018 Come to Light
    In 2007, numismatist David W. Lange examined a 1922 High Relief Peace dollar found in an otherwise unremarkable collection of silver dollars. Lange noticed the reverse design was slightly different from that used on the high relief proof issues of that year and determined the coin represented a previously unknown variety. The discovery coin made its debut auction appearance in lot 8545 of Stack's January 2008 Americana sale, incorrectly designated a satin proof by NGC, as the new research on Judd-2018 was not widely available at the time. This same coin appeared in two later Stack's auctions in 2008 and 2009 (see roster below). Next, the coin offered here surfaced in a Goldbergs auction in 2014 (see section on The Present Coin below). More recently, a circulated, heavily polished example designated Specimen, VF Details appeared in lot 4578 of Heritage's August 2015 ANA Signature. Naturally, one wonders if the Heritage coin is the same example Julian and Bowers referred to in the 1990s. No other specimens have been discovered.

    The Present Coin
    Judd-2018 was unknown in 2005, when Roger Burdette published his excellent Renaissance of American Coinage, 1916-1921. However, Burdette published a letter on page 219 of his reference from Philadelphia Mint Superintendent Freas Styer to Mint Director Baker that reveals the origin of the present coin:

    "Sir:

    "As per your request I am enclosing herewith two Peace dollars, one of the coinage of 1921 and one of 1922, with reduced border, sand blasted and finished to show all the details of the work.

    "I am also enclosing two other pieces, one of the coinage of 1921 and one of 1922, both being bright pieces, for comparison.

    "I will thank you to return these coins when they have served your purpose.

    "We have just tried a stack of twenty pieces of the coin with the reduced border against twenty coins of the old design and find very little difference between the two stacks, the 'Peace' dollars being very slightly higher than the old.

    "For your information will say the dies shipped to San Francisco and Denver are similar to those from which the coins of 1922 herewith enclosed were struck.


    "Respectfully,"

    We believe this coin, from the estate of Mint Director Raymond T. Baker, is the second piece referenced in the letter above, the 1922 High Relief Peace dollar that was sandblasted and treated with an antique charcoal finish to accent the fine details of the design. A specimen of the 1921 High Relief Peace dollar, also from Baker's estate, was offered in a Stack's Bowers auction in 2014. That coin features the same antique finish as the present piece, a finish that is unique to these two specimens in the entire Peace dollar series. Undoubtedly, that piece is the first coin mentioned in Styer's letter. It seems likely that the last two coins in the letter were a representative of the regular 1921 Peace dollar coinage and another specimen of Judd-2018, without the antique finish. The "bright" Judd-2018 may possibly be either David Lange's discovery coin or the mysterious VF Details example in the 2015 Heritage auction. In its first auction appearance in lot 1345 of the Pre-Long Beach Sale (Goldberg Auctions, 6/2014), the present coin was accompanied by an envelope from Baker's estate with the following typed message:

    "INDICATOR REGISTERED 104,001 PIECES STRUCK WHEN THIS COIN TAKEN/RAYMOND T. BAKER/SEC. OF TREASURY 1922"


    Clearly, this envelope was not referring to the present coin, as Judd-2018 had a mintage of only 35,401 pieces. It might well have been the original envelope for the third coin mentioned in Styer's letter, however, the regular 1921 Peace dollar. It seems likely that the envelopes were inadvertently switched at some point. The dies sent to the branch mints mentioned in Styer's letter were recalled by telegram before any coins were struck.

    The design elements of this coin are noticeably sharper than expected from a High Relief business-strike issue, if not quite as full as those on the 1922 High Relief proofs. Just a touch of softness shows on Liberty's hair and the eagle's feathers in the centers. The rims are slightly reduced and the diagnostic short ray through the N in ONE is boldly rendered. The devices have a three-dimensional sculptural quality. The basined surfaces are well-preserved, with a few minor ticks in the hair the only marks of note. The antique charcoal finish was partially brushed off at the Mint, leaving an outline of amber patina around all the design elements. The overall presentation is most attractive. As the finest-known example of this extremely rare pattern issue, and the only one with the unique antique finish, this offering represents an especially important opportunity for pattern collectors and Peace dollar specialists.

    Roster of Judd-2018, 1922 High Relief Peace Dollar Patterns
    This roster was compiled with the assistance of Roger W. Burdette, David W. Lange, and Saul Teichman.
    1. SP64 PCGS Secure. Mint Director Raymond T. Baker; Pre-Long Beach Sale (Goldberg Auctions, 6/2014), lot 1345, realized $102,813; ANA Rarities Night (Stack's Bowers, 8/2015), lot 10165. The present coin.
    2. Satin PR60 NGC. Americana Sale (Stack's, 1/2008), lot 8545; Keusch, Snow, and Del Zorro Collections (Stack's, 11/2008), lot 3865; 74th Anniversary Sale (Stack's, 11/2009), lot 1687, realized $44,850.
    3. PCGS Genuine, VF Details. Possibly the 1922 High Relief Peace dollar known to Q. David Bowers and R.W. Julian in the early 1990s; ANA Signature (Heritage, 8/2015), lot 4578, realized $37,600.


    Learn more at the Newman Numismatic Portal at Washington University in St. Louis.

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    Auction Dates
    January, 2019
    9th-14th Wednesday-Monday
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