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1922 $1 Modified High Relief Production Trial, J-2020 AU50 NGC....
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Sold on Jan 14, 2026 for:
$29,280.00
Bid Source: HA.com/Live bidder
Description
1922 Peace Dollar Die Trial Strike, AU50
Rare Surviving 'Medium Relief' Example
1922 $1 Modified High Relief Production Trial, J-2020 AU50
NGC. Although there are no standout rarities in the Peace
dollar series by date and mint, the 1921 and 1922 dates offer
several key pattern issues and trial circulation strikes to
intrigue series specialists. After the hurried mintage of more than
1 million High Relief Peace dollars was struck in December 1921,
the Mint had to address the poor strikes and short die life. The
high relief format did not stack properly, causing an uproar from
banks and others in commerce. Almost immediately, Mint Engraver
George T. Morgan looked for ways to remodel the 1922 Peace dollar,
reducing the relief and sharpening letter details. During the
process, Morgan tinkered with Anthony de Francisci's design --
trying to retain the high relief artistry although de Francisci's
design did not allow proper metal flow. Two trial mintages using
Morgan's experimental alterations did not solve the production
problems. The 1922 Judd-2018 pattern combined a modified
high relief obverse with a reverse carried over from 1921.
Sandblast and satin proofs were made and a die trial circulation
strike mintage of approximately 35,401 pieces was produced -- all
of which was rejected and nearly all melted. The Judd-2019
pattern followed, with many obverse and reverse changes and the
high relief retained, but only satin and sandblast proofs are
known.Judd-2020 was next, which is known as the Modified High Relief design (popularly called Medium Relief), offering proof patterns and a few surviving circulation strikes from a confirmed 3,200-piece die trial production. On January 24, 1922. Mint Superintendent Freas Styer wrote to the Mint Director:
"I beg to submit herewith three Peace dollars struck from the die reduced in relief. You will notice the head is lower in relief and slightly larger. It is placed a little lower in the circle. On the reverse side all the lettering has been strengthened and the rock reduced in relief. All these changes are absolutely necessary and were arrived at after considerable experimenting. I am now convinced, after we struck 3200 pieces the eagle on the reverse side must be lowered..."
After the 3,200th piece was struck, the die sank and the dies failed. Four circulation strike pieces are known to survive, including the present coin. Here is the list of known proofs and circulation strike survivors for this rare subtype, listed in order of discovery. It is believed all other Judd-2020 pieces struck -- whether proofs or circulation strikes -- were rejected and destroyed by the Mint.
1) Bowers and Merena 9/85, lot 652 - Choice Proof.
2) The Discovery Specimen - AU55 NGC.
3) An example certified as MS64 NGC.
4) Raymond T. Baker Estate, Stack's Bowers 8/14 ANA graded Satin PR67 PCGS
5) Raymond T. Baker Estate, Stack's Bowers 8/14 ANA, the 3200th piece struck - MS65 PCGS.
6) A piece certified AU50 NGC in June 2021. The present coin.
Soon thereafter, the die preparation process was yielded to Anthony de Francisci and James Earle Fraser to oversee manufacture of Low Relief proofs and circulation strike dies, while retaining as much of the intended Peace dollar design integrity as possible. The new dies were successful, surviving a 200,000-piece trial that was released into circulation. An additional mintage of more than 51 million 1922 Low Relief silver dollars was struck in 1922.
This rare Judd-2020 Medium Relief die trial example displays glossy, silver-gray surfaces that show a few tiny marks from brief circulation or possible preservation as a pocket piece. Diagnostic characteristics include a long ray above N in ONE, four rays below ONE, and the oddly cantered S in TRVST. To our knowledge, no other 1922 J-2020 examples than the six pieces listed above have been located since identification of the variety some 20 years ago (11/25).
Coin Index Numbers: (PCGS# 87384)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
Auction Info
2026 January 14 - 17 FUN US Coins Signature® Auction #1390 (go to Auction Home page)
Auction Dates
January, 2026
14th-17th
Wednesday-Saturday
Bids + Registered Phone Bidders: 30
Lot Tracking Activity: N/A
Page Views: 1,044
Buyer's Premium per Lot:
22% of the successful bid per lot.
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