1922 Matte Finish, High Relief Proof

The 1922 Matte Finish High Relief Proof is an experimental trial issue from the brief mid-1922 period when the Mint tested whether the 1921 High Relief design could be retained on a sustainable production schedule. Initial production reached approximately 35,401 high-relief trial coins before the Mint settled on the Low Relief design that defined the rest of the series, and Treasury ordered the entire trial run destroyed. Approximately 10 to 12 high-relief matte-finish proof Peace Dollars survive from the 1922 trial today, struck on a medal press using multiple blows and then sandblasted to create the distinctive matte finish that distinguishes them from the satin-finish variant.

Authentication of a 1922 Matte Finish High Relief Proof claim turns on three diagnostics. First, the high relief profile shows the same elevated Liberty hair detail and rock-perched eagle relief that defined the 1921 High Relief, not the flatter Low Relief that became standard for the rest of the series. Second, the matte surface reads as uniformly granular under raking light at five to ten power magnification, distinct from the satin or business-strike surface. Third, multiple-blow striking shows up as sharper rim definition and edge geometry than any business strike from the period. PCGS, the Professional Coin Grading Service, and NGC both authenticate the issue. The Goldberg Auctioneers June 2014 sale of a PR67 PCGS example brought $458,250, with a separately graded PR67 example from the Heritage January 2014 sale realizing $329,000.

The 1922 Matte Finish High Relief Proof is a true low-double-digit-population trophy issue. Only one circulated example is known, a PR25 that emerged after conservation in 2024. The rarity context lives in the narrative rather than the standard catalog tier, and the issue is the most-collected of the four 1922 trial proof varieties because the High Relief profile pairs visually with the popular 1921 High Relief business strike. For the High Relief to Low Relief design-transition story and the 1922 trial-proof context, see the Peace Dollar series history.