1924-S

The 1924-S, at 1,728,000 pieces, dropped to one-tenth of the prior year's San Francisco output and ranks as one of the genuinely undervalued Peace Dollars relative to its mintage. The end of the Pittman Act of 1918 recoinage obligation in 1923 freed San Francisco from the high-volume production schedule, and the 1924 S-mint figure tracks the routine commercial demand for dollar coins in the western states. Anthony de Francisci's Low Relief design carried through unchanged on the obverse and reverse. Denver took the year off entirely, leaving the 1924-S as Philadelphia's only mint companion for the date.

Strike quality on the 1924-S compounds the lower-mintage scarcity with the typical San Francisco strike issues across the series. Liberty's hair above the ear and the eagle's breast feathers are notably weak on most coins from later die states, and the 1924-S frequently shows mushy central detail even on otherwise pristine surfaces. Most surviving examples grade VF to MS62 from circulation and bag handling, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS62 and MS63. MS65 is genuinely scarce and command meaningful premiums; MS66 and above is condition-rare across the certified pool. The 1924-S consistently outperforms its mintage in gem-grade pricing.

The 1924-S is a regular issue by classification but a Semi-Key by collector recognition, with pricing that reflects the dual pressure of low mintage and weak typical strike. The differential between MS64 and MS65 is the place where the 1924-S commands real premium pricing. The issue pairs naturally with the 1925-S in defining the mid-1920s S-mint condition-rarity stretch that precedes the 1928-1927 Semi-Key trio. Original sealed Treasury bags surface only rarely for this date, and most modern collector supply comes through cracked-out certified examples or older dealer holdings rather than fresh bag breaks. For the post-Pittman production wind-down and the broader S-mint strike-quality pattern, see the Peace Dollar series history.