Looking at your coin collection, you might wonder what the 1922 silver dollar value is. The simple answer is that it is worth, $1. That’s the face value of the coin as agreed by the US Government when they minted the coin.
On the other hand, the average 1922 Peace Dollar is made up of 90% pure silver and therefore contains 0.77oz of silver. When melted down and separated out into its constituent metals, the 1992 silver dollar value is about $27 at today’s silver prices.
The coin also has a numismatic value of about $900 if it were in absolute MS/PR-65 condition. That means the coin would be in a “mint state” and just about perfect, in every way. This quality type of coin is generally only held by serious collectors or by accident by amateurs.
The rarity of this coin is the result of a couple of differing factors at the time. First of all, outside of collectors very few people were using silver dollar coins. The majority of dollar usage had switched to the much cheaper to produce and less “valuable” paper dollar bill.
Secondly, due to a lack of consumer interest and the preciousness of silver due to the war, there hadn’t been any silver dollars minted for over a decade prior to 1921. The American people wanted to use a coin to commemorate the war so the issuance of the Peace Dollar coins satisfied that need, but also generated more interest in these particular coins.
Finally, the Pittman Act made sure that these coins had some historical significance. The Act called for older silver coins to be melted down into silver bullion and used to mint new coins. The idea was the minting new silver coins would increase the fortunes of the silver mining industry. By melting down the old under used silver coins, the American government would have excess silver that it could use to take pressure of it’s gold reserves.
When you look at the variety of factors that can play a part in assessing the value of a coin, you gain a significant appreciation for coin valuers. So many factors can play a role in determining the value of a coin which obviously means to do the job well, the valuer needs to be across the context upon which the coin was minted and how that context works in favor or against the value of the actual coin.