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Lot 1345
1922. PCGS graded Proof 64. Matte Finish High Relief. Only 8 examples are estimated to have survived. Some discoloration. The so-called "Indicator Piece." Pop 3; 3 finer, 2 in 66, 1 in 67. Accompanied by the original envelope that Raymond Baker stored the coins in.
The form and scope of this beguiling numismatic jigsaw puzzle is finally coming together. The Raymond T. Baker envelope accompanying the Lot reads: INDICATOR REGISTERED / 104,001 PIECES STRUCK / WHEN THIS COIN TAKEN / RAYMOND T. BAKER / SEC. OF TREASURY 1922.
Roger Burdette, in his "A Guide Book of Peace Dollars" makes reference to research done by fellow numismatic scholar, Robert W. Julian, which gives a mintage total for which this new information may provide additional clues. The section in question on page 168 reads:
"High-relief 1922 Proof Peace dollars were struck at the Philadelphia Mint, most likely between January 3 and 19, 1922. This was during or just after 1922 high-relief trial production and after Morgan had revised the reverse, but before completion of the medium-relief obverse. Examples were sent to Mint headquarters on several occasions.
"Although one example of a 1922 high-relief obverse and 1921 reverse is known, it is likely that all of the 34,000 production trial strikes identified by Robert W. Julian were from this initial pairing of dies. Later, Morgan reworked the reverse hub and created the version used for these Proofs and all known medium-relief pieces."
It would appear that the Matte Proof 64 in this Lot is one of the described coins, which Baker, or someone on the mint staff, had burnished and "antiqued." The toned areas are medium to deep gray with here and there around the main device a light brassy or golden sheen.
We note on this Proof 64 that there are three or four small contact marks in Liberty's hair, possibly from striking other coins in the press’s ejection tray or bin. Study comes to no conclusion for whether these marks occurred before or after the coin was sandblasted/burnished and the antique effect applied by Mint staff.
Die Characteristics:
On the accompanying Proof 67 coin, the ray on the reverse that passes through the N of ONE is much longer than on the Proof 64, much longer than on any other business strike 1921 or 1922 Peace Dollar.
On this Proof 64 coin, the length of that same ray is about the length of what is seen on 1921 High Relief business strikes. One might very well refer to the 1922 Proof 64 as "Style of 1921" since the length of that ray on regular relief 1922 business strikes is shorter.
It appears that the overall relief of the Proof 64 coin closely resembles that of the 1921 business strikes, including the length of the ray.
It is important to note, "All obverses have the point of the bust sharply overlaying the 9 in the date. The reverses all have a small defect in the area between the eagle’s talon and leg and the olive branch; the rays are rounded." [Burdette] (PCGS # 7383) .
Our consignor's numismatic advisor has emailed us these insightful observations:
"From Q. David Bower's Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia, copyright 1993, things that I picked-up from the article.
"1.) Public knowledge of the existence of 1922 High Reliefs was unknown for several decades! The first report was Lester Merkin in the 1950's who was known to have shown one to friends on occasion. First publicly sold wasn't until 1961!
"2.) The firm of Whitehead & Hoag was known to use the same proofing process, but Breen was never able to get an explanation. It didn't specifically say that they contracted with the mint to process the coins.
"I believe that the PR64 'indicator' is identical to the 1921 Proof dies, was one of the few surviving [1922 High Relief] 'business strikes' and that this piece received the special silver wash (plating). I believe this coin to be rarer than the PR67! It is interesting that Bowers concluded that the 'business strike' mintage was 35,401 while the envelope states 104,001. These pieces are the ones with the intermediate length of the ray that passes through the N of ONE. Either way, virtually all were melted."
Addendum:
Mention should be made that a 1921-dated High Relief Matte Proof exists which is pretty much identical to this 1922 High Relief Matte Proof 64 example. It has yet to be certified. It, too, is in a Raymond T. Baker envelope, and has been shown around at a Southern California coin show to a few individuals in the last couple of years by its owner or by the owner’s representative. It has the identical burnished/antique surfaces. It has the same appearance as the 1922 Proof 64 specimen offered here.
There are five coins in this other Raymond T. Baker group. They include the 1921 Matte Proof just described; a 1922 satin finish (toned) Medium Relief specimen with finely detailed hair on Liberty, unlike the later low relief production coins; a 1922 coin marked #3200 with inked notation on the surface, along with an envelope stating that the dies broke at that point; plus two other specimens, both 1922s of indeterminate relief, but definitely not the High Relief type. Your cataloger has examined all five coins on several occasions along with their cellophane-taped, brown craft Raymond T. Baker envelopes with typed notations.
Estimated Value $75,000-UP.
Ex: Raymond T. Baker Director of the U.S. Mint 1917 to 1922.
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