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Lot 1344
1922. PCGS graded Proof 67 PQ. CAC Approved. Matte Finish High Relief. Boldly struck and almost perfect. Tied for the finest known at either grading service. Only 8 examples are estimated to have survived. Pop 1; none finer at PCGS. Accompanied by the original envelope that Raymond Baker stored the coins in.
A highly glossy Superb Gem that has moonbeam white patina whose brilliance seems to stretch to the horizon and beyond, plus a razor sharp impression. From the luster, we next focus on the details of the design. Given the proper amount of strike pressure from the Proof High Relief dies, the coin was fully brought up in all areas. This is a fascinating and incredibly beautiful example whose details surpass any we have offered for sale before. It has no bothersome abrasions nor points of weakness.
A beautiful example of Anthony De Francisci's new design, and one of only two dates available in high relief. George T. Morgan, Mint Engraver at the time and whose own design had been replaced by De Francisci’s, lowered the relief of the electroplate model by hammering it with a flat board! The subsequent lower relief was used for the remaining issues of Peace Dollars, 1922 to 1935. Morgan elected to further cut down the relief by lessening the striking pressure on the coin presses, ostensibly to reduce die wear. In a similar fashion to the enchanting 1907 High Relief Double Eagles, De Francisci’s beautiful 1921 and this exceedingly rare 1922 High Relief, were thus greatly modified to adapt the design to normal coin production.
Ultimately, it turned out to be impractical to strike each coin with several blows from the dies to bring up the high relief. It is also not practical to increase striking pressure to the point where the dies wear rapidly and breakage occurs. Doing this would cause further problems. We see with other high relief designs, that the Mint had to compromise the artist’s concept to meet the demands of efficient, high-speed coin production.
Die Characteristics: On the 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.
Also, one thing that the PR67 has that isn't seen on the PR64 or any other business strikes is the very short ray segment that is next to the rim, wedged between the tail and the tip of the wing. The rays are rounded, and magnification reveals a small defect in the area between the eagle's talon and leg, and the olive branch, as seen on others from this reverse die.
Provenance:
Originally acquired by Mint Director Raymond T. Baker. Raymond Thomas Baker (1877–1935) was a wealthy United States businessman who was Director of the United States Mint from 1917 to 1922. Baker was born in Eureka, Nevada in 1877, the son of George Washington Baker, the lead counsel of the Southern Pacific Railroad, and Mary Agnes (Hall) Baker. He was educated at the University of Nevada, Reno, then at Stanford University.
After college, Baker became involved in gold mining as one of the first investors active in Rawhide, Nevada. He became a rich man when he sold his claims. He then moved east. Baker had a longtime interest in prison reform and in 1911, with his brother, Cleve Baker, serving as Nevada Attorney General, Raymond T. Baker became warden of the Nevada State Prison, a position he held from February 1, 1911 to May 10, 1912. In 1915, Baker traveled to Russia to become confidential secretary to United States Ambassador to Russia George T. Marye, Jr.
In 1917, President of the United States Woodrow Wilson appointed Baker Director of the United States Mint and Baker subsequently held this office from March 1917 until March 1922,
On June 12, 1918, he married Margaret (Emerson) Vanderbilt, widow of Alfred Gwynne Vanderbilt I, who had died in the RMS Lusitania sinking.
During the 1926 Senate elections, Baker sought election as United States Senator from Nevada on the Democratic ticket, but was defeated by the Republican incumbent, Tasker Oddie.
After a decade of marriage, Baker and his wife divorced. On December 4, 1928, he married a second time, to Delphine (Dodge) Cromwell, daughter of Horace Elgin Dodge (who founded the Dodge automobile company), and ex-wife of James H. R. Cromwell.
Baker died on April 28, 1935, approximately three months after suffering a heart attack.
R.T. Baker passed all his belongings to his "Daughter" Yvonne Ranger. Years later while going through her inheritance from her father were these two Peace Dollars wrapped in the envelopes. These two Peace Dollars were given as a token of appreciation from Yvonne to her husband’s business partner, Mr. Murphy. Upon Murphy's death in 2013 he left his three children these two remarkable High Relief Proof Peace Dollars.
(Lineage of Yvonne Ranger)
(Grandfather) Horace E. Dodge -- (Grandmother) Anna Thompson -- They had two children Horace Jr. and Delphine Dodge
(Father) Raymond T. Baker -- (Mother) Delphine Dodge (PCGS # 7383) .
List of Proof 1922 High Relief Peace Dollars
There are at least four distinct 1922 Proof Peace Dollar issues, struck in High Relief and Low Relief, having either a Satin or a Matte/Sandblast finish. The following is the High Relief roster only, satin Proof first:
1.) 1922 High Relief "Medium Ray" Satin Finish, The PCGS PR64 "Indicator" piece being one example. These Proofs were made from dies that are essentially the same relief and design specifications as the 1921 design. Mintage: 104,001 (per envelope), virtually all melted.
Known examples:
PCGS PR64 #29547404
NGC PR63 #1847564-001 Heritage, Sept 2006, Lot#2574 $26,000.01
2.) 1922 High Relief "Long Ray" Matte Finish, This PCGS PR67 "Hybrid" piece being one example. These Proofs were made in somewhat lower relief than the Medium Ray pieces, but still regarded as High Relief. Mintage: 20 pieces (per envelope)
Known examples:
PCGS PR67 #29547405 The present coin.
NGC PR67 #1727946-051 Heritage, Jan 2014, Lot#5347, $329,000.00
NGC PR66 #1274863-002 Heritage, April 2009, Lot#2658, $161,000.00
NGC PR66 #1634739-001 Ex Norweb, Heritage, April 2002, Lot#4354, $51,750.00
NGC PR65 ____________ Goldbergs Jan 2004 Lot#2841 (unsold) Rev spot below E of E PLURIBUS
PCGS VF25 #02423037 Heritage April 2006, Lot#6536, $10,637.50.
Estimated Value $250,000-UP.
Ex: Raymond T. Baker Director of the U.S. Mint 1917 to 1922.
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