1922 was the first year in which Peace Dollars were produced at the San Francisco mint. The mintage for this year was the second largest of all the Peace Dollars, following closely behind the 1923-S. Compared to Peace Dollars made a the Philadelphia and Denver mints in 1922, the S-Mint suffers from a lower level of quality, particularly in the area of strike. Many 1922-S Peace Dollars show weakness in the centers on both sides, translating into weak hair details over Liberty's ear and poorly defined feathers on the highest points of the eagle. Many 1922-S Peace Dollar suffer from bagmarks and surface abrasions received as the coins were transported in bags from the San Francisco Mint. As a result, the grade encountered most frequently on a 1922-S Peace Dollar is MS-63. Unlike the 1922-P and 1922-D, where the populations in MS-63 and MS-64 are nearly equal, the population of the MS-64 1922-S is over 20% less than in MS-63. In MS-65, the population drops off significantly, leaving barely enough coins to satisfy collector demand. In MS-66, the 1922-S Peace Dollar is a true condition-rarity and only a few coins have earned this grade. As of this writing (8/21/2015), no MS-67 or better 1922-S Peace Dollars have been certified by PCGS. Luster ranges from flat and dullish to frosty white. Coins with hard, chrome-like surfaces are rare. Finding a 1922-S Peace Dollar that combines problem-free surfaces, a full strike, and bold luster is a real challenge.
According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1922-S Peace Dollars for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."