The 1924-S Peace Dollar is a low mintage date, but one which can be found easily in circulated grades and most of the lower Mint State grades. However, in Gem condition, the 1924-S is one of the great condition-rarities in the Peace Dollar series (the 1927-S is slightly tougher and the 1928-S is much rarer). The difficulty in finding a Gem 1924-S lies in the general poor quality with which these coins were made. Most examples are lackluster, with heavily abraded surfaces, and a poor strike. The few exceptions are few and far between; certainly not enough to satisfy the demand from collectors of this popular series. Only a handful have earned the MS-66 grade and none have been graded finer by PCGS (as of 8/21/2015).
According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1924-S Peace Dollars for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."