Ron Guth: The 1923 "Broken Wing" Peace Dollar (VAM 1E) derives its name from a set of chips and cracks that appear on the upper portion of the eagle's wing. This appears to be a progressive die deterioration and, from a value standpoint, the most desirable examples are those with the most advanced cracks and chips. The die attribution image shown above represents a fairly late state of the dies.
This variety is fairly scarce. PCGS has certified 40 examples as of May 2011, including 19 Mint State examples. The finest examples certified by PCGS are four MS-64s.
The 1923 "Broken Wing" Peace Dollar is significant enough to merit inclusion in the Top 50 Peace Dollar Varieties book by Jeff Oxman and Dr. David Close.