Satin luster. Average strike. A few light marks.
Ron Guth: The 1922-D is the most common of all the Peace Dollars made at the Denver Mint. It's mintage of 15+ million is more than double that of the next closest (1923-D at 6+ million) and almost 12 times that of the lowest mintage Peace Dollar (1927-D). The vast majority of survivors are fairly equally distributed among the MS-63 and MS-64 grades. In MS-65, the 1922-D Peace Dollar becomes scarce. MS-66 examples become very scarce to rare and MS-67 examples are extremely rare. In fact, not a single one of the three MS-67's certified by PCGS as of 10/27/2010 has ever appeared at public auction, so price levels for that grade are speculative and untested.
The strike characteristics of the 1922-D are not as strong as on the P-Mints, and that tends to be true for an D-Mint Peace Dollar. However, fully struck examples are available and are worth a premium over softly struck coins.
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