Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1924 Peace Dollar
Coinage Context
Large mintage: The large mintage of nearly 12 million coins was not needed in commerce. Many bags went into storage where they remained for decades.
Numismatic Information
Hoard coins: Many 1,000 coin mint-sealed bags of this date came out in 1949 and 1950, in addition to bags released before and after that time. In 1953-54 there were large quantities of bags in Eastern banks, but there was little dealer interest in buying them, even for face value. These stocks remained in bank vaults through the rest of the decade. However, in comparison to certain other Peace dollars, apparently bags of 1924 were elusive by the time that the 1960s rolled around (see next paragraph).
Circulated grades: The 1924 is common in circulated grades, up to and including AU. Millions exist.
Mint State grades: Many 1924 Peace dollars are above average in striking quality and have attractive, satiny lustre. However, there are numerous exceptions, and dull, grainy-surface coins exist as well. So many coins were struck from so many die pairs, that no one rule covers all specimens. Cherrypicking is advised, but in this instance it will not be difficult to find a really nice specimen in a grade such as MS-63, 64, or 65, as you prefer. The issue is among the most common Peace dollars in high grades and one of the least expensive. However, it is several orders rarer than 1923, to which it is sometimes compared.
Circulated grades: The 1924 is common in circulated grades, up to and including AU. Millions exist.
Mint State grades: Many 1924 Peace dollars are above average in striking quality and have attractive, satiny lustre. However, there are numerous exceptions, and dull, grainy-surface coins exist as well. So many coins were struck from so many die pairs, that no one rule covers all specimens. Cherrypicking is advised, but in this instance it will not be difficult to find a really nice specimen in a grade such as MS-63, 64, or 65, as you prefer. The issue is among the most common Peace dollars in high grades and one of the least expensive. However, it is several orders rarer than 1923, to which it is sometimes compared.
Among the "big four" common date Philadelphia Mint coins in the Peace dollar series-the 1922, 1923, 1924, and 1925-the 1924 is the most elusive in all Mint State categories.
Some Mint State coins have pebbly-bright surfaces due to wire brushing the dies and/or excessive die wear. Some high-grade coins have white "dried milk" spotting, thought to be from dilute sulfuric acid used at the Mint.
Some 1924 Peace dollars in Mint State are known from dies with "pitted" or pebbly matte surfaces. Perhaps the dies were pickled in acid in order to remove finishing marks, or were lightly rusted. The resultant coins have an irregular matte surface showing many tiny projections under high magnification.
Varieties
Business strikes:
1. Breen-5720. Hub combination II-B2. VAM-1, the major variety.
VAM-IA has a die cut from the left of the 1 in the date extending vertically to the space between 0 and D of GOD. VAM-2 has slight doubling on reverse.
1924 Peace: Market Values
