The higher striking pressures required to bring up the full details of the 1921 Peace Dollar caused the dies to fail prematurely. In an attempt to solve this problem, Mint employees lowered the relief of the design, but only slightly. These coins are known as the Modified (or Medium) Relief design, but they failed for the same reason as the 1921s. Ultimately, the design details were reduced drastically, as seen on all of the circulation strike Peace Dollars from 1922 to 1935.
Currently, the only known example (in Proof format) is the coin illustrated above, which came from the Raymond T. Baker Estate and was referenced in a 1922 letter from Mint Superintendent, Freas Styer, to Mint Director, Raymond T. Baker: "I beg to submit herewith three Peace Dollars struck from the die in reduced relief...The bright [editor's note -- this coin] and sand-blasted pieces were of the first strike..." This coin was struck on the medal press to bring up the full details of the design. A second example of this die variety was struck on a regular, production press and bears the inked notation "3,200" in the left obverse field. This was the last coin struck before the dies failed.