PCGS 7384 - 1922 $1 Matte Finish-Low Relief
At the ANA Convention (Chicago, August 25, 1920), Zerbe presented a paper, "Commemorating the Peace with a Coin for Circulation," proposing a new design for the half dollar or should silver-dollar coinage be resumed pursuant to the Pittman Act - then that denomination instead. The chief beneficiaries of the Pittman Act were Great Britain, which purchased about 96% of the silver to help stabilize a financial crisis in India (then a British colony), and of course, the silver mining interests.
On May 9, 1921, Rep. Albert H. Vestal, chairman of the House Committee on Coinage, Weights, and Measures, introduced a joint resolution calling for a "Peace Dollar." The resolution specified that "all standard silver dollars ... shall be of an appropriate design commemorative of the termination of the war between the Imperial German Government and the Government of the United States." The house bill of this resolution was then referred to his committee. What followed was the first coin minted by our country to celebrate peace, authorized over strong Congressional opposition. Commemorating peace (specifically the Treaty of Versailles, ending WW I). Inspired by Farran Zerbe, late Historian of the American Numismatic Association and founder of The Chase Manhattan Bank Money Museum.
It replaced the Morgan Dollar (1878-1921)
Anthony de Francisci (pronounced fran-chee-shee) portrayed his 23 year old wife, née Teresa Cafarelli, as MS Liberty, with a radiant crown, intended to recall the Statue of Liberty. The original relief models were protested by members of the Commission of Fine Arts and Mint Engraver George Morgan made the first of a series of alterations without Francisi's consent. Some speculate that De Francisci's Liberty was a direct descendent of two patterns created by Augustus Saint Gaudens in 1907 and 1908. The $10 Gold Eagle issued from 1907 to 1933 has nearly the same profile as the Peace Dollar. In the pattern from 1907 for a one-cent piece, Miss Liberty's hair is gathered at the top of her head and she wears a laurel wreath. In both the $10 issue and the 1-cent pattern, Liberty's lips are slightly parted. These Liberties may be precursors to De Francisci's.
The original design for the coin's reverse featured a Bald Eagle holding (or standing on) a broken sword, symbolizing peace. This design was interpreted as one of defeat, rather than peace, so Chief Engraver Morgan altered the design to replace the sword with an olive branch (itself a symbol of peace). The eagle is perched on a rock, facing a group of the sun's rays. The font used is an example of the then-popular Art Deco style. This is exemplified by the inscription, "IN GOD WE TRVST," which uses the Latin angular "U".
1922 Low relief. [51,737,000 + ?PR]
[?P] Very rare.
- Weight: 26.73 grams nominal
- Diameter: 38.1 mm (1.50 in)
- Composition: .Ag 90%, Cu 10% silver 24.057 g (~0.773 ozt0
- Rim: Reeded.
Prices realized from past auction lots. (PCGS Holder)
PCGS Price Guide 
- Breen, Walter H., Walter Breen's Complete Encyclopedia of U. S. and Colonial Coins, New York: Doubleday, 1987.
- U.S. Mint
The model for the Peace Dollar was Teresa Cafarelli De Francisci, the wife of the coin's designer, Anthony De Francisci. As a small child emigrating to the US from Italy in 1902, her ship passed by the Statue of Liberty in New York harbor. Lady Liberty made an indelible impression on young Teresa. Growing up, she often playfully posed as Liberty, holding her torch high. Modeling as Miss Liberty for the Peace Dollar was a great honor and the fulfillment of a childhood dream, she wrote. Later in life, she was a humble guest at numismatic shows. Teresa Cafarelli De Francisci died in 1990 at the age of 92.