Designed by: Anthony DeFrancisci
Issue Dates: 1921-1922
Composition: 90% silver, 10% copper
Diameter: 38.1 mm
Weight: 26.73 grams (412.50 grains)
Edge: Reeded
Business Strike Mintage: 1,006,473 (1921 only), all 1922 coins destroyed
Proof Mintage: Fewer than 20

The first one million Peace dollars were struck in late December, 1921 in a high relief format, with deep dished fields and elevated devices. While high relief coins are certainly attractive, they do not lend themselves to mass production as die wear and striking issues are common. Consequently, after just over 35,000 had been struck in 1922 (all of these being later destroyed) the relief was lowered to allow for improved production.

Approximately 20 Proofs dated 1921 and 1922 survive in both a satin and a matte finish. These coins are extremely rare, and now trade in six-figures.