Q. David Bowers
No.7. Todd Specimen, Impaired Proof
• Sold with the Bruce Todd Collection in the Florida United Numismatists Convention Sale conducted by Rarcoa, Lot 789, $9,000. Illustrated on catalogue cover, and described in a two-page spread, which noted that it was one of four examples then believed to be known. The piece was described as a "dull gray Matte Proof' which "saw some light mishandling, in that some minor marks are visible in the field, on the cheek arid in the hair, although there is no evidence of actual wear on the coin. The cataloguer noted that it was "truly one of the great numismatic rarities, fully equal to other recent high priced numismatic items including the 1804 silver dollar, 1913 Liberty nickel, 1894-S dime, 1907 Extremely High Relief double eagle, and 1927-D double, and is in fact RARER than ANY Of' THESE!" The same coin was described by Wayne Miller as follows in The Morgan and Peace Dollar Textbook, 1982:
The coin [is 1 a rather dull gray and like most Matte Proofs did not display deeply reflective fields. The coin was marred by a few heavy gouges, one right behind Liberty's mouth. Nevertheless it realized approximately $8,500-a higher price than a choice BU 1893-S dollar would have brought.
No.8. Lester Merkin Specimen, Proof
• Private collector, who acquired it as it pattern,
• West Coast dealer, who acquired the preceding pattern collection.
• Lester Merkin, New York City collector (at the time; later he became a dealer), 1954 to date.(Information concerning this coin from author's conversation with Lester Merkin, February 20, 1992.) In a conversation with the author, Lester Merkin related:
"When I acquired this in 1954, no one seemed to know anything about it. Most people were amazed to see this "new" rarity. I showed it around to various dealers in New York City, and one of them, Lou Werner, thought it would be an easy matter to find more. Later, he told me that he looked through 2,000 Peace dollars dated 1922 and had given up! The coin became famous, as more people looked at it and realized that it was a High Relief issue, like the 1921, but different in some respects, and was sharper that the 1921. I had many offers to buy it, but I wanted to keep it, and I still have it. This is one of three of the 1922 High Relief Peace dollars I have owned."
No.9. Raymond Specimen, Proof
• Wayte Raymond, well-known New York City dealer.
• Leonard Kusterer, New York City professional numismatist
• Manfra, Tordella & Brookes. Examined by Wayne Miller at the 1978 Ana Convention.
• Ben Levin, Connecticut professional numismatist
• Paul Nugget. New York professional numismatist.
• F.W. Bohren
• 1992 Florida United Numismatists Convention Sale, by Auctions by Bowers and Merena, Inc.
• Paul Nugget
• Bowers and Merena Galleries Reference Collection.
• Bright silver-gray finish.
No. 10. Tettenhorst Specimen, Proof
• Superior Galleries'section of Auction '88, Lot 273. $50,600 to Julian Leidman, on behalf of the following.
• R. Tettenhorst Collection. Probably one of the specimens listed earlier.
11. HoustonSpecimen, VF-30
• Discovered in Lathrup Village, Michigan in the late 1970s among a group of circulated dollars bought over the counter by Ernest Lush during the silver-bullion mania precipated by the run-up in prices caused by the Hunt brothers.(Information supplied by Thomas K. DeLory in an undated note to the author, received October 5, 1992.)
• Michigan collection.
• Gwyn Houston (Maryland professional numismatist) inventory, Offered for sale on consignment at the 1992 ANA Convention by Julian Leidman (who provided the information given here). Examined by the author at the ANA show.
VF-30 grade, extensively circulated. The only worn specimen known. This may be a circulation strike that escaped the melting pot (or it may be a Proof that was spent).
Business Strikes: (High Relief)
Enabling legislation: As earlier; plus bullion authorized by the Pittman Act, April 23, 1918
Designer: Anthony de Francisci
Weight and composition: 412.5 grains; .900 silver, . 100 copper
Melt-down (silver value) in year minted: $0.52543
Dies prepared: Obverse: four; Reverse: nine. Business strike mintage: 35,401, all in January 1922.
Estimated quantity melted: All or nearly all.
Approximate population MS-65 or better: 0 (URS-0)
Approximate population MS-64: 0 (URS-0)
Approximate population MS-63: 0 (URS-0)
Approximate population MS-60 to 62: 0 (URS-O)
Approximate population G-8 to AU-58: 1 (URS-1)
Dies prepared: Obverse: one; Reverse: one.
Proof mintage: Estimated 12 or fewer Matte Proof High Relief (type of 1921) coins. Proofs have either a silvery-gray finish or a dull, porous Sand-blast Proof finish
Approximate population Proof-64 or better: 3 to 5 (URS-3)
Approximate population Proof-60 to 63: 3 to 5 (URS-3)
Population VF-20 to Proof-58: 2 (URS-2)
Commentary
This is the rarest of all major Peace silver dollar varieties.
The Year 1922 in History
Mrs. W. H. Felton of Georgia was appointed to fill a vacant seat, becoming the first woman U.S. senator. The Lincoln Me-morial was dedicated on May 30, 1922 in Washington, D.C.
Although business improved in some areas of the United States with a sharp upturn in automobile sales, an economic recession continued in other areas, notably agriculture. After being open for more than 90 years, Delmonico's Restaurant, recognized as New York City's top eatery, closed its doors in 1922. The city's last horsedrawn fire engine saw service on De-cember 22 of that year. E. M. Statler, who had begun his hotel business in Buffalo, after success with the ephemeral Inside Inn at the 1904 S1. Louis fair, completed the 2,200-room (the world's largest) Hotel Pennsylvania in New York City.
In protest to wage cuts, coal miners went on strike for many months. This action by United Mine Workers had far reaching effects on U.S. industry. A 13% wage cut was announced on May 28, 1922 affecting 400,000 workers, who went on strike from July 1 through the rest of the summer.
Abie's Irish Rose opened in New York City on May 23, 1922 for the first of a record run of 2,327 performances. True Con-fessions and Better Homes and Gardens began publication in 1922, with the first issue of Reader's Digest appearing in February of that year. T. S. Eliot's poem, "The Wasteland," was published. Popular songs of the year were I'll See You in My Dreams, Way Down Yonder in New Orleans, and Georgia.
U.S. Army Air Corps Lieutenant James H. Doolittle accomplished the first transcontinental flight to be made in a single day, flying a DH-4b from Pablo Beach, Florida to San Diego, a 2,163 mile route, in 21 hours and 28 minutes.
On November 26, 1922, the tomb of Egypt's King Tut (Tutankhaman) was discovered. In March 1922 the Irish Re-publican Army (IRA) was formed "to safeguard the honor and independence of the Irish Republic." Conflict with England began, continuing for many decades. In November, Benito Mussolini, called upon by Victor Emmanuel III to form a ministry, institute reforms, and to restore law and order, established a fascist dictatorship. His temporary powers were set to expire at the end of 1922. War debts were a cause of dispute among various countries, with Germany struggling to pay huge amounts to its victors. Chaos erupted in Germany, and in August the value of the mark, already an inflated 162 to the American dollar, depreciated to over 2,000 to the dollar; even this would be high by the standards of 1923.
Demand for American coinage hit a low point.. Lincoln cents were produced only at the Denver Mint, and some specimens lacking a "D" became known as the highly-prized "1922 Plain" variety. Of this issue, Thomas K. DeLorey writes:
"Two different dies 'lost' their mintmarks due to clogging, but on one the mintmark came back as the clogging wore away. A third die clashed and was heavily repolished, losing its D."I Buffalo nickels, dimes, quarters and half dollars were not coined for circulation, and among larger denominations only the silver dollar and double eagle were made. Several commemorativecoins were produced, including the 1 922 Grant With and Without Star half dollars and gold dollars. The director of the Mint was Raymond T. Baker, who served from March 1917 to March 1922. In the same office from March 1922 to September 1923 was F.E. Scobey.