The 1926 Peace dollar bridges the gap between the popular, yet abundant, early Philadelphia issues and the scarcer, lower-mintage strikings that finish out the series. Its production figure of 1,939,000 coins is the second lowest up until that date, edged out by only the inaugural High Relief 1921 mintage of 1,006,473. While these numbers might seem large when compared to other series, they should be viewed in context of the 51,737,000 dollars coined at the Philadelphia Mint in 1922 and the 30,800,000 pieces struck there in 1923. The popularity of nearly all early 20th century U.S. Mint series, including the Peace dollar, ensures that the demand is always strong.
Mint State coins are readily available and are usually found sharp, lustrous and with strong eye appeal. While a considerable quantity escaped circulation, these retained pieces often exhibit extensive bag marks from periodic movement and prolonged storage in Treasury vaults. Consequentially, while Choice and near-Gem examples are abundant, true Gems, like the present example, are comparatively limited; the finest coins certified by PCGS were graded MS-66+.
This particular jewel from the Thomas P. Warfield Collection offers a lustrous obverse with radiant, prismatic patina. In stark contrast to the glut of toned Morgan dollars, a Peace dollar exhibiting much beyond a mediocre russet or champagne hue represents an important opportunity for toning enthusiasts.
The gentle amber hues at the central obverse slowly progress to lavender and then yellow, magenta and emerald iridescence at the borders. These tones blanket silken underlying surfaces that continue onto the frosty, olive-gold reverse. This fully struck piece will be sure to draw considerable excitement for both its aesthetic and technical merit.
View this and the rest of the numismatic treasures from the Thomas P. Warfield Collection to be offered in our November 2015 Official Auction of the Whitman Coin & Collectibles Baltimore Expo at StacksBowers.com. For more information or to reserve your copy of the catalog, please visit StacksBowers.com or call our offices at 1-800-458-4646.
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By James McCartney, Numismatist & Cataloger