Ron Guth
The 1924 Peace Dollar is a common date, nearly on par with the 1925 in terms of overall mintage, but not nearly as common as the 1922 and 1923. Collectors will have no difficulty finding a high-grade example of this date. Most of the certified Mint State examples fall into the MS-64 category, followed closely by the MS-63 category. Even Gems are relatively common, especially in MS-65, and the big drop-off in the population comes at the MS-67 level. Luster on the 1924 Peace Dollar ranges from soft, frosty (almost granular surfaces) to a bright, flashy luster. Generally, the strike is good, with none of the weakness associated with coins from the Denver and San Francisco mints (especially the latter). The overall eye appeal and above-average quality of the 1924 Peace Dollar make it an excellent choice for type collectors.
According to the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1924 Peace Dollars for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."
Q. David Bowers
The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).
Coinage Context
Large mintage: The large mintage of nearly 12 million coins was not needed in commerce. Many bags went into storage where they remained for decades.
Numismatic Information
Hoard coins: Many 1,000 coin mint-sealed bags of this date came out in 1949 and 1950, in addition to bags released before and after that time. In 1953-54 there were large quantities of bags in Eastern banks, but there was little dealer interest in buying them, even for face value. These stocks remained in bank vaults through the rest of the decade. However, in comparison to certain other Peace dollars, apparently bags of 1924 were elusive by the time that the 1960s rolled around (see next paragraph).
Circulated grades: The 1924 is common in circulated grades, up to and including AU. Millions exist.
Mint State grades: Many 1924 Peace dollars are above average in striking quality and have attractive, satiny lustre.
However, there are numerous exceptions, and dull, grainy-surface coins exist as well. So many coins were struck from so many die pairs, that no one rule covers all specimens. Cherrypicking is advised, but in this instance it will not be difficult to find a really nice specimen in a grade such as MS-63, 64, or 65, as you prefer. The issue is among the most common Peace dollars in high grades and one of the least expensive. However, it is several orders rarer than 1923, to which it is sometimes compared.
Circulated grades: The 1924 is common in circulated grades, up to and including AU. Millions exist.
Mint State grades: Many 1924 Peace dollars are above average in striking quality and have attractive, satiny lustre.
However, there are numerous exceptions, and dull, grainy-surface coins exist as well. So many coins were struck from so many die pairs, that no one rule covers all specimens. Cherrypicking is advised, but in this instance it will not be difficult to find a really nice specimen in a grade such as MS-63, 64, or 65, as you prefer. The issue is among the most common Peace dollars in high grades and one of the least expensive. However, it is several orders rarer than 1923, to which it is sometimes compared.
Among the "big four" common date Philadelphia Mint coins in the Peace dollar series-the 1922, 1923, 1924, and 1925-the 1924 is the most elusive in all Mint State categories.
Some Mint State coins have pebbly-bright surfaces due to wire brushing the dies and/or excessive die wear
