Buried Treasure: Were the Finest 1922 Peace Dollars Found in Famous Hoards Like the S.S. Central America, Redfield, and Saddle Ridge?

Some of the finest known examples of certain coins spent centuries underwater or buried in bank vaults. Let’s talk hoard history — because I think it holds the key to understanding one of the most frustrating grading debates I’ve seen in years. As someone who has spent decades in the trenches of treasure salvage — from the ocean floor to the back rooms of estate sales — I can tell you that the story behind a coin is often just as important as the grade on its holder. And when it comes to understanding what separates a solid MS66 from a premium MS66+ or a top-pop MS67, there is no better classroom than the great hoards and shipwrecks of numismatic history.

Consider the debate playing out right now in the collector community over a single 1922 Peace Dollar. The coin in question is, by all accounts, a stunner — a former NGC MS66 CAC (housed in a “fatty” holder, no less) that was cracked out and resubmitted to PCGS, only to come back a flat MS66 with no plus. The owner, like many of us, was left scratching his head. The luster is there. The strike appears full. The obverse is clean and appealing. So what happened? The answer, I believe, lies in the same principles that govern how we evaluate coins pulled from the most famous hoards in history: the S.S. Central America, the Redfield Hoard, and the Saddle Ridge Hoard.

The S.S. Central America: What Two Years on the Ocean Floor Teaches Us About Surface Preservation

When the S.S. Central America sank in September 1857, it carried with it an almost incomprehensible treasure — tons of gold coins and ingots from the San Francisco Mint, bound for Eastern banks. The ship rested nearly 7,200 feet below the surface of the Atlantic Ocean for nearly 130 years before Tommy Thompson and his team began recovery operations in the late 1980s.

What makes the Central America recovery so instructive for our discussion is the condition of the coins themselves. Many of the gold pieces recovered were in extraordinary states of preservation — not because the ocean is kind to metal, but because the deep-sea environment, with its cold temperatures, absence of light, and low oxygen levels, essentially created a time capsule. The coins were buried in silt and sediment, shielded from the abrasive forces that destroy luster and surfaces in shallower waters.

But here is the critical lesson: even coins from the same shipwreck vary dramatically in grade. Some Central America coins emerged with virtually no marks, their fields mirror-smooth, their devices razor-sharp. Others — recovered from areas where currents had shifted sediment across their surfaces — arrived with hairlines, scratches, and what we call “sea-salvage” characteristics. The difference between an MS64 and an MS66 from the same wreck can come down to a single patch of rough sand that sat against one coin’s surface for a century while its neighbor was cradled in fine clay.

This is precisely the kind of thinking we need to apply to our 1922 Peace Dollar. The forum discussion reveals a coin with genuinely excellent luster and a strong strike — the equivalent of a Central America coin that landed in the fine clay. But the reverse tells a different story. Multiple forum members pointed to the stains and splotches on the reverse as the primary factor holding the grade back. One collector put it bluntly: “It looks like someone sneezed on the reverse.” Another noted the “multitude of high point discoloration on the eagle.”

In my experience grading and evaluating shipwreck coins, I have learned that the reverse can hold a grade back even when the obverse is superb. This is a well-established principle in numismatics, and several forum members echoed it: “The reverse won’t bring the grade up, but it can certainly bring it down.” The logic is sound. A grader’s eye is drawn to the most prominent distractions, and on this coin, the reverse stains are exactly that.

The Redfield Hoard: How Mass Storage Creates Its Own Grading Challenges

If the S.S. Central America teaches us about the effects of the natural environment on coin surfaces, the Redfield Hoard teaches us about the effects of mass storage. Lavere Redfield, an eccentric Nevada casino owner, amassed one of the largest hoards of silver dollars in history — over 407,000 Morgan and Peace dollars, stored in bags and safes in his home for decades.

When the Redfield Hoard was finally sold through Paramount in the 1970s, collectors discovered a fascinating phenomenon: coins from the same hoard ranged from heavily bag-marked MS60 examples to pristine MS65 and even MS66 pieces. The difference? Position within the bag, contact with neighboring coins, and the cumulative effect of minor friction over decades of storage.

This is directly analogous to what our forum poster is seeing with his Peace Dollar. The consensus among experienced collectors in the thread is that it is not one single catastrophic mark holding the coin back — it is the cumulative effect of minor grazes, nicks, and spotting. One collector summarized it perfectly: “It’s not a few medium marks — it doesn’t have those. It’s the collection of small marks it does have on the eagle and rays.”

Redfield Hoard coins taught an entire generation of collectors that the difference between grades at the upper end of the Mint State scale is often about the accumulation of minor imperfections rather than any single flaw. A coin can be beautiful, well-struck, and lustrous — and still fall short of the next grade because the total number of tiny contact marks exceeds the threshold. This is the reality of grading at the MS66-to-MS67 level, and it is exactly what appears to be happening with this 1922 Peace Dollar.

The “Cumulative Mark” Problem in High-Grade Peace Dollars

Peace Dollars are notoriously difficult to grade at the upper Mint State levels, and several forum members noted this. The series has a relatively low relief compared to Morgan Dollars, which means that marks are more visible and luster disruptions are more apparent. The 1922, being a common date with a high mintage (over 51 million from Philadelphia alone), means that there are plenty of examples in existence — but truly premium pieces with genuine eye appeal remain scarce.

The PCGS population report shows only 61 examples graded MS67 for the 1922 Peace Dollar. That is an extraordinarily small number relative to the total surviving population, which tells you just how demanding the standards are at that level. Every mark, every stain, every hint of friction is scrutinized. Provenance alone won’t carry a coin past that bar — it has to earn its place on merit.

The Saddle Ridge Hoard: Fresh Eyes on Buried Treasure

The Saddle Ridge Hoard, discovered in 2013 by a couple walking their dog on their rural Northern California property, is perhaps the most dramatic example of how hoard coins can reshape our understanding of what is possible in terms of preservation. The hoard contained over 1,400 gold coins — primarily $20 Liberty and $10 Liberty gold pieces from the 1840s through the 1890s — with a face value of about $27,000 but a market value exceeding $10 million.

What made the Saddle Ridge Hoard remarkable was the range of conditions. Some coins were heavily worn, clearly having circulated before being buried. Others were in states of preservation that defied belief — coins that had been underground for over a century but emerged looking as though they had been struck yesterday. The key variable? The containers. Coins stored in iron cans suffered corrosion and verdigris. Coins stored in glass jars or wrapped in cloth were often pristine.

The lesson for our Peace Dollar discussion is about presentation and environment. Several forum members suggested that the stains on the reverse of this coin might be removable through careful conservation — a “bath” or treatment with a product like MS70. One collector noted: “A little curating would have helped immensely.” Another recommended: “I would definitely have it conserved. If those stains are removed, it will be a different coin.”

This is a controversial topic in numismatics, and I want to address it directly. In my years of handling shipwreck and hoard coins, I have seen conservation work that dramatically improved a coin’s eye appeal and market value. I have also seen conservation attempts that went wrong — leaving a coin with an artificial, “dipped” look that experienced collectors and graders can spot instantly. The forum discussion reflects this tension: one member suggested “5 seconds in Ezest,” while another cautioned that “a restoration wouldn’t do the job” and a third warned that “the photography makes the stains look worse than the coin does in hand.”

Should You Conserve a High-Grade Peace Dollar Before Resubmission?

This is one of the most important practical questions in modern numismatics, and the forum thread offers several perspectives:

• Pro-conservation argument: If the stains are superficial and can be removed without affecting the underlying luster or surfaces, conservation could elevate the coin from a flat MS66 to a 66+ or even 67. The financial incentive is significant — the price jump from MS66 to MS67 on a 1922 Peace Dollar can be enormous, with asking prices ranging from $600 to $10,000.
• Anti-conservation argument: Any conservation carries risk. If the stains are embedded in the coin’s surface or if the treatment leaves any trace, the coin could be details-graded or receive a lower mark. Additionally, some collectors and graders view conserved coins with suspicion, which can affect long-term value and collectibility.
• The middle ground: Several forum members suggested that the stains, while visible in photographs, are not as distracting in hand. This raises an important point about the role of photography in modern grading — and in modern collecting.

Shipwreck Effects and Sea Salvage Coins: A Grading Framework

Let me share some firsthand observations from my years of working with shipwreck-recovered coins, because I believe they offer a useful framework for understanding the grading challenges discussed in this forum thread.

When I examine a sea salvage coin, I look for several specific characteristics:

1. Luster integrity: Has the coin retained its original mint luster, or has the marine environment dulled or altered it? On our Peace Dollar, the luster appears to be fully intact — a major point in the coin’s favor.
2. Surface disturbance: Are there hairlines, scratches, or pitting from exposure to sand, salt, or other abrasive materials? On this Peace Dollar, the “wispy scattered marks on the cheek” and “slide marks on the eagle’s wing” are the equivalent of minor surface disturbance — not catastrophic, but present.
3. Discoloration and staining: Shipwreck coins often develop toning, patina, or staining from prolonged contact with metals, organic materials, or chemicals in the water. The reverse stains on this Peace Dollar are analogous to shipwreck discoloration — they may be superficial, or they may be embedded. Determining which requires in-person examination.
4. Strike quality: This is one area where our Peace Dollar appears to excel. Several forum members confirmed that the strike is full, with good detail in Liberty’s hair and the reverse lettering. Strike is a critical factor at the MS67 level, and a strong strike can sometimes offset minor surface issues.
5. Eye appeal: This is the most subjective factor, and it is where the plus-grade decision is ultimately made. As one forum member noted: “66+ is not 66 1/2 — it is 66 with eye appeal. And there’s nothing appealing about stains.” This is harsh but reflects a real grading reality.

The Plus Grade Debate: What Does It Really Take?

The concept of the “plus” grade — PCGS’s designation for a coin that falls at the high end of its assigned grade, denoted by a “+” after the number — has been one of the most significant developments in modern grading. But it has also been one of the most controversial.

Our forum poster believes his coin deserves at least a 66+, and he makes a compelling argument. The coin has:

• Full, original luster
• A strong strike with good detail
• A clean obverse with only minor marks
• CAC approval (a green bean, indicating the coin is solid or high-end for its grade)

Against these positives, the graders appear to have weighed:

• Reverse stains and splotches that detract from eye appeal
• Minor friction marks on the eagle’s wing and neck area
• Small black carbon spots near the reverse rim
• The cumulative effect of multiple minor contact marks

One forum member offered a particularly insightful observation: “I’ve gotten several plus grades on raw modern submissions, but more often than not the plus was still short of the price jump — for example, a ’77 Ike in 66+ is no bueno.” This highlights an important reality: a plus grade does not always translate to a proportional increase in market value. The jump from MS66 to MS67 on a 1922 Peace Dollar is significant enough to justify multiple resubmission attempts, but the jump from MS66 to MS66+ may not always be worth the cost and risk of cracking the coin out.

The CAC Factor: What the Green Bean Tells Us

The fact that this coin carries a CAC green sticker is significant. CAC (Certified Acceptance Corporation), founded by John Albanese, evaluates coins already graded by PCGS or NGC and applies a green sticker to coins it considers solid or high-end for their assigned grade, and a gold sticker to coins it considers undergraded by at least a full grade.

As one forum member explained: “A green sticker indicates that CAC believes the coin to be solid or high-end for the assigned grade. Additionally, CAC ignores plus grades when deciding whether to sticker coins.” Another added: “JA has stated that he does not gold CAC every undergraded coin, so green beans could be given to undergraded coins as well.”

This means that the CAC green bean on this MS66 Peace Dollar tells us that John Albanese himself believes the coin is at least a solid MS66 — and possibly better. It does not guarantee a gold bean (which would suggest the coin is really a 67), but it does provide some confidence that the coin is not a low-end or “liner” 66. For my money, that provenance of approval from one of the most respected names in the business carries real weight.

Practical Takeaways for Buyers and Sellers

Based on my experience with shipwreck coins, hoard coins, and high-grade Peace Dollars, here are my actionable recommendations for collectors facing similar situations:

1. Photography is not reality. Multiple forum members noted that the stains on this coin appear worse in photographs than in hand. If you are buying or selling high-grade coins, always insist on in-person examination or at minimum, multiple high-resolution images from different angles and lighting conditions.
2. The reverse matters. Never underestimate the impact of reverse quality on the final grade. A coin with a gorgeous obverse and a problematic reverse will almost always be graded based on its weakest side.
3. Cumulative marks are the enemy at high grades. At the MS66-to-MS67 level, it is rarely one mark that makes the difference — it is the total number and visibility of minor imperfections. This is a lesson I have learned repeatedly when evaluating coins from the Redfield Hoard and other mass-storage environments.
4. Conservation is a calculated risk. If you believe stains or discoloration are holding a coin back, conservation may be worth considering — but only if you are confident the treatment will improve the coin without leaving evidence. When in doubt, consult a professional conservator before proceeding.
5. Resubmission is a numbers game. Several forum members recommended resubmitting the coin after a waiting period of 3-4 months. Grading is subjective, and different graders on different days may reach different conclusions. The key is to minimize risk — do not crack a coin out of a CAC holder unless you are confident the potential upside justifies the cost.
6. Understand the price guide reality. As one forum member pointed out, the price jump from MS66 to MS67 on a 1922 Peace Dollar is substantial. This means graders are under pressure to be conservative at the boundary. Be realistic about your coin’s chances, and do not take a lower grade as a personal insult — it is the nature of the business.

Conclusion: The Hoard Mentality and the Pursuit of Perfection

The story of this 1922 Peace Dollar — a coin that is beautiful, well-struck, and lustrous, yet held back by the cumulative effect of minor marks and reverse staining — is ultimately a story about the pursuit of perfection. It is the same story that plays out every time a new hoard is discovered, every time a shipwreck is salvaged, and every time a collector cracks a coin out of its holder hoping for a better grade.

The great hoards and shipwrecks of numismatic history — the S.S. Central America, the Redfield Hoard, the Saddle Ridge Hoard — have taught us that coins are shaped by their environments. A coin that spent two years in the deep Atlantic, or decades in a canvas bag, or a century in an iron can, carries the marks of that history. And it is our job as collectors, graders, and enthusiasts to evaluate those marks honestly and fairly.

This 1922 Peace Dollar may or may not be an MS67. It may or may not earn a plus. But it is, by all accounts, a genuinely premium example of a common-date coin — the kind of piece that would have stood out in the Redfield Hoard, that would have been a highlight of any Saddle Ridge discovery, that would have been a top-tier coin even among the treasures of the S.S. Central America. And that, in the end, is what collecting is about: not just the number on the holder, but the story behind the coin and the passion we bring to understanding it.

I will be watching this thread with great interest to see whether the owner decides to conserve, resubmit, or simply enjoy his beautiful coin as-is. Whatever he decides, he has already learned one of the most important lessons in numismatics: the difference between a great coin and a legendary coin is often just a matter of a few marks, a few stains, and a few tenths of a point on the grading scale. And that is what makes this hobby endlessly fascinating.

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