How to Properly Store and Preserve Your 1922 Peace Dollar: Toning, PVC Damage, and the Clean-or-Not Dilemma

I’ve seen too many valuable pieces ruined by improper cleaning or storage. Here is how to keep this safe for the next generation.

Few coins spark as much passionate debate among collectors as the 1922 Peace Dollar. It is one of the most common dates in the series, yet finding one in premium Mint State—particularly at the MS66 and above level—remains a genuine challenge. A recent forum thread asked a deceptively simple question: “What is holding this 1922 Peace Dollar back from MS66+ or MS67?” The answers that followed revealed far more than just one collector’s quest for a higher grade. They opened a window into the most critical issues facing every numismatist today: toning, oxidation, PVC damage, proper storage, and the eternal question of whether to clean or not to clean.

As a conservationist who has examined thousands of silver dollars over the years, I want to use this real-world example to walk you through the preservation principles that will protect your collection—whether you own a common 1922 Peace Dollar or a rare-date Morgan. The lessons here apply universally, and getting them right can mean the difference between a coin that appreciates in numismatic value for decades and one that deteriorates beyond recovery.

The Coin in Question: A Case Study in Grading Frustration

The collector who started the thread owned a 1922 Peace Dollar that had been certified in an NGC “Fatty” holder at MS66 with a CAC green sticker—indicating that CAC (Certified Acceptance Corporation, founded by John Albanese) considered the coin solid or high-end for the assigned grade. The collector crossed the coin to PCGS, hoping for an upgrade or at least a plus designation (MS66+). It came back a straight MS66.

What followed was a remarkably instructive discussion. Forum members identified several factors that might be holding the coin back:

• Reverse stains and splotches — described by one member as looking like “someone sneezed on the reverse”
• Minor slide marks and scratches on the eagle’s wing
• A small rim nick on the obverse
• Wispy scattered marks on Liberty’s cheek and the left field
• Black carbon spots near the reverse rim
• High-point discoloration on the eagle
• Slightly weak strike around Liberty’s hair near the eye

One particularly astute observation summed it up: “It is the cumulative minor grazes, nicks, and spotting (most notably on the rev) that keep it at the current grade.” This is a crucial concept for collectors to understand. Grading at the premium level is not about a single flaw—it is about the total picture. A coin can have gorgeous luster and a full strike, but if the surfaces show enough minor distractions in aggregate, the grade will reflect that.

But here is where the conservation perspective becomes essential. Many of the issues identified in this thread—stains, discoloration, carbon spots, toning—are directly related to how the coin was stored and handled over the past century. Let us break down each one.

Understanding Toning: Natural Beauty or Surface Damage?

What Causes Toning on Silver Dollars?

Toning is the result of a chemical reaction between the metal surface of a coin and the environment surrounding it. On silver coins like the 1922 Peace Dollar (which is composed of 90% silver and 10% copper), toning occurs when sulfur compounds in the air react with the silver to form silver sulfide. This process is entirely natural and, in many cases, produces breathtaking results—the rainbow-hued Morgan and Peace Dollars that command significant premiums are testaments to this.

However, not all toning is created equal. In the numismatic world, we generally categorize toning into two broad types:

1. Attractive (or “original”) toning — This develops slowly over decades, often in coin albums, envelopes, or original mint bags. It tends to be even, gradual, and visually appealing. Collectors and graders view this favorably, and it can add significant value and eye appeal.
2. Unattractive (or “staining”) toning — This results from exposure to harsh chemicals, PVC-laden plastics, excessive humidity, or localized contamination. It often appears as dark splotches, mottled patches, or uneven discoloration. This type of toning is considered a detriment to both grade and collectibility.

The Forum Coin’s Toning Problem

In the case of the 1922 Peace Dollar under discussion, the reverse stains were repeatedly cited as a grading concern. One collector noted: “The photography makes the stains look worse than the coin does in hand.” This is an important point—digital photography, especially under certain lighting conditions, can dramatically accentuate surface discoloration that is far less noticeable when viewing the coin in person under natural light.

But the graders at PCGS and NGC are examining the coin under controlled, high-intensity lighting designed to reveal every surface detail. What might look minor under your desk lamp can appear far more significant under their setup. This is why collectors are often surprised when a coin they thought was “lock for a plus” comes back without the upgrade.

Preservation Advice for Toning

Here is my guidance for collectors who want to manage toning on their silver dollars:

• Never store coins in PVC-containing holders or flips. PVC (polyvinyl chloride) off-gasses chlorine compounds that react with silver, creating a characteristic greenish, sticky residue that is extremely difficult to remove without damaging the coin. We will discuss PVC damage in detail below.
• Avoid paper or cardboard holders that contain sulfur. Many older albums and envelopes were made from sulfur-rich materials that accelerated toning. If you have coins stored in vintage albums, inspect them regularly for signs of accelerated discoloration.
• Control humidity. Store your coins in a stable environment with relative humidity between 30% and 50%. Excessive humidity accelerates oxidation and toning, while extremely dry conditions are generally less harmful to silver but can affect other metals.
• Handle coins by the edges only. Fingerprints contain oils and acids that can create localized toning spots over time. Once these spots develop on a high-grade coin, they can significantly impact the grade.
• Do not attempt to “enhance” toning artificially. Chemically induced toning is considered artificial treatment by grading services and will result in details grades or “cleaned” designations.

Oxidation and Corrosion: The Silent Threat

How Oxidation Affects Silver Coins

While pure silver is relatively resistant to corrosion, the 10% copper alloy in Peace Dollars makes them susceptible to oxidation, particularly in humid or chemically active environments. Oxidation on silver coins typically manifests as:

• Dark brown or black surface spots — often called “carbon spots” in the hobby, though they are actually areas of concentrated oxidation or sulfide formation
• Milky or hazy surfaces — a thin layer of oxidation that obscures the underlying luster
• Pitting or porosity — in severe cases, the metal itself begins to corrode, creating permanent surface damage

The forum thread mentioned “black carbon spots on the reverse top near the rim” on the subject coin. These spots are a common issue on Peace Dollars and are one of the primary factors that separate an MS66 from an MS67. At the MS67 level, the population report shows only 61 examples at PCGS for the 1922 Peace Dollar—a remarkably low number for such a common date. The reason is simple: finding a 1922 Peace Dollar that has avoided carbon spots, heavy marks, and unattractive toning for over a century is extraordinarily difficult.

Preventing Oxidation in Your Collection

Prevention is always preferable to treatment when it comes to oxidation. Here are the key steps I recommend:

1. Use inert storage materials only. Mylar flips, archival-quality capsules, and acid-free cardboard holders are the gold standard. Avoid any storage product that smells of vinegar or chemicals—that odor is a sign of off-gassing that can damage your coins.
2. Consider desiccant packs for long-term storage. Silica gel packets placed in your storage area can help maintain low humidity levels. Replace or recharge them regularly.
3. Inspect your collection at least twice a year. Look for early signs of toning changes, spot development, or PVC damage. Catching problems early gives you the best chance of mitigating them.
4. Keep coins away from sources of sulfur and chlorine. This includes rubber bands, wool or rubber padding, certain paints, and even some types of wood (cedar, for example, off-gasses acids).

PVC Damage: The Collector’s Nightmare

What PVC Damage Looks Like

PVC damage is one of the most common and most preventable forms of coin deterioration. In the 1960s through the 1980s, many coin flips and holders were manufactured from PVC-containing plastic. Over time, these holders release chlorine gas, which reacts with the metal surface of the coin. The result is a characteristic greenish, cloudy, or sticky film that can range from a light haze to severe corrosion.

I have examined coins where PVC damage was so advanced that the design details were nearly obliterated. In milder cases, the damage appears as a faint greenish tint or a slightly tacky surface that attracts dust and debris. Even mild PVC damage can significantly reduce a coin’s grade and numismatic value.

How to Identify and Address PVC Damage

Here is what every collector should know:

• Smell test. If a coin flip or holder has a distinct “plastic” or vinegar-like smell, it likely contains PVC. Remove the coin immediately.
• Visual inspection. Look for a greenish or cloudy film on the coin’s surface, particularly in areas that were in direct contact with the holder.
• Early intervention. If you catch PVC damage early—when it is still a light surface film—a professional conservator may be able to remove it without harming the coin’s original surface. The longer you wait, the more likely the damage becomes permanent.
• Never store valuable coins in soft plastic flips of unknown composition. Always use holders explicitly labeled as “PVC-free” or “archival quality.”

The forum thread did not specifically mention PVC damage on the 1922 Peace Dollar, but the coin’s history of being stored in an NGC “Fatty” holder (the older-style NGC slabs that some collectors have questioned over the years) makes this a relevant consideration. If you are cracking a coin out of any older holder, inspect it carefully for signs of PVC contamination before placing it in a new one.

Proper Holders: Choosing the Right Home for Your Coins

The Evolution of Coin Storage

The history of coin storage is, in many ways, a history of well-intentioned mistakes. Collectors have used everything from paper envelopes and cloth bags to wooden display cases and plastic organizers. Each material has its own risks:

• Paper and cardboard — Can contain sulfur and acids that cause toning and corrosion
• Soft plastic (PVC) flips — Cause PVC damage as described above
• Rubber and wool padding — Contain sulfur compounds that accelerate tarnishing
• Certain woods (cedar, oak) — Off-gas acids that can damage metal surfaces
• Adhesive mounts and stickers — Leave residues that are difficult to remove and can damage surfaces

Best Practices for Coin Holders

Based on my experience, here are the storage solutions I recommend for collectors at every level:

1. Graded slabs (PCGS, NGC, ANACS) are the safest option for valuable coins. Modern slabs are made from inert materials and provide excellent protection against environmental damage, handling, and contamination. The forum coin’s journey from an NGC Fatty to a PCGS holder is a common one—collectors often cross coins between services in pursuit of a higher grade or plus designation.
2. For raw coins, use Mylar (polyethylene terephthalate) flips. Mylar is chemically inert and will not react with coin surfaces. Avoid vinyl or PVC flips entirely.
3. Archival-quality capsules are excellent for long-term storage. Snap-lock capsules made from inert plastics provide physical protection and a stable microenvironment for the coin.
4. Coin tubes should be PVC-free. If you store multiple coins in tubes, ensure the tubes are made from polyethylene or polypropylene, not PVC.
5. Display cases should use inert padding. If you display your collection, use cases lined with acid-free materials. Avoid direct contact with any fabric or padding that has not been certified as archival quality.

A Note on “Fatty” Holders and Resubmission

The forum thread included some regret about cracking the coin out of its NGC “Fatty” holder. These older-style NGC slabs have a following among collectors who prefer their appearance and who believe they sometimes contain coins that would grade higher if resubmitted. However, from a conservation standpoint, the holder is irrelevant—what matters is the coin inside. If you believe a coin is undergraded, the potential financial upside of resubmission may justify the risk of cracking it out. Just be sure to handle the coin carefully during the process to avoid adding new marks or fingerprints.

To Clean or Not to Clean: The Most Important Question in Numismatics

The Grading Services’ Position

This is the topic that generated the most heated debate in the forum thread, and for good reason. The question of whether to clean or conserve a coin is one of the most consequential decisions a collector can make.

PCGS and NGC both have strict policies regarding cleaned coins. If a grader determines that a coin has been improperly cleaned—whether by dipping, polishing, or chemical treatment—the coin will receive a “Details” grade rather than a numerical grade. A Details grade typically reduces a coin’s value by 50% or more compared to a numerically graded example in the same technical condition.

However, there is an important distinction between cleaning (which grading services penalize) and conservation (which, when done properly, may not be detected or penalized). Professional conservation aims to stabilize a coin’s surface and remove harmful contaminants without altering the original metal or luster.

The Forum Debate: “Give It a Bath”

Several forum members suggested that the owner of the 1922 Peace Dollar should “give it a bath”—meaning dip it in a mild silver cleaning solution to remove the reverse stains. One member specifically recommended “5 seconds in Ezest” (a commercial silver dip). Another suggested using “a nice little Q-tip with some MS 70 on it”—referring to a popular coin conservation product.

Other members pushed back strongly. One collector noted: “My guess is that a restoration wouldn’t do the job.” Another warned: “I would not dip it!” And a third pointed out the obvious risk: “You should have given it 5 seconds in Ezest. Besides the bath you took with old fatty, CAC sticker…”—implying that the coin had already been through enough handling.

My Professional Advice on Cleaning

After decades of working with coins, here is my position on cleaning, stated as clearly as I can:

Never clean a coin unless you fully understand the risks and have exhausted all other options. When in doubt, leave it alone.

Here is a more detailed framework for thinking about this decision:

When Cleaning May Be Appropriate

• The coin has a surface contaminant (such as PVC residue or a sticky film) that is actively causing ongoing damage
• The contaminant is superficial and can be removed without affecting the underlying metal or luster
• The coin is already at a grade level where a “Details” designation would not significantly reduce its value (for example, a common-date coin in VF or EF grade)
• You are using a professional conservation service with a proven track record, not a DIY approach

When Cleaning Is a Bad Idea

• The coin is already certified at a high grade (MS65 or above) and you are hoping to improve the grade
• The “stains” you want to remove are actually part of the coin’s natural toning or patina
• You are considering using commercial silver dips, polishes, or abrasive compounds
• The coin has a CAC sticker or other third-party endorsement that could be lost if the grade changes
• You are not confident in your ability to perform the cleaning without causing damage

The Dipping Question Specifically

Dipping a coin in a thiourea-based silver dip (like Ezest) removes a microscopic layer of silver from the surface. This can make a coin look brighter and more lustrous in the short term, but it also:

• Removes original metal, which is irreversible
• Can leave the surface looking “washed out” or artificial under magnification
• May cause the coin to re-tone more quickly and less attractively in the future
• Is detectable by experienced graders and can result in a Details grade

For a coin like the 1922 Peace Dollar in the forum thread—already graded MS66 with a CAC sticker—the risk of dipping far outweighs the potential reward. If the coin were dipped and then submitted to PCGS, there is a real possibility it would come back as “MS66 Details—Cleaned” instead of “MS66.” The value loss from that designation would far exceed any gain from a potential upgrade to MS66+.

Professional Conservation as an Alternative

If you believe a coin’s surface issues are detracting from its grade and value, consider professional conservation services. Companies like Numismatic Conservation Services (NCS) specialize in removing harmful contaminants without damaging the original coin surface. Their process typically involves:

1. Careful examination under magnification to identify the nature of the surface issue
2. Testing of any contaminants to determine the safest removal method
3. Gentle, controlled treatment using conservation-grade chemicals and techniques
4. Sealing the coin in an inert holder after treatment to prevent recurrence

NCS-conserved coins are then typically submitted to NGC for grading, as NGC has an established relationship with NCS and understands their conservation methods. This is a far safer path than DIY cleaning for any coin of significant value.

The Reverse Rule: How the “Back” Can Hold a Coin Back

One of the most insightful comments in the forum thread addressed a fundamental principle of coin grading: “The logic in grading seems to have always been that ‘the reverse won’t bring the grade up but it can certainly bring it down.'”

This is absolutely correct, and it is one of the most important concepts for collectors to internalize. Here is how it works in practice:

• A coin’s obverse (front) is the “presentation side”—it is what graders look at first and what carries the most weight in the grading decision.
• A coin’s reverse (back) is the “confirmation side”—it can confirm a high grade if it is equally clean, or it can pull the grade down if it shows problems that the obverse does not.
• At the premium level (MS66 and above), both sides must be exceptional. A gorgeous obverse cannot overcome a heavily marked or stained reverse.

In the case of the 1922 Peace Dollar, the obverse was described as “excellent looking” with “nice luster.” But the reverse had accumulated enough minor marks, stains, and spotting to prevent the coin from reaching MS67. This is a perfect illustration of the reverse rule in action.

From a preservation standpoint, this means that how you store your coins matters for both sides equally. If you store a coin in a holder that allows one side to contact a reactive material, that side will deteriorate faster. This is another reason why modern slab holders—which suspend the coin in an inert environment with no contact with reactive surfaces—are the best option for long-term preservation.

Resubmission Strategy: When to Try Again

The forum thread included considerable discussion about whether the coin owner should resubmit the coin to PCGS (or NGC) in hopes of a better result. Here are the key considerations:

Factors Favoring Resubmission

• The coin has strong luster, a full strike, and relatively clean surfaces
• The price difference between the current grade and the next grade up is significant (for a 1922 Peace Dollar, the jump from MS66 to MS67 can represent a difference of several hundred to several thousand dollars)
• The coin has already been through one grading cycle and may benefit from a fresh look by different graders
• The CAC green sticker suggests the coin is solid or high-end for its grade, which may indicate it is close to the next level

Factors Against Resubmission

• Every resubmission costs money (grading fees, shipping, insurance) with no guarantee of a better result
• There is a small risk the coin could come back at a lower grade, though this is rare for coins already certified at a high level
• If the coin is cracked out of its holder, there is a risk of handling damage during the process
• Resubmitting too frequently can be counterproductive—grading services may view the coin as a “resubmission mill” and scrutinize it more carefully

My Recommendation

If you are considering resubmission, I recommend the following approach:

1. Wait at least 3-4 months between submissions. This gives the grading service a fresh perspective and avoids the appearance of “grading shopping.”
2. Consider using the “Reconsideration” service rather than cracking the coin out. PCGS and NGC both offer reconsideration services where the coin remains in its current holder but is re-evaluated, often with the option to receive a plus designation without the risk of a lower grade.
3. Have the coin professionally conserved before resubmission if there are removable surface issues. As discussed above, NCS or a similar professional service can address stains and contaminants in a way that is less likely to trigger a Details grade.
4. Set a limit on the number of resubmission attempts. If the coin has been submitted two or three times without an upgrade, it is likely that the grade is correct, and further attempts are unlikely to change the outcome.

Actionable Takeaways for Buyers and Sellers

Whether you are buying, selling, or simply holding a collection of silver dollars, here are the key preservation principles to keep in mind:

For Buyers

• Inspect coins carefully under good lighting before purchasing. Look for signs of PVC damage, cleaning, or artificial toning. If buying online, request high-resolution images of both sides.
• Be wary of coins that look “too bright” or “too white” for their age. This can be a sign of recent dipping or cleaning.
• Check the holder. If a coin is in a soft plastic flip that smells like chemicals, assume there may be PVC damage until proven otherwise.
• Understand the price jump between grades. For the 1922 Peace Dollar, the difference between MS66 and MS67 is substantial. Make sure you are paying a fair price for the actual grade, not the grade you hope the coin might receive on resubmission.

For Sellers

• Present your coins in the best possible light—literally. Use proper lighting when photographing coins for sale. Poor photography can make a coin look worse than it is, while good photography can showcase its true quality and eye appeal.
• Do not clean coins before selling. Experienced buyers and grading services can detect cleaning, and a “Details” designation will reduce your selling price far more than any improvement in appearance might gain.
• Consider getting a CAC sticker if your coin is certified by PCGS or NGC. A green sticker (indicating the coin is solid for its grade) can add 10-20% to the selling price. A gold sticker (indicating the coin is high-end or undergraded) can add significantly more.
• Store coins properly while waiting to sell. A coin that sits in a PVC flip for six months before sale can develop damage that reduces its value.

For All Collectors

• Invest in proper storage materials. The cost of archival-quality holders, capsules, and storage boxes is trivial compared to the numismatic value of the coins they protect.
• Educate yourself about the specific preservation needs of your collection. Silver coins, gold coins, copper coins, and nickel coins all have different vulnerabilities. What works for one metal may not work for another.
• When in doubt, consult a professional. A reputable coin dealer, conservator, or grading service representative can provide guidance tailored to your specific situation.

Conclusion: Protecting the Legacy of the 1922 Peace Dollar

The 1922 Peace Dollar is one of the most widely collected coins in American numismatics. With a mintage of over 84 million pieces, it is readily available in most grades—but finding one in premium Mint State, free from the accumulated damage of a century of handling and storage, remains a genuine achievement. The coin at the center of this forum thread is a beautiful example: strong luster, a full strike, and enough eye appeal to earn a CAC green sticker. That it fell short of MS67 is not a reflection of any single catastrophic flaw but rather the cumulative effect of minor imperfections—stains, marks, and spotting—that developed over decades of less-than-ideal storage.

This is the reality that every collector must confront. Coins are not inert objects. They are chemical compositions that interact with their environment every day. The silver in a Peace Dollar is constantly reacting with sulfur compounds in the air, with moisture, with the materials it touches, and with the oils on our fingers. The difference between an MS66 and an MS67 is often not the coin itself but the century of history it has endured.

As conservationists, our job is to slow that process as much as possible. By using proper storage materials, controlling our environment, handling coins carefully, and resisting the urge to “improve” them through cleaning, we can ensure that the coins in our care survive in the best possible condition for the next generation of collectors.

The forum member who owns this particular 1922 Peace Dollar faces a choice that many of us have faced: accept the grade as given, or attempt to improve it through resubmission or conservation. There is no universally right answer—it depends on the specific coin, the specific collector, and the specific circumstances. But whatever decision is made, it should be informed by a thorough understanding of the risks and a deep respect for the coin’s originality, provenance, and history.

After all, every coin in our collection is a piece of history. The 1922 Peace Dollar was struck in the aftermath of World War I, during a period of optimism and change in American history. It has survived over a century of economic upheaval, world wars, and technological transformation. The least we can do is ensure it survives the next century in the best possible condition. Store it properly, handle it carefully, and never, ever clean it without professional guidance. Your grandchildren’s collection will thank you.

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