Nearly all of these high relief coins were melted down a short time later by the US Mint. The US Mint originally produced 35401 of these 1922 High Relief coins (mostly non-proof business strikes intended for general circulation) before going to a Normal relief design. So early in 1922: The US Mint decided it was more practical to produce dies that resulted in a coin design with lower relief and lower quality for general circulation. The US Mint found that this original high relief design produced a higher quality and more beautiful coin but it caused more wear and tear on the dies that produce the coins - which had to be replaced often. In the previous year - All 1921 Peace Dollars were High Relief.
So their features are not as sharp and they don't stand out as much. Most 1922 Peace dollars are Normal Relief. One extremely rare and valuable variety is the 1922 High Relief Peace Dollar.
What This Coin Looks Like (Obverse, Reverse, Mint Mark Location, Special Features, etc.):
