The dollar of new design issued from December 1921 through 1935 was a commemorative peace coin. The Peace dollar was issued without congressional sanction, under the terms of the Pittman Act, which referred to the bullion and in no way affected the design. Anthony de Francisci, a medalist, designed this dollar. His monogram is located in the field of the coin under the neck of Liberty.
The new Peace dollar was placed in circulation on January 3, 1922; 1,006,473 pieces had been struck in December 1921.
The high relief of the 1921 design was found impractical for coinage and was modified to low or shallow relief in 1922, after 35,401 coins had been made and most of them melted at the mint. The rare Matte and Satin Finish Proofs of 1922 are of both the high-relief style of 1921 and the normal-relief style.
Legislation dated August 3, 1964, authorized the coinage of 45 million silver dollars, and 316,076 dollars of the Peace design dated 1964 were struck at the Denver Mint in 1965. Plans for completing this coinage were subsequently abandoned and all of these coins were melted. None were preserved or released for circulation. Many deceptive reproductions exist.