A circulated coin that is an extreme rarity offered in Heritage’s late August auction is this 1922 Peace dollar graded Proof 25 by Professional Coin Grading Service with the distinct high relief design used on the 1921 Peace dollars. It sold for $37,200 on Aug. 24 and is one of the Judd 2019 patterns originally struck as a Matte Proof.

While exact records are unclear, it is estimated that 20 were struck.

The offered example was likely spent by a former owner who did not recognize it as something special. The silver dollar was discovered in the late 1970s in Lathrup Village, Michigan, by Ernest Lush in a group of circulated Morgan dollars. Thanks to Lush’s sharp eyes, it is now one of just 11 confirmed examples of the Judd 2019 variety, “otherwise it might have been melted during the 1980 silver boom like so many other circulated 1922 dollars.”

Its price in Dallas was a significant improvement on the $10,637.50 that it realized in an April 2002 Heritage auction.

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