The first Peace silver dollars were issued in 1921, but only the principal Philadelphia Mint produced the new coins that year. The Denver branch mint had produced its first and only Morgan dollar issue in 1921 and the next year was minting Peace dollars. This first 1922-D Peace silver dollar had the lowest mintage for the three issues produced that year. And it had an output 25% less than the Denver 1921 Morgan dollar from the previous year. Today less than 1% of its production survives in mint-state quality, putting added pressure on circulated issues like these Very Fine quality.