I hope someone here has the knowledge to answer this question as it's probably a tough one. Opinions are also welcome.
From my research, it seems all "proof" 1921 Peace dollars came from the VAM H1 die set. I've looked at nearly every "proof" graded and "MS" graded V-1H examples available on the Heritage and Sacks & Bower websites as well as PCGS and NGC graded PR and MS coins.
My question is:
What differentiates the "Proof" grade from the "business" grade "MS" strikes?
Excellent questions. As John said proof is not a condition but rather a striking process. Attached is a link to VAM world. And all known 1921 Peace dollar varieties struck from dies which were originally used to strike proof 1921 Peace dollars. As John said pressure/tonnage used is the difference in a proof quality and business quality. And the die preparation before striking is the reason for the difference between a Matte finish and a Satin finish. Here's the link
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