For the first years after its creation, the 1922-S was regarded as a major rarity. However, a hoard was discovered in Europe during the 1950s and other groupings came along in the 1960s, 1970s, and early 1980s, causing it to now be regarded as a significantly scarce, but not necessarily rare, issue. Still, Gems are quite rare and perhaps number fewer than two or three dozen in all.