I think that the coin looks dipped. Proper dipping would mean that the end result appears original. The details grade (IMHO) was necessary due to my opinion of the surfaces.
I am usually in the same boat as you, how does a reactive material, (silver) stay blast white for nearly 100 years? In hand inspection does not show any muting of luster, this coin has incredible cartwheel luster. Besides the tone issue what do you see that gives you the thought of recently dipped?
I am starting to think that there is a little more going on with the area around IGWT, the VAM fits in with 1CK and 1BY, what a pain by the way! There seems to be a lot of die damage in the area, because it doesn't fully fit the 1CK, although the later die state can have it's effects also.
I would defer to the in hand opinion. The coin has luster that’s so good, to me it looks “too good to be true”. Logic dictates that the coin is not likely to remain THIS blast white for almost 100 years, so... But again if you have inspected the coin in hand then I would defer to you. Oh and in an ironic coincidence the OP is going to take this amazingly still blast white coin and put it into a Dansco album where it is going to tone from the album itself.
The couple of spots on the obv. I hope are part of the slight patina this coin has on it. It could be spots from an improper rinse. If this coin ever goes in for grading, I would have it restored at the same time. My internet was down and I took advantage of the time and took a few new shots of the second,
I Had a little talk with my customer today, He is a retired, School of Mines Physics professor, Really, Cool Guy! Anyways he just came back from the arctic circle above Finland, Photo'd and videoed some Aurora Borealis. He said that in order to capture the colors. You have to be shooting at about an ISO 68,000. Made me think about capturing the tones on coins,
ISO 68,000 would only be necessary if you're shooting in a pitch black room and your only light source was a single candle at about 10 feet away. Your friend was shooting at such high ISO in order to shoot at a fast shutter speed in that environment. It should be noted as well that color accuracy tends to drop off and image noise becomes an issue at such high ISO's. So in a studio environment, ISO 100 to 200 is ideal as it reduces the noise in your shadow details. The highest ISO I have shot at was 800 when shooting a coin and that was for a darker coin using axial lighting.
The Peace Dollar is my favorite coin. I have arranged mine in vinyl pages with the normal strikes together, followed by the Vam's I have for each year. Given your question of choice, if I were collecting them in the Dansco albums, I would choose your first pictured coin for the album. I really like all the die breaks on the second coin pictured, so perhaps you should buy a second Dansco album?