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s12k3's Blog

20 Sep 2020

The History of The Peace Silver Dollar

Coins | s12k3

Hello everybody! This blog is going to be about Peace Dollars. This one's for you @Longstrider. Let’s start from the history. The Peace dollar is a United States dollar coin minted from 1921 to 1928, and again in 1934 and 1935. Designed by Anthony de Francisci, the coin was the result of a competition to find designs emblematic of peace. Its obverse represents the head and neck of the Goddess of Liberty in profile, and the reverse depicts a bald eagle at rest clutching an olive branch, with the legend "Peace". It was the last United States dollar coin to be struck for circulation in silver. With the passage of the Pittman Act in 1918, the United States Mint was required to strike millions of silver dollars, and began to do so in 1921, using the Morgan dollar design. Numismatists began to lobby the Mint to issue a coin that memorialized the peace following World War I; although they failed to get Congress to pass a bill requiring the redesign, they were able to persuade government officials to take action. The Peace dollar was approved by Treasury Secretary Andrew Mellon in December 1921, completing the redesign of United States coinage that had begun in 1907. I wish silver coins were still minted for circulation today, but it is not possible with the skyrocketing price of silver. During World War I, the German government hoped to destabilize British rule over India by spreading rumors that the British were unable to redeem for silver all of the paper currency they had printed. These rumors, and hoarding of silver, caused the price of silver to rise and risked damaging the British war effort. The British turned to their war ally, the United States, asking to purchase silver to increase the supply and lower the price. In response, Congress passed the Pittman Act of April 23, 1918. This statute gave the United States authority to sell metal to the British government from up to 350,000,000 silver dollars at $1 per ounce of silver plus the value of the copper in the coins, and handling and transportation fees. Only 270,232,722 coins were melted for sale to the British, but this represented 47% of all Morgan dollars struck to that point. The Treasury was required by the terms of the Act to strike new silver dollars to replace the coins that were melted, and to strike them from silver purchased from American mining companies. I hope you liked today’s blog, see you next time!

Comments

Kepi

Level 6

Great blog! Enjoyed it very much!

TheNumisMaster

Level 5

This beautiful coin is up there in my top 5 favorites. I absolutely love the high-relief specimens, although the others are quite beautiful as well. Thanks for the awesome content!

Longstrider

Level 6

Great blog. Thanks for the mention. You did a nice job with a quick, accurate history. My favorite coin. Thanks again..

s12k3

Level 4

No problem! Glad you enjoyed

Doug S.

Level 4

Nice!! Peace dollars are one of my favorites. Regards Doug

It's Mokie

Level 6

My favorite Dollar coin design, thank you Senator Pittman for making this wonderful design possible.

Hands down the best looking dollar ever struck.

Golfer

Level 5

Love the peace dollars. Have a few just for the silver, and a few certified. Still need the 1921 ! Thank goodness the Germans didn't win !

coinsbygary

Level 5

I knew the melted Morgan Dollar silver went to Great Britain during WWI, but I did not know the purpose for which it was purchased, nor India's role in all this. I also wonder what would have happened if a U-boat sunk the ship carrying the silver over the Atlantic. My final muse on this subject is how many 93-S Morgan Dollars were in that melt? Interesting post.

I. R. Bama

Level 5

Another excellent blog, thanks for your contributions. I learned about the Nazi- India- British angle that I was unaware of. Thanks!

user_60297

Level 3

Cool

Stumpy

Level 5

Good info and beautiful coin. I have always wanted just two of these, the 1924 and 1926, Dad & Mom's birth year. Hopefully, I will live long enough to get them. Just so many other darn things I just "Have to have". Great Blog! Thanks!

Great blog s12k3! The peace dollar was minted in high quantities for some years, but some are impossible to get unless you are very wealthy. I like the design, and they usually come in high grades. Thanks!

Mike

Level 7

Longstrider is the go to buy on these. I like them. I went through a part of my collextion. Foundn8 slabed and for longstrider a Vam. And a roll of 20. I don't know.why I didn't have them slabed. There great I started with the 1921 commen high releif. . And I'm done know why I didn't collect them. Great blog looks like it's time to write them down and spend more money. Good blog thanks.

"SUN"

Level 6

The Peace Dollars makes a nice collection. I wished I had collected them.

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