The Dodo Bird of U.S. Coinage: The 1964-D Peace Dollar
This may have been one of the biggest mistakes, if not the biggest mistake, ever made by the U.S. Mint: the melting of the 1964-D Peace dollars. And here’s why!
In 1964, silver prices were skyrocketing. The demand for silver was escalating. At the same time, the United States was facing a nationwide coin shortage.
To some U.S. administration officials, therefore, it seemed that minting and then releasing 1964-D Peace dollars into circulation would be a brilliant idea. Some officials believed that by providing the public with valuable silver coins, people would be encouraged to spend them. These new coins would be perceived as wholly legitimate means of exchange.
Other officials, however, were worried. Their concern was that collectors would hoard these 1964-D Peace dollars. The last time a Peace dollar had been released was 1935, and so the new coin could potentially be seen as a collectible to hold on to. And because of the skyrocketing price of silver during this time, the 1964-D Peace silver dollar would be a precious collectible for the silver alone. If the coins were hoarded, the problem of the coin shortage would not be fixed, but rather, made even worse.
At this time, many collectors liked to hoard fresh rolls of silver coins. Silver dollars were especially attractive because of their size, historical significance, and intrinsic value. And for those who did not hoard the silver dollars, there was an additional concern that others would melt them for the high silver value. Whether people hoarded the coins or melted them, on this view, the coins would not much circulate.
Nevertheless, in 1964, approval was given by Congress for the minting of 45 million Peace dollars. Unfortunately, the approval did not in any way reduce the controversy surrounding the coin. There still was concern, among some officials, that the minting was a mistake. In particular, the Mint, directed by Henry H. Fowler, Secretary of the Treasury, decided to melt the coins, and Eva Adams, Director of the U.S. Mint, attested that none of the coins were released to the public. Mint records state that in May 1964, 316,076 1964-D Peace dollars were struck. Yet, nobody has ever seen a (genuine) 1964-D Peace dollar. Why?
Despite this large mintage, the 1964-D Peace dollar is probably the rarest U.S. coin. A genuine 1964-D Peace dollar may be as rare as a living dodo bird. That is, it is not clear that any of them are to be found: they may well be extinct. How could this be if so many of them were minted?
Many leaders of Congress strongly opposed the production of the 1964-D Peace dollar. Because of this and their outspoken opposition to the coin, the White House was eventually convinced that all 1964-D Peace dollars should be destroyed. And so, all the coins were melted, or so it is said.
This melting became one of the greatest mistakes in the history of the U.S. Mint. Instantly, people realized how incredibly rare the 1964-D Peace dollar must be. As a result, collectors started offering a large premium in exchange for one of these treasures. Many regular collectors were offering up to $7.50 per coin ($76.60 in 2025 money). In April 1973, major coin dealer Bob Cohen placed a large advertisement in The Numismatist, offering $3,000 per coin. He received no offers.
Cohen’s offer did not last long, because in May of 1973, the U.S. government announced that if there were any remaining 1964-D Peace dollars, they were U.S. government property, making them illegal to own. The coins thus were subject to confiscation. Despite this, many numismatists believe a few of the Peace dollars may have been smuggled out of the Mint and still exist in private collections today. After all, such mischief has supposedly occurred before, like with the 1913 Liberty nickel and the 1933 St. Gaudens gold $20 piece. As a result of the U.S. government’s claim on the Peace dollars, some numismatists believe that, if there are any 1964-D Peace dollars remaining, they are being kept secret. Owners would likely hide them because of the threat of confiscation by the U.S. government if the coins were revealed. And those who fear confiscation are probably right: The U.S. government has said as much.
There is speculation that if any 1964 Peace dollars do turn up, it would likely be in a foreign country because confiscation there would be much more challenging for the U.S. government than in the United States. As noted above, the 1964-D Peace dollar is similar, in a major respect, to the 1933 Double Eagle because both are illegal to own. There is one difference, however, which is that there is one 1933 Double Eagle which is legal to own, and two others are in the possession of the Smithsonian Institution, transferred there from the U.S. Mint. There are no 1964 Peace dollars owned by anyone, legally or illegally, at least so far as we know.
Had the Mint retained just a few of these 1964-D Peace dollars, or even just one, that coin would be one of the most important extant U.S. coins of all time. A high grade 1909-S V.D.B. Lincoln cent, a Mint State 1916-D Mercury dime, or even a high grade 1901-S Barber quarter would pale in rarity and value in comparison to a 1964-D Peace dollar in any grade, if it even exists.
Symbolically, the destruction of the 1964-D Peace dollars was a terrible mistake. When Peace dollars were minted between 1921 and 1935, their manufacture expressed the idea that peace was present during those years. Indeed, the Peace dollar was originally minted in celebration of peace after World War I. In 1964, the government could have brought back the idea of the importance of peace to coinage. The year 1964 was marked by the Vietnam War, when peace was much needed but would not come until 1975.
The 1964-D Peace dollar also could have been profitable to the U.S. Mint if the Mint had sold them at a premium to collectors. The coin even would have been attractive to non-collectors, because it would have been the first Peace dollar issued in almost 30 years. What would have made it an even more legendary coin was if the Mint had also produced a proof version. Morgan dollars and other silver dollars, though often scarce, are attainable as proofs; the proof Peace dollar, however, is ultra-rare as a proof because so few exist. Those that exist are extremely expensive. A 1964 Peace dollar proof could have satisfied what would have been the incredible demand for a proof Peace dollar.
If the 1964-D Peace dollar had been monetized, it also could have potentially created a whole new generation of collectors who might be interested not only in the 1964-D Peace dollar, but also other Peace dollars. Some, perhaps many, could also try to obtain the original 1921 to 1935 dates for a collection or an album and then place the 1964-D to “fill the hole” in their album.
In conclusion, destroying the 1964-D Peace dollar was a huge and costly mistake made by the U.S. Mint. The coin could have become one of the most significant U.S. coins of all time, for collectors and non-collectors alike. Had proofs been made, the coin could have satisfied demand for a proof Peace dollar. The coin could have shown that the idea of, and need for peace, is eternal, even when times are tough, therefore making a significant historical statement. Finally, it could have helped lessen the effects of a coin shortage.
The world would have to wait until 2021, the 100th anniversary of the original 1921 Peace dollar, to see a reissue of Peace dollars. It would have been great to have had such a coin 57 years earlier.
Short Biography: Samuel T. Sternberg has been very interested in numismatics since age 9. In 2023, he won the Bill Fivaz Literary Award for young numismatists. In 2024, he won first place in the National Silver Dollar Round Table essay contest. Sternberg is especially interested in the coinage of the late 1800s and early 1900s, such as Morgan Dollars, Barbers, Walking Liberties, and Indian Cents, as well as early 1800s Bust coinage and early Large cents. He has also been buying and selling coins since age 12.
Works Cited:
Blanchard and Company (August 18 2022) The 1964 Peace Dollar That Never Was
https://coinweek.com/the-1964-peace-dollar-that-never-was/
Bullion Shark (Feb 15 2022) The Mystery of the 1964-D Peace Dollar
https://coinweek.com/the-mystery-of-the-1964-d-peace-dollar/
Reiter, E. (1998, September 9). The ’64 Dollar” Question.
Reprinted at https://www.pcgs.com/coinfacts/coin/1964-d-1/507956
Verley, J. (2023, December). 1964-D Peace Dollar.
https://www.money.org/1964-d-peace-dollar-yn-newsletter-december-2023/