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user_39052's Blog

28 Mar 2021

Peace Dollars: America’s Last Silver Dollar and the Attempt to Revive It

National Coin Week | user_39052

Entry for the National Coin Week 2021 Blog Competition 

The American Peace dollar is widely considered as one of the greatest coins ever minted by the United States. It's beautiful design combined with the very affordable prices it's sold at make it a fan favorite of many. The U.S. Mint produced these coins for just 10 years before the series ended. The Peace Dollar had been ended, or so they had thought! 30 years passed, and silver started to rise. The demand for silver dollars also increased, so in response then-President Lyndon Johnson ordered the production of millions of silver peace dollars. This new revival of the Peace Dollar would not last long though. Later that year, congress stopped the minting of the new dollars and soon after all minted examples were melted. As far as it is known, not a single one remains, and unlike many other great rarities (like the 1933 double eagle), there is not a known example of a 1964 Peace Dollar at the Smithsonian. However, a master die for the obverse of the 1964 Peace Dollar still exists and is in the vault of the Philadelphia mint. Unfortunately it will never be known if any examples survived the melting, as any collector who would come forward would have their coin seized and melted by the government. Although not the same, many collectors who have wanted to see Peace Dollars minted again will get their wish granted when the U.S. Mint strikes 2021 Peace Dollars as silver commemorative coins. In addition, 2021 Morgan Dollars will be produced, and both issues will also have Proof counterparts. Hopefully the mint will work out it's kinks in the ordering process many collectors have griped with and every collector who wants a new Peace Dollar will be able to get one.

EDIT: Hi I'm back again, and it looks like unfortunately the mint has managed to mess this up. Each coin will cost 85 dollars and you have to preorder them 6 months in advance. The coins are .999 silver (not .9), but on the bright side the mintage is quite high so there should be no shortage of these to go around.


Comments

Mal_ANA_YN

Level 5

What is not to like with a large silver dollar coin!

TheNumisMaster

Level 5

Man, if the mint screws this one up.... I LOVE both the Morgan and Peace dollars, and cannot wait for the long awaited release. Fingers crossed. Thanks for the interesting history behind the 1964 dollar!

Kepi

Level 6

Peace Dollars are a favorite for me. Love the design and all the history! Thanks for an informative blog! ; )

Longstrider

Level 6

My favorite series. I love looking for VAMs in this issue. There is to much history to do a single blog on. I enjoyed reading this. Thank you.

It's Mokie

Level 6

The kinks can be easily worked out by allowing all buyers an opportunity to purchase the coin by either setting no mintage limit or setting a very high one, like 5 million examples. Easy Cheezy!!!

user_39052

Level 3

I may be wrong, but didn't they set a mintage limit of 500,000?

Long Beard

Level 5

From the beginning in 1792 precious metal is the very bedrock of the U.S. financial market. Until Executive Order 6102 removed gold from public possession and then silver with the Coinage Act of 1965, all paper notes and bonds were backed by and redeemable in these metals. So what that meant, particularly for the silver dollar, for every dollar value of paper an equal amount of coin was required by the bank in the event of redemption.. Under a close examination of the economic and times of turmoil throughout U.S. history, the mintage figures show a near exact correlation. Looking at the Peace Dollar, the "Great silver melt" brought on by the Pittman Act to send the metal to England at the End of WWI and a lack of silver in banks to back the federal notes shows a high production of 1922 and 1923 before dropping steadily afterward. When we add in the growing acceptance and popularity of paper as opposed to heavy silver this becomes apparent. The silver dollar has passed it's useful purpose. Evident by the 29 year lapse until vaults were nearing low levels.

user_39052

Level 3

Very interesting, thanks for the info.

Golfer

Level 5

Nice information. Will try to purchase a 2021 for myself. Thanks.

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