Peace Dollar

The peace dollar is a silver United States dollarresumed, legislation was introduced in the US
coin minted from 1921 to 1928, then again in 1934Congress that called for the issuance a new silver
and 1935. Early proposals for the coin called for adollar to commemorate the post-World War I
commemorative issue to coincide with the end ofpeace. The measure did not come to a vote, but
World War I, but the Peace Dollar was issued asone was not needed. Since the Morgan had been
a circulating coin.in production (during its original run) for more than
Designed by Anthony de Francisci, the Peace25 years, alteration of the design no longer
Dollar was so named because the word PEACErequired legislative approval.
appears on the bottom of the coin's reverse. ItThe job of designing the new coin would normally
contains 0.77344 troy ounces of silver, and washave fallen to George T. Morgan, the mint's chief
the successor to the Morgan Dollar, which had notengraver and designer of the Morgan Dollar. But in
been regularly minted since 1904. With thecompliance with an executive order by President
passage of the Pittman Act in 1918, the mintageWarren G. Harding, an open design competition for
of dollar coins was enabled to start again. Prior tothe new dollar was held by the Commission of
the design and acceptance of the Peace Dollar,Fine Arts. Nine artists paticipated, including Adolph
the Morgan Dollar was minted again in 1921.A. Weinman, Hermon A. MacNeil, and Victor D.
After a six-year pause in minting, the Peace DollarBrenner, designers of the Mercury Dime, Standing
was again minted in 1934 and 1935. It was mintedLiberty Quarter, and Lincoln cent, respectively.
briefly in 1965 (dated 1964), but all examples ofThe winner of the competition was an Italian
this issue were never released to the public andimmigrant and sculptor, Anthony de Francisci,
were melted. The Peace Dollar is the last silverwhose most recent work had been the design of
dollar minted for circulation in the Unitedthe Maine Centennial half dollar in 1920.
States.hISTORYProduction of the Peace Dollar commenced on
The original inspiration for the Peace Dollar was aDecember 21, 1921, and it was placed into
paper published in the November 1918 issue ofcirculation on January 3, 1922[5]. That same day,
The Numismatist. In it, editor Frank G. DuffieldPresident Harding was presented with the first
called for a commemorative coin to mark thePeace Dollar Roughly one million examples were
impending end of World War I. The paper was tostruck before it was realized that the relief on the
be presented at the summer 1918 convention ofcoin was so high that it was difficult to strike, and
the American Numismatic Association (ANA), butthe dies used were breaking at a high rate. The
the convention was cancelled due to the Spanishrelief was lowered starting with the 1922 issue.
flu pandemic.Duffield's paper stated that:That year more than 84 million Peace Dollars
"An event of international interest, and onewere struck, the highest mintage of the series.
worthy to be commemorated by a United StatesEnd of production
coin issue, is scheduled to take place in the nearBy 1928, the US Mint had struck enough silver
future. The date has not yet been determined,dollars (Morgan and Peace combined) to satisfy
but it will be when the twentieth century vandalsthe requirements of the Pittman Act. Since public
have been beaten to their knees and beendemand for silver dollars did not materialize, the
compelled to accept the terms of the Allies... Itmint halted production of the Peace Dollar that
should be issued in such quantities that it will neveryear (with fewer than two million struck). The
become rare, and it should circulate at face value."Peace Dollar returned briefly in 1934 and 1935, as
The theme for the proposed coin was elaboratedthe government needed additional backing for
upon at the Chicago ANA convention of AugustSilver Certificates.
1920. A paper written by Farran Zerbe called forThe coin almost made a return in 1964, when
a coin that would showcase the ideals ofCongress approved the mintage of 45 million new
democracy, liberty, prosperity, and honor. Thesilver dollars to fulfill the needs of the booming
proposal called for either a half dollar or dollar, incasino industry in Nevada.The decision was
order to provide as much space as possible forcontroversial due to a critical silver shortage in
the design.1965, which led to widespread hoarding of silver
Return of the silver dollarcoinage. In response to the shortage, Congress
The biggest hurdle faced by proponents of thepassed the Coinage Act of 1965, which authorized
new coin was that no dollar coin had been mintedthe removal of silver content from circulating
for circulation in the United States since 1904, thecoinage (except for the Kennedy half dollar)
last year of the Morgan Dollar. The demand forminted after December 31, 1964. But under
silver dollars was so low that vast quantities ofpressure from some members of Congress from
Morgans were still sitting in bank vaults.That hurdlethe Western states, President Lyndon B. Johnson
was overcome with the passage of the Pittmanissued an order on May 15, 1965 to resume
Act on April 23, 1918. Sponsored by Nevadaproduction of the Peace Dollar (dated 1964 to
Senator Key Pittman, the Pittman Act allowed theallow silver to be included). 316,076 Peace Dollars
US government to melt as many as 350 millionwere struck at the Denver mint that month,
silver dollars, and then either sell the bullion or usebefore Congress overrode the Presidential order
it to produce subsidiary silver coinage. Additionally,and demanded that production cease. All the coins
the law required the government to mintproduced to that point were ordered to be
replacement dollars for any that were melted,melted. Although rumors persist that some
with domestically purchased silver.examples still survive, owning them is illegal,
Since the Act required the minting of new silvermaking it unlikely that anyone who does own one
dollars, and since no new designs had beenwill ever come forth publicly.
accepted, on May 9, 1921, the US Mint resumedProduction of dollar coinage did not resume until
production of the Morgan Dollar. More than 86the Eisenhower Dollar in 1971. That coin, however,
million Morgans were struck during that year, byhas no silver content, except for some sold
far the single highest mintage in the coin's history.directly to collectors by the Mint. Likewise, the
The same day that mintage of the MorganSusan B.