Peace Dollar
Encyclopedia
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 reverse
depicts an eagle at rest clutching an olive branch, with the legend "Peace". It was the last United States circulating dollar coin to be struck 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.
The public believed the announced design, which included a broken sword, was illustrative of defeat, and the Mint hastily acted to remove the sword. The Peace dollar was first struck on December 28, 1921; just over a million were coined bearing a 1921 date. When the Pittman Act requirements were met in 1928, the Mint ceased to strike the coins, but more were struck in 1934 and 1935 as a result of other legislation. In 1965, the Mint struck over 300,000 Peace dollars bearing a 1964 date; these were never issued and are believed to have been melted.
and struck what became known as the Morgan dollar
. Many of the pieces quickly vanished into bank vaults and were used as backing for paper currency redeemable in silver coin, known as silver certificates. In 1890, the purchases required under the Bland–Allison Act were greatly increased under the terms of the Sherman Silver Purchase Act
. Although the Sherman Act was repealed in 1893, it was not until 1904 that the government struck the last of the purchased silver into dollars. Once it did, production of the coin ceased.
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 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.
; the genesis is usually traced to an article by Frank Duffield published in the November 1918 issue of The Numismatist. Duffield suggested that a victory coin should be "issued in such quantities it will never become rare". In August 1920, a paper by numismatist Farran Zerbe
was read to that year's American Numismatic Association
(ANA) convention in Chicago. In the paper, entitled Commemorate the Peace with a Coin for Circulation, Zerbe called for the issuance of a coin to celebrate peace, stating,
Zerbe's proposal led to the appointment of a committee to transmit the proposal to Congress and urge its adoption. According to numismatic historian Walter Breen, "Apparently, this was the first time that a coin collector ever wielded enough political clout to influence not only the Bureau of the Mint, but Congress as well." The committee included noted coin collector and Congressman William A. Ashbrook
(Democrat
–Ohio
), who had chaired the House Committee on Coinage, Weights, and Measures until the Republicans gained control following the 1918 elections.
Ashbrook was defeated for re-election in the 1920 elections; at that time congressional terms did not end until March 4 of the following year. He was friendly with the new committee chairman Albert Henry Vestal
(Republican
–Indiana
), and persuaded him to schedule a hearing on the peace coin proposal for December 14, 1920. Though no bill was put before it, the committee heard from the ANA delegates, discussed the matter, and favored the use of the silver dollar, which as a large coin had the most room for an artistic design. The committee took no immediate action; in March 1921, after the Harding administration took office, Vestal met with the new Secretary of the Treasury
, Andrew W. Mellon
, and Mint Director Raymond T. Baker
about the matter, finding them supportive so long as the redesign involved no expense.
On May 9, 1921, striking of the Morgan dollar resumed at the Philadelphia Mint
under the recoinage called for by the Pittman Act. The same day, Congressman Vestal introduced the Peace dollar authorization bill as a joint resolution
. Vestal placed his bill on the Unanimous Consent
Calendar, but Congress adjourned for a lengthy recess without taking any action. When Congress returned, Vestal asked for unanimous consent that the bill pass on August 1, 1921. However, one representative, former Republican leader James R. Mann (Illinois
) objected, and numismatic historian Roger Burdette suggests that Mann's stature in the House ensured that the bill would not pass. Nevertheless, Vestal met with the ANA and told them that he hoped Congress would reconsider when it met again in December 1921.
chairman Charles Moore became aware of the proposed congressional action, and decided to investigate. Moore, together with Commission member and Buffalo nickel designer James Earle Fraser, met with Mint Director Baker on May 26, 1921, and they agreed that it would be appropriate to hold a design competition for the proposed dollar, under the auspices of the Commission. This was formalized on July 26 with the Commission's written recommendation to the Mint that a competition, open only to invited sculptors, be used to select designs. The winner of the competition was to receive $1,500 prize money, while all other participants would be given $100. On July 28, President Harding issued Executive Order 3524, requiring that coin designs be submitted to the Commission before approval by the Treasury Secretary. In early September, following the failure of the bill, Baker contacted Moore, putting the matter aside pending congressional action.
By November, proponents of the peace coin had realized that congressional approval was not necessary—as the Morgan dollar had been struck for more than 25 years, it was eligible for replacement at the discretion of the Secretary of the Treasury under an 1890 act. The Morgan design was then being used for large quantities of silver dollars as the Mint struck replacements for the melted coins under the Pittman Act. Though Congress had not yet convened, Baker contacted Fraser in early November to discuss details of the design competition. According to Burdette, Baker's newfound enthusiasm came from the fact that President Harding was about to formally declare an end to the war with Germany—a declaration needed because the US had not ratified the Treaty of Versailles
. In addition, the Washington Conference on disarmament
, for which the administration had great hopes, was soon to convene. Fraser notified the participants in the competition (including Hermon MacNeil, Victor D. Brenner, and Adolph Weinman, all of whom had designed US coins) by personal letter on November 19; official rules and requirements followed four days later, with submissions due by December 12.
The artists were instructed to depict the head of Liberty
on the obverse, to be made "as beautiful and full of character as possible". The reverse would depict an eagle, as prescribed by the Coinage Act of 1792, but otherwise was left to the discretion of the artist. The piece also had to bear the denomination, the name of the country, "E pluribus unum
", the motto "In God We Trust
", and the word "Liberty".
On December 13, the Commission assembled to review the submitted designs, as well as a set produced by Mint Chief Engraver Morgan at Baker's request, and a set, unrequested, from a Mr. Folio of New York City. It is not known how the designs were displayed for the Commission. After considerable discussion among Fraser, Moore, and Herbert Adams (a sculptor and former member of the Commission), a design by Anthony de Francisci
was unanimously selected.
half dollar to the finished design. De Francisci had had little discretion in that project, and later said of the work, "I do not consider it very favorably."
The sculptor based the obverse design of Liberty on the features of his wife, Teresa de Francisci
. Due to the short length of the competition, he lacked the time to hire a model with the features he envisioned. Teresa de Francisci was born Teresa Cafarelli in Naples, Italy
. In interviews, she related that when she was five years old and the steamer on which she and her family were immigrating passed the Statue of Liberty
, she was fascinated by the statue, called her family over, and struck a pose in imitation. She later wrote to her brother Rocco,
Breen wrote that the radiate crown that the Liberty head bears is not dissimilar to those on certain Roman coins, but is "more explicitly intended to recall that on the Statue of Liberty". Anthony de Francisci recalled that he opened the window of the studio and let the wind blow on his wife's hair as he worked. However, he did not feel that the design depicted her exclusively. He noted that "the nose, the fullness of the mouth are much like my wife's, although the whole face has been elongated". De Francisci submitted two reverse designs; one showed a warlike eagle, aggressively breaking a sword; the other an eagle at rest, holding an olive branch. The latter design, which would form the basis for the reverse of the Peace dollar, recalled de Francisci's failed entry for the Verdun
City medal. The submitted obverse is almost identical to the coin as struck, excepting certain details of the face, and that the submitted design used Roman rather than Arabic numerals for the date.
Baker, de Francisci, and Moore met in Washington on December 15. At that time, Baker, who hoped to start Peace dollar production in 1921, outlined the tight schedule for this to be accomplished, and requested certain design changes. Among these was the inclusion of the broken sword from the sculptor's alternate reverse design, to be placed under the eagle, on the mountaintop on which it stands, in addition to the olive branch. Baker approved the designs, subject to these changes. The revised designs were presented to President Harding on December 19. Harding insisted on the removal of a small feature of Liberty's face, which seemed to him to suggest a dimple, something he did not consider suggestive of peace. The sculptor removed the feature at the President's request.
The new design was widely reported in newspapers, and was the source of intense public attention. A Mint press release described the reverse as "a large figure of an eagle perched on a broken sword, and clutching an olive branch bearing the word, 'peace. On December 21, the New York Herald
ran a scathing editorial against the new design,
At the time, according to Burdette, given the traumas of the Great War, Americans were highly sensitive about their national symbols, and unwilling to allow artists any leeway in interpretation. The Mint, the Treasury, and the Fine Arts Commission began to receive large numbers of letters from the public objecting to the design. De Francisci attempted to defend his design, stating, "with the sword there is the olive branch of peace and the combination of the two renders it impossible to conceive of the sword as a symbolization of defeat". Baker had left to visit the San Francisco Mint
; the transcontinental journey took three days. Acting Mint Director Mary O'Reilly sent him a telegram on December 23, urgently seeking his approval to remove the sword from the reverse, which had been recommended by Moore and Fraser at a meeting the previous afternoon. Due to the tight timeline for 1921 strikings of the dollar, it was not possible to await Baker's response, but on the authority of Treasury Undersecretary Seymour Parker Gilbert
, who was approached by O'Reilly, the Mint proceeded with the redesign. To satisfy Harding's executive order, the Fine Arts Commission quickly approved the change, and by the time Baker wired his approval on December 24, without being able to see the revisions, Gilbert had already approved the revised design in Secretary Mellon's absence. A press release was issued late on December 24; it mentioned no removal, but simply stated that the broken sword, which had appeared on de Francisci's alternate reverse would not appear on the issued coin. Farran Zerbe, whose paper to the ANA convention helped launch the dollar proposal, saw De Francisci's defense and the press release, and suggested that the sculptor had mistakenly thought his alternate design had been approved.
to ensure the work met with his approval. It was insufficient merely to remove the sword, as the rest of the design had to be adjusted. Morgan had to hide the excision; he did so by extending the olive branch, previously half-hidden by the sword, but had to remove a small length of stem that showed to the left of the eagle's talons. Morgan also strengthened the rays, and sharpened the appearance of the eagle's leg. The chief engraver did his work with such skill that the work on the dollar was not known for over 85 years.
The Herald, in its December 25 edition, took full credit for the omission of the sword. On December 28, Philadelphia Mint Superintendent Freas Styer wired Baker in San Francisco, reporting the first striking of the Peace dollar. The Mint later reported that 1,006,473 pieces were struck in 1921, a rate of output for the four days remaining in the year that Burdette calls "amazing"; he speculates that minting of 1921 Peace dollars continued into 1922. The first coin struck was to be sent to President Harding, but what became of it is something of a mystery: O'Reilly indicated that she had the coin sent to Harding, but the inventory of Harding's estate, prepared after the President died in office less than two years later, does not mention it, nor is there any mention of the coin in Harding's papers. Breen, in his earlier book on US coins, stated that the coin was delivered to Harding by messenger on January 3, 1922, but does not state the source of his information. Proofs of the 1921 production were struck early in the run, in both satin and matte finishes. It is unknown exactly how many with either finish were created; numismatic historians Leroy Van Allen and A. George Mallis estimate the mintage totals at 24 of the former and five of the latter.
The Peace dollar was released into circulation on January 3, 1922. In common with all silver and copper-nickel dollar coins struck from 1840 to 1978, the Peace dollar had a diameter of 1.5 inches (38.1 mm), which was larger than the Mint's subsequently-struck dollars. Its issuance completed the redesign of United States coinage that had begun with issues in 1907. Long lines formed at the Sub-Treasury Building in New York the following day when that city's Federal Reserve Bank received a shipment; the 75,000 coins initially sent by the Mint were "practically exhausted" by the end of the day. Rumors that the coins did not stack well were contradicted by bank cashiers, who demonstrated for The New York Times
that the coins stacked about as well as the Morgan dollars. De Francisci had paid Morgan for fifty of the new dollars; on January 3, Morgan sent him the pieces. According to his wife, de Francisci had bet several people that he would lose the design competition; he used the pieces to pay off the bets and did not keep any.
According to one Philadelphia newspaper,
From the start, the Mint found that excessive pressure had to be applied to fully bring out the design of the coin, and the dies broke rapidly. On January 10, 1922, O'Reilly, still serving as Acting Mint Director in Baker's absence, ordered production halted. Dies had been sent to the Denver
and San Francisco mints
in anticipation of beginning coinage there; they were ordered not to begin work until the difficulties had been resolved. The Commission of Fine Arts was asked to advise what changes might solve the problems. Both Fraser and de Francisci were called to Philadelphia, and after repeated attempts to solve the problem without reducing the relief failed, de Francisci agreed to modify his design to reduce the relief. The plaster models he prepared were reduced to coin size using the Mint's Janvier reducing lathe. However even after fifteen years of possessing the pantograph
-like device, the Mint had no expert in its use on staff, and, according to Burdette, "[h] ad a technician from Tiffany's or Medallic Art [Company] been called in, the 1922 low relief coins might have turned out noticeably better than they did".
Approximately 32,400 coins on which Morgan had tried to keep a higher relief were struck in January 1922. All were believed to have been melted, however, one circulated example has surfaced. The new low-relief coins, which Fraser accepted on behalf of the Commission, though under protest, were given limited production runs in Philadelphia in early February. When the results proved satisfactory, San Francisco began striking its first Peace dollars using the low relief design on February 13. Denver initiated its production on February 21, and Philadelphia on February 23. The three mints struck over 84 million pieces in 1922.
(who succeeded Morgan after his 1925 death), may have begun work in the middle of the motto "In God We Trust", and for reasons unknown, only the one word was boldened. No Mint records discuss the matter, which was not discovered until 1999.
The Peace dollar circulated mainly in the Western United States, where coins were preferred over paper money; it saw little circulation elsewhere. Aside from this use, the coins were retained in vaults as part of bank reserves. They would commonly be obtained from banks as Christmas presents, only to be deposited again in January. With the last of the Pittman Act silver struck into coins in 1928, the Mint ceased production of Peace dollars.
Production resumed in 1934, due to another congressional act; this one required the Mint to purchase large quantities of domestic silver, a commodity whose price was at a historic low. This assured producers of a ready market for their product, and the Mint gained a large profit in seigniorage
, through monetizing cheaply-purchased silver—the Mint in fact paid for some shipments of silver bullion in silver dollars. Pursuant to this authorization, over seven million silver dollars were struck in 1934 and 1935. Mint officials gave consideration to striking 1936 silver dollars, and in fact prepared working dies, but as there was no commercial demand for them, none were actually struck. With Mint Chief Engraver Sinnock thinking it unlikely that there would be future demand for the denomination, the master dies were ordered destroyed in January 1937.
(Democrat–Montana
), who represented a state that heavily used silver dollars. Preparations for the striking proceeded at a reluctant Mint Bureau. Some working dies had survived Sinnock's 1937 destruction order, but were found to be in poor condition, and Mint Assistant Engraver (later Chief Engraver) Frank Gasparro
was authorized to produce new ones. Mint officials had also considered using Morgan's design; this idea was dropped and Gasparro replicated the Peace dollar dies. The reverse dies all bore Denver mintmarks; as the coins were slated for circulation in the West, it was deemed logical to strike them nearby.
In early 1965, Treasury Secretary C. Douglas Dillon
wrote to President Lyndon Johnson, opposing the coin issue and pointing out that the pieces would be unlikely to circulate in Montana or anywhere else; they would simply be hoarded. Nevertheless, Dillon concluded that as Senator Mansfield insisted, the coins would have to be struck. Dillon resigned on April 1; his successor, Henry H. Fowler
, was immediately questioned by Mansfield about the dollars, and he assured the senator that things would be worked out to his satisfaction. Mint Director Eva Adams hoped to avoid striking the silver dollars, but wanted to keep the $600,000 appropriated for that expense. Senator Mansfield refused to consider any cancellation or delay and on May 12, 1965, the Denver Mint began trial strikes of the 1964-D Peace dollar—the Mint had obtained congressional authorization to continue striking 1964-dated coins into 1965.
The new pieces were publicly announced on May 15, 1965, and coin dealers immediately offered $7.50 each for them, ensuring that they would not circulate. The public announcement prompted a storm of objections. Both the public and many congressmen saw the issue as a poor use of Mint resources at a time of severe coin shortages, which would only benefit coin dealers. On May 24, one day before a hastily-called congressional hearing, Adams announced that the pieces were deemed trial strikes, never intended for circulation. The Mint later stated that 316,076 pieces had been struck; all were reported melted amid heavy security. To ensure that there would be no repetition, Congress inserted a provision in the Coinage Act of 1965
forbidding the coinage of silver dollars for five years. No 1964-D Peace dollars are known to exist in either public or private hands. However, they have been privately restruck using unofficial dies and genuine, earlier-date Peace dollars.
Some Peace dollars using a base metal
composition were struck as experimental pieces in 1970 in anticipation of the approval of the Eisenhower dollar
; they are all presumed destroyed. A new dollar coin was approved by an act signed by President Richard Nixon
on December 31, 1970, with the obverse to depict the late president, Dwight Eisenhower. Circulating Eisenhower dollars contained no precious metal, though some for collectors were struck in 40% silver.
United States dollar coin
Dollar coins have been minted in the United States in gold, silver, and base metal versions. The term silver dollar is often used for any large white metal coin issued by the United States with a face value of one dollar, although purists insist that a dollar is not silver unless it contains some...
minted from 1921 to 1928, and again in 1934 and 1935. Designed by Anthony de Francisci
Anthony de Francisci
Anthony de Francisci was an Italian-American sculptor who designed a number of United States coins and medals...
, the coin was the result of a competition to find designs emblematic of peace. Its reverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
depicts an eagle at rest clutching an olive branch, with the legend "Peace". It was the last United States circulating dollar coin to be struck in silver.
With the passage of the Pittman Act
Pittman Act
The Pittman Act was a United States federal law sponsored by Senator Key Pittman of Nevada and enacted on April 23, 1918. The act authorized the conversion of not exceeding 350,000,000 standard silver dollars into bullion and its sale, or use for subsidiary silver coinage, and directed purchase of...
in 1918, the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
was required to strike millions of silver dollars, and began to do so in 1921, using the Morgan dollar
Morgan Dollar
The Morgan dollar was a United States dollar coin minted intermittently from 1878 to 1921. It was the first standard silver dollar minted since production of the previous design, the Seated Liberty dollar, ceased due to the passage of the Fourth Coinage Act, an act which also ended the free coining...
design. Numismatists began to lobby the Mint to issue a coin that memorialized the peace following World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
; 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
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
Andrew Mellon in December 1921, completing the redesign of United States coinage that had begun in 1907.
The public believed the announced design, which included a broken sword, was illustrative of defeat, and the Mint hastily acted to remove the sword. The Peace dollar was first struck on December 28, 1921; just over a million were coined bearing a 1921 date. When the Pittman Act requirements were met in 1928, the Mint ceased to strike the coins, but more were struck in 1934 and 1935 as a result of other legislation. In 1965, the Mint struck over 300,000 Peace dollars bearing a 1964 date; these were never issued and are believed to have been melted.
Statutory history
The Bland–Allison Act, passed by Congress on February 28, 1878, required the Treasury to purchase a minimum of $2 million in domestically-mined silver per month and coin it into silver dollars. The Mint used a new design by engraver George T. MorganGeorge T. Morgan
George T. Morgan was an English United States Mint engraver, who is famous for designing many popular coins, such as the Morgan Dollar, and the Columbian Exposition half dollar.-Biography:...
and struck what became known as the Morgan dollar
Morgan Dollar
The Morgan dollar was a United States dollar coin minted intermittently from 1878 to 1921. It was the first standard silver dollar minted since production of the previous design, the Seated Liberty dollar, ceased due to the passage of the Fourth Coinage Act, an act which also ended the free coining...
. Many of the pieces quickly vanished into bank vaults and were used as backing for paper currency redeemable in silver coin, known as silver certificates. In 1890, the purchases required under the Bland–Allison Act were greatly increased under the terms of the Sherman Silver Purchase Act
Sherman Silver Purchase Act
The Sherman Silver Purchase Act was enacted on July 14, 1890 as a United States federal law. It was named after its author, Senator John Sherman, an Ohio Republican, chairman of the Senate Finance Committee...
. Although the Sherman Act was repealed in 1893, it was not until 1904 that the government struck the last of the purchased silver into dollars. Once it did, production of the coin ceased.
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
Pittman Act
The Pittman Act was a United States federal law sponsored by Senator Key Pittman of Nevada and enacted on April 23, 1918. The act authorized the conversion of not exceeding 350,000,000 standard silver dollars into bullion and its sale, or use for subsidiary silver coinage, and directed purchase of...
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 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.
Idea and attempted legislation
It is uncertain who originated the idea for a US coin to commemorate the peace following World War IWorld War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
; the genesis is usually traced to an article by Frank Duffield published in the November 1918 issue of The Numismatist. Duffield suggested that a victory coin should be "issued in such quantities it will never become rare". In August 1920, a paper by numismatist Farran Zerbe
Farran Zerbe
Farran Zerbe was the former President of the American Numismatic Association from 1908 to 1910. In 1969, he was posthumously inducted into the ANA Hall of Fame. An award is named in his honour and awarded by the ANA on an annual basis...
was read to that year's American Numismatic Association
American Numismatic Association
The American Numismatic Association was founded in 1891 by Dr. George F. Heath in Chicago, Illinois. The ANA was formed to advance the knowledge of numismatics along educational, historical and scientific lines, as well as enhance interest in the hobby.The ANA national headquarters and museum is...
(ANA) convention in Chicago. In the paper, entitled Commemorate the Peace with a Coin for Circulation, Zerbe called for the issuance of a coin to celebrate peace, stating,
I do not want to be misunderstood as favoring the silver dollar for the Peace Coin, but if coinage of silver dollars is to be resumed in the immediate future, a new design is probable and desirable, bullion for the purpose is being provided, law for the coinage exists and limitation of the quantity is fixed—all factors that help pave the way for Peace Coin advocates. And then—we gave our silver dollars to help win the war, we restore them in commemoration of victory and peace.
Zerbe's proposal led to the appointment of a committee to transmit the proposal to Congress and urge its adoption. According to numismatic historian Walter Breen, "Apparently, this was the first time that a coin collector ever wielded enough political clout to influence not only the Bureau of the Mint, but Congress as well." The committee included noted coin collector and Congressman William A. Ashbrook
William A. Ashbrook
William Albert Ashbrook was an American businessman, newspaper publisher, and Democratic politician from Ohio....
(Democrat
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
–Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
), who had chaired the House Committee on Coinage, Weights, and Measures until the Republicans gained control following the 1918 elections.
Ashbrook was defeated for re-election in the 1920 elections; at that time congressional terms did not end until March 4 of the following year. He was friendly with the new committee chairman Albert Henry Vestal
Albert Henry Vestal
Albert Henry Vestal was a U.S. political figure. Born on a farm near Frankton, in Madison County, Indiana, on January 18, 1875, he attended common schools, worked in steel mills and factories and attended the Indiana State Normal School, now Indiana State University, at Terre Haute...
(Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
–Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
), and persuaded him to schedule a hearing on the peace coin proposal for December 14, 1920. Though no bill was put before it, the committee heard from the ANA delegates, discussed the matter, and favored the use of the silver dollar, which as a large coin had the most room for an artistic design. The committee took no immediate action; in March 1921, after the Harding administration took office, Vestal met with the new Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
, Andrew W. Mellon
Andrew W. Mellon
Andrew William Mellon was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932.-Early life:...
, and Mint Director Raymond T. Baker
Raymond T. Baker
Raymond Thomas Baker was a rich United States businessman who was Director of the United States Mint from 1917 to 1922.-Biography:...
about the matter, finding them supportive so long as the redesign involved no expense.
On May 9, 1921, striking of the Morgan dollar resumed at the Philadelphia Mint
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
under the recoinage called for by the Pittman Act. The same day, Congressman Vestal introduced the Peace dollar authorization bill as a joint resolution
Joint resolution
In the United States Congress, a joint resolution is a legislative measure that requires approval by the Senate and the House and is presented to the President for his/her approval or disapproval, in exactly the same case as a bill....
. Vestal placed his bill on the Unanimous Consent
Unanimous consent
In parliamentary procedure, unanimous consent, also known as general consent, or in the case of the parliaments under the Westminster system, leave of the house, is a situation in which no one present objects to a proposal. The chair may state, for instance: "If there is no objection, the motion...
Calendar, but Congress adjourned for a lengthy recess without taking any action. When Congress returned, Vestal asked for unanimous consent that the bill pass on August 1, 1921. However, one representative, former Republican leader James R. Mann (Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
) objected, and numismatic historian Roger Burdette suggests that Mann's stature in the House ensured that the bill would not pass. Nevertheless, Vestal met with the ANA and told them that he hoped Congress would reconsider when it met again in December 1921.
Competition
Sometime after the December 1920 hearing requested by the ANA, Commission of Fine ArtsUnited States Commission of Fine Arts
The United States Commission of Fine Arts , established in 1910 by an act of Congress, is an advisory agency of the Federal government.The CFA is mandated to review and provide advice on "matters of design and aesthetics", involving federal projects and planning in Washington, D.C...
chairman Charles Moore became aware of the proposed congressional action, and decided to investigate. Moore, together with Commission member and Buffalo nickel designer James Earle Fraser, met with Mint Director Baker on May 26, 1921, and they agreed that it would be appropriate to hold a design competition for the proposed dollar, under the auspices of the Commission. This was formalized on July 26 with the Commission's written recommendation to the Mint that a competition, open only to invited sculptors, be used to select designs. The winner of the competition was to receive $1,500 prize money, while all other participants would be given $100. On July 28, President Harding issued Executive Order 3524, requiring that coin designs be submitted to the Commission before approval by the Treasury Secretary. In early September, following the failure of the bill, Baker contacted Moore, putting the matter aside pending congressional action.
By November, proponents of the peace coin had realized that congressional approval was not necessary—as the Morgan dollar had been struck for more than 25 years, it was eligible for replacement at the discretion of the Secretary of the Treasury under an 1890 act. The Morgan design was then being used for large quantities of silver dollars as the Mint struck replacements for the melted coins under the Pittman Act. Though Congress had not yet convened, Baker contacted Fraser in early November to discuss details of the design competition. According to Burdette, Baker's newfound enthusiasm came from the fact that President Harding was about to formally declare an end to the war with Germany—a declaration needed because the US had not ratified the Treaty of Versailles
Treaty of Versailles
The Treaty of Versailles was one of the peace treaties at the end of World War I. It ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919, exactly five years after the assassination of Archduke Franz Ferdinand. The other Central Powers on the German side of...
. In addition, the Washington Conference on disarmament
Washington Naval Conference
The Washington Naval Conference also called the Washington Arms Conference, was a military conference called by President Warren G. Harding and held in Washington from 12 November 1921 to 6 February 1922. Conducted outside the auspices of the League of Nations, it was attended by nine nations...
, for which the administration had great hopes, was soon to convene. Fraser notified the participants in the competition (including Hermon MacNeil, Victor D. Brenner, and Adolph Weinman, all of whom had designed US coins) by personal letter on November 19; official rules and requirements followed four days later, with submissions due by December 12.
The artists were instructed to depict the head of Liberty
Liberty (goddess)
Goddesses named for and representing the concept Liberty have existed in many cultures, including classical examples dating from the Roman Empire and some national symbols such as the British "Britannia" or the Irish "Kathleen Ni Houlihan"....
on the obverse, to be made "as beautiful and full of character as possible". The reverse would depict an eagle, as prescribed by the Coinage Act of 1792, but otherwise was left to the discretion of the artist. The piece also had to bear the denomination, the name of the country, "E pluribus unum
E pluribus unum
E pluribus unum , Latin for "Out of many, one", is a phrase on the Seal of the United States, along with Annuit cœptis and Novus ordo seclorum, and adopted by an Act of Congress in 1782...
", the motto "In God We Trust
In God We Trust
"In God We Trust" was adopted as the official motto of the United States in 1956. It is also the motto of the U.S. state of Florida. The Legality of this motto has been questioned because of the United States Constitution forbidding the government to make any law respecting the establishment of a...
", and the word "Liberty".
On December 13, the Commission assembled to review the submitted designs, as well as a set produced by Mint Chief Engraver Morgan at Baker's request, and a set, unrequested, from a Mr. Folio of New York City. It is not known how the designs were displayed for the Commission. After considerable discussion among Fraser, Moore, and Herbert Adams (a sculptor and former member of the Commission), a design by Anthony de Francisci
Anthony de Francisci
Anthony de Francisci was an Italian-American sculptor who designed a number of United States coins and medals...
was unanimously selected.
Design
De Francisci was the youngest of the competitors at age 34; he was also among the least experienced in the realm of coin design. While most of the others had designed regular or commemorative coins for the Mint, de Francisci's sole effort had been the conversion of drawings for the 1920 Maine commemorativeCommemorative coin
Commemorative coins are coins that were issued to commemorate some particular event or issue. Most world commemorative coins were issued from the 1960s onward, although there are numerous examples of commemorative coins of earlier date. Such coins have a distinct design with reference to the...
half dollar to the finished design. De Francisci had had little discretion in that project, and later said of the work, "I do not consider it very favorably."
The sculptor based the obverse design of Liberty on the features of his wife, Teresa de Francisci
Teresa de Francisci
Teresa Cafarelli de Francisci is best known as the model for the depiction of Liberty on the obverse of the Peace Dollar and as the wife of artist Anthony de Francisci.- Personal life :...
. Due to the short length of the competition, he lacked the time to hire a model with the features he envisioned. Teresa de Francisci was born Teresa Cafarelli in Naples, Italy
Naples
Naples is a city in Southern Italy, situated on the country's west coast by the Gulf of Naples. Lying between two notable volcanic regions, Mount Vesuvius and the Phlegraean Fields, it is the capital of the region of Campania and of the province of Naples...
. In interviews, she related that when she was five years old and the steamer on which she and her family were immigrating passed the Statue of Liberty
Statue of Liberty
The Statue of Liberty is a colossal neoclassical sculpture on Liberty Island in New York Harbor, designed by Frédéric Bartholdi and dedicated on October 28, 1886...
, she was fascinated by the statue, called her family over, and struck a pose in imitation. She later wrote to her brother Rocco,
You remember how I was always posing as Liberty, and how brokenhearted I was when some other little girl was selected to play the role in the patriotic exercises in school? I thought of those days often while sitting as a model for Tony's design, and now seeing myself as Miss Liberty on the new coin, it seems like the realization of my fondest childhood dream.
Breen wrote that the radiate crown that the Liberty head bears is not dissimilar to those on certain Roman coins, but is "more explicitly intended to recall that on the Statue of Liberty". Anthony de Francisci recalled that he opened the window of the studio and let the wind blow on his wife's hair as he worked. However, he did not feel that the design depicted her exclusively. He noted that "the nose, the fullness of the mouth are much like my wife's, although the whole face has been elongated". De Francisci submitted two reverse designs; one showed a warlike eagle, aggressively breaking a sword; the other an eagle at rest, holding an olive branch. The latter design, which would form the basis for the reverse of the Peace dollar, recalled de Francisci's failed entry for the Verdun
Verdun
Verdun is a city in the Meuse department in Lorraine in north-eastern France. It is a sub-prefecture of the department.Verdun is the biggest city in Meuse, although the capital of the department is the slightly smaller city of Bar-le-Duc.- History :...
City medal. The submitted obverse is almost identical to the coin as struck, excepting certain details of the face, and that the submitted design used Roman rather than Arabic numerals for the date.
Baker, de Francisci, and Moore met in Washington on December 15. At that time, Baker, who hoped to start Peace dollar production in 1921, outlined the tight schedule for this to be accomplished, and requested certain design changes. Among these was the inclusion of the broken sword from the sculptor's alternate reverse design, to be placed under the eagle, on the mountaintop on which it stands, in addition to the olive branch. Baker approved the designs, subject to these changes. The revised designs were presented to President Harding on December 19. Harding insisted on the removal of a small feature of Liberty's face, which seemed to him to suggest a dimple, something he did not consider suggestive of peace. The sculptor removed the feature at the President's request.
Controversy
The Treasury announced the new design on December 19, 1921. Photographs of Baker and de Francisci examining the final plaster model appeared in newspapers, though the actual designs were not photographed; written descriptions were employed instead. At that time, the Treasury took the position that it was illegal for photographs of a United States coin to be printed in newspapers. Secretary Mellon gave formal approval to the design on December 20. As it would take the Mint several days to produce working dies, the first strike of the new coins was scheduled for December 29.The new design was widely reported in newspapers, and was the source of intense public attention. A Mint press release described the reverse as "a large figure of an eagle perched on a broken sword, and clutching an olive branch bearing the word, 'peace. On December 21, the New York Herald
New York Herald
The New York Herald was a large distribution newspaper based in New York City that existed between May 6, 1835, and 1924.-History:The first issue of the paper was published by James Gordon Bennett, Sr., on May 6, 1835. By 1845 it was the most popular and profitable daily newspaper in the UnitedStates...
ran a scathing editorial against the new design,
If the artist had sheathed the blade or blunted it there could be no objection. Sheathing is symbolic of peace, of course; the blunted sword implies mercy. But a broken sword carries with it only unpleasant associations.
A sword is broken when its owner has disgraced himself. It is broken when a battle is lost and breaking is the alternative to surrendering. A sword is broken when the man who wears it can no longer render allegiance to his sovereign. But America has not broken its sword. It has not been cashiered or beaten; it has not lost allegiance to itself. The blade is bright and keen and wholly dependable. It is regrettable that the artist should have made such an error in symbolism. The sword is emblematic of Justice as well as of Strength. Let not the world be deceived by this new dollar. The American effort to limit armament and to prevent war or at least reduce its horror does not mean that our sword is broken.
At the time, according to Burdette, given the traumas of the Great War, Americans were highly sensitive about their national symbols, and unwilling to allow artists any leeway in interpretation. The Mint, the Treasury, and the Fine Arts Commission began to receive large numbers of letters from the public objecting to the design. De Francisci attempted to defend his design, stating, "with the sword there is the olive branch of peace and the combination of the two renders it impossible to conceive of the sword as a symbolization of defeat". Baker had left to visit the San Francisco Mint
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...
; the transcontinental journey took three days. Acting Mint Director Mary O'Reilly sent him a telegram on December 23, urgently seeking his approval to remove the sword from the reverse, which had been recommended by Moore and Fraser at a meeting the previous afternoon. Due to the tight timeline for 1921 strikings of the dollar, it was not possible to await Baker's response, but on the authority of Treasury Undersecretary Seymour Parker Gilbert
Seymour Parker Gilbert
Seymour Parker Gilbert was an American lawyer, banker, politician and diplomat. He is chiefly known for being Agent General for Reparations to Germany, from October 1924 to May 1930. Afterwards, in 1931, he became an associate at J. P. Morgan. He died at age 45, from a heart attack. His son S...
, who was approached by O'Reilly, the Mint proceeded with the redesign. To satisfy Harding's executive order, the Fine Arts Commission quickly approved the change, and by the time Baker wired his approval on December 24, without being able to see the revisions, Gilbert had already approved the revised design in Secretary Mellon's absence. A press release was issued late on December 24; it mentioned no removal, but simply stated that the broken sword, which had appeared on de Francisci's alternate reverse would not appear on the issued coin. Farran Zerbe, whose paper to the ANA convention helped launch the dollar proposal, saw De Francisci's defense and the press release, and suggested that the sculptor had mistakenly thought his alternate design had been approved.
Release and modification
The removal of the sword from the coinage hub, which had already been produced by reduction from the plaster models, was accomplished by painstaking work by Mint Chief Engraver Morgan, using extremely fine engraving tools under magnification. Morgan did the work on December 23 in the presence of de Francisci, who had been summoned to the Philadelphia MintPhiladelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
to ensure the work met with his approval. It was insufficient merely to remove the sword, as the rest of the design had to be adjusted. Morgan had to hide the excision; he did so by extending the olive branch, previously half-hidden by the sword, but had to remove a small length of stem that showed to the left of the eagle's talons. Morgan also strengthened the rays, and sharpened the appearance of the eagle's leg. The chief engraver did his work with such skill that the work on the dollar was not known for over 85 years.
The Herald, in its December 25 edition, took full credit for the omission of the sword. On December 28, Philadelphia Mint Superintendent Freas Styer wired Baker in San Francisco, reporting the first striking of the Peace dollar. The Mint later reported that 1,006,473 pieces were struck in 1921, a rate of output for the four days remaining in the year that Burdette calls "amazing"; he speculates that minting of 1921 Peace dollars continued into 1922. The first coin struck was to be sent to President Harding, but what became of it is something of a mystery: O'Reilly indicated that she had the coin sent to Harding, but the inventory of Harding's estate, prepared after the President died in office less than two years later, does not mention it, nor is there any mention of the coin in Harding's papers. Breen, in his earlier book on US coins, stated that the coin was delivered to Harding by messenger on January 3, 1922, but does not state the source of his information. Proofs of the 1921 production were struck early in the run, in both satin and matte finishes. It is unknown exactly how many with either finish were created; numismatic historians Leroy Van Allen and A. George Mallis estimate the mintage totals at 24 of the former and five of the latter.
The Peace dollar was released into circulation on January 3, 1922. In common with all silver and copper-nickel dollar coins struck from 1840 to 1978, the Peace dollar had a diameter of 1.5 inches (38.1 mm), which was larger than the Mint's subsequently-struck dollars. Its issuance completed the redesign of United States coinage that had begun with issues in 1907. Long lines formed at the Sub-Treasury Building in New York the following day when that city's Federal Reserve Bank received a shipment; the 75,000 coins initially sent by the Mint were "practically exhausted" by the end of the day. Rumors that the coins did not stack well were contradicted by bank cashiers, who demonstrated for The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
that the coins stacked about as well as the Morgan dollars. De Francisci had paid Morgan for fifty of the new dollars; on January 3, Morgan sent him the pieces. According to his wife, de Francisci had bet several people that he would lose the design competition; he used the pieces to pay off the bets and did not keep any.
According to one Philadelphia newspaper,
Liberty is getting younger. Take it from the new 'Peace Dollar,' put in circulation yesterday, the young woman who has been adorning silver currency for many years, never looked better than in the 'cart wheel' that the Philadelphia Mint has just started to turn out. The young lady, moreover, has lost her Greek profile. Helenic beauty seems to have been superseded by the newer 'flapper' type.
From the start, the Mint found that excessive pressure had to be applied to fully bring out the design of the coin, and the dies broke rapidly. On January 10, 1922, O'Reilly, still serving as Acting Mint Director in Baker's absence, ordered production halted. Dies had been sent to the Denver
Denver Mint
The Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark...
and San Francisco mints
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...
in anticipation of beginning coinage there; they were ordered not to begin work until the difficulties had been resolved. The Commission of Fine Arts was asked to advise what changes might solve the problems. Both Fraser and de Francisci were called to Philadelphia, and after repeated attempts to solve the problem without reducing the relief failed, de Francisci agreed to modify his design to reduce the relief. The plaster models he prepared were reduced to coin size using the Mint's Janvier reducing lathe. However even after fifteen years of possessing the pantograph
Pantograph
A pantograph is a mechanical linkage connected in a special manner based on parallelograms so that the movement of one pen, in tracing an image, produces identical movements in a second pen...
-like device, the Mint had no expert in its use on staff, and, according to Burdette, "
Approximately 32,400 coins on which Morgan had tried to keep a higher relief were struck in January 1922. All were believed to have been melted, however, one circulated example has surfaced. The new low-relief coins, which Fraser accepted on behalf of the Commission, though under protest, were given limited production runs in Philadelphia in early February. When the results proved satisfactory, San Francisco began striking its first Peace dollars using the low relief design on February 13. Denver initiated its production on February 21, and Philadelphia on February 23. The three mints struck over 84 million pieces in 1922.
Later production
The 1926 Peace dollar, from all mints, has the word "God" on the obverse slightly boldened. The Peace dollar's lettering tended to strike indistinctly, and Burdette suggests that the new chief engraver, John R. SinnockJohn R. Sinnock
John Ray Sinnock was the eighth Chief Engraver of the United States Mint and designer of the Roosevelt dime and Franklin half dollar, among other U.S. coins. His initials "JS" on the dime can be found at the base of the Roosevelt bust...
(who succeeded Morgan after his 1925 death), may have begun work in the middle of the motto "In God We Trust", and for reasons unknown, only the one word was boldened. No Mint records discuss the matter, which was not discovered until 1999.
The Peace dollar circulated mainly in the Western United States, where coins were preferred over paper money; it saw little circulation elsewhere. Aside from this use, the coins were retained in vaults as part of bank reserves. They would commonly be obtained from banks as Christmas presents, only to be deposited again in January. With the last of the Pittman Act silver struck into coins in 1928, the Mint ceased production of Peace dollars.
Production resumed in 1934, due to another congressional act; this one required the Mint to purchase large quantities of domestic silver, a commodity whose price was at a historic low. This assured producers of a ready market for their product, and the Mint gained a large profit in seigniorage
Seigniorage
Seigniorage can have the following two meanings:* Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin , that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.* Seigniorage derived from notes is more...
, through monetizing cheaply-purchased silver—the Mint in fact paid for some shipments of silver bullion in silver dollars. Pursuant to this authorization, over seven million silver dollars were struck in 1934 and 1935. Mint officials gave consideration to striking 1936 silver dollars, and in fact prepared working dies, but as there was no commercial demand for them, none were actually struck. With Mint Chief Engraver Sinnock thinking it unlikely that there would be future demand for the denomination, the master dies were ordered destroyed in January 1937.
Striking of 1964-D dollars
On August 3, 1964, Congress passed legislation providing for the striking of 45,000,000 silver dollars. Coins, including the silver dollar, had become scarce due to hoarding as the price of silver rose past the point at which a silver dollar was worth more as bullion than as currency. The new pieces were intended to be used at Nevada casinos and elsewhere in the West where "hard money" was popular. Many in the numismatic press complained that the issue would only satisfy a small special interest, and would do nothing to alleviate the general coin shortage. Much of the pressure for the coins to be struck was being applied by the Senate Majority Leader, Mike MansfieldMike Mansfield
Michael Joseph Mansfield was an American Democratic politician and the longest-serving Majority Leader of the United States Senate, serving from 1961 to 1977. He also served as United States Ambassador to Japan for over ten years...
(Democrat–Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...
), who represented a state that heavily used silver dollars. Preparations for the striking proceeded at a reluctant Mint Bureau. Some working dies had survived Sinnock's 1937 destruction order, but were found to be in poor condition, and Mint Assistant Engraver (later Chief Engraver) Frank Gasparro
Frank Gasparro
Frank Gasparro was the tenth Chief Engraver of the United States Mint, holding this position from February 23, 1965 to January 16, 1981. Before that, he was Assistant Engraver. He designed both sides of the Susan B...
was authorized to produce new ones. Mint officials had also considered using Morgan's design; this idea was dropped and Gasparro replicated the Peace dollar dies. The reverse dies all bore Denver mintmarks; as the coins were slated for circulation in the West, it was deemed logical to strike them nearby.
In early 1965, Treasury Secretary C. Douglas Dillon
C. Douglas Dillon
Clarence Douglas Dillon was an American diplomat and politician, who served as U.S. Ambassador to France and as the 57th Secretary of the Treasury...
wrote to President Lyndon Johnson, opposing the coin issue and pointing out that the pieces would be unlikely to circulate in Montana or anywhere else; they would simply be hoarded. Nevertheless, Dillon concluded that as Senator Mansfield insisted, the coins would have to be struck. Dillon resigned on April 1; his successor, Henry H. Fowler
Henry H. Fowler
Henry Hammill Fowler was an American lawyer and politician.Born in Roanoke, Virginia, he graduated from Roanoke College in 1929 and received his law degree from Yale Law School in 1932....
, was immediately questioned by Mansfield about the dollars, and he assured the senator that things would be worked out to his satisfaction. Mint Director Eva Adams hoped to avoid striking the silver dollars, but wanted to keep the $600,000 appropriated for that expense. Senator Mansfield refused to consider any cancellation or delay and on May 12, 1965, the Denver Mint began trial strikes of the 1964-D Peace dollar—the Mint had obtained congressional authorization to continue striking 1964-dated coins into 1965.
The new pieces were publicly announced on May 15, 1965, and coin dealers immediately offered $7.50 each for them, ensuring that they would not circulate. The public announcement prompted a storm of objections. Both the public and many congressmen saw the issue as a poor use of Mint resources at a time of severe coin shortages, which would only benefit coin dealers. On May 24, one day before a hastily-called congressional hearing, Adams announced that the pieces were deemed trial strikes, never intended for circulation. The Mint later stated that 316,076 pieces had been struck; all were reported melted amid heavy security. To ensure that there would be no repetition, Congress inserted a provision in the Coinage Act of 1965
Coinage Act of 1965
The Coinage Act of 1965, , eliminated silver from the circulating dimes and quarter dollars of the United States, and diminished the silver content of the half dollar from 90% to 40%...
forbidding the coinage of silver dollars for five years. No 1964-D Peace dollars are known to exist in either public or private hands. However, they have been privately restruck using unofficial dies and genuine, earlier-date Peace dollars.
Some Peace dollars using a base metal
Base metal
In chemistry, the term base metal is used informally to refer to a metal that oxidizes or corrodes relatively easily, and reacts variably with diluted hydrochloric acid to form hydrogen. Examples include iron, nickel, lead and zinc...
composition were struck as experimental pieces in 1970 in anticipation of the approval of the Eisenhower dollar
Eisenhower Dollar
The Eisenhower dollar is a $1 coin issued by the United States government from 1971–1978...
; they are all presumed destroyed. A new dollar coin was approved by an act signed by President Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
on December 31, 1970, with the obverse to depict the late president, Dwight Eisenhower. Circulating Eisenhower dollars contained no precious metal, though some for collectors were struck in 40% silver.
Mintage figures
| Year | Philadelphia Mint Philadelphia Mint The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of... |
Denver Mint Denver Mint The Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark... |
San Francisco Mint San Francisco Mint The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,... |
|---|---|---|---|
| 1921 | 1,006,473 | ||
| 1922 | 51,737,000 | 15,063,000 | 17,475,000 |
| 1923 | 30,800,000 | 6,811,000 | 19,020,000 |
| 1924 | 11,811,000 | 1,728,000 | |
| 1925 | 10,198,000 | 1,610,000 | |
| 1926 | 1,939,000 | 2,348,700 | 6,980,000 |
| 1927 | 848,000 | 1,268,900 | 866,000 |
| 1928 | 360,649 | 1,632,000 | |
| 1934 | 954,057 | 1,569,500 | 1,011,000 |
| 1935 | 1,576,000 | 1,964,000 |