Morgan Silver Dollar
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Peace silver dollars are interesting coins with a story behind them. The coins where designed to help symbolize the longing in the nation, which was just pulling out of World War I. The war was long and the loss was great. People just wanted peace, which is why the Peace coin was popular during its early creation.
Why The Coins Were Created
While public sentiment was a strong motivating factor for the creation of the peace silver dollars, it was not the only reason they were created. In 1918, a unique law, called the Pittman Act was established. In short, the law required that the government to melt as much as 350 million silver dollars. Then, it had to be converted to bullion and sold or used to product subsidiary silver coinage. The law was aimed at helping the silver mining industry more than anything else. The Mint did melt 270 million silver dollars. Many of these were sold in bullion form to the British government which required the funds to help them to manage a crisis happening in India.
Interestingly, there was little need for the coins to be minted at all. The coins had grown out of favor in general commerce sectors. No silver dollars had been minted since 1904 because of the lack of need for them. Still, the government had to create them since the Pittman law required it.
By 1921, the cost of silver had fallen significantly and the coins, at first just the older Morgan silver dollars, began to be produced. The numbers produced were record breaking, with more than 86 million examples minted in one year.
The Creation Of The Peace
The Morgan silver dollar had been used well over the required 25 years required by law, so there was no required legislation required to replace the coin with a new design. Congress, though, showed some interest in having a new coin created that would celebrate the war efforts. To create the design of the peace silver dollars, a group of award winning medalists were called together for a competition. The winner was Anthony de Francisci whose design of Lady Liberty on the face was designed after his wife. The opposing side affected an eagle in repose looking toward the sun. The word PEACE was superimposed on a rock. It was the only coin to have that motto.
The peace silver dollars started production in December of 1921, during which just over one million coins were produced. The following year, corrections in the relief were made, and some say that the replacement of it changed the appeal of the coin. By 1928, the coin stopped in production since the requirement was reached, and with the beginning of the Depression, these coins were not needed. In 1934, the design was produced for two additional years. The peace silver dollars are collected today, but there are none that are considered a great reality, though there are few that are considered high grade pieces.
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Morgan Silver Dollar