Peace Dollar

Posted by on January 9, 2012

Coin Weight (g) Composition Silver Melt Value Full Melt Value
(1921-1928, 1934 & 1935)
26.73 90% silver, 10% copper
BS 1927peacedollar1 300x153 Peace Dollar

1927 Peace Dollar

The silver Peace dollar coin was made to commemorate the end of the Great War.  The Peace Dollar was first struck in Philadelphia on 21st December 1921.  1,006,473 were placed in circulation on the 3rd of January 1922.  Because the Pittman’s Act requirements were met in 1928, no Peace Dollars were struck in 1929 thru 1933.  When this series ended in 1935 there were 190,577,279 Peace Dollars in total minted.

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The Peace silver dollar was designed by the young, 34 year old, Italian immigrant engraver Anthony de Francisci in 1921. The schedule was tight for the design competition and not having time to get a model Anthony de Francisci used his wife, Teressa, as the model for Liberty’s head.

These are all 38.1mm in diameter, weigh 26.73g, composed of 90% silver and 10% copper, thus having .7734oz of silver, its edge is reeded.

The obverse has Liberty with a crown of rays, much like the Statue of Liberty’s.  Her long hair is up, except the windblown hair around her face.  The date encircles underneath her and “LIBERTY” encircles above.  “IN.GOD.WE” is in the lower portion with the neck separating “TRVST”.  The substitution of the “U” with a “V” in trust is a throwback to the original design that used Roman numerals for the date.  The designer’s make is under Liberty’s neck where her shoulder would be.

The reverse has a bald eagle standing on a rock perch holding an olive branch.  The rock has “PEACE” on it.  There are solar rays coming from the lower portion, depicting the sun rise.  “ONE” runs across the lower third of the coin separated by the bald eagle and then “DOLLAR”.  Encircling the very top rim is “UNITED.STATES.OF.AMERICA” and directly below is “E.PLURIBUS.UNIM”.  The mint mark (“D” for Denver, “S” for San Francisco, and nothing for Philadelphia), is under the “ONE” and above the bald eagles folded wings.

When the United States’ Congress passed the Pittman Act on April 23, 1918, they committed to sell England up to 350 million silver dollars from the Treasury’s reserve of Morgan dollars.  The Treasury was then committed to replaced the 270,232,722 Morgan dollars that were melted down and sold.  This was 47% of all the Morgan dollars that had been minted.  Members of the American Numismatic Association (ANA) started to push for a silver dollar that would commemorate the victory of the Great War (World War I).

The Peace dollar idea took some time to come into being and on May 9th, 1921 the Mint started striking the Morgan dollar again.  Finally on November 19th, 1921 the contest for the Peace dollar began with the entries due on December 11th and on the 12th Francisci’s design was selected.  In the rush to get the dies ready for the Philadelphia mint modifications had to be done by Morgan on the master die drums.  These reliefs were a bit high and were corrected in 1922 after Philadelphia had struck 35,401 Peace dollars almost all of the high relief strikes were retained and melted down.  The Peace dollar is the only United States’ currency to have “peace” on it.

The Pittman Act silver dollar replacements were satisfied in 1928 and no Peace dollars were struck in 1929 until 1934.  Congress passed legislation in response to historically low silver prices.  The Mint was committed to buying silver from United States mines and strike coins with it, thus turning a profit.  The Peace dollar was produced in 1934 and 1935.  This marked the end of silver dollar business strikes in the United States.

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2 comments on “Peace Dollar

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