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Description

The 1918 Pittman Act instructed the U.S. Mint to melt up to 350,000,000 silver dollars into bullion and to use the proceeds to purchase bullion to coin a like number of coins. The melt bullion was sold to England at $1 per ounce, and then newly mined silver was purchased from U.S. silver mines at $1 per ounce. This was above the market selling price of silver and acted as a federal subsidy to the silver mining industry. It appears that cronyism never goes out of style!

Coinciding with the passage of the Pittman Act, a movement started to issue a coin to commemorate the peace after WW I, and that such a victory coin be "issued in such quantities it will never become rare."

Production of the Morgan dollar re-started in 1921 as called for by the Pittman Act, and a competition was held to find it's replacement. The winner of the competition was Anthony de Francisci, who used his wife Tereas as his model. The obverse features Lady Liberty with a crown meant to resemble that on the Statue of Liberty. The studio window was open when de Francisci worked, hence the blowing hair of Lady Liberty on the coin.

The Peace dollar was minted from 1921-1928, as well as 1934-35. It was the last regular production dollar struck in silver. The Peace dollars were produced with ninety percent silver and ten precent copper in order to conform with the coinage act of 1837. In 1962 a silver certificate was partially redeemed for an uncirculated Morgan dollar, which set off a firestorm of interest in redeeming silver certificates to the US Treasury. Demand was huge, with some in lines pushing wheelbarrows. Several million uncirculated Morgan and Peace dollars were eventually discovered in vaults and sold off to the public.

These Peace dollars are above average circulated coins, rated as about uncirculated. The coin shows very minor traces of wear or abrasions on only the highest points on the coin. Mint luster is almost complete and the surfaces of the coin are well preserved. We have limited numbers of these available.

Specifications
3657
US
U.S. Mint
Lightly Used
900
Left facing profile of Lady Liberty and the words "Liberty In God We Trust" and the year
Bald eagle resting on an olive branch and the words "United States of America E Pluribus Unum One Dollar Peace"
1921
38
2.8
USD 1
Anthony de Francisci
0.7734

SKU

3657

Country

US

Manufacturer

U.S. Mint

Condition

Lightly Used

Purity

900

Obverse

Left facing profile of Lady Liberty and the words "Liberty In God We Trust" and the year

Reverse

Bald eagle resting on an olive branch and the words "United States of America E Pluribus Unum One Dollar Peace"

First Released

1921

Diameter (mm)

38

Average Thickness (mm)

2.8

Legal Tender

USD 1

Designer

Anthony de Francisci

Metal Weight (ozt)

0.7734
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