A New Era of Tranquility: The Birth of the Peace Dollar

A New Era of Peace: The Birth of the Peace Dollar

The Peace dollar, a poignant symbol of the hope and optimism that followed the horrors of World War I, stands as a testament to the resilience of the human spirit. Its creation, a collaborative effort between prominent sculptors and government officials, marked a new chapter in American numismatics.

The Genesis of a Coin

In the aftermath of the "War to End All Wars," a movement led by Farran Zerbe, the former president of the American Numismatic Association, gained momentum. Its goal: to issue a coin that would celebrate victory and commemorate the newfound peace. The Pittman Act of 1918, which authorized the melting of millions of silver dollars to aid Great Britain during the war, provided the necessary silver for the production of the new coin.

Design Competition and Controversy

Initially proposed as a half dollar, the coin was ultimately issued as a dollar. Prominent sculptors were invited to participate in a design competition, with Anthony de Francisci's design ultimately emerging victorious. De Francisci's Liberty portrait was inspired by his beautiful young wife, Teresa.

De Francisci's original reverse design featured an eagle breaking a sword, symbolizing the disarmament of warring nations. However, some government officials objected, perceiving the image as a sign of defeat. Under orders from the Treasury Department, United States Mint Chief Engraver George T. Morgan modified the design, removing the sword without de Francisci's approval.

Early Production and Relief Modifications

The first Peace dollars were struck in December 1921 for official release in January 1922. However, the high relief of these coins caused problems with striking and maintaining die life. In early 1922, the Mint ordered the relief to be lowered for all subsequent issues. The high relief 1922 circulation strikes were melted down, with only a small number of Proof versions surviving.

A Coin's Fate

Peace dollars were minted annually through 1928 and again in 1934 and 1935 as backing for silver certificates. Unfortunately, the Peace dollar proved to be no more successful than the Morgan as a circulating coin, except in some rural areas of the American West.

A Brief Resurgence and a Mystery

Remarkably, in 1964, Congress authorized a program to strike 45 million Peace dollars. Over 316,076 1964-dated coins were struck at the Denver Mint, but objections arose about issuing a coin seemingly designed to benefit special interests. Rising silver prices also played a role. The Treasury halted further production and ordered all 1964-D Peace dollars to be melted down.

None of the struck coins were monetized, making them illegal to own. As far as is known, all 1964-D dollars were recalled and melted. However, rumors persist that at least one example is secretly held by a wealthy collector. The allure of the mythical mid-century Peace dollar was further heightened when PCGS announced a $10,000 reward for the opportunity to see and authenticate one.

The Peace Dollar's Legacy

The Peace dollar remains one of the most popular and widely collected U.S. coins. Nearly two million coins from this series have been graded by CAC, NGC, and PCGS. The value of a Peace dollar is tied to the current silver spot price with a numismatic premium of approximately $5 to $10, depending on condition. Certified coins in higher grades command significant premiums.

The Peace dollar has also been the subject of numerous die varieties, known as VAMS. Some are pronounced, while others require expert knowledge to identify. The Cherrypicker's Guide by Bill Fivaz and J.T. Stanton enumerates some of the most popular Peace dollar varieties.

A Centennial Tribute

In 2021, to mark the centennial of both the 1921 Morgan dollar and the 1921 Peace dollar, Congress passed a bill authorizing the production of commemorative Morgan and Peace silver dollar coins. The Mint used advanced computer technology to scan the original designs, ensuring that the modern versions closely resembled their predecessors.

The Future of the Peace Dollar

While the modern Peace dollar and Morgan dollar coins are not considered true Peace dollars by CoinWeek, they remain numismatic tribute coins that pay homage to the legacy of this iconic American coin. The Peace dollar, with its enduring beauty and historical significance, will undoubtedly continue to captivate collectors and enthusiasts for generations to come.