United States currency/100¢, 2

Peace Dollar (1921–1928; 1934–1935; 1964)

The Peace Dollar is a silver United States dollar coin minted from 1921 to 1928, then again in 1934 and 1935. Early proposals for the coin called for a commemorative issue to coincide with the end of World War I, but the Peace Dollar was issued as a circulating coin.

Designed by Anthony de Francisci, the Peace Dollar was so named because the word PEACE appears on the bottom of the coin's reverse. It contains 0.77344 troy ounces of silver, and was the successor to the Morgan Dollar, which had not been regularly minted since 1904. With the passage of the Pittman Act in 1918, the mintage of dollar coins was enabled to start again. Prior to the design and acceptance of the Peace Dollar, the Morgan Dollar was minted again in 1921.

After a six-year pause in minting, the Peace Dollar was again minted in 1934 and 1935. It was minted briefly in 1965 (dated 1964), but all examples of this issue were never released to the public and were melted. The Peace Dollar is the last silver dollar minted for circulation in the United States.

Peace Dollar of the United States of America

Value: 1.00 U.S. dollars

Mass: 26.73 g
Diameter: 38.1 mm
Thickness: 2.0 mm

Edge: reeded
Composition: 90.0% Ag, 10.0% Cu

Years of Minting: 1921–1928; 1934–1935; 1964

History

Inspiration

The original inspiration for the Peace Dollar was a paper published in the November 1918 issue of The Numismatist. In it, editor Frank G. Duffield called for a commemorative coin to mark the impending end of World War I. The paper was to be presented at the summer 1918 convention of the American Numismatic Association (ANA), but the convention was cancelled due to the Spanish flu pandemic. Duffield's paper stated that:

“

"An event of international interest, and one worthy to be commemorated by a United States coin issue, is scheduled to take place in the near future.

The date has not yet been determined, but it will be when the twentieth century vandals have been beaten to their knees and been compelled to accept the terms of the Allies...

It should be issued in such quantities that it will never become rare, and it should circulate at face value."

”

The theme for the proposed coin was elaborated upon at the Chicago ANA convention of August 1920. A paper written by Farran Zerbe called for a coin that would showcase the ideals of democracy, liberty, prosperity, and honor. The proposal called for either a half dollar or dollar, in order to provide as much space as possible for the design.

Return of the Silver Dollar

The biggest hurdle faced by proponents of the new coin was that no dollar coin had been minted for circulation in the United States since 1904, the last year of the Morgan Dollar. The demand for silver dollars was so low that vast quantities of Morgans were still sitting in bank vaults. That hurdle was overcome with the passage of the Pittman Act on April 23, 1918. Sponsored by Nevada Senator Key Pittman, the Pittman Act allowed the US government to melt as many as 350 million silver dollars, and then either sell the bullion or use it to produce subsidiary silver coinage. Additionally, the law required the government to mint replacement dollars for any that were melted, with domestically purchased silver.

Since the Act required the minting of new silver dollars, and since no new designs had been accepted, on May 9, 1921, the US Mint resumed production of the Morgan Dollar. More than 86 million Morgans were struck during that year, by far the single highest mintage in the coin's history. The same day that mintage of the Morgan resumed, legislation was introduced in the US Congress that called for the issuance a new silver dollar to commemorate the post-World War I peace. The measure did not come to a vote, but one was not needed. Since the Morgan had been in production (during its original run) for more than 25 years, alteration of the design no longer required legislative approval.

The job of designing the new coin would normally have fallen to George T. Morgan, the mint's chief engraver and designer of the Morgan Dollar. But in compliance with an executive order by President Warren G. Harding, an open design competition for the new dollar was held by the Commission of Fine Arts. Nine artists paticipated, including Adolph A. Weinman, Hermon A. MacNeil, and Victor D. Brenner, designers of the Mercury Dime, Standing Liberty Quarter, and Lincoln cent, respectively. The winner of the competition was an Italian immigrant and sculptor, Anthony de Francisci, whose most recent work had been the design of the Maine Centennial half dollar in 1920.

Production of the Peace Dollar commenced on December 21, 1921, and it was placed into circulation on January 3, 1922. That same day, President Harding was presented with the first Peace Dollar. Roughly one million examples were struck before it was realized that the relief on the coin was so high that it was difficult to strike, and the dies used were breaking at a high rate. The relief was lowered starting with the 1922 issue. That year more than 84 million Peace Dollars were struck, the highest mintage of the series.

End of Production

By 1928, the US Mint had struck enough silver dollars (Morgan and Peace combined) to satisfy the requirements of the Pittman Act. Since public demand for silver dollars did not materialize, the mint halted production of the Peace Dollar that year (with fewer than two million struck). The Peace Dollar returned briefly in 1934 and 1935, as the government needed additional backing for Silver Certificates.

The coin almost made a return in 1964, when Congress approved the mintage of 45 million new silver dollars to fulfill the needs of the booming casino industry in Nevada. The decision was controversial due to a critical silver shortage in 1965, which led to widespread hoarding of silver coinage. In response to the shortage, Congress passed the Coinage Act of 1965, which authorized the removal of silver content from circulating coinage (except for the Kennedy half dollar) minted after December 31, 1964. But under pressure from some members of Congress from the Western states, President Lyndon B. Johnson issued an order on May 15, 1965 to resume production of the Peace Dollar (dated 1964 to allow silver to be included). 316,076 Peace Dollars were struck at the Denver mint that month, before Congress overrode the Presidential order and demanded that production cease. All the coins produced to that point were ordered to be melted. Although rumors persist that some examples still survive, owning them is illegal, making it unlikely that anyone who does own one will ever come forth publicly.

Production of dollar coinage did not resume until the Eisenhower Dollar in 1971. That coin, however, has no silver content, except for some sold directly to collectors by the Mint. Likewise, the Susan B. Anthony, Sacagawea dollars, and Presidential dollars that have been minted since the Eisenhower dollar contain no silver, making the Peace Dollar the last true silver dollar.

Design

Anthony de Francisci's design featured his rendition of Lady Liberty on the obverse. His wife, Teresa, was the model for the sculpture.[4] The font used is an example of the then-popular Art Deco style. This is exemplified by the inscription, "IN GOD WE TRVST," which uses the Latin alphabet.

The original design for the coin's reverse featured a Bald Eagle holding (or standing on) a broken sword, symbolizing peace. This design was interpreted as one of defeat, rather than peace, so Chief Engraver Morgan altered the design to replace the sword with an olive branch (itself a symbol of peace). The eagle is perched on a rock, facing a group of the sun's rays.

The design of the Peace Dollar drew considerable criticism upon its release. A few of the elements of de Francisci's design that drew negative commentary were the open-mouthed Lady Liberty and the Latinized spelling of "trust." The negative response was sufficient enough that the US Mint issued a statement on February 9, 1922, stating that the coin would not be withdrawn. In recent years, however, coin collectors have come to view the Peace Dollar as an attractive and desirable coin.

Mints

Mintmarks appear underneath the word 'One' on the reverse, and include:

no mark (Philadelphia Mint in Philadelphia, Pennsylvania)
D (Denver Mint in Denver, Colorado)
S (San Francisco Mint in San Francisco, California)

Collectibility

The numismatic value of Peace Dollars (as opposed to intrinsic value) is determined by a number of factors. Examples of Peace Dollars minted as proof coins (not intended for general circulation) are rare, and extremely valuable. For circulated Peace Dollars, two types that command higher market prices are varieties (coins that have design elements that differ from usual examples) and rarities (coins that are available in fewer quantities than others in the series).

Proofs

A limited number of proof Peace Dollars were minted in 1921 and 1922. These coins feature a high relief (design elements that protrude from the background higher than usual) and are extremely rare. They are worth up to $50,000, according to the 2006 Red Book.

Special Varieties

Due to subtle differences between the dies used to mint Peace Dollars, there are a few different varieties available for collectors. Some notable examples include:

1926-S: The "S" mintmark may be higher or lower than normal.
1934-D: The "D" mintmark may be small or large, depending on the coin.
1935-S: Due to a new reverse die at the San Francisco mint, some examples have an extra ray below the "ONE."

Rarities

Certain examples of Peace Dollars are considered rarities, for a variety of reasons–lower mintage numbers, a relative shortage of remaining examples, or a relative shortage of examples in a certain grade. The higher the grade, the fewer examples are likely to exist. Rarities usually command a higher price from collectors than more commonly available examples.

Due to lower mintage figures, 1921, 1928-P, and 1934-S Peace Dollars graded as Extra Fine (EF or XF, roughly the midpoint of the grading scale) are considered rare. The 1925-S and 1928-S issues have higher mintage figures but are worth approximately $20,000 in the grade of MS-65 (near the top of the scale, MS-70), considerably higher than all other Peace Dollars of the same grade. This is because very few examples of these two coins exist in this condition.

Release of Dollars By the US Treasury; The GSA Sale

Because of the size and weight of the dollar coins, they circulated minimally throughout their history, except in the West (especially at casinos in the early to mid 20th century, where they were commonly used both at the tables and at slot machines.) As a result, the coins were generally shipped to Washington and stored in the vaults of the US Treasury; at times these stores numbered into the hundreds of millions.

They were very popular as Christmas gifts, however, and from the 1930s to the early 1960s, many bags were annually released to banks nationwide to be distributed as presents. In November 1962, during this annual distribution, it was discovered that there were some rare and valuable dates, still sealed in their original mint bags, all in uncirculated condition, among the millions of dollar coins still in the Treasury vaults. Collectors/investors/dealers lined up to purchase them in $1,000 bags, trading silver certificates for the coins. Before this event, the great rarity of the Morgan series was 1903-O, which was by far the most expensive of the entire set. It was discovered that there were millions of this specific date and mint in the Treasury vaults; an estimated 84% of the entire mintage sat in these bags, untouched for 60 years, all in uncirculated condition. While still relatively expensive in circulated grades, uncirculated examples can be had for a modest amount over common dates.

On March 25, 1964, the Secretary of the Treasury announced that Silver Certificates would no longer be redeemable for silver dollars. Subsequently, another act of Congress dated June 24, 1967, provided that Silver Certificates could be exchanged for silver bullion for a period of one year, until June 24,1968.

Following this, the Treasury began to inventory its remaining stock of dollar coins, and found it had about 3,000 bags (3 million coins) still left, many of them Carson City mint dollars, which even then carried a premium. The coins were placed in special hard plastic holders and the General Services Administration (GSA) was given authorization to sell them to the public in a series of mail-bid sales. Five sales were conducted in 1973 and 1974, but sales were poor, and the results unspectacular. There was much complaining among the coin buying public, many stating that the United States Government should not be in the "coin business", especially considering that the government had spent little more than a dollar to mint and store each coin. After these sales, more than a million coins were still left unsold.

These sat again until 1979-1980, where, amidst an extraordinarily volatile precious metals market, the remaining coins were sold under chaotic conditions. The GSA, having published minimum bids in November of 1979, announced on January 2, 1980, that those minimum bids were no longer valid, and that prospective bidders would have to "call in" to a toll free number to get current minimum bids. Then, on February 21, 13 days after the bidding process officially began, the maximum number of coins per bidder was changed from 500 to 35. Many bidders, under these confusing conditions, ended up with no coins at all. Complaints again flooded in to Congress, but the damage had already been done, and the last silver dollars held by the United States Treasury were gone.

Over the years, many of these GSA dollars have been broken out of their special holders for purposes of grading or otherwise, and now original, unbroken GSA dollars carry a small premium. Some third party grading companies have begun to grade coins still in their GSA holders, as a means of preservation, though this is not without controversy.

Eisenhower Dollar (1971–1978)

The Eisenhower Dollar is a dollar coin issued by the United States government from 1971–1978 (not to be confused with the Eisenhower commemorative dollar of 1990). The Eisenhower Dollar followed the Peace Dollar and is named for General and President Dwight David Eisenhower, who appears on the obverse. Both the obverse and the reverse of the coin were designed by Frank Gasparro.

Eisenhower Dollar of the United States of America

Value: 1.00 U.S. dollars

Mass: 22.68 g
Diameter: 38.1 mm
Thickness: 2.58 mm

Edge: reeded
Composition: Outer Layers: 75.0% Cu, 25.0% Ni; Core: 100% Cu

Years of Minting: 1971–1978

Obverse

Design: General/President Dwight D. Eisenhower
Designer: Frank Gasparro
Design Date: 1971

Reverse

Design: The Apollo 11 Mission Insignia
Designer: Frank Gasparro
Design Date: 1971

Specifications

Obverse design: General/President Dwight D. Eisenhower
Reverse design: The Apollo 11 Mission Insignia
Bicentennial reverse designer: Denis Williams
Bicentennial reverse design: The Liberty Bell and the Moon
Edge: reeded
Diameter: 38.1 mm

Composition

The Eisenhower Dollar was struck with a copper-nickel composition for circulation and was the first United States dollar coin to not be struck in a precious metal, although special collectors' issues were struck at the San Francisco Mint in a silver-copper composition.

Copper-nickel issues:

Weight: 22.68 grams
Composition: Outer Layers of 75% copper, 25% nickel with a center layer of 100% copper

Silver-copper issues (silver clad):

Weight: 24.59 grams
Composition: Outer layers of 80% silver with a center of 20.9% silver. Aggregate 60% copper, 40% silver
Silver content: 0.3164 troy ounce (9.841 grams)

History

The Eisenhower Dollar was struck to celebrate Dwight D. Eisenhower, who died in 1969, and the Apollo 11 moon landing of the same year. It was minted for only a seven year period. The coins were often saved as mementos of Eisenhower and never saw much circulation outside of casinos. Special Bicentennial issues were minted in 1975 and 1976.

Mints

Mintmarks appear above the third and fourth numbers in the date under Eisenhower's neck. Mintmarks include:

None (Philadelphia Mint in Philadelphia, Pennsylvania)
D (Denver Mint in Denver, Colorado)
S (San Francisco Mint in San Francisco, California)

Mintage Figures

1971 P - 47,799,000
1971 D - 68,587,424
1972 P - 75,890,000
1972 D - 92,548,511
1973 P - 1,769,258
1973 D - 1,769,258
1974 P - 27,366,000
1974 D - 45,517,000

(no dollars dated 1975 - see next section)

1976 P - 117,337,000 (bicentennial)
1976 D - 103,228,274 (bicentennial)
1977 P - 12,596,000
1977 D - 32,983,006
1978 P - 25,702,000
1978 D - 33,012,890

Bicentennial Dollar

Special reverses were added to all quarter dollar, half dollar, and dollar coins minted in 1975 and 1976 to celebrate the bicentennial of America's independence. In addition, the date was shown as 1776-1976 for the quarters, half dollars, and dollars minted in 1975 and 1976. There are no 1975 dated quarters, halves, or dollars. The reverse of the Eisenhower Dollar was designed by Dennis Williams and shows the Liberty Bell in front of the moon.

Special Issues

Some Eisenhower Dollars were minted in a 40% silver clad to be sold to collectors. All of these coins were minted at the San Francisco Mint, with dates 1971, 1972, 1973, 1974, and 1976. These coins were either uncirculated or proof. Uncirculated coins came in cellophane with a blue plastic token in a blue envelope. Proof issues came in a proof set-like plastic case, contained in a brown "wood grain finish" slipcase box with a gold seal on the back. The uncirculated coins are referred to as 'Blue Ikes' and the proofs as 'Brown Ikes'. Coins minted in 1975 and 1976 for the Bicentennial come with the quarter and the half dollar of that year. The uncirculated coins were sold by the Mint for three dollars; the proof versions for ten dollars. Two varieties of the Bicentennial dollar were produced in 1975 and can be distinguished by the thickness of the lettering on the reverse. The Type I has thicker lettering, shown in the picture above, while the Type II has more delicate lettering. The Type II version is more common.

Missing Ikes?

Eisenhower Dollars did not appear in the 1971 and 1972 mint and proof sets. The only Ikes available to collectors from the Mint with these dates were the silver clad uncirculated and proof issues. Copper-nickel clad issues had to be obtained directly from circulation.

On the other hand, 1973 copper-nickel clad Ikes were ONLY available in the uncirculated and proof sets of that year; none were released for general circulation.

All following dates of this series in copper-nickel were available both in uncirculated and proof sets from the Mint.

Anthony Dollar (1979–1981;1999)

The Susan B. Anthony dollar is a United States coin minted between 1979 and 1981, and again in 1999. It depicts women's suffrage campaigner Susan B. Anthony. The reverse depicts an eagle flying above the moon (with the Earth in the background), a design adapted from the Apollo 11 mission insignia that was also present on the previously issued Eisenhower dollar.

Anthony Dollar of the United States of America

Value: 1.00 U.S. dollars

Mass: 8.1 g
Diameter: 26.5 mm
Thickness: 2.0 mm

Edge: reeded
Composition: 91.66% Cu, 8.33% Ni

Years of Minting: 1979–1981; 1999

Obverse

Design: Susan B. Anthony
Designer: Frank Gasparro
Design Date: 1979

Reverse

Design: Eagle over surface of Moon
Designer: Frank Gasparro
Design Date: 1979

Overview

Though it is round, the Susan B. Anthony dollar may appear 11-sided, due to an 11-sided rim bordering the edge of both sides. The original design called for the coin itself to be an 11-sided hendecagon, but vending machine manufacturers protested this plan, claiming that available vending machine technology could only accommodate round coins without extensive (and expensive) retooling.

Because of their similar size and color, it was found to be very easy to mistake the coin for a quarter. The originally-planned hendecagon-shaped edge, which would have distinguished it from the quarter, had been replaced with a depiction of an hendecagon and the same reeded edge as the quarter, thus compounding the confusion. It was unpopular and was disparagingly referred to as the "Carter quarter" or the "Anthony quarter." 888,842,452 Anthony dollars were produced for circulation (Additional dollars were produced as numismatic items).

The coin was released July 2, 1979. A $1 postage stamp, Scott #1612, was released nationwide on the same day, allowing philatelic/numismatic first day souvenirs to be produced.

While a large quantity were produced in 1979, they failed to circulate well (despite the slogan "Carry three for Susan B.") and a minimal number were produced in 1980. In 1981, none were produced for circulation, but instead were produced for numismatic sets marketed by the Mint. Many of those have been broken, and it is not unusual to find 1981-dated Anthony dollars in circulation.

At the end of production, the Treasury was left with hundreds of millions of the coins in its vaults.

In the 1980s and into the 1990s, vending machines (especially transit and postal machines) began to take higher denomination notes, when previously they had been effectively limited to dollar notes. While change could be given in quarters and smaller coins, more and more such machines began to give change in dollar coins. This led to an increased call on the Treasury's supply. By 1998, the Treasury's stock of dollar coins was near exhaustion. The Mint lacked the legal authority to change the design of the coin, and it was not deemed possible to release the new Sacagawea dollar earlier than 2000. Accordingly, after the longest hiatus for the same design of a circulating coin in U.S. history (one year longer than for the Morgan silver dollar), the coin was restruck in 1999.

Since the Sacagawea dollar's 2000 introduction, the Susan B. Anthony dollar circulated along with it--the two coins have identical metallic signatures to vending machines. The Presidential $1 Coin Act of 2005, which initially proposed taking all remaining Susan B. Anthony dollars out of circulation, merely directed the Secretary of Treasury to take a deeper look into the matter and report back to Congress sometime in 2006.

Collecting the Anthony Dollar

The Anthony dollar is notable for numismatists because (as of 2007) it was the last coin produced for circulation with the "S" mintmark of the San Francisco Mint.

The Susan B. Anthony dollar is relatively simple to collect. It is a short series with large mintages. Referred to affectionately by collectors as the "Susie B," the basic circulated set includes just 11 coins. The basic proof set includes 6 coins. There are several important varieties that can also be collected. In the circulated set, the 1979 P "Near Date" also commonly known as the "Wide Rim" is rather scarce. In the proof set, the main varieties are the 1979 Type I and Type II mintmarks and the 1981 Type I and Type II mintmarks.

A growing segment of Anthony dollar collectors are looking for coins with Full Talons. Like Full Bell Lines on the Franklin half dollar, Full Head on the Standing Liberty Quarter, and Full Split Bands on the Mercury and Roosevelt Dime, FT coins are recognized as having a superior strike. While the FT designation is not yet recognized by any major Third Party Grading companies, it is increasingly popular. The designation refers to the talons on the feet of the eagle on the reverse. Often, either due to poor strike or clogged dies, the eagle has "blob feet," without distinguishable toes. To qualify for FT, the talons must be fully separated and rounded, without any marks or weakness. The ultimate FT also shows the folds of skin on the toes. FT is not a function of die state, as FT coins are known on late state dies as well as early state dies.

Mintage Figures

1979 P - 360,222,000
1979 D - 288,015,744
1979 S - 109,576,000
1980 P - 27,610,000
1980 D - 41,628,708
1980 S - 20,422,000
1981 P - 3,000,000
1981 D - 3,250,000
1981 S - 3,492,000
1999 P - 35,892,000
1999 D - 11,776,000

Depictions in the Popular Media

The TV series based on the Robocop movie, which was set in the near future, featured a $1 coin called the "Ronnie." It was nearly identical to the Susan B. Anthony dollar, except that its obverse depicted Ronald Reagan.
In a retrospective episode of The Simpsons, Comic Book Guy holds up a copy of Susan B. Anthony Man comics. The heroic character depicted on the cover is carrying a shield which looks like a Susan B. Anthony dollar.
On another episode of The Simpsons, Mr. Lisa Goes to Washington, Lisa proposes that the family attend the memorial to the fictional Winifred Beecher Howe, an "early crusader for women's rights" who was the leader of the 1910 Floor Mop Rebellion. "Later," Lisa notes, "she appeared on the highly unpopular 75-cent piece."
In the animated series The Powerpuff Girls, a feminist villain who robs banks demands that the money she steals is in Susan B. Anthony dollar coins.
On the NBC reality series Treasure Hunters, a Susan B. Anthony dollar was a clue in the penultimate leg of the Hunt.
Uncle John's Bathroom Reader features an article titled "It Seemed Like a Good Idea at the Time", which is dedicated to telling the story of the Susan B. Anthony dollar.
The song Sunken Waltz by musical group Calexico features the lyric "Tossed a Susan B. over my shoulder in hopes that it would rain and rain".
In episode 4 of Sam & Max Season One, the episodic computer game by Telltale Games, Sam refers to Susan B. Anthony dollars when he and Max encounter a pay phone at the White House.
In the X-Files episode "The Unusual Suspects," the character of Frohike dismisses Suzanne Modeski's story of a government cover up by saying that it's "the same government that gave us Amtrak." Langly agrees, chiming in with "Not to mention the Susan B Anthony Dollar."

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