The Peace dollar is a fascinating coin often overshadowed by the popular Morgan dollar. While the Morgan dollar has its rich history, the Peace dollar also boasts an interesting background, including its unique design and a journey through the melting of silver dollars after World War I. Let’s explore why the Peace dollar is special for collectors and its place in American coinage history.
The Need for a New Dollar
The Morgan dollar, first minted in 1878, was the primary U.S. silver dollar until 1904. By the time World War I (the Great War) began, over 500 million Morgan dollars were in circulation. The Pittman Act of 1918 led to the melting down of over 270 million silver dollars, which included nearly half of the Morgan dollars. The act was meant to support England during the war by providing silver bullion.
In 1920, engraver George T. Morgan was asked to redesign the Morgan dollar to replace the coins that had been melted down. In 1921, Morgan dollars were struck again. However, the idea of a new coin, symbolizing peace after World War I, gained traction. Though Congress failed to pass a law to authorize a Peace dollar, it wasn’t necessary, as the Secretary of the Treasury had the authority to replace the Morgan dollar.
Design of the Peace Dollar
In 1921, a design competition was held to create the new Peace dollar. Artists were invited to submit designs featuring Lady Liberty on the front (obverse) and an eagle on the back (reverse). The winning design came from a young artist named Anthony de Francisci, who used his wife, Teresa, as the model for Lady Liberty. Liberty wears a crown similar to the one on the Statue of Liberty.
On the reverse, de Francisci originally included a broken sword, which caused controversy. Critics felt the sword symbolized defeat, so the design was modified, removing the sword and showing the eagle at rest, holding an olive branch, symbolizing peace.
Production and Controversy
The first Peace dollars were minted on December 28, 1921, and released to the public on January 3, 1922. However, problems arose with the high-relief design, which required more pressure to strike properly. This led to the breaking of dies, forcing de Francisci to adjust the design. Only a small number of the high-relief coins survive today, making them highly valuable to collectors.
Production of the Peace dollar continued until 1928, when the silver from the Pittman Act was exhausted. It resumed again briefly in 1934 and 1935 before ending for good. In 2021, commemorative Peace and Morgan dollars were minted to celebrate the centennial of their transition, and they have become popular collector items.
Key Events in Peace Dollar History
| Year | Event |
|---|---|
| 1918 | Pittman Act melts over 270 million silver dollars |
| 1921 | Peace dollar design competition held |
| 1922 | First Peace dollars released to the public |
| 1928 | Peace dollar production halted |
| 1934-1935 | Production briefly resumed |
Features of the Peace Dollar
| Feature | Description |
|---|---|
| Obverse Design | Lady Liberty inspired by the artist’s wife, Teresa de Francisci |
| Reverse Design | An eagle holding an olive branch, symbolizing peace |
| Notable Element | The removal of the controversial broken sword |
| Unique Varieties | High-relief Peace dollars from early production |
Conclusion
The Peace dollar represents more than just a currency; it is a symbol of hope and recovery after World War I. Its unique design, inspired by peace, and the challenges faced during its production make it a valuable part of American history. Collectors continue to appreciate the coin for its beauty, history, and rarity, especially the high-relief versions. Today, the Peace dollar stands as an attractive and historic piece for any coin collection, and its modern commemorative versions keep its legacy alive for new generations.
FAQ’s
What makes the Peace dollar different from the Morgan dollar?
The Peace dollar commemorates the end of World War I, whereas the Morgan dollar was a regular silver dollar minted earlier.
Why was the broken sword removed from the Peace dollar design?
The broken sword symbolized defeat, which caused public outcry, leading to its removal.
When was the Peace dollar first minted?
The first Peace dollars were minted in December 1921 and released to the public in January 1922.
Why are high-relief Peace dollars rare?
High-relief Peace dollars are rare because the design caused dies to break, and only a small number were produced.
Are there modern versions of the Peace dollar?
Yes, in 2021, the U.S. Mint issued commemorative Peace dollars to mark the centennial of its first release.