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Why are they called "Peace" silver dollars

Defective silver dollars made in 1921

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* Mintages of Peace Dollars

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1921 Silver Dollars - Rare and Defective?




    I have a 1923 silver dollar.  In a conversation the other day a person mentioned that the mint stopped making the 1921 silver dollars shortly after they began minting them because they were defective. Supposedly that is why 1921 "Peace" Silver Dollar coins are so scarce.  Is this true?

   You are correct in that during the first year of United States Peace silver dollar production (1921) that the mintage was low and it resulted in a scarcer coin, and thus more expensive today.

    The silver dollar error story goes something like this:

    The US mint made the old style Morgan Silver Dollars for most of 1921.  Near the end of the year they switched designs to the 1921 Peace silver dollars.  Because they only had a short time to mint 1921 dated Peace dollars, the lower quantity minted made them scarcer and thus more expensive today.

    However, There is more to the silver dollar story:

Once the 1921 Peace silver dollars hit the banking system, complaints started coming in.  Turns out that many of these silver dollars were slightly thicker in the center of the coin, than around the rims.  Consequently, when the coins were stacked on one another, the stack would fall over after it got very high. Back in those days, bank tellers stacked their coins behind the counter, rather then keeping them in drawers. Because the banks were complaining, the US Mint retooled the coin dies for 1922, 1923 and subsequent years.  Peace Silver dollars minted after 1921 maintained the same design, however they were slightly thinner in the center and didn't experience the stacking problem.


So your friend is partially right, the 1921 US Peace Silver dollars were defective according to bank tellers, however not according to the public.  They are somewhat rare or scarce due to their low mintage, compared to other silver dollars of the time.

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