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ACCent: The Monthly Newsletter of the Anchorage Coin Club
Membership Meeting 1st Wed. each month, 7 PM, Central Lutheran Church, 15th and Cordova
Vol. 24 No. 5
NEXT MEMBERSHIP MEETING: MAY 4th
Little more than about a year ago, I gave a presentation on the "History of the U.S. Silver Dollar". In that presentation, I pointed out that in the latter part of the 1800s, the gold and silver mining interests in the U.S. were vying to make their precious metal the standard for backing of U.S. coinage and paper currency. With the Nevada Comstock Lode discovery during that lime, the U.S. saw a huge amount of silver being produced. Under political pressure, our U.S. Congress passed the Bland-Allison Act of 1878 which resulted in the production of the Morgan silver dollar. In that Act, the U.S. Treasury was required to purchase 2 to 4 million dollars each month of silver and make silver dollars with a 16:1 ratio in value to gold.
The Morgan Dollar was subsequently produced from 1878-1921. It would prove to become the largest series of silver dollars minted by the U.S. Mint. To make matters even more interesting, Congress passed the Sherman Act of 1890 which required the U.S. Treasury to increase silver purchases to 4.5 million ounces each month. As a result of these two acts, some 570 million silver dollars would be minted. In fact, so many Morgan silver dollars were minted.....that silver dollar production ceased from 1904-1920.
At this point, I'm going to now focus on what happened to the Morgan Dollar and how the Peace Dollar came about.
Stan Mead, our club Treasurer, did an excellent article in our club's Sept. 2003 newsletter on the subject of the "Peace Dollar" Per his article, this is what happened:
As a result of World War 1, our U.S. Congress passed the Pittman Act of 1918 which called for a melting of up to 350 million silver dollars for the war effort. Some 273 million silver dollars were melted down (equivalent to half of the Morgan Dollars minted).
However, the Pittman Act did not come about without a political compromise: In agreeing to the meltdown of such amounts of silver dollars, Congress required that the silver dollar come back into production with silver being purchased from the silver mine owners at $1 per ounce regardless of the current International Market price.
When the 1918 Pittman Act was passed, the International Market price was over $l/ounce. So....no one wanted to sell their silver at this lower price to the U.S. Treasury. However, by 1920, the International Market price of silver went down to 70 cents/ounce. At this point the U.S. silver mining interests were making good money thanks to this subsidy from the Pittman Act.
Luckily... there was a sunset clause on (he Pittman Act that stopped purchases of silver by November, 1924. So.... The Pittman Act of 1918 set the stage for the mintage of the Peace Dollar....which was minted from 1921-through 1928....and then again from 1934-1935. Some 200 million Peace Dollars would be minted.
Per Stan's article (Sept. 2003) there were politics played in the design of the Peace Dollar....largely as a result of lobbying efforts by the ANA (American Numismatic Association).
It started with an article in the November 1918 issue of the ANA magazine, The Numismatist. One of the ANA members, Frank Duffield, called for a Victory type coin commemorating World War 1. This was followed up by an article in May 1919 in The Numismatist reinforcing this recommendation.
What followed was a series of events:
• August, 1920 would see the ANA appoint a 5 member committee dedicated to this effort.
• May, 1921 would see our U.S. Congress passing a resolution calling for the coinage of the Peace Dollar.
• July, 1921 would see President Harding issue an Executive Order assigning the Commission of Fine Arts the task of going forward with the Peace Dollar design.
• November, 1921 would see 8 artists asked to participate in a design contest for the Peace Dollar with the winning design chosen in December, 1921.
The production of (he Peace Dollar began immediately in December, 1921 with a little more than 1 million Peace Dollars minted that month. Prior to the mintage of the 1921 Peace Dollar, the Morgan silver dollars were allowed to be minted for that final year (in 1921). After U.S. Treasury silver purchases finished in November, 1925....the mintage of Peace Dollars would accordingly drop....ending in 1935.
The Peace Dollar came very close to reappearing one more time in 1964, when Congress authorized production of 45 million new silver dollars. However, this production authorization would be rescinded by President Lyndon Johnson. There were some 310,000 Peace Dollars produced by the Denver Mint that were presumably melted down in 1964. However, rumors persist to this day that some 1964 Peace Dollars are still out there....which are supposed to be illegal to own.
What ultimately happened to our Morgan and Peace dollars was that some 50 million silver dollars would be melted down as a result of our U.S. Congress Act of 1942.
As the price of silver would continue to rise... especially during the late 1970's and early 1980's, more silver dollars would be melted down when silver prices reached $50/ounce. This was an unusual period of time when the bullion value of the Peace Dollar was worth more than its numismatic value.
To conclude...it's ironic that the latest spot price of silver as of April 1st 2011 is at $37.82 per ounce. At this price, the silver bullion value of the Morgan or Peace dollar is now at $29.25 per coin.
Note: Since our meeting, the price of silver has gone up to over $46/ounce. I sort of wonder if history is repeating itself......Larry Nakata.
If you verify your prooflike dollars by checking the distance you can read reflected print...
You are probably a numismatist...
And you should belong to the Anchorage Coin Club.
Door Prize: Set of 20th Century Type Nickels: "American Nickel Coin Collection". Won by: Seth.
Membership Prize: Set of Indian Head Cents: "The Wild West Collection." Won by: Joyce.
Briefing by Carl: Checked with University Center management on coin shows for the next year:
• May 21st / 22nd is OK for our club's Spring/ Summer Coin Show.
• October 15th / 16th will need to be the weekend dates for our Permanent Fund Coin Show.
• December 17th / 18th is OK for our Christmas Coin Show.
• Last weekend in February and First Weekend in March, 2012 should also be OK for our Fur Rondy Coin Shows.
Stan Mead: Confirmed that the Abbott Community Park on Elmore St. is reserved for our coin club's Summer picnic event on Saturday/ July 9th. Highlight of the picnic will be our club's annual Donation Auction in which club members are asked to donate the auction lots.
Tim Burke (club president): Our club's raffle prize drawing will be at the July 9th Summer picnic. Great raffle prizes. Need club members to support this raffle by buying tickets.
Presentation by Larry Nakata on the subject of "US Morgan and Peace Dollars" with Larry showing his Morgan and Peace Dollar collection.
Meeting concluded with coin "bullet" auction.
Next meeting: April 6th 7pm.
Last: KONET - TOKEN a privately made coin worth a specific amount in a specific place.
Meeting called to order at 6:30 PM by club president Tim Burke. Meeting held at the New Cauldron Restaurant at the University Center.
No correspondence to review.
Primary focus of meeting was to go over planning for the May 2lst / 22nd Coin Show at the University Center.
• $10/table fee. There are 10 tables available with cases.
• Tim will confirm with Collectables group if they will attend. If so, they will take care of the advertising and pay table fee.
• Additional advertising and promotion was also discussed.
• Event to be announced in next newsletter.
Summer picnic (July 9th):
• Announce in newsletter that we are looking for donation items from our club membership for the Numismatic Donation Auction. Members can start donating effective our May 4th membership meeting.
• Status by John Larson on progress of raffle prizes that will be drawn at Summer picnic.
For May 4th membership meeting:
• Presentation by Stan Mead on "Numismatic Fraud- Difference Between a Counterfeit and a Fraud".
• Larry will provide the food for the membership meeting.
Board meeting concluded at 7:15 PM.....Larry Nakata/Secretary.
Next meeting: May 18th 6:30pm
Bill Fivaz coins for Bullet Coin Auction
1. 1838 Large Cent VF Minimum Bid (MB) $35
2. 1856 Large Cent EF MB 35
3. 1873 Indian Cent GNo minimum
4. 1897 Indian Cent (Snow-1) "1 in Neck" (FS-401) Good MB 25
5. 1903 Indian Cent AU MB 8
6. 1960-P Small Date Lincoln Cent MS-63 RB (Toned) No minimum
7. 1970-S Small Date Lincoln Cent MS-63 Red MB 30 (Note: Pro-Rata roll Bid is $40)
8. 1864 Two Cent Rev. Ret. Cud EF MB 25
9. 1854 (with arrows) Half Dime EF MB 22
10. 1938-D Nickel MS-65 MB 25
11. 1906-O Micro o Dime (Breen #3545) Rare G-4 MB 15
12. 1938-D Mercury Dime BU w/ FSB MB 20
13. 1876-CC Liberty Seated Quarter VG MB 30
14. 1938-D Walking Liberty Half Dollar VF MB 50
15. 1955 Franklin Half "Bugs Bunny variety" MB 20
Donation Coin from Bill Fivaz: 1939 Gold Gate Expo Medal in BU condition.
THE SUMMER AUCTION
CITY:________________________ STATE:_______ ZIP:___________
DUES: Regular; Full membership for those living in Anchorage $25
Sponsored membership - first year $15
Senior, Handicap, & Associates outside Anchorage area $10
Junior; those under the age of 17 $5
Life membership $250
Send application and dues to :
Anchorage Coin Club
P.O. Box 230169
Anchorage, Alaska 99523
E-mail Address: email@example.com
ANCHORAGE COIN CLUB
1886 MARTHA NOTE VF
1892 PROOF LIBERTY NICKEL,
1883-O SILVER DOLLAR MS 62/63
THE 3 WINNERS DRAWN AT OUR
TICKETS: $5 each or 5 for $20
SECOND AND THIRD PRIZE SAME TICKET
ANCHORAGE COIN CLUB OFFICERS:
President: Tim Burke
Vice President: Carl
Secretary: Larry Nakata
Treasurer: Stan Mead
Board Member: John Larson
Board Member: Robert
ACCent Editor: Loren Lucason
#91 Mike Orr: themoneymerchant.com
#110 Bill Fivaz: e-mail firstname.lastname@example.org
#210 Tom Cederlind: tomcederlind.com