In a technologically complex age, it’s easy to wax nostalgic about the allure of Christmases past. The lore of horse-drawn sleighs, snow white winters and crackling fires all sound cozy. Still, few of us would trade our conveniences of today for the spartan life of a century ago.
At that time, in 1920, the US was still trying to recover from the nightmare of World War I where over 116,000 US soldiers had died and countless were wounded. The “War To End All Wars” was so devastating, people everywhere yearned for the Yuletide message of “Peace On Earth.” When the war ended in 1918, and decades before the peace movement of the 1960s, the US government approved the creation of a circulating coin – a silver dollar – to feature the word “PEACE” ....
From the beginning of the United States in the late 1700s, silver dollars had been currency of the realm. The familiar “Morgan” silver dollar first appeared in 1878 – so called because of its designer George T. Morgan – and had a classic design of the allegorical female Lady “Liberty.” Even with its hefty size it was widely carried and used. It also became a prop staple of almost every western movie.
A century ago, that dollar coin would buy plenty. It could pay for a woman’s blouse; 70 pounds of potatoes; almost eight pounds of steak; a child’s tricycle; 30 pounds of laundry soap; a Kodak Brownie camera; or even (I’m not making this up) nine bottles of good wine. Salute. For the well-to-do, the gift of a silver dollar for a youngster at Christmas was naturally something quite special.
Collectors know 1921 was the major transitional year for the US silver dollar. It was the beginning of the “Roaring 20’s.” The growth of the industrial age meant prosperity for more people than ever before. Radio was introduced to the public and jobs were abundant. Though prohibition halted the open sale of alcohol, the ban bolstered the purchase and consumption behind closed doors. 1921 was the final year for Morgan’s design and the beginning of the new “Peace” dollar.
During the conversion from one design to the other, the US Mint decided to usher out the Morgan with a bang. In 1921, over 86 million of the Morgan dollars were minted – the most of any silver dollar coin. In comparison, barely one million of the new 1921 Peace dollars featuring an art deco style design were struck. To this day, in coin collections or keepsake drawers everywhere, more 1921 Morgan dollars are found than any other date. In turn, the much rarer 1921 Peace dollar now trades for 10 to 15 times more than a 1921 Morgan dollar even in top uncirculated grades – roughly, $1,600 versus $120 per coin.
In 2020, retail purchases with a silver dollar is well in the rear-view mirror. With silver prices now around $23 per ounce, the dollars containing about three-quarters of an ounce of silver are worth far more than their face value. They are nice collectibles with a storied past making for an ideal Christmas stocking stuffer. Plus, in its day, it may have passed through the hands of Al Capone, F. Scott Fitzgerald, Babe Ruth or Charlie Chaplin. Who knows?
With 2021 being the 100th anniversary of that transition from the Morgan to the Peace dollar, the US Mint has received congressional approval to mint commemorative restrikes of the two former silver dollars. Each will contain an allegorical image of Lady Liberty from the original coins but will feature the new date of 2021. Both are slated to contain one-ounce of silver.
On a select number of the 2021 Morgan dollar commemoratives, special small Privy marks will be included to recognize the US Mints at Carson City, Nevada and New Orleans where some of the rarer original Morgan dollars were produced.
The release date of the new 2021 Peace or Morgan silver dollar coins is expected to be early next year.
In the meantime, starting at about $30, a 1921 silver dollar in a nice grade can be easily obtained from any local coin dealer. With Christmas less than seven weeks away, securing one now might help you check off someone on your gift list.
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