1964 Peace Dollar - real ghost coin

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2 Aug 2023

While I’m in cryptos rehab, I’d like to write about another American coin.
This time, it's very mysterious, and there are rumors about its existence, and many people would spare quite a lot of money, just to take a look at it.
This coin, is also a victim of U.S. government legacy rules, just like the 1933 Double Eagle described in my previous article.
Firstly, I’d like to introduce the story of how Silver Peace Dollars came to life and when their life ended, because these kinds of coins are very close to my heart (the woman on the obverse of the coin looks like my wife).

The Peace dollar was a legal tender U.S. dollar minted for circulation from 1921 to 1928 and after a short break in 1934 and 1935, and beginning again in 2021 – but this time rather as a bullion coin. The whole silver series of silver dollars complied with Pittman Act 1918.

The series of coins was designed by the Italian sculptor Anthony de Francisci, and it was the result of a competition to find designs emblematic of peace. This project was created to memorize the end of the I World War.

Its obverse represents the head and neck of the Goddess of Liberty in profile, and the reverse depicts a bald eagle at rest clutching an olive branch.
In 2021, the U.S. Mint produced a special 2021 issue of Peace Dollar to celebrate the design’s 100th anniversary, with the minting of the coins to continue from 2023 onwards.

But, getting to the shore, the ghost coin, I’d like to mention is 1964-D Peace Dollar, it caused a lot of controversy even before it was minted. During the 1960s, there was a major coin shortage and was therefore opposed by officials at the United States Mint and in Congress.
What's more, the Treasury of the U.S. was preparing to introduce the $1 Federal Reserve note, which could not be redeemed for silver. This act would greatly reduce the need for silver dollars.

During the ’60s, Morgan and Peace silver dollars did not circulate much, especially in the East, but out West, especially in Nevada where gambling was legal, there was some demand for the coins, mainly from casinos.
For years the Treasury Department had accumulated the old dollars was enough to meet existing demand.
Originally, hubs and dies for 1964 Morgan and Peace dollars, the Mint was considering issuing Morgan dollars but changed to plans for Peace dollars.
Due to the high demand for other coin denominations, the minting of the coins was delayed.
Meantime Mint Director - Eva Adams opposed issuing the coins – as did many in the House of Representatives due to the coin shortage.
And, like it often happens, a speculative hype emerged before any coins were even struck, with dealers and coin collectors offering to pay as much as $7.50.
However, the minting started and From May 13 to 24, 1965, a total amount of 316,076 1964-D Peace dollars was produced.
Although all those coins were experimental or trial pieces. The amount of produced coins was rather unusual if considering trial examples of a new coin.
However, despite a good beginning, and advanced coin production… due to growing criticism in U.S. Congress, and speculation hype over the numismatics community, the mint board of directors decided to execute the slaughter of the innocents.
The Mint reported that all of these coins were melted and the dies destroyed.
And, again, is it the end of the story?
Well, this case considering, it's… at least while dismissing all the rumors.
The coins were never individually verified and counted. They were only checked by weight – which means that, in theory, someone could have tossed another Peace dollar of a different date into a bag.
Ever since this time, rumors have periodically surfaced of existing examples, and various theories have been asserted as to why some examples of the coin could have survived. For example, there were rumors that some examples were held in the estate of President Johnson but those were dismissed by the mint director: Adams, who stated repeatedly that all steps were taken to ensure that no examples went missing or were stolen.
And knowing U.S. citizens' sense of economics (this is why I love them), with almost 320,000 coins (or a little more, according to researcher Roger Burdette), people continue to wonder if some coins are out there.
Some gossip says Denver Mint employees were allowed to purchase two of the new coins as they were minted, which had been done in the past, and that perhaps not all of them were returned when those employees were asked to do that…
Besides since no 1964 dollars were ever officially monetized and released into circulation, even if any of them will surface it would be government property and will be illegal to own by a private person.
Unlike the 1933 Double Eagle described in a previous article, the silver 1964 Peace Dollar has never appeared and it is a real ghost coin, which is stimulating the imagination of many coin collectors and numismatics, and even the American numismatics society, PCGS offered a $10,000 reward simply to view a real example of the 1964-D Peace dollar (in 2013) but so far, there have been no takers.
How much $ would it be to obtain? I bet a couple of million $.
Once again, the history of money shows how it depends on political decisions and how vulnerable it is.
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