Following World War I, a movement led by former American Numismatic Association (ANA) president Farran Zerbe grew to issue a coin that celebrated victory and commemorated the peace. Its production was made possible by the same Pittman Act (1918) that melted hundreds of millions of Morgan Dollars for their bullion to help Great Britain during the war.
Originally proposed as half dollars, Peace Dollars were instead made a dollar issue and prominent sculptors were invited to participate in a design competition. Anthony de Francisci’s design was selected, and his Liberty portrait was modeled after his young wife, Teresa.
Dollars minted in 1921 and just over 30,000 produced in 1922 were struck in high relief, but this caused problems in striking and maintaining die life, so the Mint ordered the relief to be lowered in early 1922 and for all subsequent issues. The Mint melted down the high relief 1922 circulation strikes, but a small number of Proof versions survived.
Peace Dollars were struck yearly through 1928, and then again in 1934 and 1935 as backing for silver certificates. Unpopular in circulation, the coins have grown steadily in popularity as a collectible over the last century.
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