Q. David Bowers
Congressional Resolution (May 1921) The Numismatist, June 1921, carried an article about the May 1921 congressional resolution, "The Coinage of 'Peace Dollars' Before Congress":
On May 9 a joint resolution authorizing the coinage of a "Peace Dollar" was introduced in the House of Representatives by Congressman Albert H. Vestal, chairman of the House Committee on Coinage, Weights and Measures, to which committee the joint resolution was referred. The text of the bill is as follows:
JOINT RESOLUTION to provide for the coinage of peace dollars
Resolved by the Senate and the House of Representatives of the United States of America in Congress assembled: That as soon as practicable after the passage of this resolution, all standard silver dollars coined under the provisions of section 2 of Act entitled "An Act to conserve the gold supply of the United States; to permit the settlement in silver for subsidiary coinage and for commercial use; to assist foreign governments at war with the enemies of the United States; and for the above purposes to stabilize the price and encourage the production of silver," approved April 23, 1918, shall be of an appropriate design commemorative of the termination of the war between the Imperial government and the government and people of the United States.
Such design shall be selected by the director of the Mint with the approval of the secretary of the Treasury. Each standard silver dollar of such design shall be known as the "peace dollar."
Why Dollar Was Chosen (July 1921) The July 1921 issue of The Numismatist contained this article, "Why the Dollar Was Chosen for the Peace Coin":
Since our comment last month on the proposed Peace dollar a letter has been received from Mr. Judson Brenner, chairman of the ANA, in which he points out that when the committee appeared before the House Committee on Coinage, Weights and Measures to urge the issue of the peace coin, it was only after much persuasion that the House committee agreed on the silver dollar for the commemorative coin. Other coins were proposed by them, and they seemed reluctant to accept the dollar. But as our committee was acting on the suggestion made by Mr. Zerbe in his paper before the convention, that the silver dollar afforded greater opportunity for artistic effect, on account of its size, than any other coin, it felt that it would fall short of its duty if it did not insist to the limit on the selection of the dollar as the peace coin.
If the resolution should pass, and there does not seem to be any doubt on that point, and if the Treasury Department authorizes a liberal distribution of the coins, no one should have difficulty in getting them at face value. Their character will cause a far greater demand for them than there has been for the old type, but we do not anticipate that this demand will be great enough to cause them to circulate. It is more than probable that those into whose hands they fall will keep them with the mistaken idea that in years to come they will command much more than face value.
Status of the Coin (September 1921) The September 1921 issue of The Numismatist contained this commentary:
In a recent letter from Mr. Farran Zerbe of San Francisco he writes as follows on the status of the peace coin and comments on the selection of the silver dollar for the coin, which we are glad to publish:
"I suppose you know the resolution was reported out of committee June 29th and placed on the House calendar. There appears to be no opposition to the proposal. As I understand the Committee's report, all of the required coinage of silver dollars to replace those melted under the Pittman Act will be of the Peace design. Allowing that 20 million of the old type may have been coined up to the time the new designs are introduced (about 10 million reported coined to June 29th), there would be over 250 million yet to be coined.
"From the editorial in the July issue of The Numismatist, I seem to have been misunderstood as advocating the dollar for the peace designs. In my paper read at the Chicago Convention last year I pointed out that the half dollar would be a more popular coin, but since the peace coin should be one for general circulation at face value, and believing that any proposal that would change the long-established law of fixed designs over a period of 25 years would invite some opposition, and that the dollars had to be recoined and a new design could be adopted under existing law, the dollar naturally suggested itself as the denomination most likely to receive favorable consideration. As I considered it at the time, new designs commemorating peace could, with the approval of the secretary of the Treasury, be adopted forthe dollar without any Congressional action. The half dollar was my choice for popular use, and the dollar was only put forward because I considered it the mostly likely proposal that would be promptly and favorably considered. Had it not been for the impending change of administration, I believe the matter could have been put over without delay or Congressional action."
Peace Dollar Seems Assured (October 1921)
The October 1921 issue of The Numismatist included the following:
Coinage of the Peace Dollar Seems Assured:
The Columbus (Ohio) Dispatch has for some time contained a department with the very apt caption, "Watching Obvious Ohioans Run the Government," conducted by Louis Ludlow, its representative in Washington, D.C. In a recent issue of the Dispatch Mr. Ludlow had the following to say:
"Dr. J.M. Henderson of Columbus, an enthusiastic and prominent numismatist,(And past president of the American Numismatic Association.)I who has spent several days in Washington recently promoting a sentiment in Congress and among the administration leaders in favor of the coinage of a 'peace dollar,' is returning home in a happy frame of mind, as the success of the project is now completely assured.
"Peace throughout the world will be commemorated by the coinage of a new silver dollar with a special design to symbolize the purpose of its coinage. The design will be made by government artists connected with the Philadelphia Mint.
"The silver bullion from which the new issue will be coined has been purchased or contracted for. Under the Pittman Act passed by Congress during the World War 273 million silver dollars were melted and the bullion was turned over to England to relieve a menacing situation which confronted the British government to India. The bullion was sold to England on such a basis that the United States is enabled now to proceed to coin an equal number of new dollars without loss. Already 22 million silver dollars have been coined, and it is intended that the remaining 251 million shall all be coined in the form of 'peace dollars.'
"This means that the 'peace dollar' will soon be one of the most familiar coins in America. The secretary of the Treasury and director of the Mint are both in complete harmony with Dr. Henderson's views on the subject. The design will be approved by the Fine Arts Commission. While here Dr. Henderson had a conference with Representative Albert H. Vestal, of Indiana, chairman of the House Committee on Coinage, Weights and Measures, who assured him that the necessary legislation to provide for the coin will be passed through Congress at an early date."