Q. David Bowers
In the October 1939 issue of The Numismatist, P. M. Fouts of Seattle, Washington, headlined an advertisement with this notation: "1927-S DOLLARS, VERY RARE," offering "while they last" specimens for $2.00 VF and $3.00 Uncirculated, with the mention that an Uncirculated piece "brought $8.75 in Stack's July auction."
Toward the end of the year 1939 and early in 1940 large quantities of 1927-D Peace dollars were released,and numerous dealers reported having stocks of them. An advertisement by Hollinbeck Stamp & Coin Stores, located in Des Moines, Minneapolis and Omaha and managed by A. M. Kagin, offered these Peace dollars for sale in the February 1940 issue of The Numismatist. The 1927-D had recently been released in quantity.
At the time the market for Peace dollars was anything but standard, and prices varied considerably from dealer to dealer. There was no particular attention made to quality. Uncirculated was Uncirculated was Uncirculated, so to speak. Such terms as "choice," "select," and "hand-picked," were not in general use in connection with offerings of the series.
In any event, the market was in a lull, and the crash of commemoratives in the summer of 1936 had spread its shadow over certain other areas of the market. However, the conditions in the Peace dollar market were probably due more to Treasury releases of coins in quantity coupled with international uncertainty-the war in Europe was underway, and no one knew what would happen. Hindsight shows that this was one of the best times to buy into the series.
1921 Unc. $1.45.
1924 Unc. $2.50.
1926-S Unc. $2.95.
1927 Unc, $2.65.
1927-D Unc. $1.65.
In the March 1940 issue of The Numismatist, Goodspeed & Son, Brockton, Massachusetts, offered Uncirculated 1926 and 1927-S Peace dollars for $2.10 each, and 1928-S for $1.50, or a group of three for only $5.25. Prices were very low in 1940-41. At the same time, listings in the arbiter of prices at the time, The Standard Catalogue of United States Coins, were considerably higher-which helped in the merchandising of Uncirculated Peace dollars at cheap prices.
Also reflective of the low prices for Peace dollars in effect in 1940 was this advertisement in the June 1940 issue of The Numismatist by Harvard J. Nichols, of Stephenville, Texas. Prices couldn't get much lower than this!
1921 Unc. $1.35.
1921-D Unc. $1.35.
1922-D Unc. $1.35.
1922-S Unc, $1.35.
1923-S Unc, $1.35.
1925-S Unc. $1.35.
1926-D Unc. $1.35.
1927-D Unc. $1.35.
1928 Unc. $1.35.
1928-S Unc. $1.35.
1935 Unc. $1.35.
Another advertisement of Uncirculated Peace dollars at low prices, but slightly higher than the preceding, was that of the Franklin Coin Mart in the June 1940 issue of The Numismatist.
1922 Unc. $1.35.
1922-D Unc. $2.00.
1922-S Unc. $1.75.
1923-D Unc. $1.75.
1923-S Unc, $1.75.
1925-S Unc. $2.25.
1926-D Unc. $1.75.
1928 Unc. $2.00.
1928-S Unc. $2.00.
1934-D Unc, $1.75.
1935-S Unc. $1.50.
In the February 1941 number of The Numismatist, Dallas collector Elbert M. Whitwell offered Uncircu-lated 1926-D Peace dollars for $1.25 each and 1927-D for $1.30, telling readers of his reasons for selling these and other pieces:
YOUR OPPORTUNITY: I am forced to raise some money during February to apply on a new home which I have just purchased. Rather than turn in many of my coins at the bank, I am giving the collectors an opportunity to purchase some of them at prices considerably below the market. First come, first served.
The June 1941 issue of The Numismatist included an advertisement by the Franklin Coin Mart titled "Dollars for Speculation," with this commentary:
"Lay a few of them away as they are becoming harder to get every day in brilliant Uncirculated Mint condition." This was one of the first notices to stress the investment angle of silver dollars. Little could the writer of the copy predict that nearly 50 years later, in the 1980s, nearly all advertisements for Peace dollars would be investment oriented.
The following Peace dollars were included in the 1941 offering.
1921 Unc, $1.50.
1922 Unc. $1.50.
1922-D Unc. $2.00.
1922-S Unc. $2.00.
1923-S Unc, $2.00.
1925-S Unc. $2.00.
1926-D Unc. $2.00.
1926-S Unc. $3.00.
1927 Unc. $1.75.
1927-D Unc. $1.75.
1928 Unc. $1.75.
1935 Unc. $1.50.
In 1941, 1922-S and 1926-S dollars were released in quantity through the San Francisco Mint, where they had been stored for many years. A. A. Sigwart, of Oakland, California, offered Uncirculated 1922-S dollars for $1.25 each and 1926-S for $1.50 each.
B. Max Mehl's sale of the William Forrester Dunham Collection, June 3, 1941, offered a selection of Peace dollars. Apparently, Mehl had a sarcastic view of peace with the Germans (see note under 1921), due no doubt to the war the Germans started in Europe in 1939. The 1925 dollar was considered to be the key to the series at the time, but in the early 1950s it would become common when the Treasury released millions. Ditto the 1923, released in quantity later in the 1940s.
Mehl refers to several of the Peace dollars as being "very scarce," which at the time they weren't.
Interestingly, the 1934-S was not described as such.
1921 The new type, celebrating Peace (?). Bright Unc, Very scarce to find so choice. $2.45.
1922 Unc., with mint lustre. $1.50.