Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia

1923 Peace: Market Values

1923 Peace: Summary of Characteristics

Business Strikes:
Enabling legislation: As earlier; plus bullion authorized by the Pittman Act, April 23, 1918
Designer: Anthony de Ftancisci
Weight and composition: 412.5 grains; .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.50458
Dies prepared: Obverse: Unknown; Reverse: Unknown.
Business strike mintage: 30,800,000
Estimated quantity melted: Unknown
Approximate population MS-65 or better: 30,000 to 50,000 (URS-16)
Approximate population MS-64: 60,000 to 120,000 (URS-17)
Approximate population MS-63:300,000 to 500,000 (URS-20)
Estimated quantity melted: Unknown
Approximate population MS-65 or better: 30,000 to 50,000 (URS-16)
Approximate population MS-64: 60,000 to 120,000 (URS-17)
Approximate population MS-63: 300,000 to 500,000 (URS-20)

Proofs:
None

Commentary
This is one of the' most' Common Peace silver dollar issues.

Additional Information

Silver Dollars in the West The Numismatist, April 1923, carried this item:
"Worn Silver Dollars in the West to be Replaced: The silver dollars in circulation in the West are reported to be badly worn, and banks have refused to replace them because they have been compelled to pay expressage on new ones sent from Washington for the purpose. A bill recently introduced in Congress bySenator Smoot will permit the government to pay expressage on 40 million new coins to be sent at once."

Pittman Act Report
The Numismatist, May 1923, updated readers as follows:

"Pittman-Act Purchases of Silver Soon to Stop: The director of the Mint has announced that the amount of silver bullion remaining to be purchased under the Act of April 23, 1918, commonly known as the Pittman Act, is now about 20 million fine ounces. Purchases at the fixed price of $1 per ounce, 1,000 fine, as provided by the act, will stop as soon as the required amount has been purchased, and since the production of domestic silver amounts to between six and seven million ounces per month, the probabilities are that this will be about July 1, 1923.

"Every effort will be made in closing purchases under the Pittman Act to make sure that American miners receive the benefits of the act up to the latest possible date and that so far as practicable the miners continue to get the fixed price of $1 per ounce for their silver until the same date in all sections of the country, without discrimination as between different sections. With this in mind, the director of the Mint has always required, in connection with purchases of silver under the act, supporting affidavits from the American miners showing that settlement has been made with them on the basis of the fixed price of $1 per ounce, adjusted to the equivalent price of silver .999 fine and cost of delivery from refinery to mint, and in handling the remaining purchases the director is imposing further restrictions, applicable particularly to the large sellers of silver, that will assure payments to miners on the basis of $1 per ounce to the latest possible date throughout the country and the simultaneous discontinuance of such payments when the limit under the act has been reached."

More on the Pittman Act

The Numismatist, July 1923, told the following:

"Buying Silver for Coinage Now at an End: Treasury purchases of silver ended June 1, when offers estimated at 200,000 ounces had been received under the Pittman Act. Since the offers were on the basis of estimates, Director Scobey had no way of ascertaining definitely whether the amount required by the law would be entirely filled, Consequently he continued to receive and file offers until June 15.

"The 200,000 ounces purchased are to replace the silver dollars loaned by the Treasury to Great Britain for use in India during the war. When that bullion is again in its vaults the government will be out of the silver market. Officials believe the Treasury will have no further need for additional stocks for several years."