Q. David Bowers
Business Strikes:
Enabling legislation: As earlier; plus bullion authorized by the Pittman Act, April 23, 1918
Designer: Anthony de Francisci
Weight and composition: 412.5 grains; .900 silver,.100 copper .
Melt-down (silver value) in year minted: $0.51906
Dies prepared: Obverse: Unknown; Reverse: Uknown.
Business strike mintage: 11,811,000
Estimated quantity melted: Unknown.
Approximate population MS-65 or better: 7,500 to 15,000 (URS-14)
Approximate population MS-64: 20,000 to 40,000 (URS-16)
Approximate population MS-63: 150,000 to 250,000 (URS-19)
Approximate population MS-60 to 62: 500,000 to 900,000 (URS-21)
Approximate population VF-20 to AU-58: 2,500,000 to 4,500,000(URS-23)
Characteristics of striking: Usually with above average striking sharpness .
Known hoards of Mint State coins: Many bags were released in the 1940s and 1950s, but by the 1960s bags were relatively scarce.
Proofs:
None
Commentary
This and the 1922, 1923, and 1925 Philadelphia Mint issues constitute the four most common Peace silver dollars, although in Mint State the 1924 is somewhat scarcer than the other three.
Pittman Act Report
The Annual Report of the Director of the Mint for the fiscal year ending June 3D, 1924, told of silver purchases:
"All of the silver purchased under the terms of the so called Pittman Act, remaining undelivered June 30, 1923, has been received during the past fiscal year except 588,642 ounces. Deliveries to the mints upon all accepted tenders must be made on or before October 1, 1924. Approximately 36 million silver dollars remain to be coined from the silver purchased under this act.
"The New York market price of silver during the fiscal year ended June 3D, 1924, averaged $0.64517; the lowest price was $0.62875 on August 23-24, 1923; and the highest price $0.675 on various dates in June 1924."
Efforts to Make Dollars Circulate
The Numismatist, September 1924, advised readers as follows: "To Force Peace Dollars Into Circulation: Stored in the vaults of the Treasury Department at Washington are hundreds of thousands of silver dollars that are not working. In reportingthat the Treasury has embarked on a campaign to restore this coin to circulation. The initial step was taken when one of the coins was placed in the pay envelope of each of the 5,000 Treasury employees, and similar action would be suggested to other government bureaus. The retirement of silver certificates will follow as a matter of course. Few silver dollars have been in circulation in this part of the country' during the last 10 or 15 years."
The Year 1924 in History
In the presidential election, using the theme "Coolidge Prosperity," Republican incumbent Calvin Coolidge handily defeated his opponent, Democrat John W. Davis. Congress passed an act on May 26,1924, limiting the number of immigrants from any country to no more than 2% of the existing residents of that nationality, excluding, however, Japanese. During the year most immigrants came from Canada, Mexico, and South America. Following the investigation of the Teapot Dome scandal, a federal grand jury brought indictments against Albert B. Fall, former secretary of the Interior, and oilmen Harry Sinclair, Edward L. Doheny, and Edward L. Doheny, Jr. The Dohenys were charged, among other things, with paying a $100,000 bribe to Fall.
"Coolidge Prosperity" was evident throughout the country. In Florida, real estate was booming, as salesmen, including William Jennings Bryan, extolled the virtues of living in the sunny South. International Business Machines Corporation was formed in New York. In due course IBM data processing cards would become popular; they were made the size of American currency, to facilitate the public's becoming used to handling them. Currency continued to be of "large size" (small-size notes were designed in 1928 and introduced in July 1929). The first Chrysler automobile was made. More than half of the world's cars were Model T Fords, priced then as low as $290. An entire sub-industry arose to supply accessories such as radiator caps, car tops, and other items to Model T owners. President of the American Tobacco Company James B. Duke offered Trinity College in Durham, North Carolina $40 million to change its name to Duke University; this was eventually done amid much criticism that the educational institution was prostituting itself.
Radio became a national fascination, with over three million Americans owning sets, mostly of the crystal set variety. Growing prosperity and increased leisure time increased the demand for the reproducing piano, a type of player piano, usually in the grand piano format, that played rolls that faith-fully reproduced the hand playing of famous pianists such as Paderewski, Rachmaninoff, and even the Original Piano Trio. Leading makes were Ampico, Duo-Art, and Welte.
In Chicago, AI Capone and other gangsters raked in untold profits from bootleg liquor and other activities made possible by Prohibition and by lax law enforcement. In the same city, the Mills Novelty Company, Jennings, and other firms turned out a flood of three-reel, one-arm-bandit slot machines.
The first product of New York's newly established publishing firm Simon & Schuster was a crossword puzzle book; soon these puzzles became all the rage. A. A. Milne's When We Were Very Young was published and contained verses written for his young son, Christopher Robin. Metro-Goldwyn-Mayer and Columbia Pictures were formed in 1924, and would go on to many accomplishments. The Music Corporation of America (MCA) was founded and over the years booked many musical, theatrical and film personalities. George Gershwin's Rhapsody in Blue was first performed on February 12, 1924 at Aeolian Hall in New York City. A roll for the Duo-Art reproducing piano was made from Gershwin's performance of his own music. In time, Rhapsody became part of the American idiom.
Will Rogers, who was becoming increasingly well known and who would be one of America's most famous and best loved personalities over the next decade, was featured at the Ziegfeld Follies. Popular songs included Tea for Two, I'll See You in My Dreams, California Here I Come, When My Sugar Walks Down the Street, When Day Is Done, Indian Love Call, Sweet Georgia Brown, and Yes Sir, That's My Baby. What Price Glory? and Desire Under the Elms debuted on stage.
More and more dirigibles were seen in the skies around the world. The ZR-3, made in Germany, flew from Friedrichshafen to Lakehurst, New Jersey. The United States Navy acquired the craft and renamed it the Los Angeles.
Vladimir Ilich Lenin died on January 1, 1924, and Petro grad was renamed Leningrad in his honor. The new German reichsmark was issued, 30% backed by gold, ending runaway inflation.
"Coolidge Prosperity" led to increased coinage at all three mints in 1924.