Q. David Bowers
Report on Dollars (1938)
The Annual Report of the Director of the Mint, 1938, estimated that domestic coin in the United States amounted to $1,077,724,054, of which $547,079,218 was in standard silver dollars. Further:
"The Silver Bullion Depository,(In the 1960s the Silver Bullion Depository, later called the West Point Bullion Depository, served as a mint (but no mintmarks were employed) for the coinage of Lincoln cents. In the 1980s and 1990s, commemorative gold coins, gold eagles, and other items were struck there, some of which bore a W mintmark. By presidential decree on March 31, 1988, the facility became known as the West Point Mint. In 1938, silver bars, not silver dollars, were stored there (also see the Annual Report of the Director of the Mint, 1939, p. 5).)constructed on a site formerly included in the military reservation at West Point, was completed during the fiscal year 1938. It will be operated as an auxiliary of the New York Assay Office to be occupied at once for the storage of silver bullion previously temporarily placed in the assay office at New York, the old Assay Office building at New York, the Sub-Treasury building, and at rented vaults. Additional vaults for silver storage are under construction at the new San Francisco Mint, which was first occupied during the previous fiscal year."
Melting Coins (1942 Legislation)
The Annual Report of the Director of the Mint, 1953, contained the following:
"United States coins which have become too worn to remain in circulation are returned to the mints by the Federal Reserve banks and branches, and by the United States treasurer in Washington, D.C. Such coins are termed 'uncurrent' and are exchanged at face value.
"Uncurrent coins are to be distinguished from mutilated coins which are purchased at bullion value (see silver bullion ordinary). Uncurrent silver coins are melted, alloyed with copper to bring to the proper coinage standard, and recoined into subsidiary silver coins, that is, the 50-, 25-, and 10-cent denominations. An exception to the preceding is noted. Until December 1942 there was no law which would permit the melting and recoinage of uncurrent silver dollars as for subsidiary coins. Consequently over $50 million in uncurrent dollar coins were occupying vault space in the various mints. The act of December 18, 1942 (Sec. 4, 56 Stat. 1064, 1066), enabled the mints to melt uncurrent silver dollars and recoin them into subsidiary silver coins. From this accumulation over 39 million fine ounces of silver thus were made available for coinage purposes, Also the alloy was an important source of copper for coinage at a time when copper was a strategic war metal and mint supplies were curtailed."
Melting Silver Dollars (Later Reports)
The Annual Report of the Director of the Mint, 1946, told of silver dollar melting. Standard silver dollars were melted beginning in fiscal year 1943, when 5,982,708 were melted.
In fiscal year 1944 33,152,082 were melted. In fiscal year 1945291,075 were melted.
In fiscal year 1946 72,140 were melted, for a total melting of 39,498,005 from fiscal year 1943 through 1946 inclusive. This was under the Act of December 18, 1942 which permitted mints to melt uncurrent standard silver dollars and coin them into subsidiary coins. Further:
"In addition to providing the mints with space in vaults occupied by the uncurrent dollars, there was an additional source of copper alloy for coinage, at a time when copper was a strategic metal needed for war purposes."
Apparently, these figures were not correct, for the 1947 Annual Report of the Director of the Mint noted that the totals were as follows: 1943: 8,080,739; 1944: 44,658,194; 1945: 393,881; 1946: 96,455; and 1947: 66,655.
The 1948 Annual Report noted that by June 30, 1948, 53,657,713 totally had been melted under the Act of December 18, 1942.