Collecting The 1928 Silver Dollar|1928 Silver Dollar
Overview Of The 1928 Silver Dollar
The 1928 Silver Dollar is the big key date of the Peace Dollar series with a mintage of only 360,649 coins.
The low mintage of the 1928 silver dollar is a result of an interesting piece of legislation called The Pittman Act.
At the time of the legislation, demand for the Silver Dollar was low & millions of Morgan Silver Dollars were sitting in bank vaults unused. No new silver dollars had been minted since 1904. As mentioned in the post on the 1922 silver dollar there was desire for a new coin commemorating World Peace. The Pittman act was used to create demand for this coin. Enacted on April 23rd, 1919 the law allowed Congress to convert up to 350,000,000 Morgan Silver dollars into bullion for resale or mintage of subsidiary silver coinage. Under the act, 270,232,722 existing dollars were melted & converted to bullion. Between 1920 & 1933, the government purchased the same amount of silver from US mines at a fixed cost of $1 an ounce, which was above the market rate for silver & acted as a federal subsidy to the silver industry. This silver was to be minted into a like number of silver dollars & after 86 million 1921 Morgan Dollars were struck, the Peace Dollar went into production.
By 1928, the requirements of the Pittman Act were satisfied & production ceased on the 1928 silver dollar, resulting in the low output on the 1928 date.
Once the needs of the Pittman Act and backing for silver certificates were met, no further minting of the 1928 silver dollar was required.
The design was briefly re-introduced in 1934 & 1935, after which circulation production was ended.
A presidential order by Lyndon Johnson allowed for production of 316,078 ZPeace Dollars dated 1964, but Congress overrode the order & ceased production. These coins were ordered to be melted. Rumors of surviving examples exist, but owning one would be illegal, making it extremely unlikely that they would ever come forth. No dollar coin containing 90% silver has been minted since.
Value on the 1928 silver dollar ranges from $350 in VG condition to $535 in MS60.
The price jumps into the $100 plus range in MS63 & above.
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[phpbay]1928 , num, “11975″, “replica copy s d bill”[/phpbay]
1928 silver dollar is available on eBay now!