Return of the Silver Dollar
The last American silver dollars produced and released for circulation were the 1935 Peace Dollars. This date almost became 1964 when Congress voted that year to produce more silver dollars for the ongoing nationwide coin shortage.
The Denver Mint produced some 300,000 silver one dollar coins that were never issued. These coins carried the same Peace Dollar design by Anthony De Francisci that had been introduced in 1921 and used until 1935. The obverse of the coin showed an image of Liberty, who is said to have been modeled after the artist’s wife Teresa Cafarelli. The reverse features an eagle perched on a stone with the word “Peace.” The coins minted at Denver bearing this design never reached circulation and were presumed melted.
The Coinage Act of 1965, which took the silver out of most circulating coins, also included a five year ban on the silver dollar. Around 1969, when the ban was about to end, the idea emerged to create a new dollar coin featuring President Eisenhower, who had died recently. The plan eventually resulted in a copper nickel clad struck coin with no silver content.
The authorizing legislation behind the Eisenhower Dollars, first released in 1971, included a provision to make dollar coins with silver content for sale to collectors. From 1971 to 1974, the US Mint produced 40% silver Eisenhower Dollars. These coins were not released for circulation, but sold to collectors for $3.00 each for uncirculated coins and $10.00 each for proof coins.