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.
Classic Coin Design Given New Life
Considered to be one of the most beautiful designs in the history of U.S. coinage, Adolph A. Weinman’s design for the Walking Liberty Half Dollar appeared on circulating coins for more than thirty years. The design was revived for use on a silver bullion coin four decades later, putting it in the spotlight and forefront of American consciousness once again.
The “Walking Liberty” design features an image of the iconic Liberty figure striding confidently forward. One hand is outstretched before her while the other holds a bouquet of olive branches. An American flag is draped across her shoulders and billows in the breeze. The sun is rising in front of her. This design, steeped in symbolism and rich in beauty, is considered one of the highlights of the so-called Renaissance period of American coinage.
Used in circulation from 1916 to 1947, the design was replaced by the less popular Franklin design in 1948. Around that time, designs featuring Liberty were being phased out in favor of designs featuring famous or important figures in American history.
When a new bullion coin program was created for the United States, the obverse designs of the gold and silver coins revived some of the classic designs from earlier circulating coinage. The American Silver Eagle used Adolph A. Weinman’s design from the Walking Liberty Half Dollar. A new reverse design was created by John Mercanti featuring a heraldic eagle and shield.
In the past decade, more investors and collectors have been buying Silver Eagles, giving wide distribution to this classic design. In each of the past two years, more than 20 million coins have been minted and issued. As an annual mintage, this rivals most of the years of issuance of the original half dollar.