If you have been collecting coins for some time, you’ll know about the plight of the dollar coins. There are times in US History where there are periods with no dollar coins. You would think that the dollar coin would be popular, especially in the United States beginning, but this is not so.
The First Silver Dollars
The first US Silver Dollars are the Flowing Hair Dollars in 1794 and 1795. A unique 1794 Flowing Hair Dollar sets a record in January 2013 when it sells in auction for $10,016,875.
The Draped Bust Dollars come out from 1795 to 1804. Supposedly the dollars from 1804 have a date of 1803 on them. In 1806, the US Government suspends silver dollars.
In 1834, President Andrew Jackson wants to send proof sets of each US denomination to the leaders of the Far East. There hasn’t been a Silver Dollar in 30 years, so a new one will be produced for these sets. For some reason, instead of putting 1834 on the dollars, 1804 is the date because that would be the next year that would had been produced. There are less than 20 existing so you know it’s valuable.
The government considers bringing back Silver Dollars into circulation in 1831. However, there is nothing done until 1835 when Christian Gobrecht designs a new dollar coin that will be known as the Gobrecht Dollar. The initial dollars have Gobrecht’s name showing right above the year which some don’t like. So, it becomes less noticeable. They only come out in 1836, 1838 and 1839 and only a couple thousand in total. Good luck in obtaining one of them.
Silver Dollar Coins Return To Circulation
A rebirth of the US Dollar comes in 1840 with the release of the Seated Liberty Dollar. The Seated Liberty survives the 1840’s and 1850’s, but is about to encounter its first obstacle, the Civil War. With New Orleans becoming part of the Confederacy, Philadelphia is the only mint producing them. With the war extending from 1861 to 1865, there is a significant increase of hoarding silver and gold coins. As a result, less silver coins come out of the mint during that period.
Production of the Seated Liberty Dollar continues until 1873 when the US and Europe go through a depression, the Panic of 1873. There are a number of issues that bring this depression about including the US Civil War, the Franco-Prussian War and big fires in Chicago and Boston. When the Germans stop minting silver coins, the US follows suit with the Coinage Act of 1873. The Act changes the minting of silver and gold coins to the gold standard. Future silver dollars are only traded to the Far East giving the name Trade Dollars. With this new act, no silver dollars come out for the US for five years.
Morgan and Peace Dollars Bring Silver Dollar Coins To Normalcy
In early 1878, the Bland-Allison Act would return the Silver Dollar to the United States and introduce the most popular US Dollar, the Morgan Dollar. The Morgan Dollar is popular not just to collectors but investors as well. There are many Morgan Dollars that are attainable, but of course there are the tough ones. These include the 1893-S, 1895-P and the Carson City Dollars. As popular as the Morgan Dollar is, they stop minting them in 1904 when there is a significant reduction of the silver bullion supply. With the Pittman Act of 1918, they mint 270,000,000 dollars and the silver dollar resumes in 1921. This is the last year of the Morgan Dollar.
As the US sees the end of the Morgan Dollar, in comes the Peace Dollar in December, 1921. The Peace Dollar starts off well like the Morgan Dollar, but as before, a Great Depression reduces demand of the silver dollar. None come out between 1929 and 1933. Mintage of the Peace Dollar resumes in 1934, but is short lived. 1935 unexpectedly becomes the last year of the Peace Dollar though there is some consideration in 1936 to continue it. Though there is a reduction of government silver during the early 1960’s, there is consideration of minting a 1964 Peace Dollar. Unfortunately, the government is afraid that most people will hoard the new dollars instead of spending it, they decide to stop production and melt the 316,000 Peace Dollars from the Denver Mint.
Circulating Coins Say Goodbye to Silver
The Coinage Act of 1965 removes the silver in dimes and quarters, and reduced the amount in Kennedy Half Dollars from 90% to 40%. After 1970, no circulating US coin will include silver.
Not Even Ike Can Save The Dollar Coins
When General and former President Dwight D. Eisenhower passes away on March 28, 1969, Congress decides to put him on a dollar with no silver. President Nixon doesn’t seem to have a problem with that, seeing that he is Eisenhower’s Vice President back in the 1950s. The circulating Eisenhower Dollars are clad and collector coins (blue and brown packages) are 40% silver. A lot of Ike Dollars are produced, but people aren’t using them because of their size and weight. Imagine having a number of Ike Dollars in your pocket. The Eisenhower Dollar only lasts from 1971-1978.
Can A Woman Save The Dollar?
The Susan B. Anthony Dollars replace the Ike Dollars in 1979. A smaller dollar, still clad, comes out with a woman for the first time. Unfortunately, this dollar becomes unpopular even quicker than the Ike Dollar because its size is close to the Washington Quarters. The SBA Dollar only lasts 3 years from 1979 to 1981. The one place that sees a lot of the Susan B. Anthony Dollars is the Post Office. After all, the Post Office is a Federal building.
The United States goes through another lull with no dollars for the next 18 years. In 1999, the US mint produces another set of Susan B. Anthony Dollars for vending machines.
Canada Finds The Solution To Their Dollar Coins
In 1987, the Canadian Mint, seeing the problems with the Susan B. Anthony Dollar, makes their dollars with nickel and bronze giving it a gold color. It becomes known as a ‘Loonie’ because of the loon on the coin. Some popularity of the loonie eliminates the Canadian dollar bills in 1989. In 1996, they also introduce the toonie, which is a combination of two and loonie. Though it is a two dollar coin, it has a bear on it instead of a loon. Why don’t they call it a ‘bearie’? This coin eliminates the two dollar bill.
Seeing the success of the loonie, the US mint starts minting dollar coins in a gold color with the introduction of the Sacagawea Dollar in 2000. Once again, the dollar is not popular and the mint removes them from circulation in 2002. They will still be available for collectors. In an attempt to popularize the coin, they put a different reverse each year starting in 2009. It still doesn’t help. So, they remove the dollar coin from circulation again in 2012.
The US Mint Makes a Couple More Attempts
With the popularity of the State Quarters, the US mint produces Presidential Dollars starting in 2007. They will release four different Presidents each year except the last year (2016) which will have three. Unpopular like the Sacagawea Dollars, they are removed from circulation in 2012.
2018 sees the introduction of the American Innovation Dollar which will be out until 2032. Will people find any interest in this dollar?
What Is The Fate Of The US Dollar Coins?
What do you think about the dollar coin here in the US? It seems to be working in Canada. Why is it having problems here? Why doesn’t the public accept them? I wonder what the future of US Dollar Coins will be.