All Morgan Dollars Are Now At Least A Century Old!

Quote:
The Numismatist, April 1921:

Resumption of Dollar Coinage

"Silver Dollars Again Being Coined: After a lapse of 17 years the coinage of standard silver dollars was resumed at the Philadelphia Mint in February, the report of the month's coinage printed in this issue showing that 56,000 pieces of that denomination were struck during the month. In response to a letter addressed to the Superintendent of the Mint, asking for particulars, the following was received:

"'Replying to your letter of the 11th instant, you are advised that the standard silver dollars now being coined at the Mint are of the same design as those coined in 1904. These coins are not being paid out.'

"As the new coins are not obtainable by the public at the Mint, the inference is that they are being coined to replace those sold to foreign governments during the late war, and on account of which many silver certificates were retired from circulation."

Quote:
The Numismatist, October 1921:

Rapid Coinage of Dollars

"Government Saving Money by Coining Silver Dollars Only: The Philadelphia Mint is cutting down the interest-bearing debt of the United States $5 million a month. All of that comes about because of the concentration of the work of the three United States mints on the coinage of silver dollars to replace 350 million dollars that were melted down during the war to sell to the English as bullion.

"When all those dollars were melted the United States had to call in all the silver certificates-the $1, $2 and $5 'bills,' to speak in common lingo-representing the dollars that were deposited in the vaults of the mints. Under the law of the land the Treasury must hold a silver dollar for each dollar silver certificate issued. So with the melting of the silver dollars the silver certificates had to be recalled. To cover that loss in currency, the government issued short-term certificates of indebtedness bearing 2% interest. The silver dollars now being coined allow for the issuance of new silver certificates which are being used in calling in those certificates of indebtedness.

"There are three mints-Philadelphia, Denver and San Francisco. The Philadelphia Mint is equal in output to those in Denver and San Francisco combined.

"Last April all three plants were started on the making of the silver dollars. They were put on 24-hour working days for six days of the week. Two shifts of 12 hours each are now working in the Philadelphia Mint. Until a few weeks ago there were three shifts of eight hours each. But when Freas Styer succeeded Adam Joyce as superintendent of the Mint the third shift was put to work counting the money in the vaults in the making of an audit due to the change in administration.
"In the four months since April 20 million silver dollars have been coined. There remains on hand to be pressed into coin of the land 30 million ounces of silver, which will make approximately 35 million silver dollars.

"Robert Clark, superintendent of coinage in the Philadelphia Mint, says that the greatest production in the history of the plant is now being obtained. The daily average in production for the last month has been 260,000 silver dollars. In some days it has run as high as 275,000. That rate will be maintained until the present supply of silver is exhausted, and then the Mint for a time will go back to the coining of the smallest coins. It will take probably two years, according to Mr. Clark, to coin all of the 350 million silver dollars that will be needed to replace those melted down for England.-Philadelphia Public Ledger."

The above explains the small mintages of subsidiary silver and minor coins dated 1921, and the absence of any dated 1922.The Denver Mint ran out of dies for 1922-D cents, but could obtain no more, using the lost dies until they were so worn that the D mintmark could not be seen; the rest of the year had to be devoted exclusively to silver dollars.
The new silver certificates mentioned above are the Series of 1923.