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 Replies: 18 / Views: 3,397 |
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New Member
United States
9 Posts |
Dear All, Why are 1921 and 1922 coins so expensive, if they are even available? Especially the silver ones. I understand why coinage was so short in the mid 1830s, the mid 1870s, and the early 1890s, due to various financial panics, adjustments to the metallic weights, etc. But why are there so few 1922 coins at all? Was there some sort of financial adjustment/panic going on after WWI that I do not know about? Or could it have something to do with those 80 million (!!) Peace dollars made in 1922 alone sucking all the silver out of the mint? I mean, the irony is that the 1922 Peace dollar is one of the cheapest and most available there is, but try to buy a 1921 or 1922 Mercury, SLQ, or Walker.... Thanks. Kevin. |
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Pillar of the Community
United States
8137 Posts |
Well, the mint only made Cents, Dollars, and Double Eagles in 1922. I think that there was a very low demand for coins in 1921.
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New Member
 United States
9 Posts |
Exactly! There may have been low demand for coinage in 1922. The question is "why?" Also, again I have a nagging suspicion that the Pittman Act and the 80 million Peace dollars minted in 1922 may have had something to do with it. |
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Pillar of the Community
United States
3486 Posts |
To my understanding, there was a fire at the Philadelphia mint in 1922.
That curtailed production of most denominations.
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Bedrock of the Community
United States
20753 Posts |
I never noticed the low mintage for coins in the early 20's.  I'm sure someone will pop up with the reason. |
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Pillar of the Community
United States
4409 Posts |
There was an economic recession at this time. Quote:
The very large mintages of 1916-20, combined with a postwar economic recession, meant that the demand for new coins could be met entirely from existing supplies. Mint Director Raymond T. Baker made a direct reference to this slow down in a March 28 letter to Congressman William S. Vare: "The U. S. Mint at Philadelphia is now reducing its force on account of the slackening up of orders for new coins." http://blog.davidlawrence.com/index...s-ch-6-1921/-MV |
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New Member
United States
9 Posts |
You know what? I totally forgot to account for those 85 million Morgans made in 1921. Add that the the Peace dollars of 1922 and you have 140 million oz of silver in two years alone into the dollars, which accounts for a substantial % of all the silver dollars EVER MINTED by the US government in two years, per the Pittman Act and that huge melt in 1918 to stabilize the pound. THIS has to have had a substantial effect on the supply of available silver to mint dimes, quarters, and half dollars in 1921 and 1922, even setting aside the purported effects of the a post-war slowdown of the economy. |
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Pillar of the Community
United States
655 Posts |
That's very interesting. Thanks for the info.
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Pillar of the Community
United States
5854 Posts |
There was a severe recession lasting from 1920-1921 so that may have contributed somewhat. I think the main reason was the mint was hyper focused on making silver dollars in 1921 and 1922. Smaller silver denominations were kind of an afterthought. Silver certificates at the time said specifically that they were payable in silver dollars. So I think they needed to replace the silver dollars melted in 1918 under the Pittman act in order to back the silver certificates. I think it may have been the series 1933 $10 silver certificates that the wording was first changed from payable in silver dollars to payable in silver.
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Valued Member
United States
406 Posts |
The 1921 Morgan dollars were made as a result of the Pittman Act, which required the mint to melt millions of "obsolete" silver dollars, then buy silver and replace them. The silver was melted and sold to England, which needed a large quantity of silver to quell economic-political disturbances in India, its colony. The high production of silver dollars in 1921 (Morgan) and 1922 (Peace) limited the mint system's ability to produce other coins. The Philadelphia Mint's die shop spent so much time making silver dollar dies that it could not get dies out to the branch mints. That's why the quality of the 1922-D cents was so low and why the three varieties of 1922 Plain cents came into existence. It is also true that there was an overhang of coinage from the large postwar mintages in the U.S. Best Regards, George |
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Moderator
 United States
23522 Posts |
For all the reasons above, it was pretty much a Perfect Storm year for coinage. Then again, more key dates don't hurt.  |
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Pillar of the Community
United States
1566 Posts |
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Pillar of the Community
United States
1748 Posts |
The mint cut back on production due to the 1920-21 depression. Same situation as to why you see very few 2009 coins in circulation. The Federal Reserve didn't need them, so they didn't order them.
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Bedrock of the Community
United States
17884 Posts |
The recession caused the reduction in need for the minor coinage. The recoinage of the silver dollars melted under the Pitman Act allowed the Mint to remain busy without having to lay off personnel.
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Pillar of the Community
United States
1531 Posts |
Quote:
Then again, more key dates don't hurt. They don't seem to hurt much... Except your budget! |
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Pillar of the Community
United States
7621 Posts |
The Country was winding down from a WW1 economy and took a huge hit as unemployment went up.
The demand for coins was not high as the recession took hold.
When the economy took off in the mid 20's, so did the coinage demands. It stayed that way until 1929-1930 and then the Depression kicked in. The early 30's coinage shows some similiar low mintages with some denominations not even minted at all.
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Replies: 18 / Views: 3,397 |
Posted 12/25/2014 12:58 pm
