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Morgan And Peace , Ike Dollar Bank Question

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chevrolet454ss's Avatar
United States
314 Posts
 Posted 02/04/2008  4:06 pm Show Profile   Bookmark this topic Add chevrolet454ss to your friends list Get a Link to this Message Number of Subscribers
I was reading about lots those coins were still in Federal banks in 1970 something and they started selling gsa coin in 1970 and 1980 something. It looks like to me they made to many of those coins and were never used. It even said they melted down those coins to make silver dimes and quarters since they were short on silver stock. In 1965 they were buying tons of them from Treasury office in dc to get rid of them since they had Overstock of them. They were buying to hoard for silver bullion back in those days.

In 2007 tons half dollars and the new dollar coins were rejected by the public and we all know they are never used much in circulation and government just keeps minting them over and over in large amounts. We know the history in 2002 where Federal banks quit buying them from us mint since they were full at banks with them. I know lots banks refuse to order them or stock them since they claim nobody uses them or wants them for whatever reason. The banks are trying send them to federal government all the time after talking with tellers. Its like the sac and susan dollar failed big time to be used.

Back in old days before the ikes were minted. Did the public ever use Morgan or Peace dollars all the time or were they coins nobody wanted like baby dollars. Were they easy to buy from Banks or were they all special orders Banks never stocked or when they get them they sent back to federal banks like today. Was peace and Morgan dollars an complete failure like baby dollars. One last thing were ikes ever used also. I don't remember them back when I was growing up back in 1970 something. I was in 1971 at it was before my time.

My father gave me less than 7 Morgans and Peace dollars he saved when he was growing up. He only had less than one roll of Ikes also he gave me at time. He was born in 1949 back when he was kid was not into coins. He don't know or cared about them in those days. I just don't know much history on the famous big dollar coins.

Chevrolet454ss
New Member
bartputnam's Avatar
United States
14 Posts
 Posted 02/05/2008  5:09 pm  Show Profile   Bookmark this reply Add bartputnam to your friends list Get a Link to this Reply
Morgan dollars were used somewhat in the west (old west - cowboys, etc.). But most people, on the coasts, didn't use them - similar to today's dollar coins. Morgans were an act of congress to buy up the silver bullion and 'use'. Banks did have them, but many sat in their original bags and weren't circulated. Many were melted around the two world wars and again in the 1980s when silver hit $50 an ounce.
I'm just glad that there are still a lot of them around. My grandmother gave me one when I was 11 or 12 yrs. old - didn't start collecting them until 13 yrs ago though. Wish I had known then what I know now!
Edited by bartputnam
02/06/2008 1:47 pm
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slowly but surely's Avatar
United States
13 Posts
 Posted 02/05/2008  11:35 pm  Show Profile   Bookmark this reply Add slowly but surely to your friends list Get a Link to this Reply
I believe slot machines were historically one of the big users of silver dollars. I think this lasted until the relatively recent switch to electronic payouts.
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