1921 - A Year Of Numismatic Change

PCGS - A Century Ago, the year was 1921. America, much like today, was in a dynamically changing environment. President Woodrow Wilson, who kept us out of "The War to End All Wars" from 1914 to 1916, had finally led us into and then through that Great War in 1917 and 1918, and the United States contributed both blood and treasure to winning that war.

The German threat to Europe was no more - at least for the next decade or so - and a new President was trying to usher in a period that would push America back from a war-time economy to a peace-time economy. Wilson committed to a peaceful transition of power as Warren G. Harding was sworn in as President on the traditional March 4th date.

Much like today, America in 1921 had also dealt with a worldwide pandemic. The Spanish Influenza was under control by 1921, but in 1918 and 1919 it killed over 50 million people worldwide. The Great War caused some 20 million deaths across the globe, so the pandemic was far worse. The war, itself, contributed mightily to the spread of the pandemic as, prior to 1914, no great migration of people had occurred so rapidly across such a great distance. Millions of men traveled across the globe to battle the enemy and to live together in very close quarters. The enemy, it was believed, was across a battlefield - not an invisible germ.

The Rise of George T. Morgan
However, World War I was responsible for changes in the numismatic world as well. The popular Morgan dollar had been struck from 1878 until 1904. The Act creating this coin was also responsible for its demise. The Bland-Allison Act of 1878 not only created the need for this coin, but it legislated that the Treasury must purchase between 2 and 4 million dollars' worth of silver each month from the Western mining interests. That would ensure that this coin, designed by Assistant Engraver of the United States Mint, George T. Morgan, would be struck by the millions. Morgan, who had been lured to Philadelphia by the director of the mint to work for the United States Mint, created designs for the new coin, as did Chief Engraver of the United States Mint William Barber. The Director of the Mint chose Morgan's design and no one knew how famous this coin would become.



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