The 1964-D Peace Dollar stands as one of the most mysterious and sought-after coins in American numismatic history. Despite official records stating that all minted examples were melted down, persistent rumors suggest that a few may have escaped destruction. If such a coin were to surface today, experts speculate its value could exceed $10 million.
Historical Context
In the early 1960s, the United States faced a significant coin shortage, exacerbated by rising silver prices and increased public hoarding of silver coins. To address this, Congress authorized the production of 45 million silver dollars in August 1964, aiming to alleviate the shortage, particularly in Western states where silver dollars were still in circulation. The Denver Mint was tasked with producing these coins, and the Peace Dollar design, last used in 1935, was chosen for the new mintage.
Production and Immediate Controversy
Minting of the 1964-D Peace Dollars began on May 12, 1965, with a total of 316,076 coins produced, including 30 trial strikes. However, the decision to mint these coins was met with immediate controversy. Many officials and members of Congress argued that introducing new silver dollars would worsen the existing coin shortage and encourage further hoarding. Amidst this backlash, production was halted, and all minted coins were ordered to be melted down.
Rumors of Surviving Specimens
Despite official accounts stating that all 1964-D Peace Dollars were destroyed, rumors have persisted for decades that some coins may have escaped the melting process. These speculations are fueled by the fact that the coins were weighed in bulk before melting, rather than counted individually, leaving room for potential discrepancies. Additionally, some believe that a few coins might have been taken by Mint employees or officials before the destruction order was enforced.
Potential Value
The allure of the 1964-D Peace Dollar lies in its rarity and the mystery surrounding its existence. If an authentic specimen were to surface today, it would be considered illegal to own, as the U.S. government maintains that all examples are government property and subject to confiscation. However, the numismatic community speculates that such a coin could fetch an astronomical price at auction, potentially exceeding $10 million, due to its unique history and the intrigue surrounding its existence.
Key Facts and Figures
| Aspect | Details |
|---|---|
| Year of Minting | 1965 (dated 1964) |
| Mint Location | Denver Mint |
| Total Coins Minted | 316,076 (including 30 trial strikes) |
| Design | Peace Dollar design (last used in 1935) |
| Composition | 90% silver, 10% copper |
| Official Status | All coins ordered to be melted; ownership of any surviving specimens is illegal |
| Estimated Value if Found | Potentially over $10 million |
The 1964-D Peace Dollar remains one of the most captivating enigmas in American numismatics. While official records assert that all examples were destroyed, the possibility of a surviving specimen continues to intrigue collectors and historians alike. Should such a coin ever come to light, it would not only be a monumental discovery but could also set a new record in the numismatic world, with its value potentially surpassing $10 million.
FAQs
Why were the 1964-D Peace Dollars minted?
They were authorized to alleviate a coin shortage in the 1960s, particularly in Western states where silver dollars were still in circulation.
Why were all the minted coins ordered to be melted?
Due to controversy and concerns that the new silver dollars would worsen the coin shortage and encourage hoarding, all minted coins were ordered to be destroyed.
Is it legal to own a 1964-D Peace Dollar?
No, any surviving specimens are considered government property and are illegal to own.
Have any 1964-D Peace Dollars ever surfaced?
No authenticated examples have surfaced to date; all known specimens were reportedly destroyed.
What would be the value of a 1964-D Peace Dollar if one were found?
Due to its rarity and historical significance, experts speculate that it could fetch over $10 million at auction.
