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the following coinweek exclusive video
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is brought to you by NGC official
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grading service of the American
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numismatic Association visit
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ngccoin.com to learn more
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you are looking at two hubs for as far
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as we know unproduced Morgan dollars
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1964 shrouded in mystery and unknown to
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those outside of the mint for more than
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five decades these hubs for Morgan
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dollars dated 1964 illustrate just how
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close we came to seeing the return of
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this classic design from the closing
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west the Morgan Dollar was a Federal
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coin debacle born out of corrupt
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politics cheap and abundant silver and a
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Generations long fight between gold bugs
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and silver rights in the late 19th
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century for a quarter Century the mins
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at Philadelphia New Orleans Carson City
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and San Francisco churn out these coins
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by the millions not because of any
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particular demand for the coin but
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because Congress and the legislation
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authorized ing their production made it
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necessary to CH out millions of these
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month as a result hundreds of millions
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of Morgan dollars were struck and
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subsequently stored in treasury vaults
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post office basements Banks and whatever
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other space the government could
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reasonably secure for the purpose of
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coins while production levels had their
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ups and downs over the years it would
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take until 1904 before the mint was
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finally told to ceas production of the
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coin the treasury vaults got a reprieve
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in 1918 when silver state senator Kei
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pitman's Bill authorized the conversion
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of more than 270 million coins to
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bullion almost 260 million of these were
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Britain 3 years later production of the
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dollar coin resumed and 86 m730 th000
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additional Morgan dollars were struck
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before the design was abandoned and
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replaced by the peace dollar
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at no time did the Morgan dollar or
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peace dollar circulate in sufficient
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numbers to justify the large production
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runs that Congress authorized the dollar
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coin boond doggle finally came to an end
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in 1935 after the mint struck all of the
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dollar coins required by
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law The Lion Share of these dollar coins
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stayed in storage with small numbers
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trickling out as demand warranted
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although the coins did circulate in
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isolated parts of the country most
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generally exchanged as gifts or
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souvenirs by the late 1950s and early
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60s they could still be bought in bulk
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value this would change rapidly as
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International and domestic demand for
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industrial silver increased and put
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pressure on the price of the metal
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speculators quickly seized on the
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millions of ounces of silver held in
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government vaults and by 1963 the
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stockpile was mostly depleted save for a
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few million coins struck at the long def
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mint the dollar shortage caused the mint
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the treasury Congress and the president
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of the United States to take notice in
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1963 as the treasury was dealing with a
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silver coin shortage plans were being
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drawn up to reintroduce the silver
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dollar not because demand existed for it
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as a circulating coin but because of
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speculation in the silver
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market in 1965 after 2 years of
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preparation and debate approximately 360
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16, 1964 dated Peace dollars were struck
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at the Denver Mint these bore the D mint
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mark the announcement that these coins
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were struck caused a sensation with
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collectors and dealers and promptly
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inflated the value of the coin Beyond
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its face value assuming that they would
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circulation The coinage Act of 1965 put
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a kabash on that idea and the 1964 D
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piece dollars were never monetized or
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released if any survived they would in
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all like Hood be considered Illegal
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Tender like the 1933 Double Eagle these
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hubs of the Morgan design were unknown
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outside of the mint until a team of
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numismatists including John Dan Ruther
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Dennis Tucker and Q David Bowers noticed
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them during a Mint Tour last
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year taking a closer look we can see
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that the two hubs were prepared and
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1963 less than a month after the
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assassination of President John F
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Kennedy the date of production 12663 is
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visible on the offer cylinder
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the reverse cylinder reads carp 2 a type
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of die steel and red 64 for reduction 64
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the dollar reverse was dated December
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1963 in a coinweek original article
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written by Morgan Dollar research
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Pioneer Leroy Van Allen Van Allen writes
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that these hubs were excellent and
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accurate copies of preor War I Morgan
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dollars using the 33 type obverse used
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from 1879 to 1904 with only slight
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differences and the C4 type of 1900 1904
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for the reverse with slight
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modifications to read Van Allen's
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complete rundown click on the link on
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your screen for coin week I'm editor
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Charles Morgan until next time happy
