Pittman Act
In 1918, Democratic senator Key Pittman of Nevada introduced legislation that was largely meant as relief for the British government during World War I. The bill, passed on April 22, 1918, states that "sales of silver bullion under authority of this act may be made for the purpose of conserving the existing stock of gold in the United States, of providing silver for subsidiary coinage and for commercial use, and of assisting foreign governments at war with the enemies of the United States." The reason for the United Kingdom's need was a propaganda campaign of the German government. The Germans convinced residents of India that the banknotes issued by the British government could not be redeemed for silver, which caused a run on the British supply of the metal. The Pittman Act authorized the melting of up to 350,000,000 silver dollars. The melting of the silver dollars began immediately after the passage of the act. A total of 270,232,722 silver dollars were eventually melted. 259,121,554 of the melted dollars were sold to the United Kingdom at the cost of one dollar per troy ounce. Another provision of the Pittman Act authorized the coinage of a replacement for every silver dollar melted. Mintage of the Morgan dollar resumed for only one year, 1921. Since all obsolete coinage dies had been destroyed in 1910, Morgan was forced to create an entirely new master die for the dollar. 1921 also marked the first issuance of the Peace dollar, as a coin to commemorate the resulting peace after World War I. This replacement of the Morgan dollar was issued under the terms of the Pittman Act without congressional authorization, despite the fact that the act makes no mention of the design of the coins. The change in design was actually authorized under an 1890 act of Congress, which stated:
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"But no change in the design or die of any coin shall be made oftener than once in twenty-five years from and including the year of the first adoption of the design, model, die, or hub for the same coin: Provided, That no change be made in the diameter of any coin: And provided further, That nothing in this section shall prevent the adoption of new designs or models for devices or emblems already authorized for the standard silver dollar and the five-cent nickel piece as soon as practicable after the passage of this act." |
Read more about this topic: Morgan Dollar
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