Pittman act of 1918 government waste or stroke of genius

Key Pittman was a senator from the state of Nevada and the author of the Pittman Act. Looking out for the working men of his state. He proposed a way for the Mints to get rid of the unpopular millions of Silver dollars that were stored away in bank vaults. yes the unpopular Morgan dollar(Don't we wish we had some time alone in those vaults.) The act decreed that not to exceed 350,000,000 standard silver dollars be melted cast in to bars. From this 259,121,554 ounces of silver would be sold to Great Britten for $1.00 an ounce plus processing and mint fees, the remaining 11,111,168 was to be use in the minting of dimes,quarters and halves. The act farther stated that between the years of 1920-1933 a like quantity of silver was to be purchased from American mines for a fixed price of $1.00 an ounce from which 270,232,722 standard silver dollars were to be re coined. Thus the Peace dollar was born. I will admit that at the time that the Peace dollar was not that popular. It seems that all dollar coins have been unpopular when they were a circulating coin. The silver for the Peace dollar cost hardly anything at all and kept a lot of people working. Selling something to a foreign government in stead of buying what a novel idea maybe we should try it.

Later JimL4004