Quantity of Pittman dollars melted was not what "the books" say.

[RWB]

Summary of silver dollars melted under authority of the Pittman Act. All uses.

 

Authorized Maximum 350,000,000

 

Reported Pittman Destruction 270,232,722

India/Britain 259,121,554

US Subsidiary* 11,111,168

Total 270,232,722

 

Other Dollar Destruction

China (Shangahi ?) 16,000,000

China Shangahi 12,000,000

Saigon 1,000,000

Total 29,000,000

 

Pittman Purchases

Domestic Silver 270,232,722

Total 270,232,722

 

Reported Pittman Production

Morgan Type 86,730,000

Peace Type 183,502,722

Total 270,232,722

Total Silver Dollars Destroyed 299,232,722

 

* Includes San Francisco and Denver melting of 1,111,168 plus 10 million authorized by Sec of Treasury.

 

[Conder101]

US Subsidiary* 11,111,168

* Includes San Francisco and Denver melting of 111,168 plus 10 million authorized by Sec of Treasury.

OK Denver and San Francisco accounted for 10,111,168 coins, where did the other million come from?

 

Other Dollar Destruction

China (Shangahi ?) 16,000,000

China Shangahi 12,000,000

Saigon 1,000,000

Total 29,000,000

Were these dollars destroyed in these locations, US dollars returned from these locations (Damaged or possibly Trade dollars?),or possibly Chinese "dollars" that had come over as payments or recovered from returned coins?

[cpm9ball]

Roger,

 

The figures from Shanghai and Saigon raises an interesting question for me. Last week on VAMWorld, there was a brief discussion about the counterfeit 1904-O "Micro O" dollars, and it was mentioned that these may have been produced in China in the 20's or 30's.

 

What was the purpose for having this $29 million in Southeast Asia in the first place?

 

Chris

[WoodenJefferson]

You mean you don't trust our benevolent accounting procedures?

[RWB]

Typo - should have been: 1,111,168 + the extra 10 million.

 

Most were rolled out and melted before shipment. However, some, and I have not been able to discover how many, were evidently shipped in boxes.

 

The 1 million that ended up in Saigon were intended only for China, but a local bank official "made a mistake" and sent 1 million to Saigon. No mention is made of what happened to the profit on these. The 28 million balance had their profits credited to the reserve banks from which the coins were obtained.

 

(China was on the silver standard, and the bullion supported the local currency.)

 

[RockMyAmadeus]

I am extraordinarily grateful that the fate of US Gold in the 30's did not befall all of the US silver, and that it was there to be discovered in the 60's.

 

I truly cannot fathom what the value of, say, an '03-O would be, had not the majority of them been found instead of melted.

 

It's even conceivable that the entire coin hobby would be a fraction of the size it is now, without the mighty Morgan to support it from the 60's on.

 

It still amazes me that, for the price of a nice lunch with a friend, I can buy a minty fresh 1882 Morgan dollar. The same cannot be said of a minty fresh 1882 half.

[cpm9ball]

..........I can buy a minty fresh 1882 Morgan dollar. The same cannot be said of a minty fresh 1882 half.

 

Are you implying that Morgan and Barber had to resort to lozenges for bad breath?

 

Chris

[Kurtdog]

The 1 million that ended up in Saigon were intended only for China, but a local bank official "made a mistake" and sent 1 million to Saigon. No mention is made of what happened to the profit on these.

This was a bank official? !

[RWB]

Funny!

 

PS: All the US gold coins held by Treasury were not melted in the 1930s. Emergency use quantities of $5 and $10 were held along with sovereigns, 20 franc, Helveticas and some other gold coins. These were put to use during WW-II and later to smooth the way to critical information or provide for downed pilots in WW-II, Korea and Vietnam.

 

Most of the US coins were melted or exchanged largely because they did not enjoy the acceptance among local populations that sovereigns had. This is also partially why Britain restruck sovereigns dated 1925 in 1949 (138,000), 1951 (318,000) and 1952 (430,000).

 

[RWB]

Yep...a Chinese bank official.

[Conder101]

It still amazes me that, for the price of a nice lunch with a friend, I can buy a minty fresh 1882 Morgan dollar. The same cannot be said of a minty fresh 1882 half.

Depends upon where you are eating.

[RockMyAmadeus]

It still amazes me that, for the price of a nice lunch with a friend, I can buy a minty fresh 1882 Morgan dollar. The same cannot be said of a minty fresh 1882 half.

Depends upon where you are eating.

 

Granted.

 

[RWB]

From a broad perspective, the rise in silver in the early 1960s and release of millions of silver dollars, appear to have been the catalysts for the modern approach toward coin collecting. A lot of younger people became involved – today’s “old farts.”

[cpm9ball]

........A lot of younger people became involved – today’s “old farts.”

 

You rang?

 

Chris

[Conder101]

No, you're just hearing things again.

[cpm9ball]

No, you're just hearing things again.

 

The problem with getting old is that everybody stops calling you!

 

Chris

[WoodenJefferson]

No, you're just hearing things again.

 

The problem with getting old is that everybody stops calling you!

 

Chris

 

Actually, it's when they see you after a long time and they thought you were already dead.

 

I think the fact that 'silver' was going to be taken out of the dime and quarter, spurred more interest in coin collecting in the 60's than the release of Morgans. Collectors graduated into the older, larger denominations.