Week # 203 Who will win this week?

[Melissa Pearce]

QUESTION:

 

Why was the coining of silver dollars suspended from 1929 through 1933?

 

Good luck!

 

Our first place winner will receive a copy of United States Gold Counterfeit Detection Guide, by Bill Fivas. A prize will be given to a randomly selected participant with the correct answer.

 

 

REMINDER: The Numisma-Quest ends/ended on Saturday at midnight EST. Entries after that time will not be valid. See the Trivia Info post for more details.

When you post your answer, only the administrators can see it. Stop back this Tuesday. We will make all the posts visible and announce the winners .

[JamminJ]

Lack of demand due to depression.

[zrlevin]

The Great Contraction?

 

or maybe It was because the depression just started and the country was taken off the gold standard.

 

Zach

[mhardin2413]

great depression.

[koincollector]

The great depression? Can't think of any other reasons other than this.

[Weidel Legacy Collection]

Coinage was halted for the Peace Dollar from 1929 through 1933 because enough dollars had been minted to satisfy the Pittman Act's requirements.

[BankNote1]

By 1928 the US Mint had struck enough silver dollars (Morgan and Peace combined) to satisfy the requirements of the Pittman Act. Since demand for silver dollars was not there in the first place, the mint halted production of the Peace Dollar that year. Less than 2 million were struck in 1928. The Peace Dollar returned briefly in 1934 and 1935, as the government needed additional backing for Silver Certificates

[Peace_Fan]

This one I know....

 

By 1928 enough silver dollars had been minted to satisfy the Pittman Act. Also, the Great Depression of 1929 was another factor in clamping down on production.

[Elbesaar]

The bullion held in reserve was depleted in 1928. It was resumed after the mine owners received federally subsidized payments of $ .50 per ounce.

[Ed Daggett]

The statutory coinage requirements of the Pittman act were fulfilled. There was no public demand for the coins, so there was no production beyond 1928, until 1934.

[physics-fan3.14]

The coinage of Peace dollars was stopped in 1928 because the requirements of the Pittman act had been fulfilled. The production resumed in 1933 to back the silver certificates.

[Snowman24]

because of the depression and of the 1918 Pittman Act requiring 270 million more silver dollars to be minted from the 270 million melted in 1918 which that fullfillment was completed in 1928 from the total # of silver dolllars minted from 1921 to 1928 totaling 270 million

[larrytowell-migration]

By the year 1928 there had been enough silver dollars struck to satisfy the Pittman act of 1918 which in short I believe called for the melting of 350 million coins into bullion mostly to the benifit of the silver mines and the British. We sold the bullion at 1.00 an ounce, I think, and bought it from silver mines for the same price. This act also depleted over half of the known silver dollar supply, however it did require that the amount of coins were to be replace by a new mintage of smaller coins.

 

This was not considered to be a big deal at the time because we had not struck silver dollars for circulation since 1904 the last year of the Morgan. Quite simply there was not that big of a demand for these silver dollars during this time. I believe that Pitman the sponsor of the bill was from Nevada.... THe Silver State....

 

What a lobbyist....

 

THank YOu....

[Stanley]

By 1928 the Mint had produced enough Silver Dollars to satisfy the requirements of the Pittman Act.

 

Demand was down

 

The Great Depression started in1929

[Grumps]

I believe the suspension of silver dollar coinage between 1929 and 1933 was based on several factors. First started by the influence of the great depression of 1929, the current system was based on backing the dollar against gold rather than silver. Silver had become devalued and issuing larger coinage to back the monitary system did not make financial sense at the time. Since the country was in such a mess, their end resolution was to dissolve backing the dollar with gold in 1933 recalling gold for melting and developed a mixed metal cheaper coinage solution which put silver back into production again in 1933 as well.

[Oldtrader3]

The Depression caused a curtailing of silver issue coins.

[mark]

In 1928 the coinage requirements of the Pittman Act were met. In 1934 the Thomas Amendment required that the government purchase silver and use it to mint coins. Pres. Roosevelt instructed the mint to coin (useless) silver dollars so that even more silver would need to be purchased in order to coin (useful) fractional coins.

 

Mark

[Melissa Pearce]

QUESTION:

 

Why was the coining of silver dollars suspended from 1929 through 1933?

 

 

ANSWER:

 

The silver bullion purchased under the 1918 Pittman Act was used up by 1928.

 

Congratulations to our lst place winner RWW who will receive a copy of the United States Gold Counterfeit Detection Guide.

 

Congratulations to our runner up winner Spider, you will be receiving a display box.