Hi All,
I am new here and wanted to introduce myself. I'd purchased a few morgans and peace dollars with my dad about 20 years ago. Most of my coins are bicentennials from circulation. I have a little bit of everything, but have been focusing on completing a Jefferson nickel set.
Sam Gelberd at the ANA directed me here with my question. Does anyone know when regional banks stopped rolling morgan dollars?
Thanks
New to VAM World
Forum rules
All posts to this forum must abide by the posting rules. Continued posting to any VAMWorld forum constitutes acceptance of the rules.
All posts to this forum must abide by the posting rules. Continued posting to any VAMWorld forum constitutes acceptance of the rules.
-
Vam-mysterio
- Posts: 890
- Joined: Fri Jun 08, 2018 8:52 pm
Re: New to VAM World
As with the other initial comments - welcome to the site.
There will be more official answers to your question, I'm sure, but I'd start with an unofficial one: the late 1960s is likely when the last of the 'regular' stock was rolled even though it was years before (early 1960s) when most of them were.
Conjecture based on the following story: the wife of my dad's best friend worked a local bank (not regional, mind you) and in 1967 or 1968 he 'volunteered' to roll the silver dollars they had in their vault so they could finally rid themselves of the stock. His one condition: he'd get to buy dollar-for-dollar the coins he'd like to have. And he did. Many of them... but not nearly as many as he'd have liked. They were happy. He was very happy. BUT I was not because I was only 2 or 3 and didn't have a voice or the means to sell every damned stuffed animal or Matchbox car or blanket I owned to get as many as I could...
Can't wait to learn the more official answer... thanks for asking.
There will be more official answers to your question, I'm sure, but I'd start with an unofficial one: the late 1960s is likely when the last of the 'regular' stock was rolled even though it was years before (early 1960s) when most of them were.
Conjecture based on the following story: the wife of my dad's best friend worked a local bank (not regional, mind you) and in 1967 or 1968 he 'volunteered' to roll the silver dollars they had in their vault so they could finally rid themselves of the stock. His one condition: he'd get to buy dollar-for-dollar the coins he'd like to have. And he did. Many of them... but not nearly as many as he'd have liked. They were happy. He was very happy. BUT I was not because I was only 2 or 3 and didn't have a voice or the means to sell every damned stuffed animal or Matchbox car or blanket I owned to get as many as I could...
Can't wait to learn the more official answer... thanks for asking.
Re: New to VAM World
Thanks for you reply keilg1.
That is what I kind of imagined. Looking forward to hearing what others say too
That is what I kind of imagined. Looking forward to hearing what others say too
-
VamHelsing
- Posts: 992
- Joined: Sat Jun 02, 2018 5:14 pm
- Location: Oregon
Re: New to VAM World
Welcome to VW!
Re: New to VAM World
Welcome Justin.
As to your question: have they ever officially stopped rolling them? The Morgan and Eisenhower are the same diameter so the rolls would fit either. I can't find a reference to RB's having to stop rolling silver after 1964 or having to hand pick silver that makes its way into circulation. Otherwise, given the difference in composition, I would say around the time Ikes went live.
As to your question: have they ever officially stopped rolling them? The Morgan and Eisenhower are the same diameter so the rolls would fit either. I can't find a reference to RB's having to stop rolling silver after 1964 or having to hand pick silver that makes its way into circulation. Otherwise, given the difference in composition, I would say around the time Ikes went live.
Re: New to VAM World
Thanks MarkyB,
Good point. I guess I assumed that at some point in the 1940s or 1950s or 1960s the value of a circulated morgan would have exceeded face value and they would have disappeared from circulation?
Good point. I guess I assumed that at some point in the 1940s or 1950s or 1960s the value of a circulated morgan would have exceeded face value and they would have disappeared from circulation?
Re: New to VAM World
The value in silver of the Peace dollar exceeded its face value when minted. There was a lot of it and a powerful silver lobby made it so. The late 20's and early 30's saw little silver dollar production. Silver hit a low of $5 an ounce and the Great Depression brought about change to fiscal policy. Demand for silver dollars waned and people preferred paper money. With this, banks hoarded silver dollars and released them over time with collectors being the main benfactors. The Coinage Act of 65 made collecting silver even more attractive and was probably the final nail in the coffin for circulated silver dollars. I imagine it was a gradual disappearance starting soon after the dies were destroyed in 37.