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1921 Morgan Dollar PCGS MS66

Currency:USD Category:Coins & Paper Money Start Price:250.00 USD Estimated At:500.00 - 600.00 USD
1921 Morgan Dollar PCGS MS66
Metal flow enhances the billowing mint dazzle that emits like forked lightning from the surfaces, giving the coin a shimmering, glowing appearance. The original mint brilliance is only interrupted by an occasional mark.

In the early spring of 1918 during World War I, the Germans started a propaganda campaign in India that the British government could not redeem its silver certificates. This started a run on the Indian redemption agencies which threatened to start a revolution. In consequence, the British ambassador met with U.S. Treasury officials who agreed to provide silver bullion to meet these demands. The U.S. Treasury Department had at that time over 400 million silver dollars held unused in reserve that were coined under the Bland-Allison and Sherman Acts. On April 9, 1918, Senator Key Pittman introduced a bill which passed April 22. It directed that not more than 350,000,000 standard silver dollars be converted into bullion and sold at a price not less than $1.00 per fine ounce or used for subsidiary silver coinage. It also authorized purchase of a like amount of silver, at a price of $1.00 per ounce, from American mine owners and the coining of the same number of dollars that had been melted. The silver dollars immediately began being melted after passage of the Pittman Act. When all was said and done, over 270 million Morgan silver dollars had been melted and converted into bullion by passing the coins through large greased rollers to flatten them and then melting them. The 1921 Morgan dollar was a necessity coin since the mint, under provisions of the Pittman Act, was obliged to replace (over the next few years) the 270 million melted coins. (#7296)