The world of rare coins is filled with fascinating tales, but few are as puzzling as the story of the 1964-D Peace Dollar. Despite being officially destroyed before entering circulation, this elusive coin continues to captivate collectors worldwide. Some experts even speculate that if one were to surface, it could surpass the jaw-dropping $18.9 million auction record set by the 1933 Double Eagle in 2021.
Let’s dive into the intriguing history, rarity, and lasting fascination behind this mysterious coin.
A Glimpse Into History
The 1964-D Peace Dollar was meant to revive the classic Peace Dollar series, which had originally been produced from 1921 to 1935. In response to political pressure and silver lobby influence, Congress authorized the creation of new silver dollars in the early 1960s—despite the U.S. already facing a coin shortage and rising silver prices.
Production took place at the Denver Mint in 1965. However, before the coins could enter public hands, the entire project was abruptly halted. According to official accounts, every one of the 316,076 coins minted was melted down.
Why Mint Silver Dollars in the ’60s?
By the early 1960s, the U.S. was in the middle of a coin shortage. Silver prices were going up, making it more expensive to mint coins. Despite this, Treasury Secretary C. Douglas Dillon pushed for a large production of silver dollars—initially suggesting 50 million coins, though that figure was later reduced to 45 million.
Critics of the plan argued that releasing silver dollars would only worsen the shortage, as collectors would likely hoard them.
Production and Destruction
Between May 13 and May 24, 1965, the Denver Mint struck over 316,000 silver dollars. These were considered trial strikes and were never officially circulated. Then, on May 25, Congress repealed the law that had authorized their production, and all coins were ordered to be destroyed.
Interestingly, the destruction process was done by weight rather than individually verifying each coin. That minor detail has left the door open for endless speculation—could a few coins have escaped?
Enduring Rumors and Unproven Claims
Over the decades, countless theories have emerged. Some suggest a few coins were quietly taken by mint workers. Others claim one might be sitting in a private presidential collection. Though no credible evidence has ever been presented, the mystery keeps collectors and historians intrigued.
In 2013, Professional Coin Grading Service (PCGS) even offered a $10,000 reward just to verify one example. Yet, no one has come forward.
Why Was the Coin Canceled?
Three major concerns led to the Peace Dollar’s cancellation:
- Hoarding Concerns: Officials worried collectors would stash them away immediately.
- High Production Costs: Silver was getting expensive, making large coins less economical.
- Shortage of Small Coins: The public needed more everyday change, not silver dollars.
Could One Still Exist?
It’s possible, though highly unlikely. Some believe a few might have been taken overseas, beyond the reach of U.S. laws. If one did turn up outside the country, proving authenticity and legal ownership would still be a challenge—but the value could be astronomical.
Back in 1972, rumors suggested private collectors may have had access to one or more of these coins. Coin dealer Bob Cohen even offered $3,000 per coin in newspaper ads, but no verified examples ever surfaced.
A Numismatic Legend
Even without a confirmed specimen, the 1964-D Peace Dollar remains one of the greatest unsolved mysteries in coin collecting. It’s a tale of politics, policy reversals, and the dreams of collectors hoping to uncover a lost treasure.
If one ever does appear, it could send shockwaves through the numismatic community.
FAQs
What is the 1964-D Peace Dollar?
It was a silver dollar minted in 1965 at the Denver Mint but never released to the public and believed to have been entirely destroyed.
Did any survive?
Officially, no. However, rumors persist that a few may have escaped destruction.
Why was its production stopped?
The combination of rising silver prices, concerns over coin hoarding, and a pressing need for smaller denomination coins led to its cancellation.
Has one ever been found?
No confirmed or authenticated example has ever been publicly revealed.
Can someone legally own one?
Probably not. If one exists, it would likely still be considered U.S. government property and could be subject to seizure.