The 1964-D Peace Dollar is one of the most intriguing stories in the world of rare coins. This silver dollar, reportedly produced but never officially released, has sparked curiosity among collectors for decades. Some believe it could even surpass the $18.9 million record set by the 1933 Double Eagle coin if one is ever found. Let’s dive into the history, rarity, and fascination behind this mysterious coin.
What Is the 1964-D Peace Dollar?
The 1964-D Peace Dollar was meant to be a modern version of the Peace Dollars minted from 1921 to 1935. Produced at the Denver Mint, these coins were intended to bring back the iconic silver dollar. However, official records state that every single coin was melted down before they could circulate, making them one of the rarest and most sought-after coins in numismatic history.
Why Is It So Rare?
The rarity of the 1964-D Peace Dollar comes from its brief production and immediate destruction. In 1965, the Denver Mint struck 316,076 test coins, but they were never released to the public. Congress quickly canceled the project, and the coins were ordered to be destroyed. Since they were melted by weight rather than counted individually, rumors persist that a few might have escaped the furnace.
The History Behind the 1964-D Peace Dollar
Why Was It Created?
In the early 1960s, the U.S. faced a coin shortage, and silver prices were soaring. The U.S. Treasury, under Secretary C. Douglas Dillon, proposed minting millions of new silver dollars to address the issue. Initially, the plan was to produce over 50 million coins, but it was later reduced to 45 million, all to be made at the Denver Mint.
However, many opposed the idea. Critics worried that collectors would hoard the coins, worsening the shortage. Despite the debate, the Denver Mint went ahead and struck the coins in 1965.
Production and Destruction
Between May 13 and May 24, 1965, the Denver Mint created 316,076 silver dollars as test coins. Just one day later, on May 25, Congress repealed the law authorizing their production. The Mint was ordered to melt all the coins, and they were destroyed by weight, not by counting each one. This small detail has fueled speculation that some coins might have survived.
The $9.6 Million Lincoln Wheat Penny: A Rare Coin Worth Millions
Why Was the 1964-D Peace Dollar Canceled?
The cancellation of the 1964-D Peace Dollar boiled down to three key reasons:
- Collector Hoarding Fears: Congress believed collectors would keep the coins out of circulation, making the coin shortage worse.
- Rising Silver Costs: Silver was becoming too expensive to use for large coins.
- Coin Shortage Priority: The U.S. needed smaller coins, not big silver dollars, to solve the shortage.
Rumors and Speculation
For decades, stories have swirled about the 1964-D Peace Dollar. Some claim that Mint employees secretly kept a few coins, while others suggest they ended up in private collections, possibly even with a U.S. president. In 2013, the Professional Coin Grading Service (PCGS) offered a $10,000 reward just to verify one coin’s existence, but no one has claimed it.
In 1972, a newsletter hinted that private collectors might hold a few coins. Coin dealer Bob Cohen even advertised a $3,000 reward per coin, but no solid evidence ever surfaced. These rumors keep the coin’s legend alive, driving collectors to continue their search.
Discover the Top 9 Rare Canadian Coins Every Collector Needs
Could One Still Be Found?
It’s possible. Some experts believe a few coins may have been smuggled out of the U.S., potentially overseas. If true, this could make it harder for authorities to reclaim them. If a 1964-D Peace Dollar ever surfaces, it could fetch millions at auction, shaking up the coin collecting world.
Why Collectors Are Obsessed
The 1964-D Peace Dollar combines history, mystery, and the thrill of the hunt. Its brief existence, sudden destruction, and the possibility that a few survived make it a holy grail for collectors. Even without confirmed examples, the coin’s story blends politics, economics, and human curiosity, keeping it alive in the numismatic community.
FAQs About the 1964-D Peace Dollar
What is the 1964-D Peace Dollar?
It’s a silver dollar minted in 1965 at the Denver Mint but ordered destroyed before release.
Were any 1964-D Peace Dollars saved?
Officially, no. But rumors suggest a few might have escaped destruction.
Why was the project canceled?
Rising silver prices, fears of hoarding, and a national coin shortage led to its cancellation.
Has one ever been found?
No verified 1964-D Peace Dollar has been publicly confirmed.
Is it legal to own one?
Probably not, as they are considered U.S. government property.
6 Most Valuable Kennedy Half Dollars Worth Over $100000 – Do You Have One?
Conclusion
The 1964-D Peace Dollar is more than just a coin—it’s a captivating mystery that blends history, intrigue, and the dream of discovery. Whether any still exist or not, the story of this elusive silver dollar continues to inspire collectors worldwide. If one is ever found, it could rewrite numismatic history and become the most valuable coin ever sold. Until then, the hunt goes on, keeping the legend of the 1964-D Peace Dollar alive.