Silver Act of 1942: the lesser known huge silver dollar melt

[pennypicker]

Of course we are all familiar with the great silver dollar melt of over 270 million Morgan dollars which took place under the Pittman Act of 1918. But how many of us are aware of the lesser known huge silver dollar melt that took place during World War II ?.

During World War II the U.S. needed more silver for the war effort and under the Silver Act of 1942 roughly 52 million silver dollars were melted. The government didn't keep any records with regards to specific dates so its anyone's guess as to what dates or types (Peace, Morgan) were melted.

Because it was 1942 and such a large number of 1922 & 1923 Peace dollars & 1921 Morgans were produced only 20 years earlier, I'm going to surmise that the most of the 52 million melted came from those three years--but that's just a wild guess.

Nevertheless it's interesting to note that experts such as David Bowers estimate that as a result of all the silver dollar melts over the years only 15% to 17% of all the Morgan and Peace dollars ever produced still survive today!!!

[beauanderos]

so its anyone's guess as to what dates or types (Peace, Morgan) were melted.

Oh, cool. Contest!

My guess is, hmmm.... 19 million 1922 Peace, and 33 million 1921 Morgans. What does the winner get?

[Morsecode]

I have heard that estimate before. Sounds believable. But, in 1942, Treasury vaults were still brimming with bags of 19th century Morgans...they would've been just as easy to toss in the melt as the 1921's or Peace issues.

Funny how they pass this act the very same year nickels are changed to 35% silver

[68Camaro]

It's arguable whether the US "needed" the silver per se. But it's true that the allies needed it. The coins weren't being used within the US so they gave the alloy to prop up other countries. The US did have an excess of silver both in Coin alloy as well as bullion. We've heard that copper was in short supply, but what many people don't know is the atomic project used silver wire instead of copper wire. The silver was recovered many years later.

[IdahoCopper]

It's arguable whether the US "needed" the silver per se. But it's true that the allies needed it. The coins weren't being used within the US so they gave the alloy to prop up other countries. The US did have an excess of silver both in Coin alloy as well as bullion. We've heard that copper was in short supply, but what many people don't know is the atomic project used silver wire instead of copper wire. The silver was recovered many years later.

The Oak Ridge Y-12 project to enrich uranium, one atom at a time, used a boatload of silver. The calutrons were wound with silver wire because of the war-time copper shortage. The Treasury loaned the silver to the Project.
See: http://en.wikipedia.org/wiki/Calutron

[pennypicker]

It's arguable whether the US "needed" the silver per se. But it's true that the allies needed it. The coins weren't being used within the US so they gave the alloy to prop up other countries.

Correct. I recall reading that much of that silver went to Great Britain.

[ZenOps]

All metals were in short supply during WWII.

I'm pretty sure Britain was moving most monetary metals to North America before WWII really started to heat up. I don't believe that silver or gold was moved into Europe, its was mostly evacuated away from it.

http://en.wikipedia.org/wiki/Evacuation ... rld_War_II

"The Bank of England moved to the small town of Overton, Hampshire and in 1939-1940 moved 2,154 tons of gold to the vaults of the Bank of Canada in Ottawa."