It’s true! PCGS originally made this offer in 2013. They will pay you a $10,000 reward to see an authentic 1964-D Peace Dollar. As of this posting, there hasn’t even been one seen in public. It’s like the Holy Grail of modern US coins. Every collector wants one, let alone see one.
Peace Dollars were minted between 1921 and 1935. Like the Morgan Dollar, a number of them have been minted and these 24 coins could be a good investment, especially if silver rises. The US mint was thinking about minting them in 1936, but in the midst of the Great Depression, there wasn’t a demand for them and the Peace Dollar was done, or so we thought.
In 1964, Congress approved the minting of 45 million Peace Dollars to avoid shortages, especially at banks. Many thought this would not cover what was need. Also, the price of silver had rose during the 1960’s and there was fear that people would hoard these new dollars. There was considerable controversy, but on May 12, 1965, production began in Denver. The silver dollars would still have the year 1964 on them and would also be 90% silver like the dollars before it. A total of 316,076 dollars were minted before they were told to stop on May 24th. It was decided that these would not benefit the people or businesses that would have needed it the most, and the order came through to destroy all of them. As far as the US Mint was concerned, all 1964-D Peace Dollars were melted, but there were rumors that some may have made it out, possibly by mint employees.
To make sure this didn’t happen again, the Coinage Act of 1965 was signed by President Lyndon Johnson on July 23, 1965 to stop production of silver dimes and quarters and reduce the silver in half dollars. Dollars would not be considered again for 5 years, and by then, 90% silver coins were long gone from circulated coins.
As for any 1964-D Peace Dollars out there, since they were never officially released in circulation, owning them would be an illegal offense. This is the reason we may never see an authentic one. However, there are a number of counterfeit ones out there. If someone was brave enough to bring one to PCGS, they would definitely authenticate it before paying the owner $10,000.
Other Coins PCGS will pay a $10,000 reward for
- 1894-S Barber Dime – only 24 were known to have been minted, and only a little more than half have been found
- 1873-S Seated Dollar – The Coinage Act of 1873 would stop production of silver dollars (except for trade) for five years. Only 700 would be minted in San Francisco, but none have been found
- 1841-O $5 Half Eagle – There were 50 minted in circulation and only 2 have been seen
- 1849 Templeton Reid $25 – Only one is known to exist. Supposedly it was stolen, and the robber melted it instead of getting caught, but it was never confirmed.
Could you use an extra $10,000?
If you had a 1964-D Peace Dollar, would you show it to PCGS for $10,000? It would be pretty tempting.