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<p>[QUOTE=&quot;Long Beard, post: 7447324, member: 108674&quot;]The silver dollar had been the backbone of America&#039;s financial system from the beginning in 1792. Back before 1964 a bank was required to have enough bullion on hand to back paper notes, those bearing an exchange value. In 1873, Congress demonetized silver firmly establishing the monetary system to the gold standard. Known as the Crime of &#039;73. Two years later, the Species Resumption Act was designed to make all currency, green backs included, to be backed in gold. These two acts brought about a flurry of petitioning upon Congress, not only from the silver industry but debtors and an angry public. Another significant instance came in 1917 with the Pittman Act which sent large quantities of silver to Europe following World War I. This brought about the 1921 Morgan and Peace Dollars following a seventeen year lapse in dollar production. One must remember, there were way more Morgans still circulating prior to 1917 than needed in commerce. Same thing after the final Peace dollar until 1964. So in short, the larger denomination always held precedence over fractional values.[/QUOTE]</p><p><br /></p>

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