In the early Redbooks carried an interesting note in the section on
Morgan Silver Dollars:
”270,232,722 silver dollars melted under the Pittman Act of April 1918. 259,121,554 for export to India, and 11,111,168 for domestic subsidiary coins, which probably accounts for the scarcity of 1903O”
The 1947 first edition of the
Redbook it list at 110.00, by 1961 it was list as have a value of $600.00. My 1961 copy has “someday” written in pen out to the side of the listing.
Then it happened with the price approaching $1500.00 in Nov.
1962 the mint released 100,000 uncirculated 1904O
Silver Dollars to the banks. Over night the price fell to $30.00. More than one coin dealer was ruined, and one man who had
mortgaged his house to buy eight shot himself.