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The mintage of 208,000 is the lowest of all Walking Liberty half dollars, very few were saved at the time of issue, and most circulated for many years before being saved. The American economy stumbled badly in 1920 and 1921. Massive disruptions caused by the world gearing up for World War I then returning to a post war economy sent shock waves around the world markets. In America the wheels of commerce rapidly slowed, demand slowed as well, disrupting the demand for coinage. Of great importance was the powerful silver lobby in America, which managed to pass a law which required the coinage of large numbers of silver dollars (mostly, but subsidiary coins as well) to replace the silver dollars taken from circulation under the Pittman Act of 1918. Accordingly 86,730,000 Morgan silver dollars were struck by the three mints in 1921, as the legislation for the new Peace dollar had not yet been signed into law. Once the new Peace dollar designs were adapted and modified, coinage began in earnest for those too, with the combined mints stamping out over 84,000,000 Peace dollars dated 1922. The smaller denominations were all but ignored during 1921, which is relevant to this particular Walking Liberty half dollar.
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