In 1920 the American Numismatic Association proposed a new design for the old Morgan Dollars which would commemorate world peace.  The suggestion was acted upon with the appearance of the Peace Dollar in December of 1921.  The coin was designed by Anthony de Francisci who used his wife as the model for Liberty, while the reverse depicted a perched eagle.  

 

The new dollar met with heavy criticism.  Amidst general complaints about the design, it was noticed that the lettering was inconsistent.  On the obverse of the coin the letter "U" appeared as "V" while on the reverse the letter "U" appeared in its regular form.  Another problem was the high relief of the 1921 Peace Dollar.  This caused great problems in striking the coins.  The result was a modified shallow relief in 1922.  This style was minuted through 1935.  Coinage of the Peace Dollar was not continuous.  Most pieces were struck from 1929 through 1933.

 

On August 3, 1964, an act was passed by Congress which provided for the minting of 45 million silver dollars of the Peace design. In May of 1965, President Lyndon B. Johnson ordered they be struck at the Denver Mint.  Although some striking did occur before 1964, at the same time the country was dropping silver coinage and switching to the new Cupro-Nickel standard.  All of the 1964 Peace Dollars were supposedly melted down although legend has it that some were saved.