In the summer of 1964, Congress passed a bill authorizing the minting of 45 million Peace Dollars. An initial run of a tad over 300,000 were minted. The rising price of silver and a dwindling supply caused a political storm that lead to the scuttling of production of these dollars and the Mint subsequently destroyed all of the dollars produced.
But rumors persisted that some of these Peace dollar may have escaped destruction. If any have survived, the value would be as much as the fabled 1933 $20 gold piece or the 1913 Liberty Head nickel.
To this day none have surfaced, but in late 2010 Daniel Carr, a private minter, who designed the New York state quarter, produced 1,964 restrikes of this legendary coin. Carr produced these by using original Peace dollars and over striking the coins on a refurbished US Mint press with the 1964 date and D mint mark.
His restrikes caused an immediate controversy among coin collectors who debated whether these restrikes were counterfeits. Carr defended is work by pointing out that the coins were indeed original Peace dollars and as such were legal tender and not counterfeits, particularly since the Mint claimed that all 1964-D Peace dollars were destroyed. All he had done was merely over struck 1964 over original date, added the D mint mark and sold the coins strictly as a fantasy piece.
This controversy, along with the incredible quality of the strike, use of original Peace, Dollars, reputation of the minter, and extremely limited mintage of 1964 pieces, caused the price of this coin to go from its original issue price of $110 to over $275 on eBay.