Morgan Silver Dollars, minted from 1878 to 1904 and again in 1921, are among the most popular coins for collectors of American numismatics. Their rich history, diverse mint marks, and varying mintages make them a focal point of a collection.
| Year | Mint Mark | Mintage | Notable Features |
|---|---|---|---|
| 1878 | CC | 2,212,000 | First year of issue; Carson City mint mark adds desirability. |
| 1880 | CC | 495,000 | Low mintage; Carson City coins are particularly prized. |
| 1884 | S | 3,200,000 | Scarce in higher grades; San Francisco mint. |
| 1889 | CC | 350,000 | Lowest mintage of Carson City Morgans; highly coveted. |
| 1893 | S | 100,000 | Lowest mintage of the series; key date for collectors. |
| 1895 | Proof Only | 880 | Known as the “King of Morgans”; extremely rare. |
| 1901 | O | 13,320,000 | Common in lower grades; scarce in mint state. |
| 1903 | O | 4,450,000 | Once considered rare; many released later from Treasury vaults. |
| 1921 | D | 20,345,000 | Only year minted in Denver; last year of the original series. |
| 2021 | CC Privy | 175,000 | Modern issue commemorating Carson City; limited mintage. |
Note: The mint mark “CC” denotes Carson City, “S” denotes San Francisco, “O” denotes New Orleans, and “D” denotes Denver. The 1895 Morgan Dollar was produced only in proof form, making it exceptionally rare.
Notably, Carson City coins, identified by the “CC” mint mark, are particularly prized due to their association with the historic Nevada mint and their limited production. The 1893-S and 1895 Proof Morgans are considered key dates, often commanding high premiums in the market. Additionally, the 2021 issues with privy marks, such as the “CC” privy, have garnered attention for commemorating the legacy of the original Morgan Dollars.
For collectors aiming to build a comprehensive Morgan Dollar collection, these ten coins represent significant milestones and offer a blend of historical context and investment potential.
U.S. Mint Locations That Issued Morgan Silver Dollars
The Morgan Silver Dollar was struck at five U.S. Mint facilities, each with distinct characteristics, histories, and occasional controversies:
Philadelphia Mint (No Mint Mark)
As the primary U.S. Mint facility, Philadelphia produced the highest number of Morgan Dollars. Coins from this mint carry no mint mark. Known for quality issues during the 1921 Morgan Dollar mintage, as production was rushed following the Pittman Act of 1918.
- Years of Morgan Dollar Production: 1878–1904, 1921
Carson City Mint (CC Mint Mark)
Carson City coins are prized for their limited mintage and connection to the Nevada silver boom. The Carson City Mint faced political interference and mismanagement issues, which ultimately led to its closure in 1893.
- Years of Morgan Dollar Production: 1878–1885, 1889–1893
New Orleans Mint (O Mint Mark)
Known for producing large numbers of Morgan Dollars, but these coins often display weak strikes due to worn dies. The New Orleans Mint struggled with equipment inefficiencies and was occasionally criticized for inconsistent coin quality.
- Years of Morgan Dollar Production: 1879–1904
San Francisco Mint (S Mint Mark)
San Francisco Morgan Dollars are often highly regarded for their strong strikes and excellent luster. While the San Francisco Mint had a reputation for precision, the facility faced accusations of mishandling bullion during the late 19th century.
Years of Morgan Dollar Production: 1878–1904, 1921
Denver Mint (D Mint Mark)
The Denver Mint produced Morgan Dollars only in 1921, marking the series’ final year before being replaced by the Peace Dollar. There were allegations that some 1921 Denver-struck Morgans were improperly handled, causing a higher percentage of post-mint damage.
Years of Morgan Dollar Production: 1921
Key Controversies and Historical Notes
Pittman Act of 1918
The Pittman Act of 1918 remains one of the most controversial economic interventions in U.S. history, with far-reaching consequences for the American economy and the numismatic community.
Sponsored by Senator Key Pittman of Nevada, the act authorized the melting of over 270 million Morgan Silver Dollars to support Britain’s financial crisis during World War I.
To stabilize global silver markets and assist the Allied war effort, the U.S. agreed to provide Britain with massive amounts of silver, destroying millions of historic coins.
Critics argue that the Pittman Act was not purely about international aid but also pushed the legislation to benefit domestic silver miners in Senator Pittman’s home state of Nevada.
The act mandated that after the silver dollars were melted, the U.S. government was required to purchase newly mined silver from American producers significantly above market value, at a fixed rate of $1 per ounce.
This politically manipulated government subsidy lined the pockets of the U.S. silver mining industry at the expense of tax payers. By tying economic policy directly to mining production, this grift manipulated market forces and provided a windfall for mining companies while ignoring broader financial stability.
This reduction in surviving examples made some Morgan Dollars highly sought after by collectors, driving up their value.
For instance, 1893-S, 1894, and 1889-CC Morgans are now considered among the most valuable and elusive coins in the series.
In hindsight, the Pittman Act’s blend of economic manipulation and political favoritism highlights how government interventions can dramatically alter markets and cultural legacies.