For numismatists and collectors alike, Morgan Silver Dollars hold a special place in coin collecting. These coins, minted from 1878 to 1904 and again in 1921, are highly sought after for their silver content, historical significance, and intricate design.
Morgan $1 coins have long fascinated both amateur and seasoned numismatists.
History of the Morgan Silver Dollar
The Morgan Silver Dollar was first minted in 1878 and named after its designer, George T. Morgan. Its creation was influenced by the Bland-Allison Act, which required the U.S. Treasury to purchase large quantities of silver to mint into dollars. These coins were produced until 1904, with a brief reissue in 1921.
The Morgan Dollar was introduced during an economic change in America, as it transitioned from a predominantly agrarian society to a more industrialized economy. This context adds a layer of historical interest for collectors.
Bland-Allison Act
The Bland-Allison Act aimed to address the economic and political controversies surrounding silver and its role in the nation’s monetary system during the late 19th century. The act helped to restore faith by returning silver coinage to the economy after the U.S. moved entirely to the gold standard.
Act required the Treasury to purchase $2 million to $4 million worth of silver every month and reinstate minting of the Morgan Silver Dollar. The Treasury set a fixed 15:1 silver-to-gold ratio.
President Rutherford B. Hayes vetoed the bill, arguing it would undermine the gold standard, but Congress overrode the veto and passed the act.
Design Features
The obverse of the Morgan Silver Dollar features a profile portrait of Lady Liberty, modeled by Anna Willess Williams. This design was innovative for its time, moving away from the more traditional representations of Liberty. The reverse displays an eagle with outstretched wings, clutching arrows, and an olive branch, surrounded by a wreath.
Morgan Dollar Specifications
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm
- Weight: 26.73 grams
- Edge: Reeded
Factors Influencing Value
Several factors determine the value of a Morgan Silver Dollar in today’s market. Understanding these can help collectors make informed decisions when buying or selling these coins.
Condition
The condition of a Morgan Dollar is one of the most significant factors affecting its value. Coins are graded on a scale from Poor (P-1) to Mint State (MS-70). Naturally, coins in better condition typically command higher prices.
Rarity
The rarity of a Morgan Dollar can significantly impact its value. Certain dates and mint marks are scarcer than others. For example, the 1893-S Morgan Dollar is renowned for its rarity and is highly coveted among collectors.
Mint Mark
Morgan Dollars were minted at several facilities, including Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D). Coins from certain mints, particularly Carson City, are often more valuable.