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Despite the plethora of challenges and hurdles, the Morgan Silver Dollar became one of the most beloved and valuable coins to be struck by the US Mint. This silver coin bears the name of its designer, George T. Morgan. However, the history of the Morgan Silver Dollar comprised a set of changes!
History of the Morgan Silver Dollar
The Bland-Allison Act of 1873 mandated the US treasury to purchase two to four million dollars worth of silver, which was to be coined into dollars each month. In 1890, however, the Sherman Silver Purchase Act obliged the Treasury to purchase 4,500,000 troy ounces of silver every month after repelling the Bland-Allison Act. Eventually, the Sherman Silver Purchase Act was also repealed. In this period, a lot of Morgan Silver Dollars were struck!
Design of the Morgan Silver Dollar
This stunning silver coin's moniker is adopted by its designer, George T. Morgan. For the effigy of Lady Liberty, Morgan modeled Anna Willess Williams, a philosophical writer and teacher.
The design on the obverse of the Morgan Silver Dollar displays the effigy of Lady Liberty wearing the classic Liberty cap with a floral decorated headband that reads, “LIBERTY”. The effigy is encircled by the inscriptions of the US motto, “E PLURIBUS UNUM,” which stands for ‘Out of many, One’, and the year of the issue. The obverse also features 13 stars encircling the effigy, symbolizing the 13 colonies of the United States of America.
The reverse design bears the heraldic eagle with outstretched wings in the center, clenching on 3 arrows and an olive branch in its talons. The eagle is supported with two wreaths tied together in the center. The imprints on the reverse represent the country of issue, face value, and the US motto, “UNITED STATES OF AMERICA. ONE DOLLAR” and “IN GOD WE TRUST.”
Right below the knot of the wreaths is the mint mark, which may vary depending on the US Mint's facility. The Morgan Silver Dollar was minted in these facilities of the US Mint: Denver (D), San Francisco (S), New Orleans (O), Carson City (CC), and Philadelphia (no mark).
Key Events in the Morgan Silver Dollar History
1859 - Comstock Lode: American history’s richest silver mine discovered in Nevada.
1873—Crime of 1873: The US government was obliged to adhere to the gold standard due to silver demonetization and the end of the silver dollar.
1878—Band-Allison Act: The Act mandated that large quantities of silver be purchased every month. As a response to the Act, the Morgan Silver Dollar was introduced, utilizing the surplus of silver to stabilize the silver price.
1890—Sherman Silver Purchase Act: Repealing the Bland-Allison Act, 1878, this act stated that the Treasury would increase purchases up to 4,500,000 troy ounces each month to produce silver coins.
1893—Panic of 1893: An excessive supply of silver led to bank failures, hinting at an economic depression.
1904—Morgan Dollar ceased: With the depletion of silver, the production of the Morgan Silver Dollar ceased.
1918 - The Pittman Act: World War I effect led the US government to melt 270 million Morgan dollars to aid the economy.
1921 - One Last Time: The US Government in 1920 approved the minting of the Morgan Dollar for one last time in 1921.
2021—Morgan Silver Dollar resurrected: The US Government and Treasury approved minting the modern Morgan Silver Dollar as an investment-grade coin.
Mintage of the Morgan Silver Dollar!
The mintage period of the original Morgan Silver Dollar was from 1878 to 1904 and one year in 1921. The modern Morgan Silver Dollar, an investment-grade collectible, was introduced in 2021. The mintage of the Pre-1921 Morgan Silver Dollars changed with the US mint facility and year. This silver coin had a number of mintage fluctuations, with the highest mintage of Morgan Silver Dollar being 10,500,000 coins from the Philadelphia mint in 1878 and the lowest and rarest being 100,000 coins from the San Francisco facility in 1893.
What makes the Morgan Silver Dollar worth considering?
The Morgan Silver Dollar is clearly the epitome of symbolism and popularity embedded in the hearts of the citizens of the United States of America. Depending on the key dates, relief designs, and condition, the Morgan Silver Dollar is highly valued and expensive to sell. These silver coins can be as expensive as $1,200,000, the most expensive Morgan Silver Dollar being sold at around $1,250,000!
The Morgan Silver Dollars struck between 1878 and 1921 are also rare coins despite their large production numbers, as approximately more than 40% of the silver coins were melted during the World War. Thus, they are rare, popular, and highly valuable. With our cutting-edge technology, changing premiums and prices from the best-reputed dealers can be viewed under one roof at Bullion Mentor.
Things that you should consider before investing in Morgan Silver Dollar!
The benefits of owning a Morgan Silver Dollar are extensive and important. However, some factors need to be considered before investing in one!
Examine the coins' legitimacy and quality to ensure value.
Assess the coins' investment potential by understanding their market demands.
Find out how Morgan Silver Dollars fits into your investing plan and portfolio diversity.
Conclusion
Surely, the Morgan Silver Dollar is a valuable coin with a wide array of grades, years of issues, dealers, and whatnot! Does it sound like a hassle? We've got you covered!
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