Own this Historic Morgan Dollar – Minted More than a Century Ago
The Morgan dollar was named for its designer and engraver, George Morgan. The coin was minted from 1878 to 1904. Made of 90% pure silver, it was produced in response to a change in US policy toward coining silver.
The Bland-Allison Act of 1878 required the Treasury to purchase up to $4 millio... more
Own this Historic Morgan Dollar – Minted More than a Century Ago
The Morgan dollar was named for its designer and engraver, George Morgan. The coin was minted from 1878 to 1904. Made of 90% pure silver, it was produced in response to a change in US policy toward coining silver.
The Bland-Allison Act of 1878 required the Treasury to purchase up to $4 million worth of silver every month. This would then be turned into silver dollars. A week after the law was passed, the first silver dollar was produced. This became known as the Morgan dollar.
Geoge Morgan came from England to work as an assistant engraver at the US Mint in Philadelphia. He produced the Liberty design on the obverse of the coin, using Philadelphia resident Anna Willess Williams as his model. For the reverse, Morgan studied images of bald eagles. The design was originally intended to be used on a half-dollar coin, so the wording had to be changed for the dollar coin.
The Philadelphia mint was ordered to stop production on all other coins so it could concentrate on minting the new dollar coins. The mint also prepared dies for use by the other mints to the West. By April 1878, the San Francisco and Carson City mints were ready to begin production. The mint in New Orleans began producing Morgan dollars the following years.
In 1890, the law concerning silver changed again with the Sherman Silver Purchase Act. This required the Treasury to purchase 4,500,000 troy ounces (over 308,000 pounds) of silver each month, and the mint to coin 2,000,000 silver dollars each month. This resulted in inflation and the Panic of 1893. The act was repealed in November 1893. Five years later, Congress ordered all the silver purchased because of the Sherman Act to be made into silver dollars. This continued until all the bullion was used up in 1904. Minting of the Morgan dollar ceased at the same time.
During World War I, the stock pile of silver dollars was melted down to aid our ally, the United Kingdom. Beginning in 1918, more than 270,000,000 silver dollars were melted down and the silver was sold to the UK. In 1921, the Morgan dollar was minted once again for one year and was only produced at the Denver mint.
Year Issued: 1884
Face Value: $1.00
Mint: New Orleans
Mintage: 9,730,000
This 1884 silver Morgan Dollar is a remnant of the past and a reflection of the turbulent policies involving silver. The number of coins that survived after the stockpile was melted down is unknown, but experts estimate it is only about 10% of those minted. This is your chance to add one of these coins to your collection.
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