MORGAN SILVER DOLLARS 1878-1904 & 1921
"KING OF AMERICA'S COINS"
Every coin tells a unique story, with some tales being more remarkable than others.
The Morgan Silver Dollar is one of the most storied, politically controversial, and enigmatic series in U.S. coinage history.
At Minuteman Rare Coin, we specialize in assisting customers in assembling historically significant, eye-opening, and valuable Morgan Silver Dollar collections—collections that enhance their lives and can be cherished for generations!
The Morgan Dollar was minted from 1878 to 1904 and again in 1921. Collectors and investors worldwide regard it as the most sought-after silver coin.
Its fame is linked to its connection to the legendary "Wild West" era of the late 1800s, a time filled with gunslingers, bustling boomtowns, lively saloons, cowboys, notorious outlaws, and miners seeking to strike it rich.
During this period, figures such as Jesse James and his gang, along with Billy "The Kid," infamously robbed banks, trains, and stagecoaches for these iconic coins.
The widespread circulation and mass melting of Morgan Silver Dollars in the late 19th and early 20th centuries have resulted in low survival rates for certain coins, particularly those in higher Uncirculated Mint State condition.
At Minuteman Rare Coin, we are specialists in the legendary Carson City Morgan Silver Dollar series, which was minted between 1878 and 1893.
Be sure to check out the details of the stunning 1892-CC Morgan Silver Dollar in Mint State 63 condition with a CAC green sticker we are offering on our Coin Of The Day page.
Don't miss the chance to own this historic piece of American history; this coin is available on a first-come, first-served basis. Secure it now!
The Morgan Silver Dollar is the only non-gold coin minted at five locations: the Main Mint in Philadelphia, New Orleans, Carson City, San Francisco, and Denver.
This remarkable series features a captivating history, symbolizing authentic and rare pieces of late 19th-century America.
Recognized globally as a true and cherished American rarity, the Morgan Silver Dollar is vital for any valuable collection of rare United States coins.
The Creation, continuation, and demise of the Morgan Silver Dollar
Five key events significantly have contributed to the lasting popularity of the Morgan Dollar series.
These historical events have made rarer coins minted in certain years, especially those in higher Uncirculated Mint State conditions, highly sought after by collectors and investors globally.
Let's explore these historic events:
1.) The Comstock Lode 1859
2.) Coinage Act of 1873
3.) Bland-Allison Act of 1878
4.) Sherman Silver Act of 1890
5.) The Pittman Act of 1918
THE FAMOUS COMSTOCK LODE DISCOVERY
In 1859, a decade after the start of the California Gold Rush, two prospectors dug a ditch for water at Six Mile Canyon, situated in the Sierra Nevada foothills near the dusty town of Virginia City, which borders Nevada. They stumbled upon gold.
Unbeknownst to them, they had unearthed the largest and most significant silver vein the world had ever seen: the famous Comstock Lode.
The Comstock mine quickly produced $4,700 per ton of pure silver ore daily, equivalent to $150,000 per ton in today's dollars. Eventually, the Comstock Lode yielded over $700 million in gold and silver—equal to more than $10 billion today!
By the 1870s, Virginia City, NV, had emerged as the most vital city between Chicago and the Pacific.
The immense silver output from the Comstock Lode eventually led to the creation of the renowned Morgan Silver Dollar, though not without significant political controversy.
THE COINAGE ACT OF 1873
Ulysses S. Grant decisively enacted the Coinage Act of 1873, a pivotal move that removed the silver dollar from circulation and firmly established the United States currency system on the gold standard.
This significant change left mine owners and citizens with silver they could no longer exchange for currency, earning the law the notorious title "The Crime of '73."
As a result, the nation entered a five-year economic depression marked by high inflation and a limited money supply.
However, in 1876, efforts to reinstate the silver dollar gained traction, culminating in the successful passage of the Bland-Allison Act of 1878.
THE BLAND-ALLISON ACT
The Bland-Allison Act, enacted in 1878, mandated that the U.S. Treasury Department purchase between $2 and $4 million in silver monthly from domestic mines.
This important legislation aimed to increase the money supply while providing relief to financially struggling farmers and debtors.
It sought to find a middle ground between supporters of a silver-based currency and advocates for the gold standard.
The silver acquired through this initiative was primarily designated for minting silver dollars, specifically the distinguished Morgan Silver Dollar.
Production began at the Philadelphia Mint shortly after the Act was signed, leading to the establishment of operations at the Carson City and San Francisco Mints. The New Orleans Mint joined the effort in 1879.
The 1880s marked a significant period of economic growth and expansion in the United States, often referred to as the Gilded Age.
However, by 1890, the nation faced severe deflation due to a limited money supply. This resulted in an increase in the value of U.S. currency and a decrease in prices for goods and services.
This situation profoundly impacted farmers, businesses, and those in debt, highlighting the urgent need for action.
SHERMAN SILVER PURCHASE ACT OF 1890
The Sherman Silver Purchase Act, enacted on July 14, 1890, sought to boost silver demand to alleviate the economic depression.
It mandated the U.S. Treasury to purchase 4.5 million troy ounces of silver each month, supplementing the existing obligations of the Bland-Allison Act.
By 1892, more than 357 million Morgan dollars were stored in Treasury vaults, raising concerns about the need for additional silver dollars.
The Act contributed to the Panic of 1893, resulting in widespread bankruptcies, bank runs, and a five-year depression that profoundly affected the economy.
In 1893, Congress repealed the Sherman Act, ending the U.S. Treasury's obligation to support domestic silver mining. Consequently, the historic Carson City Mint closed its doors.
The situation worsened to the extent that banks advised citizens against using silver dollars, prompting the U.S. Mint to temporarily halt the production of silver coins.
From 1893 to 1895, the Morgan silver dollar series experienced its lowest mintage levels, making these coins some of the rarest and most challenging to find today.
One condition of the repeal was that the minting of Morgan silver dollars would end once the silver reserves acquired under the Sherman Act were exhausted.
When the silver supply was depleted in 1904, the U.S. Mints ceased producing the iconic Morgan Dollar, marking the end of its 26-year run. It made a brief return in 1921.
The Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 played crucial roles in introducing and circulating the Morgan Silver Dollar from 1878 to 1904.
The passage of another act would ultimately have an even more significant influence and serve as a boon to collectors and investors.
By 1918, the demand for silver dollars in circulation had sharply declined. Millions of Morgan dollars were still stored in U.S. Treasury vaults, and millions more were held by banks both domestically and internationally.
Then came the Pittman Act of 1918.
THE PITTMAN ACT OF 1918
The Pittman Act of 1918 led to the melting of over 270 million Morgan silver dollars, which accounted for nearly half (50%) of all Morgan dollars ever minted!
Exact figures regarding the number of each date and mintmark that were melted remain unknown, as the U.S. Treasury did not keep melting records.
Population reports of authenticated and certified Morgan silver dollars suggest which dates and mintmarks may have been most impacted due to their ongoing rarity and the limited number of coins graded in higher Uncirculated Mint State conditions.
To illustrate the scale of this melting, if all the Morgan silver dollars melted in 1918 were laid end-to-end, they would form a chain stretching over 2.5 times the distance from New York City to Los Angeles!
Thanks to the Pittman Act, rare dates and mintmarks of Morgan silver dollars exist today and have provided collectors and investors with a significant financial windfall for many decades.