MORGAN SILVER DOLLARS 1878-1904 & 1921
"KING OF AMERICA'S COINS"
Every coin carries a unique story, with some tales more remarkable than others.
The Morgan Silver Dollar stands out as one of the most storied, politically controversial, and enigmatic series of coins in the history of U.S. coinage.
This coin series, produced from 1878 to 1904 and again in 1921, are among the most sought-after by collectors and investors worldwide!
Their fame is tied to the legendary "Wild West" era of the late 1800s, a time filled with gunslingers, bustling boomtowns, lively saloons, cowboys, and notorious outlaws.
During this period, figures like Jesse James and his gang famously 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 has resulted in low survival rates for certain coins, particularly those in higher Uncirculated Mint State condition.
At Minuteman Rare Coin, we excel in curating remarkable, historically significant, valuable, eye-opening Morgan Silver Dollar collections.
We are experts in the legendary Carson City Morgan Silver Dollar series of coins minted between 1878 and 1893.
The Morgan Silver Dollar is the only non-gold coin produced at five different mints: the Main Mint in Philadelphia, New Orleans, Carson City, San Francisco, and Denver.
This remarkable series boasts a captivating history, representing authentic rare pieces of late 19th-century America.
Globally recognized as a genuine and treasured American rarity, the Morgan Silver dollar is essential to any valuable collection of United States rare coins.
Five significant events contributed to the creation, continuation, and eventual demise of the Morgan Silver Dollar.
Each event has played a crucial role in the series' enduring popularity, making rarer coins in higher Uncirculated Mint State conditions highly sought after by collectors and investors worldwide.
Let's explore these historic events:
1.) 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 California Gold Rush began, two prospectors dug a ditch for water at Six Mile Canyon, located in the Sierra Nevada foothills near the dusty town of Virginia City, bordering Nevada, and stumbled upon gold.
Unbeknownst to them, they had discovered the largest and most significant silver vein in history, known as the Comstock Lode.
This expansive 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 would contribute over $700 million in gold and silver—equal to over $10 billion today!
By the 1870s, Virginia City, NV, 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, albeit not without significant political controversy.
THE COINAGE ACT OF 1873
Ulysses S. Grant enacted the controversial Coinage Act of 1873, which removed the silver dollar from circulation and established the gold standard for the U.S. system.
This change left mine owners and citizens with silver they could no longer convert into currency, earning the law the nickname "The Crime of '73."
Subsequently, the country faced a five-year economic depression marked by high inflation and a reduced money supply. In 1876, efforts to reinstate a silver dollar began, culminating in the passage of the Bland-All Act of 1878.
THE BLAND-ALLISON ACT
The Bland-Allison Act passed in 1878, mandated the U.S. Treasury Department to buy between $2 and $4 million in silver each month from domestic mines.
This legislation aimed to boost the currency supply and offer relief to financially struggling farmers and debtors. It represented a compromise between proponents of a silver-based currency and supporters of the gold standard, requiring the Treasury to accept silver bullion deposits and issue gold certificates in return.
The silver purchased was intended for minting silver dollars, specifically the renowned Morgan Silver Dollar.
Production began at the Philadelphia Mint shortly after the Act was signed, followed by the Carson City and San Francisco Mints, with the New Orleans Mint following in 1879.
The 1880s marked a period of significant economic growth and expansion in the United States, often referred to as the Gilded Age.
However, by 1890, the nation faced severe deflation caused by a limited money supply. This led to an increase in the value of U.S. currency and a decrease in the prices of goods and services.
This situation had a profound effect on 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, aimed to increase silver demand to alleviate the economic depression.
It required the U.S. Treasury to buy 4.5 million t ounces of silver monthly, adding to the existing Bland-Allison Act's obligations. By 1892, over 357 million Morgan dollars were stored in Treasury vaults, raising concerns about the need for more silver dollars.
The Act contributed to the Panic of 1893, leading to widespread bankruptcies, bank runs, and a five-year depression that severely impacted the economy.
In 1893, Congress repealed the Sherman Act, which eliminated the U.S. Treasury's obligation to support domestic silver mining. As a result, the historic Carson City Mint was closed.
The situation deteriorated to the point where banks advised citizens against using silver dollars, leading the U.S. Mint to temporarily stop producing silver coins.
From 1893 to 1895, the Morgan silver dollar series experienced its lowest mintage outputs, making these coins some of the rarest and most difficult to find today.
One stipulation of the repeal was that the minting of Morgan silver dollars would cease once the silver reserves acquired under the Sherman Act were depleted.
When the silver supply was exhausted in 1904, U.S. Mints stopped producing the iconic Morgan Dollar, concluding its 26-year run, although it would make a brief return in 1921.
The Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 played crucial roles in the introduction and circulation of the Morgan Silver Dollar from 1878 to 1904.
The passage of another Act would ultimately have an even more significant influence and a boon to collectors and investors in the long run.
By 1918, the demand for the silver dollar in circulation had sharply declined, with millions of Morgan dollars still stored in U.S. Treasury vaults and millions more held by banks both domestically and abroad.
THE PITTMAN ACT OF 1918
The Pittman Act of 1918 resulted in over 270 million Morgan silver dollars being sent to the melting pot, accounting for nearly half (50%) of all Morgan dollars ever minted!
Exact figures on how many of each date and mintmark were melted remain unknown, as the U.S. Treasury did not maintain melting records.
Population reports of authenticated and certified Morgan silver dollars suggest which dates and mintmarks may have been most affected due to their ongoing rarity and the limited number of coins graded in higher Uncirculated Mint State conditions.
To give you an idea of the scale of this melting, if all the Morgan silver dollars melted in 1918 were laid end-to-end, they would create a chain stretching over 2.5 times from New York City to Los Angeles!
Thanks to the Pittman Act, rare dates and mintmarks of Morgan silver dollars exist today, which has provided a significant financial windfall to collectors and investors for many decades.
MINUTEMAN RARE COIN
We invite you to join our community of passionate rare coin collectors and investors and embark on an exhilarating journey to create the most historically significant, valuable, eye-opening, and rewarding collection of Morgan Silver Dollars you will cherish for life!
Create a lasting legacy that will enrich your life and bring you immense joy—a collection you'll be proud to own and pass down through generations!
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