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The Morgan Silver Dollar — a classic coin showcasing beautiful American design, struck in nearly an ounce of fine silver. It remains one of the most popular coins for coin collecting enthusiasts in the U.S.
Today, the Morgan Silver Dollar is one of the most colorful and treasured relics of America’s western frontier and an inspirational coin that collectors are drawn to because of their historical significance.
Holding a Morgan in your hand takes you back to the Old West, reminiscent of America’s ingenuity and entrepreneurship. Morgan Dollars invoke images of western salons and honky-tonks, with cowboys raising the stakes at poker games and stagecoach robberies from outlaws looking to score a cache of these big, beautiful silver dollars. Vintage Morgan Dollars contain three-quarters of an ounce of 90% silver, mined from Nevada's legendary Comstock Lode.
The Mint Act of April 2, 1792, made it possible for the United States to strike its own coinage. This Act was especially important in the history of the United States because it established the U.S. Mint in Philadelphia and specified the Silver Dollar as the highest-denomination silver coin.
The first U.S. Silver Dollars were struck in 1794, but American merchants kept the heavier and more valuable Spanish coins for themselves and exported the lighter U.S. coins to Europe for trade. As a result, U.S. coins disappeared almost as fast as they were minted. For this reason, Silver Dollar coinage was suspended in 1804.
In 1836, Congress re-established the Silver Dollar (with a slightly lighter weight of 26.73 grams), and by the 1840s, they were being issued for general circulation once again. Even at this time, most Americans rarely saw a Silver Dollar in circulation because most were held in bank vaults, exported, or melted for their precious silver bullion. This situation led to the Act of 1873, which eliminated the Silver Dollar from regular U.S. coinage altogether.
The Bland-Allison Act was written by Representative Richard P. Bland, with amendments made to it by Senator William B. Allison. It was passed in Congress in February of 1878. This act restored silver as legal tender. It also included verbiage stating that the government would mint 2 million silver dollars per month, leading to the origin of the Morgan Silver Dollar.
Below is a brief overview of the major events that affected Morgan Silver Dollars.
Morgan Silver Dollars were minted continuously from 1878 until 1904. By the early 1900s, the Comstock Lode was exhausted and the silver bullion supply ran out. As far as Morgan and the rest of the nation were concerned, the era of the Silver Dollar had come to an end. By this time, most Americans preferred to use paper money instead of carrying around heavy Silver Dollars. In fact, Silver Dollars circulated widely only in the sparsely-populated West, but in the rest of the country, they were stockpiled in banks and U.S. Treasury Department vaults.
In 1918, Congress passed the Pittman Act to replenish the government's reserves of silver bullion by officially melting millions of the Morgan Silver Dollars stored in Treasury vaults. As a result, over 270,000,000 Morgan Dollars were melted - almost half the entire mintage from 1878-1904.
The Pittman Act also required the government to purchase more silver to replace the melted coins, so the Morgan Silver Dollar was briefly revived one more time in 1921 until it was replaced later in the year with the Peace Silver Dollar.
The majority of Morgan Dollars found today can be linked to one of four major hoards. These hoards are known as the Treasury Hoard, the Redfield Hoard, the Continental Bank Hoard, and the Casino Hoards. Morgans in these hoards were generally kept in bags, hence the "bag marks" you will find on Morgans today. Bag marks are caused by the coins coming into contact with each other.
In total, the number of coins that have survived to this day is small in comparison with the number minted.
This large, heavy, handsome, historic silver dollar was named after its designer, George Thomas Morgan, the 7th Chief Engraver of the U.S. Mint. His iconic design is one of the most recognized coin designs in the world.
Born in 1845, Morgan attended the Birmingham Art School before winning a scholarship to the prestigious South Kensington Art School in London. After running his own engraving business in London, he became an Engraver at England's Royal Mint. There, he continued to learn under the watchful eye of the legendary English engraver Leonard Charles Wyon.
In mid-1876, Morgan's career took an unexpected turn. The Deputy Master of The Royal Mint received a letter from the Director of the U.S. Mint in Philadelphia, H.R. Linderman, asking if he knew of someone who could fill the position of Assistant Engraver of the U.S. Mint. The Royal Mint recommended Morgan - and after examining samples of Morgan's work, Linderman offered him the post of "Special Engraver" for $8 per day.
Upon his arrival at the U.S. Mint in Pennsylvania, Morgan was assigned the task of designing the Silver Dollar and working on patterns for the Half Dollar. At this time, the U.S. Mint struck no circulating Silver Dollars, but the Mint realized it was only a matter of time before a Silver Dollar would be called for once again. They wanted to be ready when the time came.
By the time he eventually retired in 1924, George T. Morgan had worked at the U.S. Mint for an amazing 48 years. During this time, the United States went through many changes as the "Age of Technology" became a reality. This was also one of the most exciting and turbulent periods in United States history, and Morgan was witness to dramatic changes taking place all around him - from the winning of the West to World War I, and from the Wright Brothers' flight to Babe Ruth taking the baseball world by storm. Through it all, the one constant factor was the Morgan Silver Dollar, which even then was respected for its beauty and silver heft.
The Morgan Dollar Reverse Design features an eagle with wings outspread with the motto, IN GOD WE TRUST above. Encircling the coin above is UNITED STATES OF AMERICA with the denomination ONE DOLLAR, with stars on either side. The eagle is clutching both an olive branch and 3 arrows in its talons, symbolizing peace yet readiness for war. Below the eagle and around its sides is a wreath of laurel to honor the nation’s achievements. The ribbon which ties the wreath together is another “M” for Morgan. Below the wreath is where the Mint marks are located.
The Morgan Dollar Obverse Design bears a beautiful close-up profile of Lady Liberty facing left, wearing a Phrygian crown that symbolizes freedom, encircled with a ribbon inscribed with LIBERTY. Above the crown are cotton and wheat that decorate the ribbon that symbolizes the reconciliation of the North and South following the Civil War. E PLURIBUS UNUM is above Liberty’s head, with 13 stars below. There is a single small “M” at the base of Liberty's neck as a tribute to the designer, George T. Morgan.
Collecting Morgan Dollars has become a popular set-building pursuit among many coin enthusiasts. The goal is to complete, or nearly complete a set of Morgan Silver Dollars by date or mintmark. The most desired coins in sets are known as “Key Dates.” “Key Date” Morgan Dollars are usually the hardest to find in the series and often carry value beyond their simple silver content. There are also “Semi-Key Dates” or simply “Semi-Keys” that are the next level of difficult-to-obtain coins after “Keys.”
Supply and demand move all markets and with the Morgan Dollar, availability and demand drive pricing. A coin’s population drives supply, so when there are high supplies, prices are usually lower when readily available. However, when a Morgan is difficult to obtain and in demand, like a Key Date, it will often carry a numismatic premium based on the mintage and condition.
The 1889-CC Morgan Dollar is a Key Date coin that has a limited supply with increasing demand. The Carson City Mint started minting Morgan Dollars in 1878 but went on a 4-year hiatus in 1885 due to political reasons. In October 1889, Morgan Dollars once again began rolling off the mint’s presses, but only 350,000 coins were struck in the last three months of that year due to maintenance issues. The result is that the 1889-CC Morgan Dollar is one of the lower mintage issues of the entire Morgan series. Many other less-famous dates had lower mintages, but many 1889-CC Silver Dollars had an early demise. Many of the 1889-CC Silver Dollars were melted, ensuring 1889-CC survivors as one of the Key Dates in the Morgan Dollars series.
The 2021 Morgan Silver Dollar Centennial release was a significant event in numismatic circles, honoring an essential piece of America's monetary history. The original Morgan Dollar was minted from 1878 to 1904 and once more in 1921, named after its designer, George T. Morgan. The 2021 edition was released to commemorate the 100-year gap since the last mintage, painstakingly recreated with a few modifications to indicate its unique place in history.
The design of the 2021 Morgan Silver Dollar, like the original, showcases a left-facing profile of Lady Liberty on the obverse, symbolizing freedom and peace. The reverse features an eagle with outstretched wings, clasping arrows, and an olive branch, representing America's strength and desire for peace. Whereas the original Morgan Silver Dollar was made with 90% silver, this new Morgan Silver Dollar is struck with .999 fine silver. With this release, the U.S. Mint celebrated not only the Morgan Silver Dollar's place in history but also the continued importance of physical currency in a digital age. This centennial edition represents a fascinating convergence of the past and present, reminding us of our rich and enduring numismatic legacy.
The 2023 Morgan Silver Dollar is another highly anticipated release among numismatists and stackers, especially because no .999 fine Morgan Silver Dollars were released in 2022 due to a shortage of the silver blanks needed to strike the coins. Much like the 2021 Morgan Silver Dollar, the 2023 Morgan Silver Dollar’s design remains true to the original, with Lady Liberty’s profile prominently featured on the obverse and the iconic eagle with outstretched wings reaching toward the sky.
These new Morgan Silver Dollars will see three releases:
Product | Release Date | Mint/Mint Mark | Mintage |
---|---|---|---|
2023-P Uncirculated Morgan Silver Dollar | July 13, 2023 | Philadelphia / No mint mark | 275,000 |
2023-S Proof Morgan Silver Dollar | August 9, 2023 | San Francisco / S | 400,000 |
2023-S Morgan & Peace Silver Dollar Reverse Proof Set | November 9, 2023 | San Francisco / S | 250,000 |
As observed above, 2023 will see the first-ever proof release of this modern series, which is sure to make these new Morgan Silver Dollars even more appealing to collectors and stackers alike. The 2023-S Proof Morgan is also the first time the renowned San Francisco Branch of the United States Mint has EVER struck a Morgan with a proof finish for collectors.
In 2023, the United States Mint is also issuing a 2-piece Morgan and Peace Dollar Reverse Proof set, which marks the first time either Silver Dollar has EVER been struck with a reverse proof finish. Frosted fields and mirrored design details characterize the reverse proof finish.
Coin grading is the expression of an opinion that describes the condition of an individual coin that most dealers and collectors would agree with. Over time, numismatists and coin grading services have refined and agreed upon specific definitions, descriptions, and numeric values that help all coin collectors describe coins accurately when buying or selling.
Morgan Dollars are large and heavy coins that are made out of silver which is relatively soft and malleable. The large size of the Morgan Dollar makes it difficult to strike up the design fully. Five branches of the United States Mint manufactured Morgan Silver Dollars: Philadelphia, New Orleans, Carson City, San Francisco, and Denver (in 1921 only). The quality of the strikes varies from strong to weak, depending on the year and mint.
The mint mark of Morgan Dollars struck at the branch mints appears below the bow in the wreath on the reverse design. Morgans were minted in Philadelphia (no mint mark), San Francisco (S), New Orleans (O), Carson City (CC), and Denver (D) and carry the U.S. branch’s specific mint marks except for Philadelphia struck issues.
Vintage Morgan Dollars contain 26.73 grams of .900 fine silver and .100 copper for a total net weight of .77344 ounces of pure silver. Modern Morgan Dollars, starting with the 2021 issue, are struck from 26.717 grams of .999 fine silver.
When you buy Morgan Dollars at GovMint.com you can rest assured that you are buying authentic United States coinage. We offer free shipping on orders of $149 or more and have a 30-day return policy for all non-bullion items. You can view our return policy here. Browse our website GovMint.com or call 1-800-642-9160 to see how Morgan Silver Dollars can enhance your coin collection today.