The Not-So-Bland Act That Made the Morgan Dollar
While the Morgan Dollar was struck over a period of 40 years and became one of the most popular silver dollars struck by the U.S. Mint, it took Congress overriding a presidential veto to bring the design to life.
Before the Morgan Dollar, the Liberty Seated Silver Dollar was struck from 1840 to 1873. The series came to an end due to the Coinage Act of ‘73. Known as the Crime of ‘73 to those that opposed it, the Act removed silver dollars from the list of authorized coins. Supporters believed that too many silver coins would lead to unchecked inflation. Silver was also less in demand since 1871 when the German Empire stopped minting the silver thaler coin. With no silver coins being minted, the United States became a de facto gold standard.
Between 1873 and 1878, several elected officials took interest in returning America to a bimetallic monetary standard. It took the combined efforts of Representative Richard P. Bland of Missouri and Senator William B. Allison of Iowa to lobby together for a new act that would reinvigorate the American economy with silver. This act, known as the Bland-Allison Act, would require the U.S. Treasury to purchase between $2 million and $4 million in silver each month from western mines. President Rutherford B. Hayes vetoed the act, which many believed stemmed from his interests in banking, but it was overwhelmingly popular in Congress allowing an override on the Presidential Veto.
Several years after the Bland-Allison Act was enacted, a number of farmers wanted the government to purchase more silver, which would in turn would boost the economy and help them pay off debts. The Sherman Silver Purchase Act of 1890 increased the amount of silver that the U.S. Treasury was required to purchase. This led to the price of silver dropping to 69 cents an ounce by the end of 1890. Fifteen years after the Bland-Allison Act returned silver to Americans pockets, President Grover Cleaveland repealed the act to stop the run on silver.
With the large amount of silver that the U.S. Treasury had bought over the course of twelve years, Congress approved a bill in 1898 requiring that all remaining bullion purchased under the Sherman Silver Purchase Act be struck as silver dollars. The 1904 Morgan Dollars were the last silver dollars to be struck as a direct result of the Bland-Allison Act.
Morgan Dollars went on to become numismatic treasures to many collectors, but they never would have been possible without the efforts behind the Bland-Allison Act. Rare Collectibles TV is proud to offer many issues of the Morgan Dollar is the highest quality available, including 2021 Morgan Dollars honoring 100 years since the final issue.
