What is a Morgan Silver Dollar?
The Morgan Silver Dollar: An Icon of American Coinage
The Morgan Silver Dollar stands out as one of America’s most iconic, most collected and most valuable silver dollars. Revered for its historic significance, intricate design, and connection to the Old West, it remains one of the most in-demand coins in United States numismatic history. First minted in 1878, this large silver coin became a symbol of the nation’s abundant silver reserves and the westward expansion of the 19th century. Today, the Morgan Silver Dollar holds a special place in American history, sought after by collectors for its beauty, rarity, and timeless appeal.
Design and Features of the Morgan Silver Dollar
U.S. Mint Engraver George T. Morgan, the namesake for the coin series, created both the obverse and reverse designs of the Morgan Silver Dollar.
The Obverse Design: Lady Liberty
The obverse features a striking portrait of Lady Liberty, modeled after Philadelphia teacher Anna Willess Williams. Instead of portraying the classical Greek-style portrait used for Liberty, Morgan sought out a model that had more American features. Morgan’s friend, Thomas Eakins, recommended schoolteacher Anna Willess Williams as a model. Morgan knew immediately that she was the perfect model to use for Lady Liberty. Her profile is adorned with a cap and floral wreath, symbolizing freedom and strength. Surrounding Liberty are the words “E PLURIBUS UNUM” and the year the coin was struck.
The Reverse Design: The American Eagle
On the reverse, an American eagle with outstretched wings clutches arrows and an olive branch, symbolizing both a readiness for war and a desire for peace. The eagle is encircled by the inscription “UNITED STATES OF AMERICA” and the denomination, “ONE DOLLAR.”
Struck in .900 fine silver with a weight of 26.73 grams and a diameter of 38.1 mm, the Morgan Silver Dollar is both substantial and impressive.The size and silver content of the Morgan Dollar earned it the nickname “King of American Coins,” making it a favorite among collectors and silver enthusiasts alike.
The History Behind the Morgan Silver Dollar
The Morgan Dollar is a coin with deep historical significance, shaped by key events in American politics, economics, and numismatics. From its creation to its political impact, this coin offers a window into America’s silver age.
The Birth of the Morgan Silver Dollar
The Morgan Silver Dollar was designed by George T. Morgan, a British-born engraver who worked for the U.S. Mint. The coin was introduced in 1878 following the passage of the Bland-Allison Act, which required the U.S. Treasury to purchase between 2 to 4 million dollars worth of silver to mint into coins. This legislation was a direct result of the discovery of the Comstock Lode in 1859, which unleashed a wealth of silver, prompting legislation that ensured its widespread distribution and strengthened America’s growing coinage system.
The coin was minted from 1878 to 1904, then briefly revived in 1921 due to silver shortages following World War I. This short-lived return added further historical significance to the series, as the 1921 issue marked the final production year of the original Morgan design.
The Comstock Lode and Its Impact
The Comstock Lode, discovered in Virginia City, Nevada, was one of the richest silver mines in history. Its vast silver deposits sparked a mining boom and significantly impacted U.S. coinage. To manage the influx of silver, the Bland-Allison Act was passed in 1878, requiring the U.S. Mint to convert surplus silver into silver dollars. The Morgan Silver Dollar became the coin of choice, offering a practical means to distribute the massive silver reserves.
Melting and the Pittman Act
The origin of the Pittman Act in 1918 authorized the melting of over 270 million Morgan Silver Dollars—nearly half the entire mintage. The silver was sold to Britain to support the Allied war effort during World War I. This mass melting drastically reduced the coin’s availability, making certain dates and mint marks exceptionally rare. In the 1970s, a hoard of Morgan Silver Dollars was rediscovered in U.S. Treasury vaults, sparking a renewed interest in the series. Known as the GSA Hoard, it stands as one of the most significant discoveries in Morgan Dollar history. Unearthed in the early 1970s, this cache contained over 2.8 million uncirculated Morgan Silver Dollars, most of which had been tucked away in U.S. Treasury vaults for nearly a century. Many of the coins originated from the Carson City Mint, making them especially prized for their low mintages and Old West allure. The U.S. General Services Administration (GSA) released the hoard through a series of public auctions, giving collectors a rare chance to own pristine, historic silver dollars. Today, Morgan Dollars in their GSA original government packaging remain highly coveted, symbolizing both the enduring legacy of the Wild West and the remarkable preservation of America’s numismatic heritage.
Political and Economic Impact
The Morgan Silver Dollar became a symbol of the heated gold vs. silver debate that divided the country. “Silverites,” mainly miners and farmers from the West, favored the free coinage of silver to increase money supply and reduce debt burdens. In contrast, “Goldbugs,” largely Eastern bankers and financiers, supported the gold standard, seeking to maintain monetary stability. This debate over bimetallism led to the Panic of 1893, affecting the political and economic landscape.
The Sherman Silver Purchase Act of 1890 also played a direct role in the events leading to the Panic of 1893 by increasing the U.S. government’s silver purchases and inflating the money supply. Under the act, the Treasury was required to buy 4.5 million ounces of silver monthly and issue Treasury notes redeemable in either silver or gold. This policy aimed to support struggling silver miners and farmers by introducing more currency into circulation.
Fearing that the government would abandon the gold standard and adopt inflationary silver policies, many began redeeming their Treasury notes for gold, depleting the nation’s gold reserves and contributing to the financial instability that triggered the Panic. During the Panic, banks collapsed, businesses failed, and the government was forced to repeal the Sherman Act in 1893 to halt the depletion of gold reserves. With more Morgan Dollars struck than necessary for commerce, many coins were stored in vaults for decades, only to re-emerge in large hoards 100 years later.
Considerations for Collecting the Morgan Silver Dollar
Collecting Morgan Silver Dollars involves understanding key factors. Here’s what to keep in mind when building your collection.
Key Dates and Varieties
For collectors of Morgan Silver Dollars, the term VAM represents a captivating niche that adds depth and excitement to the hobby. VAM stands for Van Allen-Mallis, named after
Leroy Van Allen and George Mallis, the numismatists who cataloged and identified the many die varieties of silver dollars. Each VAM variety reflects a unique die characteristic or flaw, such as doubling, die cracks, clashing, or overdates, making these coins highly collectible.
Key dates of the Morgan Silver Dollar series include issues with low mintages and low populations, meaning that few have survived in optimal high grades. The 1889-CC Morgan Dollar issue is considered one of the rarest and most sought-after, as it is the most difficult to acquire issue from the Carson City Morgan Dollar Mint of the Wild West. The 1893-S Morgan Dollar features the lowest mintage of the series with only 100,000 coins struck, making it another undeniable key date. Other key dates include the 1879-CC, 1881-CC, 1894-P, 1895-O, and 1899-S issues, which are all known for their low mintages.
Grading and Value
The value of a Morgan Silver Dollar depends heavily on its grade.
Coins are graded on the 70-point Sheldon Coin Grading Scale. Coins can grade from a low of 1 to a high of 70. Scoring a 1 on the Sheldon Scale is indicative of a very heavily worn coin with a date that is barely legible. On the other end of the scale, there are the finest coins available. These coins are considered Mint State and would grade between 60 and 70. Mint State coins are incredibly rare because they have never entered circulation since they were produced. Coins from the classic era like Morgan Silver Dollars are notoriously difficult to acquire in Mint State grades due to primitive striking technology and age. Of the 656 million Morgan Silver Dollars struck from 1878 to 1921, there has never been an example to grade in Mint State 70, and very few have even come close to that grade. High-grade examples of Morgan Silver Dollars, especially in MS63 and above, command substantial premiums.
Prooflike and Deep Mirror Prooflike Coins
A small percentage of Morgan Dollars are also recognized with Prooflike designations which carry added value due to their superior visual appeal. The terms Prooflike (PL) and Deep Mirror Prooflike (DMPL) refer to the stunning, reflective quality of the coin’s surface. Prooflike coins display mirror-like fields with frosted designs that showcase every stunning detail. Deep Mirror Prooflike coins, however, exhibit even more dramatic luster, with the boldest mirror-like surfaces. These eye-catching finishes result from freshly polished dies striking the coins, creating dazzling, proof-like appearances on circulation issues. Only the first few coins struck from freshly polished dies are designated with DMPL certification.
Certain issues of the Morgan Silver Dollar are valued much higher due to their low mintage, low population, or historical significance. Morgan Dollars struck in 1878 and 1921, for example, are more often highly valued as they come from the first year of issue and the final year of issue for the series. Rare date and mint mark combinations, along with exceptional grades, can significantly increase a coin’s market price.
Find Morgan Silver Dollars for Your Collection with RCTV
With over a century of history, the Morgan Silver Dollar is one of the most collectible and valuable American coins. Combining historical significance, beautiful design, and silver content, the Morgan Silver Dollar symbolizes the strength and endurance of American numismatics..
At Rare Collectibles TV, you can find a wide selection of authentic Morgan Silver Dollars—including breathtaking GSA Hoard examples, historic New Orleans issues, the most sought-after varieties, and the rarest key dates! Take a closer look at the Morgan Silver Dollar since its genesis and browse Rare Collectibles TV’s Morgan Silver Dollar selection to add a piece of American coinage history to your collection today.
