Morgan Dollar
(1878 - 1904 & 1921 & 2021 & 2023 - Present)
The Comstock Lode was an enormous amount of silver ore located underneath Mount Davidson in Virginia City, Nevada. This lode, known as the first major discovery of silver ore in the United States, was made public in 1859. This location acted as the epicenter for the silver rush, which took place primarily in the Western United States.
As a result of the Coinage Act of 1873, silver was no longer able to be struck into fully legal tender. This act was passed in order to stop the price of gold from declining. With so much silver being mined at the time, this act was met with fervent opposition and thus deemed as “the Crime of 1873” by silver advocates.
Around this time, the U.S. Mint Director, Henry Linderman felt that the United States needed to acquire new die sinking and engraving talent. This belief led Linderman to contact Charles W. Fremantle, the director of the London Mint. Fremantle recommended George T. Morgan, a man of considerable talent that the London Mint did not have a suitable position for at the time.
Upon arrival at the Philadelphia Mint, Morgan’s first assignment was to create a design for the Half Dollar. Instead of portraying the classical Greek-style portrait used for Lady 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 the depiction of Lady Liberty.
This design was first used as a result of the Bland-Allison Act, which was enacted on February 28, 1878. This act required the U.S. Department of Treasury to purchase between 2 to 4 million dollars of silver per month to be struck into silver dollars. On March 11, 1878 at 3:17 PM, just 11 days after the Bland-Allison Act was passed, the first Morgan Silver Dollar was struck at the Philadelphia Mint. Throughout the Morgan Silver Dollar’s mintage, it was struck at the Philadelphia, New Orleans, San Francisco, Carson City, and Denver Mints.
The first year of issue for Morgan Dollars is a particularly notable date for the series due to the many varieties that it yielded. These varieties were created due to minor changes in details on the reverse of the Morgan Dollar. The first change was the amount of tail feathers that appeared on the eagle. Traditionally American coinage depicted an eagle with 7 tail feathers, but George T. Morgan’s eagle had 8 tail feathers. After only 750,000 8 Tail Feather examples were struck, the design changed to display only 7 tail feathers.
Other changes to the coin’s design that occurred included a rounding of the eagle’s breast to appear stronger, which previously appeared as concave. In addition, the arrows clasped in the eagle’s talons were changed from having parallel feathers to slanted feathers. The coins that depict slanted arrow feathers are known as Reverse of 1879 while the reverses depict parallel arrow feathers are known as Reverse of 1878.
Out of all 6 first year varieties, the 7 Over 8 Tail Feather is the most sought-after. This variation is a result of mint employees superimposing the 7 tail feather design over the 8 tail feather design.
In 1890, the Sherman Silver Purchase Act was enacted. Much like the Bland-Allison Act, the Sherman Silver Purchase Act made it mandatory for the government to buy silver from western mines. A majority of this silver was used to strike Morgan Dollars. Under the Bland-Allison Act, the government was required to buy between 2 to 4 million dollars of silver every month. The Sherman Silver Purchase Act required the government to purchase an additional 4.5 million ounces of silver every month on top of the previous requirements.
Production of Morgan Dollars took place from 1878 to 1904, but the series was brought back for one final year of production in 1921 due to the Pittman Act of 1918. The Pittman Act authorized the melting of 270,232,722 Silver Dollars in order to be converted into bullion and sold to England. As a stipulation of this act, there would have to be 270,232,722 new silver dollars struck between 1920 and 1933 in order to make up for the melted coinage.
In 2021, to celebrate the 100-year anniversary of the final year of issue Morgan Dollar, the U.S. Mint resurrected the Morgan Dollar Series. These examples are truly unique as they are the only coins in the entire series to be produced in .999 fine silver. With no other Morgan Dollar issues ever grading higher than 69 condition, this is the first time collectors have an opportunity to acquire a Morgan Dollar in perfect 70 condition.
There were no Morgan Silver Dollars produced in 2022 due to a massive silver planchet shortage. The Morgan Dollar returned in 2023 with coins being struck in low mintages in Mint State, Proof, and Reverse Proof. 2023 marked the first time Morgan and Peace Dollars were struck in Proof in over 100 years and the first time either series was ever struck in Reverse Proof.
| Issue | Mintage | PCGS Survival Estimate in MS60 or Better | PCGS Survival Estimate As % of Mintage | PCGS MS63 Population | PCGS MS64 Population | NGC & PCGS MS60-69 Combined |
|---|---|---|---|---|---|---|
| 1878-CC | 2,212,000 | 195,000 | 8.8% | 11,368 | 8,182 | 54,511 |
| 1878-P 7/8TF | 98,650 | 3,852 | 2,185 | 17,516 | ||
| 1878-P 7TF Rev of 78 | 9,759,300 | 100,000 | 1.0% | 8,653 | 5,156 | 37,019 |
| 1878-P 7TF, Rev of 79 | 80,000 | 2,913 | 1,822 | 13,082 | ||
| 1878-P 8TF | 749,500 | 75,000 | 10.0% | 6,685 | 4,112 | 29,747 |
| 1878-S | 9,774,000 | 1,240,000 | 12.7% | 20,281 | 18,977 | 108,893 |
| 1879-CC | 756,000 | 5,650 | 0.7% | 841 | 845 | 7,352 |
| 1879-O | 2,887,000 | 73,600 | 2.5% | 4,470 | 2,564 | 20,672 |
| 1879-P | 14,806,000 | 245,000 | 1.7% | 6,024 | 4,794 | 28,742 |
| 1879-S | 9,110,000 | 1,742,500 | 19.1% | 24,557 | 45,030 | 223,792 |
| 1879-S Rev of 78 | 7,400 | 1,072 | 676 | 6,005 | ||
| 1880-CC | 591,000 | 222,000 | 37.6% | 4,211 | 5,605 | 33,064 |
| 1880-CC Rev 78 | 42,500 | 1,199 | 1,649 | 9,146 | ||
| 1880-O | 5,305,000 | 120,000 | 2.3% | 3,317 | 1,707 | 19,576 |
| 1880-P | 12,600,000 | 300,000 | 2.4% | 6,382 | 5,655 | 32,027 |
| 1880-S | 8,900,000 | 750,000 | 8.4% | 37,252 | 67,062 | 333,551 |
| 1881-CC | 296,000 | 150,000 | 50.7% | 5,776 | 9,347 | 48,679 |
| 1881-O | 5,708,000 | 210,000 | 3.7% | 9,021 | 4,769 | 38,685 |
| 1881-P | 9,163,000 | 160,000 | 1.7% | 6,143 | 5,579 | 28,560 |
| 1881-S | 12,760,000 | 600,000 | 4.7% | 74,411 | 113,365 | 558,541 |
| 1882-CC | 1,133,000 | 500,000 | 44.1% | 11,715 | 14,820 | 85,042 |
| 1882-O | 6,090,000 | 250,000 | 4.1% | 10,846 | 7,381 | 45,087 |
| 1882-P | 11,100,000 | 210,000 | 1.9% | 8,866 | 7,401 | 44,738 |
| 1882-S | 9,250,000 | 100,000 | 1.1% | 21,891 | 36,534 | 177,894 |
| 1883-CC | 1,204,000 | 500,000 | 41.5% | 13,794 | 19,521 | 110,945 |
| 1883-O | 8,725,000 | 400,000 | 4.6% | 58,265 | 47,400 | 287,097 |
| 1883-P | 12,290,000 | 350,000 | 2.8% | 8,376 | 10,877 | 54,176 |
| 1883-S | 6,250,000 | 19,900 | 0.3% | 979 | 525 | 5,197 |
| 1884-CC | 1,136,000 | 975,000 | 85.8% | 17,151 | 21,313 | 127,151 |
| 1884-O | 9,730,000 | 500,000 | 5.1% | 94,403 | 83,734 | 463,171 |
| 1884-P | 14,070,000 | 110,000 | 0.8% | 6,764 | 7,740 | 41,055 |
| 1884-S | 3,200,000 | 1,980 | 0.1% | 55 | 12 | 817 |
| 1885-CC | 228,000 | 155,750 | 68.3% | 6,745 | 9,368 | 49,268 |
| 1885-O | 9,185,000 | 500,000 | 5.4% | 78,745 | 83,954 | 260,108 |
| 1885-P | 17,787,000 | 445,000 | 2.5% | 27,038 | 31,477 | 166,252 |
| 1885-S | 1,497,000 | 66,000 | 4.4% | 3,750 | 2,934 | 30,844 |
| 1886-O | 10,710,000 | 19,000 | 0.2% | 732 | 261 | 4,596 |
| 1886-P | 19,963,000 | 775,000 | 3.9% | 46,185 | 52,743 | 287,848 |
| 1886-S | 750,000 | 40,000 | 5.3% | 2,273 | 1,545 | 9,901 |
| 1887-O | 11,550,000 | 500,000 | 4.3% | 5,204 | 3,284 | 22,675 |
| 1887-P | 20,290,000 | 900,000 | 4.4% | 60,876 | 72,058 | 388,007 |
| 1887-S | 1,771,000 | 60,000 | 3.4% | 3,581 | 2,176 | 16,089 |
| 1888-O | 12,150,000 | 280,000 | 2.3% | 11,127 | 9,971 | 56,556 |
| 1888-P | 19,183,100 | 400,000 | 2.1% | 19,259 | 18,577 | 104,568 |
| 1888-S | 657,000 | 45,000 | 6.8% | 2,579 | 1,733 | 10,825 |
| 1889-CC | 350,000 | 4,250 | 1.2% | 106 | 34 | 690 |
| 1889-O | 11,875,000 | 90,000 | 0.8% | 2,740 | 2,213 | 11,563 |
| 1889-P | 21,726,000 | 200,000 | 0.9% | 21,323 | 15,101 | 106,906 |
| 1889-S | 700,000 | 50,000 | 7.1% | 3,200 | 2,538 | 14,353 |
| 1890-CC | 2,309,041 | 77,000 | 3.3% | 4,094 | 2,518 | 17,884 |
| 1890-O | 10,701,000 | 160,000 | 1.5% | 5,729 | 4,956 | 25,075 |
| 1890-P | 16,802,000 | 180,000 | 1.1% | 9,594 | 5,430 | 43,058 |
| 1890-S | 8,230,373 | 150,000 | 1.8% | 5,396 | 3,940 | 25,016 |
| 1891-CC | 1,618,000 | 80,000 | 4.9% | 6,325 | 4,207 | 27,188 |
| 1891-O | 7,954,529 | 85,000 | 1.1% | 2,922 | 1,929 | 11,753 |
| 1891-P | 8,693,556 | 120,000 | 1.4% | 4,529 | 2,499 | 19,391 |
| 1891-S | 5,296,000 | 100,000 | 1.9% | 3,747 | 2,575 | 16,253 |
| 1892-CC | 1,352,000 | 55,000 | 4.1% | 2,636 | 1,854 | 12,116 |
| 1892-O | 2,744,000 | 100,000 | 3.6% | 3,199 | 2,573 | 12,744 |
| 1892-P | 1,036,000 | 39,000 | 3.8% | 2,284 | 1,828 | 9,877 |
| 1892-S | 1,200,000 | 1,200 | 0.1% | 7 | 12 | 124 |
| 1893-CC | 100,000 | 26,000 | 26.0% | 1,159 | 638 | 5,548 |
| 1893-O | 300,000 | 5,960 | 2.0% | 343 | 105 | 1,820 |
| 1893-P | 389,000 | 20,000 | 5.1% | 1,467 | 1,418 | 6,794 |
| 1893-S | 100,000 | 123 | 0.1% | 10 | 4 | 65 |
| 1894-O | 1,723,000 | 7,990 | 0.5% | 348 | 441 | 2,680 |
| 1894-P | 110,000 | 6,490 | 5.9% | 410 | 325 | 2,517 |
| 1894-S | 1,260,000 | 20,100 | 1.6% | 1,337 | 993 | 6,101 |
| 1895-O | 450,000 | 718 | 0.2% | 26 | 12 | 331 |
| 1895-S | 400,000 | 7,387 | 1.8% | 403 | 462 | 2,055 |
| 1896-O | 4,900,000 | 23,000 | 0.5% | 331 | 32 | 3,032 |
| 1896-P | 9,976,000 | 230,000 | 2.3% | 18,867 | 19,524 | 118,963 |
| 1896-S | 5,000,000 | 28,000 | 0.6% | 569 | 516 | 2,553 |
| 1897-O | 4,004,000 | 11,000 | 0.3% | 338 | 47 | 3,323 |
| 1897-P | 2,822,000 | 100,000 | 3.5% | 7,431 | 7,876 | 41,084 |
| 1897-S | 5,825,000 | 100,000 | 1.7% | 4,001 | 3,741 | 19,688 |
| 1898-O | 4,440,000 | 100,000 | 2.3% | 21,215 | 35,310 | 161,797 |
| 1898-P | 5,884,000 | 150,000 | 2.5% | 7,367 | 8,462 | 48,158 |
| 1898-S | 4,102,000 | 40,000 | 1.0% | 1,414 | 1,350 | 6,806 |
| 1899-O | 12,290,000 | 400,000 | 3.3% | 21,807 | 27,652 | 132,878 |
| 1899-P | 330,000 | 20,000 | 6.1% | 4,970 | 5,050 | 24,665 |
| 1899-S | 2,562,000 | 40,000 | 1.6% | 1,405 | 1,479 | 6,828 |
| 1900-O | 12,590,000 | 300,000 | 2.4% | 12,125 | 22,048 | 101,253 |
| 1900-P | 8,830,000 | 200,000 | 2.3% | 13,223 | 17,522 | 78,658 |
| 1900-S | 3,540,000 | 45,000 | 1.3% | 1,885 | 2,044 | 8,993 |
| 1901-O | 13,320,000 | 225,000 | 1.7% | 13,051 | 15,335 | 79,425 |
| 1901-P | 6,962,000 | 10,000 | 0.1% | 162 | 35 | 1,593 |
| 1901-S | 2,284,000 | 30,000 | 1.3% | 1,199 | 1,107 | 5,426 |
| 1902-O | 8,636,000 | 55,000 | 0.6% | 24,735 | 26,878 | 144,600 |
| 1902-P | 7,994,000 | 60,000 | 0.8% | 2,299 | 3,317 | 16,155 |
| 1902-S | 1,530,000 | 35,000 | 2.3% | 1,718 | 1,693 | 7,695 |
| 1903-O | 4,450,000 | 90,000 | 2.0% | 3,984 | 5,500 | 23,956 |
| 1903-P | 4,652,000 | 100,000 | 2.1% | 4,106 | 6,356 | 31,424 |
| 1903-S | 1,241,000 | 6,500 | 0.5% | 165 | 268 | 1,025 |
| 1904-O | 3,720,000 | 100,000 | 2.7% | 50,217 | 60,659 | 291,007 |
| 1904-P | 2,788,000 | 40,000 | 1.4% | 2,256 | 1,766 | 10,871 |
| 1904-S | 2,304,000 | 15,000 | 0.7% | 452 | 493 | 2,160 |
| 1921-D | 20,345,000 | 150,000 | 0.7% | 7,386 | 7,253 | 41,074 |
| 1921-P | 44,690,000 | 360,000 | 0.8% | 49,750 | 41,849 | 256,113 |
| 1921-S | 21,695,000 | 100,000 | 0.5% | 6,447 | 5,293 | 31,038 |
| Date | Mintage |
|---|---|
| 2021-O privy mark | 175,000 |
| 2021-CC privy mark | 175,000 |
| 2021-S | 175,000 |
| 2021-D | 175,000 |
| 2021 | 175,000 |
| 2023 | 1,275,000 |