USA American Silver Morgan Dollar
The American Silver Morgan Dollar: History, Design, and Legacy
Introduction
The American Silver Morgan Dollar is one of the most iconic and widely collected coins in the history of U.S. numismatics. First minted in 1878 and last struck for circulation in 1921, the Morgan Dollar holds a unique place in the American monetary narrative. Named after its designer, George T. Morgan, the coin not only symbolizes the economic history of post-Civil War America but also embodies the intricate artistry and evolving industrial capacity of the United States during the late 19th and early 20th centuries.
This article explores the history, design, production, economic context, and legacy of the Morgan Silver Dollar. We'll look into its origins, minting process, distribution, key dates and varieties, and resurgence among collectors in the 21st century.
1. Historical Context
1.1 The Birth of the Morgan Dollar
The Morgan Dollar was born out of the political and economic turmoil following the American Civil War. The 1870s were a time of debate over bimetallism—the use of both gold and silver in U.S. currency—and the role of hard currency in stabilizing the American economy.
The Coinage Act of 1873 ended the free coinage of silver, effectively placing the U.S. on a de facto gold standard. This decision angered many in the Western states, especially silver miners who viewed it as a betrayal. It was dubbed the "Crime of '73" by those who saw it as a blow to silver interests.
To mollify these interests, Congress passed the Bland-Allison Act of 1878, mandating the U.S. Treasury to purchase large quantities of silver and mint it into dollars. Thus, the Morgan Dollar came into existence as a direct result of this act.
1.2 Political Pressures
The Bland-Allison Act required the U.S. Mint to buy between $2 million and $4 million worth of silver monthly and turn it into silver dollars. While this helped the silver mining industry, it created logistical and storage challenges for the U.S. government. Vaults across the country began filling up with silver dollars that were rarely used in everyday commerce, especially in the East.
Nevertheless, the silver dollar remained popular in the Western United States, where hard currency was still favored and banks were more likely to distribute them.
2. George T. Morgan: The Designer
George T. Morgan was an English engraver hired by the U.S. Mint in 1876. He brought with him a fresh perspective and a distinct artistic vision. The Morgan Dollar was his first major design, and it would define his career.
Morgan's design broke from traditional neoclassical portrayals of Liberty. Instead of modeling Liberty after a Greek goddess, he used a real American woman—Anna Willess Williams of Philadelphia—as the model. This decision grounded the coin in a uniquely American identity and marked a shift in numismatic artistry.
Morgan would later become Chief Engraver of the U.S. Mint, and his influence extended well beyond the silver dollar.
3. Design Elements
3.1 Obverse Design
The obverse (front) of the Morgan Dollar features a left-facing portrait of Lady Liberty, crowned with a Phrygian cap, symbolic of freedom and the pursuit of liberty. Inscribed on the ribbon in her hair is the word “LIBERTY,” and surrounding her are thirteen stars, representing the original colonies. The phrase “E PLURIBUS UNUM” (“Out of Many, One”) arcs along the top, with the minting date at the bottom.
Morgan’s Liberty is youthful, idealized, and unmistakably American—intended to reflect the optimism and vitality of the post-Reconstruction United States.
3.2 Reverse Design
The reverse of the coin depicts a heraldic eagle with outstretched wings, clutching arrows and an olive branch—symbols of war and peace. The eagle is framed by a laurel wreath and the inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR.” Above the eagle is the national motto “IN GOD WE TRUST.”
3.3 Mint Marks
Morgan Dollars were minted at several U.S. mints: Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and later Denver (D). The mint mark appears on the reverse below the wreath and above the "DO" in "DOLLAR."
4. Production and Minting History
4.1 Minting Periods
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1878–1904: Initial run, with continuous annual minting.
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1921: A final year of minting, prompted by the Pittman Act of 1918, which had called for the melting of over 270 million silver dollars and their eventual replacement.
4.2 The Pittman Act and 1921 Minting
The Pittman Act of 1918 authorized the melting of millions of silver dollars to support Britain's monetary system during World War I. The act also required the replacement of the melted silver with newly mined American silver. This led to the reintroduction of the Morgan Dollar in 1921, the last year it was struck for circulation.
Interestingly, 1921 also marked the first time Morgan Dollars were minted in Denver.
5. Economic Role
While intended as a circulating coin, the Morgan Dollar was not widely used in everyday transactions, particularly in the East. Its large size and weight made it cumbersome for daily use, and Americans largely preferred paper money or smaller denominations.
However, in the Western U.S., the coin was more commonly circulated. It also played a role in international trade, particularly in Asia, where large silver coins were preferred over paper currency.
6. Key Dates and Varieties
6.1 Key Dates for Collectors
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1879-CC: Scarce and highly prized.
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1889-CC: Rare due to low mintage and high melt rate.
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1893-S: The rarest regular-issue Morgan Dollar; extremely valuable.
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1895 (Proof only): Only 880 proof coins were made, with no business strikes known, making it one of the "Holy Grails" of Morgan collecting.
6.2 Varieties and Errors
Collectors cherish Morgan Dollar varieties, often categorized by die changes or minting errors. Notable varieties include:
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1878 8 Tail Feathers: The earliest version, quickly replaced due to anatomical inaccuracies.
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1878 7 over 8 Tail Feathers: A transitional variety.
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1880/79 Overdates: Several mints reused earlier date dies.
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Doubled Dies and Repunched Mint Marks (RPM): Found across various years and mints, these add depth and challenge to collecting.
7. Hoards and Treasury Releases
7.1 The GSA Hoard
In the 1960s and 1970s, the U.S. Treasury began releasing bags of uncirculated Morgan Dollars that had been stored in government vaults for decades. Many of these came from the Carson City Mint and were sold through the General Services Administration (GSA).
The GSA Hoard brought previously rare coins, like the 1882-CC and 1884-CC Morgans, into the collector market in brilliant uncirculated condition. These coins were often sold in distinctive hard plastic cases with GSA labels, which are collectible in their own right today.
8. Collectibility and Modern Interest
8.1 Popularity Among Collectors
The Morgan Dollar is arguably the most collected U.S. coin. Its broad mintage, artistic design, and rich history make it attractive to both novice and seasoned collectors. Sets can be built by date, mint mark, or even by die variety, offering layers of complexity.
8.2 Grading and Authentication
Because of the coin’s popularity, the Morgan Dollar is frequently counterfeited, particularly in rare dates. Thus, authentication and grading by third-party services like PCGS or NGC is common. Mint State (MS) grades range from MS60 to MS70, with high-grade specimens commanding significant premiums.
9. 2021 Morgan Dollar Revival
To commemorate the 100th anniversary of the final Morgan Dollar and the introduction of the Peace Dollar, the U.S. Mint reissued the Morgan Dollar in 2021 as a collector’s item. These modern strikes, produced in .999 fine silver (instead of the original .900), featured mint marks representing the original production mints.
The release included versions for:
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Philadelphia (no mint mark)
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Denver (D)
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San Francisco (S)
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New Orleans (O privy mark)
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Carson City (CC privy mark)
These modern Morgans were met with intense demand and sold out rapidly upon release.
10. Legacy and Cultural Impact
The Morgan Dollar has transcended its original monetary purpose to become a symbol of the American West, industrialization, and national resilience. It appears in literature, film, and pop culture, often used to evoke the frontier spirit or represent a bygone era.
Many American coin collectors start their journey with a Morgan Dollar, drawn by its size, beauty, and affordability in common dates. Museums and exhibitions frequently feature Morgans, and they are central to the numismatic conversation.
11. Investment Potential
Morgan Dollars, particularly in high grades or rare dates, are considered solid investments within the coin collecting world. Their long history, combined with widespread recognition and a strong collector base, provides liquidity and relative price stability.
However, as with any collectible, values can fluctuate based on market trends, silver prices, and collector demand. Investment-minded collectors often focus on:
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Key dates and rarities
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Mint-state coins
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Certified and authenticated coins
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Complete sets by year and mint mark
12. Fun Facts and Anecdotes
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Anna Willess Williams, the model for Liberty, reportedly posed five times for Morgan but shunned fame, insisting on anonymity for years.
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Many Morgan Dollars never left the vaults and remained in pristine condition for decades.
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The Morgan Dollar is featured in the movie Tombstone as a coin used in gambling scenes, a nod to its presence in the Old West.
13. Conclusion
The American Silver Morgan Dollar is more than just a piece of currency—it's a tangible relic of U.S. history. From its origins in political compromise to its modern revival as a collector’s item, the Morgan Dollar tells a story of industrial ambition, artistic innovation, and economic change.
For collectors, it offers a rich tapestry of design varieties, mint marks, historical intrigue, and aesthetic beauty. For historians, it serves as a snapshot of America's evolution from a fractured post-war nation to a burgeoning industrial power. For investors, it represents a long-standing pillar in the world of tangible assets.
Whether held as a treasure, studied as a historical artifact, or admired for its design, the Morgan Silver Dollar remains one of America's most enduring and beloved coins.
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