I’ve called Morgan Dollars the “King of US Coins” because they are popular to collectors and investors. When I go to coin shows, I see many cases of Morgan Dollars. There are people sitting down in front of these glass cases looking at them up close with a magnifying glass. I like Morgan Dollars, but I’m not a big collector of them personally. Of course, I had to include a beautiful Uncirculated Morgan Dollar.
Brief History Of Morgan Dollars
The year 1873 saw the United States in a deep depression, the Panic of 1873. As a result, a Coinage Act would no longer allow people who had silver bullion have it struck in to legal tender. This would end bimetallism which allowed a silver and gold standard and just have a gold standard in the US. The Act saw the end of the Two Cent Piece, Three Cent Silver, Half Dime and the Silver Dollar. With some of the smaller denominations eliminated, the mint introduced a new Twenty Cent Piece in 1875. With its closeness to the quarter, the Twenty Cent Piece only lasted two years.
The mint started minting Trade Dollars, which had a little more silver than the previous Seated Liberty Dollar. Trade Dollars are for the Far East to compete with the Mexican Dollar. With little success, Trade Dollars ended up in the United States. Bullion producers are allowed to use their silver to produce Trade Dollars for a small fee. By 1876, the Trade Dollar was demonetized but continued to be minted until 1878, with only proof coins minted from 1879 to 1885.
The Bland-Allison Act Brings Back The Silver Dollar
In 1876, the Bland-Allison Act would allow a standard silver dollar again in the United States. Though President Rutherford B. Hayes vetoed this bill, Congress would override it on February 28, 1878. While waiting for this bill to pass, the Mint’s Chief Engraver, Charles Barber was working on a pattern for the new dollar. If accepted, all non-gold coins, except the cent would had been designed by him by the end of the 19th century.
Meanwhile, the new Assistant Engraver, George T. Morgan works on a new pattern for the half dollar. Morgan thought of using an actual American woman on the obverse of the coin. A friend of his suggested using a Philadelphia woman, Anna Willess Williams. After 5 tries, Morgan decides to use her left profile of the obverse of the coin. The Director of the Mint, Henry Linderman, requests that the Morgan design the new dollar instead of the half dollar.
Enter The Morgan Dollars
Shortly after the passing of the Bland-Allison Act, the new Morgan Dollar enters production. Philadelphia mints the first Morgan Dollars on March 11, 1878. President Hayes receives the first minted dollar. To help meet quotas, San Francisco and Carson City start minting the new dollars. New Orleans reopens and starts minting Morgan Dollars the following year. By the second week of production, the number of tail feathers on the bald eagle went from 8 to 7.
The Morgan Dollar did well until 1890 when Congress passed the Sherman Silver Purchase Act. This would make the government purchase an additional 4.5 million ounces of silver. This helped the farmers who were deep in debt to pay their debts with cheaper money and the miners who were producing a lot of silver. People used the silver notes to purchase gold, depleting the gold reserve.
Eventually the demand of silver notes greatly reduced, lowering the price of silver and putting people in a panic. As a result, banks failed, businesses closed, unemployment rose and the country went into an economic depression, later known as the Panic of 1893. President Grover Cleveland, thinking that the Sherman Silver Purchase Act caused the Panic, repealed the Act in 1893, but it was too late. As a result, minting of the Morgan Dollars reduced, especially between 1893 and 1895, and the Carson City mint closes for good.
By 1898, Congress allows the remaining bullion acquired by the Act to be minted into silver dollars bringing production up again until 1904 when the silver from this Act was depleted. Would this be the end of the Morgan Dollar?
Morgan Dollars Make A Short Return
In 1918, the Pittman Act allows 270,000,000 silver dollars, mostly Morgans, to be melted and sell some of the bullion overseas, possibly helping the Allies during World War I. After 17 years, the Morgan Dollar begins again in 1921 at Philadelphia, San Francisco, and for the first time, Denver. 1921 is also the last year of the Morgan Dollar as the Peace Dollar will begin in December.
FYI…the Morgan Dollar is currently the only US circulating coin minted in 5 different mint branches: Philadelphia, San Francisco, Carson City, New Orleans, and Denver.
Key Dates
Though Carson City is close to the Comstock Lode, which is the first major silver discovery in the United States, San Francisco produces more. The highest minted Carson City Morgan Dollar would be in 1890 with a mintage of 2,309,041. Don’t expect to get a circulating Carson City Morgan Dollar for under $100, unless silver takes a huge dive.
Years 1893 to 1895 produce some of the rarest Morgan Dollars. A well known rare date is the 1893-S with only 100,000. Circulating coins go from $5,000 and $20,000 and uncirculated coins start at $100,000. In fact, each of the four mints produce under a million coins that year, though 1893 coins from Philadelphia, Carson City and New Orleans combined are worth less than the one from San Francisco. The 1894 Philadelphia had a low mintage like the 1893-S, but worth significantly less. Hey, it still starts at $1,000 in Very Fine condition which isn’t bad. The 1895 Philadelphia would prove even rarer, and very sought after, since they only produce 12,000 business strike dollars.
A 1964 Morgan Silver Dollar?
Now I’ve heard about 1964-D Peace Dollars minted in Denver, but recently had seen commercials on TV about dies and hubs discovered in Philadelphia to produce 1964 Morgan Dollars. Though there have been dies, there is no record that there are any Morgan Dollars unlike 316,000 Peace Dollars the mint melts. I’m guessing none are minted because the government is going through a silver shortage. By 1965, Roosevelt Dimes and Washington Quarters have no silver, but a shorter amount of silver remain on Kennedy Half Dollars. By the time the mint releases Eisenhower Dollars in 1971, only collector coins from San Francisco have some silver.
Morgan Dollars Return A Century Later
In 2021, the US Mint released Morgan Dollars and Peace Dollars. For the Morgan Dollar, they released one for each mint mark that minted them between 1878 and 1921. Because of a lack of silver planchets, they are no Morgan Dollars in 2022, but they started minting again in 2023.
So Are Morgan Dollars For The Collector or The Investor?
Morgan Dollars could work well for the collector. There are many Morgans that are affordable to build a decent set. Common date circulated dollars could go from $30 to $50 each while uncirculated ones could start at $50. Philadelphia dollars are the easiest to collect, except from 1893 to 1895. Morgan Dollars are also easy to add to US Type Sets.
Investors could also enjoy Morgan Dollars. Carson City dollars are popular to investors as well as the 1893-S. There are also some San Francisco and New Orleans dollars that are sought for by investors.
Unlike other coins, I believe just about anyone would have and interest in Morgan Dollars. Have you or are you considering starting a Morgan Dollar collection?