Morgan Dollar VG+
In 1873, the then-current American dollar coin was legislated out of existence. No one seemed to mourn its passing. When a new silver dollar arrived on the scene in 1878, no one seemed to welcome its return. There simply was not much clamoring among the American public for a heavy, nearly palm-sized dollar coin. But the Morgan Dollar was never a people's coin.
The first Morgan Dollars were struck on March 11, 1878, less than two weeks after the coin was authorized by Congress, at 3:17 in the afternoon on Press #4 in Philadelphia. It is currently is on display at the Hayes Library and Museum in Fremont, Ohio. It had a metallic content of 90% silver and 10% copper. While most of the Morgan Dollars were minted in Philadelphia, a small mint was established in Carson City, Nevada to also press the coins near the source of the Comstock lode. The mine, however, played out shortly thereafter and the Carson City mint closed forever in 1893. The Morgan Dollars minted in Carson City are rare and highly collectible today.
More than 500 million Morgan Dollars were minted until production stopped in 1904, after the statuary 25-year run for a coin design. The silver dollars were never really popular - most were circulated in the sparsely populated West - and huge stockpiles were on hand. In 1918, more than 270 million Morgan Dollars were melted down to provide war-time silver for Great Britain. In 1921 another 86 million Morgan Dollars were coined but production was halted in 1922 for the commemorative Peace Dollar to mark the end of World War I. The design was so popular it became the regular silver dollar and no more Morgan Dollars were ever minted.
Now the Morgan Dollar had genuine star status in the coin world. The dealers who purchased the Redfield hoard gradually dispersed the silver dollars into the collecting community, further stimulating interest in the coin. Today, the Morgan Dollar, ignored in circulation, is one of the most famous and desired American coins in existence.
- Good condition at a fair price Review by Retired Banker
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