The History of Morgan Silver Dollars

Coin collecting is a fascinating hobby and one many people partake of.This is because the history of many United States coins is entirely fascinating and gives a glimpse into a chapter in US history that includes societal concerns, economic factors and events going on around the world.The Morgan silver dollar is no exception to this and has a rich, interesting history to accompany it.The value of the coin is in the silver content it possesses, as well as its rarity, but the historical significance of such an artifact also lends a certain value to the coin and makes it quite desirable among avid coin collectors.

The Morgan silver dollar came into being after the Comstock Lode in the 1850’s.The Comstock Lode is the largest wealth of silver ore mined in history and was found in Nevada.Because of the abundance of the ore, silver prices dropped around the world and the Bland-Allison Act was passed.This act ordered the United States Treasury to purchase scores of the mined silver in order to mint it into coins.For economic purposes, the Treasury Department decided to mint the coins into silver dollars and distribute them.

George T. Morgan, who eventually became the seventh Chief Engraver of the U.S. Mint, designed the head and tail of the coin.The head, or obverse side, shows Lady Liberty while the tail, or reverse side, shows the eagle with arrows and olive branch in its talons.The silver dollar was named for Mr. Morgan and remains his most prominent of the many namesakes for which he became famous.

The Morgan silver dollar was minted between the years of 1878 and 1904.It was the first silver dollar minted for commercial use in the United States for some time.Again in 1921 the Morgan silver dollar was minted but was soon replaced by another coin, the Peace Dollar.In the years following the first mass minting, many Morgan silver dollars were collected and melted down for its silver content.This occurred when silver became scarcer and silver prices increased, making the dollar more valuable than its printed denomination.

During the period of melting, many Morgan silver dollars were lost, thus today they are a lot rarer a find. This is especially true for the year of 1895 when not many of the coins were minted. This makes collecting the Morgan silver dollar quite a lucrative prospect for coin collectors around the world. Not only is the historical value a factor as well as the actual silver content of over twenty four grams but the rarity of the coin makes it a desirable acquisition.