The Morgan Dollar, a significant piece in American numismatic history, was minted from 1878 to 1904 and then again in 1921. It emerged following the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase large quantities of silver and convert it into dollars.
Introduction to the Morgan Dollar
The Morgan Dollar bears the name of its designer, George T. Morgan, an English-born assistant engraver at the United States Mint. Its production marked a pivotal time in U.S. history, reflecting the nation’s economic growth and the political influence of the silver mining industry.
Design and Features
The obverse of the Morgan Dollar features a profile portrait of Lady Liberty, while the reverse depicts an eagle with outstretched wings. This design was selected after a competition to bring a fresh aesthetic to American coinage.
Minting and Production
Morgan Dollars were minted in several U.S. locations: Philadelphia, New Orleans, San Francisco, Carson City, and Denver. Each mint is identifiable by a mint mark on the coin’s reverse side.
| Mint | Years of Production | Mint Mark |
|---|---|---|
| Philadelphia | 1878-1904, 1921 | None |
| New Orleans | 1879-1904 | O |
| San Francisco | 1878-1904, 1921 | S |
| Carson City | 1878-1893 | CC |
| Denver | 1921 | D |
Legislation and Economic Impact
The Bland-Allison Act aimed to bolster the silver industry by mandating the purchase and coinage of silver and was primarily responsible for creating the Morgan Dollar. This legislation had significant economic implications, influencing silver prices and monetary policy.
Resumption of Minting in 1921
After a hiatus, production of the Morgan Dollar resumed in 1921 due to the Pittman Act of 1918, which allowed for the melting down and recoinage of silver dollars. The 1921 Morgan Dollar marked the end of the series, as the Peace Dollar replaced it later that year.
Collectibility and Numismatic Significance
Today, collectors highly prize the Morgan Dollar. Its historical context, variety of mint marks, and design contribute to its enduring popularity. Numismatists value the coin for its aesthetic and historical significance.
- Key dates include the 1893-S, known for its rarity and high value among collectors.
- Variations in strike and condition can significantly affect a coin’s value.
- Proof versions and special releases like the 1895 proof are especially prized.
Conclusion
The Morgan Dollar remains a pivotal piece of American numismatic history. Its production, influenced by significant economic and political forces, and its enduring legacy in coin-collecting circles highlight its importance in the history of U.S. coinage.