Introduction to the Morgan Dollar
Few coins capture the imagination of collectors quite like the Morgan Dollar. Struck from 1878 to 1904, and then again in 1921, this large silver coin is a true icon of American numismatics. Its striking beauty, rich history, and availability across various conditions make it a favorite among both novice and seasoned collectors.
A Glimpse into History
The Bland-Allison Act and Silver Rush
The Morgan Dollar owes its existence to the Bland-Allison Act of 1878, which mandated the U.S. Treasury to purchase and coin a significant amount of silver each month. This act was a response to pressure from silver mining interests, particularly after the discovery of vast silver deposits in the American West. The resulting demand for a new silver dollar coin led to an open competition for its design.
George T. Morgan's Masterpiece
The winning design came from George T. Morgan, an English engraver who had recently been hired as an assistant engraver at the U.S. Mint. His design, featuring a classicized profile of Lady Liberty on the obverse and an eagle with outstretched wings on the reverse, was a departure from previous American coinage. Morgan's initials, 'M', can be found on both sides of the coin – on Liberty's neck truncation and on the ribbon loop of the reverse wreath.
Design Elements: Beauty in Silver
The Obverse: Lady Liberty
The obverse (front) of the Morgan Dollar features a majestic rendition of Lady Liberty facing left. She wears a Phrygian cap adorned with wheat and cotton, symbolizing agricultural prosperity. Her hair is intricately detailed, and she is encircled by 13 stars, representing the original colonies, along with the motto E PLURIBUS UNUM and the date of mintage.
The Reverse: The American Eagle
The reverse (back) displays a heraldic eagle with outstretched wings, clutching an olive branch (peace) and arrows (war) in its talons. A wreath encircles the eagle, and above its head, the motto IN GOD WE TRUST is inscribed. The country's name, UNITED STATES OF AMERICA, and the denomination, ONE DOLLAR, complete the design.
Mint Marks and Their Significance
Morgan Dollars were produced at five different U.S. Mints. The mint mark, if present, is located on the reverse, below the eagle's tail feathers:
- No mint mark: Philadelphia (PA)
- O: New Orleans (LA)
- S: San Francisco (CA)
- CC: Carson City (NV) – Highly sought after!
- D: Denver (CO) – Only for the 1921 issue
Collecting Morgan Dollars: Where to Begin
Key Dates and Varieties
While many Morgan Dollars are relatively common, certain dates and mint marks are considerably rarer and more valuable. Some notable examples include:
- 1889-CC: A true rarity from the Carson City Mint.
- 1893-S: One of the lowest mintages in the series, making it extremely scarce.
- 1895-P: No business strikes were officially reported, only proofs, making this a phantom rarity for circulated coins.
- 1878 7/8 Tailfeathers: An early die variety from the first year of issue.
- 1921: The last year of issue, with unique characteristics, including some striking differences from earlier issues.
Condition and Grading
The condition of a Morgan Dollar significantly impacts its value. Coins are graded on a 70-point scale, with higher numbers indicating better preservation. Uncirculated (Mint State, MS-60 to MS-70) coins with strong luster and minimal marks command the highest premiums. Even circulated examples, however, can be beautiful and historically significant.
Strategies for Collectors
- Date and Mint Mark Set: Aim to collect one coin from each year and mint mark combination.
- Type Set: Focus on obtaining a single example that represents the series well.
- Carson City (CC) Set: A challenging but rewarding pursuit for those interested in the rare CC issues.
- Condition Set: Collect coins of a specific grade, such as all 'Very Fine' or all 'Uncirculated'.
Why Collect Morgan Dollars?
- Historical Significance: They represent a pivotal era in American history, from the post-Civil War boom to the turn of the 20th century.
- Artistic Beauty: George T. Morgan's design is widely regarded as one of the most beautiful in U.S. coinage.
- Tangible Silver Asset: Each Morgan Dollar contains approximately 0.77344 troy ounces of pure silver, giving them inherent melt value.
- Popularity and Liquidity: Due to their widespread appeal, Morgan Dollars are always in demand, making them relatively easy to buy and sell.
Conclusion
The Morgan Dollar offers a captivating journey through American history and numismatic artistry. Whether you're drawn to their silver content, historical narratives, or stunning design, collecting these magnificent coins promises a rewarding and educational experience. Begin your own Morgan Dollar adventure today and hold a piece of history in your hand!
