Morgan Silver Dollars are popular silver bullion coins produced by the US Mint. These coins have an interesting history and trajectory. The mint initially produced Morgan Silver Dollars between 1878 and 1904. It minted them again in 1921 and finally in 2021 as collectibles.
Whether you are an investor wanting to diversify your portfolio or an avid coin collector curious about American history, you can buy Morgan Silver Dollars according to your preferences.
Let's take a closer look at these valuable silver coins and explore the interesting journey of Morgan Silver Dollars up to the present day.
The Morgan Silver Dollars were the first silver dollars produced and issued since the Coinage Act of 1873. When they were first minted, the coins contained 90% pure silver. They are named after the US Mint Assistant Engraver, George T. Morgan. The Morgan Silver Dollars minted from 2021 onward contain 99.9% pure silver, giving them high collectible value.
The obverse side of these coins showcases a left-facing portrait of Lady Liberty. On the reverse, you can see a bit of a scrawny eagle. This also made people vilify the coin back in the day, calling it the “buzzard dollar.” You can see the designer’s initial “M” on both sides, making it the first time a US silver dollar ever carried an initial. The reverse side also carried the mintmarks “O” (New Orleans), “S” (San Fransisco), “D” (Denver), and “CC” (Carson City). The coins minted in Philadelphia carry no mintmarks.
Soon after the Morgan Silver Dollars were minted, people advised the US Mint about giving the eagle seven tail feathers instead of eight. The change was approved. As a result, you can see some of the 1878 Morgan Silver Dollars with eight feathers, while the others with seven. You may also come across rare coins that show seven feathers over eight. These are the scarcest coins that carry immense collectible value.
It has been 146 years since these historically significant silver dollars were first minted. Despite being more than a century old, Morgan Silver Dollars are still some of the most popular coins amongst investors and collectors.
Over time, people started buying these silver coins due to their high collectible value. Especially after 2005, Morgan Silver Dollars have fetched unbelievable auction records, going as high as $881,250.00 and as low as $337.49.
If you are planning to buy these coins in 2024, do not let the old mint dates dissuade you. You can get some of the rarest Morgan Silver Dollars and make a fortune out of them! If you are looking for high purity, you can always choose the coins minted 2021 onward, containing 99.9% pure silver.
Since Morgan Silver Dollars were first minted in 1878, their mintage has been full of intervals. However, this only adds to the historical significance and overall value of these bullion silver coins.
Let us walk you through the timeline of these coins, starting from America’s independence:
102 years before the first Morgan Silver Dollar came into existence, the United States of America became independent. After attaining freedom from British rule, the country finally established its own economic and monetary systems.
86 years before the Morgan Silver Dollars were minted, the US welcomed the Coinage Act of 1792. This marked the establishment of the US Mint and a national coinage system.
The Coinage Act ended in 1873, five years before the advent of Morgan Silver Dollars. This also marked the end of the silver dollar, introducing the gold standard into the economy. As the Seated Liberty Dollar production came to an unexpected halt, the year had a significant impact on the US economy.
This was the year when the US Treasury purchased large amounts of silver to reintroduce the metal in coins in the form of Morgan Silver Dollars. The Bland-Allison Act of 1878 was introduced to increase the money supply and support the silver mining industry across the country.
Here are the most significant events that happened after the release of Morgan Silver Dollars:
The US Mint produced the Morgan Silver Dollars without any breaks between 1878 and 1904. However, during the early 1900s, the silver bullion supply in the country suffered due to the Comstock Lode’s exhaustion. This brought an end to the silver dollar era, at least as far as the initial Morgan Silver Dollars were concerned.
By this time, people across the US preferred using paper currency instead of bullion coins. While the heavy silver coins were circulated in a few areas of the West, the rest of the country had made a switch to other modes of currency. The Silver Dollars now found themselves only in US Treasury Department vaults and banks.
However, things changed in 1918. This was when the US Congress passed the Pittman Act to replenish the Government’s silver bullion reserves. This led to the melting of millions of Morgan Silver Dollars lying in the Treasury vaults. More than 270,000,000 (Two hundred seventy million) Morgan Dollars were melted in the wake of this act. This is almost half of the entire mintage of these coins between 1878 and 1904.
Along with the melting of the coins, the Pittman Act of 1918 also asked the government to replace the melted coins by purchasing more silver. This is when the lost Morgan Silver Dollars were briefly revived in 1921. These coins were returned only when the Peace Silver Dollars replaced them later that year.
Most of the Morgan Silver coins available today belong to one of the four major hoards – the Treasury Hoard, the Continental Bank Hoard, the Redfield Hoard, and the Casino Hoard. Naturally, the number of coins that survived until 2024 is lesser than the number of coins minted before 2021, thereby increasing their collectible value.
Now, take a quick look at these coins that were minted for just one year.
After an interval of seventeen years, the US Mint started producing Morgan Silver Dollars again in 1921. However, the Mint had already destroyed the hubs for producing these coins from 1878 to 1904.
This led to the creation of new master dies to mint the 1921 Morgan Silver Dollars, giving them a different look than their older counterparts. However, the design format of these coins remained the same.
Irrespective of the mint dates, all Morgan Silver Dollars are graded by reputed third-party grading companies. Two of the most reputed grading agencies in the world are the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS).
These agencies grade or certify coins according to their conditions and purity. Following the Sheldon Numeric Scale, Morgan Silver Dollars are assigned numeric grades from 1 to 70, 1 denoting the poorest condition and 70 denoting the best condition.
These coin grading agencies not only grade these silver coins but also encase them into official holders to preserve them and mark them with the concerned grades. This helps coin collectors and investors across the globe make secure and convenient purchases.
If you wish to diversify your investment portfolio, make a long-term investment, or beautify your coin collection, you can purchase all kinds of graded Morgan Silver Dollars from BOLD Precious Metals. Here, you can find these silver bullion coins at the lowest prices online. Make a purchase exceeding just $199 to receive benefits like free shipping
Carrying the legacy of our grandfather, who has made our family-owned business stronger every year, we focus on enhancing the buying journeys of all our valued customers. With BOLD, you get these precious coins in the best and most secure conditions.
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