The Legacy Of The Morgan Dollar
History, Design, and Collecting Trends
In the annals of American numismatics, few coins evoke the same allure and historical significance as the Morgan Dollar. This iconic silver coin, minted from 1878 to 1904 and once again in 1921, bears the name of its creator, and remains an enduring symbol of the American frontier, industrial progress, and economic stability of the late 19th and early 20th centuries.
Genesis of the Morgan Dollar
The genesis of the Morgan Dollar can be traced to the Bland-Allison Act of 1873, which had demonetized the silver standard, causing an economic uproar among silver miners and advocates of bimetallism. The Coinage Act of 1878 was subsequently passed, mandating the minting of millions of silver dollars per month. Thus, the United States Mint embarked on the production of the Morgan Dollar, named after its designer, George T. Morgan, a British engraver who became the 7th Chief Engraver of the U.S. Mint in 1876.
Design and Characteristics
Morgan’s design for the dollar coin was distinctive and bore significant symbolism. The obverse side features Lady Liberty, portrayed as a classic Greek figure, her hair crowned with wheat and cotton, symbolic of America’s agricultural heritage. Encircling her are the inscriptions "E Pluribus Unum," "Liberty," the year of minting, and thirteen stars representing the original colonies.
The reverse side showcases an eagle with outstretched wings, holding arrows and an olive branch, symbolizing the nation's desire for peace but readiness for war. The words "United States of America," "One Dollar," and the mint mark adorn the reverse.
These coins, composed of 90% silver and 10% copper, weigh 26.73 grams and boast a diameter of 38.1 millimeters. Minting occurred primarily in Philadelphia (no mint mark), with additional production in San Francisco (S), Carson City (CC), New Orleans (O), and Denver (D).
Historical Significance
The Morgan Dollar reflects an era of vast industrial expansion and westward expansion in the United States. It was minted during a time when silver was crucial to the country’s economic stability, and its production was tied to the political tug-of-war between advocates for silver and gold standards.
These coins were instrumental in facilitating trade and commerce, as well as serving as a store of value in the western territories where silver was plentiful. However, the discontinuation of the coin in 1904 stemmed from the passage of the Gold Standard Act in 1900, which officially placed the country on the gold standard and curtailed the unlimited coinage of silver dollars.
The Morgan Dollar experienced a brief resurrection in 1921 due to the Pittman Act of 1918, which required the melting and re-coining of silver dollars to assist Britain in rebuilding its economy after World War I. Consequently, more than 80% of the Morgan Dollars in existence were melted down, making certain mintages scarcer and highly sought after by collectors.
Collecting Trends and Rarity
The Morgan Dollar has captivated the hearts of numismatists and collectors for generations. Its historical significance, iconic design, and varying mint marks make it a prized possession among enthusiasts. Certain years and mintages are exceptionally rare, such as the 1893-S, which is considered a key date due to its low mintage.
Collectors often seek specific varieties, including those with different mint marks, overdates, and VAM varieties identified by Leroy C. Van Allen and A. George Mallis in their Comprehensive Catalogue and Encyclopedia of Morgan and Peace Dollars. Varieties like the 1878 8-Tail Feather and the 1888-O "Hot Lips" have become renowned among collectors.
The grading of Morgan Dollars follows the Sheldon Scale, ranging from Poor (P-1) to Perfect Uncirculated (MS-70). Uncirculated coins are highly sought after, especially those in pristine condition with full mint luster and no signs of wear or damage.
In recent years, the popularity of the Morgan Dollar has soared among collectors and investors alike. Auctions and sales of high-grade examples, rare varieties, and complete sets have fetched substantial sums, highlighting the enduring demand for these historic coins.
The Morgan Dollar stands as an enduring testament to a pivotal period in American history. Its legacy is woven into the fabric of the nation's economic and industrial evolution, representing a time of transition and growth. From its intricate design to its political significance and numismatic allure, the Morgan Dollar continues to fascinate and enthrall collectors, serving as a tangible link to America's past.
As the sands of time continue to flow, the story of the Morgan Dollar persists, captivating new generations of numismatists and perpetuating its legacy as one of the most iconic and cherished coins in American history.