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Morgan Dollars and the Politics of Silver

By David W. Baker

Morgan Dollars, a series long favored by American coin collectors, were struck in great quantity from 1878 through 1904, then again in 1921. The coin has a colorful history.

During the 1850s, gold prospectors passing through Nevada on their way to California were distracted by flecks of gold in rivers fed by runoff from Sierra Nevada range in California. Rivers in Nevada generally dry up in summer, which interfered with the simple panning methods favored by these inexperienced and ill-equipped enthusiasts.

Even those who actually attempted to mine, rather than pan, Nevada gold became frustrated with the over abundance of a bluish ore that continually clogged their mining machinery. When the gold ran out, many cleared out and moved on, leaving piles of the blue stuff behind.

The blue stuff was silver, soon to be called the Comstock Lode, the richest silver strike in US history.

As gold miners became silver miners, massive production ensued. Plunging silver prices were next, accompanied by the plaintive cries of the silver lobby. Congress was sensitive to the silver interests, and their financial support, passing the Bland-Allison Act in 1878 as a palliative.

And what a sop it was!

Bland-Allison came to the rescue, requiring the mint to strike one silver dollar for every paper dollar printed. That meant lots of Morgan silver dollars, many more silver dollars than would ever be needed for circulation.

Year after year the dollars were struck. They piled up in Federal bank vaults, and in lead lined rooms at the mints. (I remember touring the old San Francisco mint where I saw the many silver dollar sized circular impressions in the walls of a vault where these large coins were stored, packed tightly in canvas sacks of 1,000 pieces each.)

By 1904 silver production had flagged, and silver dollar mintage ceased. What to do with all the unused, unneeded silver dollars? The Pittman Act of 1919 directed that more than 270 million of these coins be melted and recoined into smaller denominations. (It also directed the mint to purchase an equivalent amount of silver bullion for future silver dollars!)

Despite the mass melting of the Pittman Act, Morgan Dollars remain relatively large quantities in mint state. As such, they are one of the great values in American numismatics.

Morgan Dollars have an impressive history to be sure. They are equally impressive to look at. To get an idea of what I mean, go to my website for a closer look. Go to http://www.valuable-coin-stories.com/morgan-silver-dollars.html for some stunning pictures of these coins.

About The Author

Enjoy some of these stories at my web site: http://www.valuable-coin-stories.com

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Dinar Coins Of The Ancient World

Thu, 10 Jul 2008 13:20:24 +0000
By David Slone
Great figures from coinage systems of the world in ancient times.
Abd al-Malik ibn Marwan (646AD - 705AD) was the fifth caliph of the Umayyads, which was the ruling dynasty that built a huge medieval Islamic empire stretching west across North Africa into Spain and as far east as Pakistan. Whilst the Anglo-Saxon ...]

Previously Unaccounted 1943-S Bronze Cent Acquired by Rare Coin Wholesalers

Mon, 28 Jul 2008 12:07:59 +0000
(Dana Point, California) — A previously unrecorded 1943-S Lincoln cent, erroneously struck on a bronze planchet and found in circulation by a teenaged collector over a half century ago, has been acquired by Rare Coin Wholesalers of Dana Point, California. The discovery coin now is certified as AU-53 by Numismatic Guaranty Corporation.
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Local heroes join Olympic torch relayBrisbane Times, Australia - 4 minutes agoOlympian swimmers Jodie Henry, Alice Mills and Amanda Fraser, who won silver and bronze at the Sydney 2000 Paralympics, will represent current Olympians. ...Bu

Wed, 30 Jan 2008 06:16:05 +0100
New York Times, United States -... that supposedly ranged across the millennia, from gold and silver Roman and Anglo-Saxon works to sculptures attributed to Paul Gauguin and Henry Moore. ...

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Gold Hits One-Month Low with Oil, Stocks and Dollar Rise

Tue, 29 Jul 2008 21:34:48 +0000
New York silver, gold and platinum dropped Tuesday as investors sold the metals in light of falling crude oil prices, a sharply rising US dollar that reached its highest level in a month, and rallying US stocks. Increased US consumer confidence also helped to push down precious metal support.
Oil dropped to $122.19 a ...]

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posted by Morgan Silver Dollar @ 7:47 PM