History Of The Morgan Silver Dollar
George T. Morgan was the designer of the Morgan Dollar; which were crafted of silver in United States. Although the main years of issue were between 1878 and 1904 some coins were minted yet again in 1921. Each coin is made from 24.057 grams of silver which consisted of a purity of .900.
On the obverse side of the coin was the depiction of the face of Lady of Liberty while the reverse side had the portrayal of an eagle holding arrows and branch of olive. Also Morgan artistically placed his monogram at the neck of Lady of Liberty.
After the greatest mining recovery of silver (The Comstock Lode) in 1859, the silver prices went south ward worldwide. The US congress passed the Bland-Allison Act in 1878 making it mandatory for the assets department to buy a large amount of silver and convert them into coins. The Morgan dollar when minted in 1878 were the first coins of its type to be circulated in the public, as till then such coins were used only for the Orient Trade.
Till 1904 the production of these coins was uninterrupted. However the supply of the coins reached so high that there became a scarcity of silver in the treasury itself. To diminish this shortage the Pittman Act was passed in 1918 and it was ordered that 270 million coins be melted to recover the silver.
The minting process resumed in 1921 with a modification and conversion of these coins as the Peace Dollar as a remembrance of Morgan Dollars. However, minting was carried on for only one year. Since then many Morgan Dollars were melted, especially when the silver metal prices shot up, as these dollars fetch equal silver bullion.
Carson City Mint in Nevada, Denver Mint in Colorado, New Orleans Mint in Louisiana and San Francisco Mint in California were the four mints used to mint the Morgan Dollar coins. In order to know the location of minting; each of the four presses used their initials CC, D, O and S respectively under the feathers of the Eagle Between the letters D and O of the word "DOLLAR."
Deep Mirror Proof Like (DMPL) - Many of the Morgan Dollar coins which were circulating amongst the public were reflective in appearance on the reverse and the obverse side. Such coins were known as DMPL; which literally meant that they were deeply frosted. The point is that such coins were placed at a higher rank; meaning they were priced higher than the rest and most of such coins were minted in San Francisco Mint. These frosted reflective coins were known as "Prooflike".
Morgan Silver Dollar coins became quite rare and precious after 1918 as the Pittman's Act had resulted in scarcity of these coins. The prices grew so high that the Coin Dealer Newsletter claimed the MS-65 coin was valued at $200,000 and MS-67 1895-O fetched $575,000 in November 2005 in a Heritage Auction.
On the obverse side of the coin was the depiction of the face of Lady of Liberty while the reverse side had the portrayal of an eagle holding arrows and branch of olive. Also Morgan artistically placed his monogram at the neck of Lady of Liberty.
After the greatest mining recovery of silver (The Comstock Lode) in 1859, the silver prices went south ward worldwide. The US congress passed the Bland-Allison Act in 1878 making it mandatory for the assets department to buy a large amount of silver and convert them into coins. The Morgan dollar when minted in 1878 were the first coins of its type to be circulated in the public, as till then such coins were used only for the Orient Trade.
Till 1904 the production of these coins was uninterrupted. However the supply of the coins reached so high that there became a scarcity of silver in the treasury itself. To diminish this shortage the Pittman Act was passed in 1918 and it was ordered that 270 million coins be melted to recover the silver.
The minting process resumed in 1921 with a modification and conversion of these coins as the Peace Dollar as a remembrance of Morgan Dollars. However, minting was carried on for only one year. Since then many Morgan Dollars were melted, especially when the silver metal prices shot up, as these dollars fetch equal silver bullion.
Carson City Mint in Nevada, Denver Mint in Colorado, New Orleans Mint in Louisiana and San Francisco Mint in California were the four mints used to mint the Morgan Dollar coins. In order to know the location of minting; each of the four presses used their initials CC, D, O and S respectively under the feathers of the Eagle Between the letters D and O of the word "DOLLAR."
Deep Mirror Proof Like (DMPL) - Many of the Morgan Dollar coins which were circulating amongst the public were reflective in appearance on the reverse and the obverse side. Such coins were known as DMPL; which literally meant that they were deeply frosted. The point is that such coins were placed at a higher rank; meaning they were priced higher than the rest and most of such coins were minted in San Francisco Mint. These frosted reflective coins were known as "Prooflike".
Morgan Silver Dollar coins became quite rare and precious after 1918 as the Pittman's Act had resulted in scarcity of these coins. The prices grew so high that the Coin Dealer Newsletter claimed the MS-65 coin was valued at $200,000 and MS-67 1895-O fetched $575,000 in November 2005 in a Heritage Auction.
About the Author:
Alan Brenner maintains 1900SilverDollar.com. A site dedicated to the Morgan Silver Dollar with a nice selection of 1890 Dollars.
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