Take advantage of low silver prices to obtain Historic Morgan Silver Dollars at Bargain Prices
History of the Morgan Silver Dollar
Morgan silver dollars were minted from 1878- 1904 and in 1921. The Morgan Silver Dollar predecessor, the Liberty Seated dollar was minted from 1840-1873. The minting of Morgan dollars in 1878 marked the return of silver dollars in the United States for general circulation having been authorized earlier that year by the Bland-Allison Act.
The U.S. Mints operating in Philadelphia, Denver, Carson City, San Francisco and New Orleans produced about fifteen to thirty million Morgan Silver Dollars a year. As such, Morgan Silver Dollars were relatively plentiful. In 1918, however, under the provisions of the Pittman Act over 270 million Morgan Silver Dollars were melted down and the silver shipped to England to help her alleviate a silver coin shortage in her Indian colony. This reflected about half of all Morgan Silver Dollars ever minted.
With the price of silver hovering around two year lows, now is the time to look into acquiring Morgan Silver Dollars at prices not seen for years.
About the Morgan Silver Dollar
Morgan silver dollars were minted at United States Mint locations in Philadelphia (no mint mark), Denver (D) Carson City (CC), San Francisco (S) and New Orleans (O). The mint mark appears directly below the center of the wreath.
Morgan dollars were named after the designer of the coin, George T. Morgan. His initial “M” is visible on the front of the coin three quarters up the neck next to the last lock of hair.
Morgan silver dollars are 90% silver, weigh 26.73 grams and contain .77344 ounces of pure silver.
The Morgan silver dollar obverse features a female head with the word “Liberty” emblazoned on a tiara nestled in her curly mane. The latin phrase “e pluribus unum” (out of one many) is also engraved on the front along with the date.
Uncirculated Morgan Silver Dollars
The reverse features an eagle clasping arrows framed by a wreath, the mint mark when present, and the words “In God We Trust” “United States of America” and “One Dollar”.
Rolls of Morgan Silver Dollars XF
Tubes of twenty Morgan silver dollars are also available. These coins are not graded but are in fine to extra fine state, a rare find among coins over a century old.
Cull Morgan Silver Dollars
Morgan Silver Dollars conditions range from the common “cull dollars” (pictured below) to rare proof like or deep mirror coins. For novice coin collectors, cull Morgan dollars provide a great introduction to the coin. Morgan culls are heavily circulated or have other imperfections but are generally in good enough condition to make out all of the coins’ features, including date, mint marks and inscriptions.
Graded Morgan Silver Dollars
Graded Morgan Silver Dollars in mint state can also be purchased. Mint state coins are most commonly graded by either NGC or the Numismatic Guarantee Company or PCGS or the Professional Coin Grading Service. These coin grading services use a 70 point system with 70 points representing a flawless uncirculated coin. Many Morgan dollars remained in an uncirculated state as large amounts of bags of uncirculated Morgan dollars never found their way to general circulation and sat in U.S. Treasury vaults for decades until they were rediscovered in the 1960’s and later made available to collectors.
Recently, 15-17 bags of 1,000 Morgan Silver Dollars were released by a family who had purchased such uncirculalted Morgan Silver Dollars in 1964 and was tired of paying the fee to store them at a bank in New York. These Morgan Silver Dollars are in the process of being graded so that they may be offered to collectors.
The most common mint state Morgan dollars available are in the MS 63-64 range. These coins have at least average luster, so they appear new, but will have small contact marks that were most likely the product of banging up against other Morgan dollars in the bags in which they were stored. Graded coins come in sonically sealed plastic containers with the name of the grading company fixed in a hologram inside the packaging to ensure authenticity.
Browse all Morgan Silver Dollars
Morgan Silver Dollars can be purchased in Cull, Fine, Very Fine, Extremely Fine, Almost Uncirculated, Uncirculated and graded conditions.
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.