Morgan silver dollars, one-dollar coins minted between 1878 and 1904 and a unique one-time production in 1921, contained 90 percent silver. However, their history extends back a bit further.
An enormous silver discovery in the Comstock Lode in 1859 flooded the American market with silver and precipitated a decline in the value of silver coins. The Coinage Act subsequently ceased the production of silver coinage in the United States in 1873. The silver supply eventually decreased, prompting the 1878 passage of the Bland-Allison Act by the United States government, which designated U.S. Mint Director Henry Linderman with the responsibility of reintroducing silver coins.
What Is Morgan Silver Dollars?
The renowned Morgan silver dollar struck in 900 fine silver and voluminous, weighty, and aesthetically pleasing, has earned the moniker “King of America’s Coins” for a good reason. Morgan silver dollars are highly regarded artifacts from 19th-century America and authentic works of history issued by the United States Treasury.
At a time when the nation was in its infancy and, indeed, daily adventure awaited—a period of gunslingers, livestock barons, riverboat gamblers, railroad magnates, and dancehall queens—these coins were struck in circulation. And an era when substantial silver dollars were the definition of currency, not credit cards and checkbooks!
The designer of Morgan dollars, George T. Morgan, whose exquisite Liberty Head pattern was inspired by educator Anna Williams, was honored with the name Morgan. From 1878 to 1921, they were struck at five U.S. Mints and circulated primarily in the West. Old West ranchers called the coins “cartwheels” due to their enormous size and weight.
An Icon Of U.S. History
The Morgan Silver Dollar is the denomination of ancient silver dollars that comes to mind. The Morgan, which succeeded the Seated Liberty Dollar, presented a novel interpretation of the conventional layout of the United States coin. Since the enactment of the Mint Act in 1792, every coin issued by the United States Mint has been adorned with an emblematic symbol of Liberty.
This measure led to an excessive utilization of the portrait of Lady Liberty, closely followed by the US Bald Eagle. The obverse of the Morgan Silver Dollar only depicts part of Lady Liberty’s torso, which deviated from the customary approach to her design.
Lady Liberty’s lovely visage and delicate features became the focal point of the coin’s portrait. Lady Liberty was brought to life using this design, which is undoubtedly quite memorable. The Morgan Silver Dollar symbolizes a nation’s foundational past, ensuring its legacy endures.
The Man Behind The Coin
At the U.S. Mint, George T. Morgan, an English immigrant then, was allowed to work directly under William Barber. Constant study and commitment to die engraving unveiled an entirely new world for Morgan, which was previously foreign to him. Despite his position as an Assistant Engraver, Morgan’s exceptional ability convinced those in charge to entrust him with the formidable responsibility of conceptualizing the new dollar.
Forty years would pass before George T. Morgan was appointed the Seventh Chief Engraver of the United States Mint. Morgan designed additional coin collections during his tenure at the Mint, but they all pale compared to the enduring Morgan Silver Dollar.
Morgan Silver Dollars Design
Coinciding with their designer, George T. Morgan, Morgan’s silver dollars have gained notoriety for their auction prices that set new records. The Goddess of Liberty, design of the coin, struck at five distinct mints between 1878 and 1904 (and for a single year in 1921), was inspired by the classic Greek profile of Philadelphia educator Anna Willess Williams.
Morgan silver dollars are among the most collectible coins, with a face value of $1 and a composition of 90% silver. The fact that coin collectors are willing to do virtually anything to amass an entire collection is excellent news for you if you possess one.
Even though even the lowest-graded Morgan dollars can still fetch hundreds of dollars at auction, those serious about profiting from these rare coins should keep an eye out for the most coveted examples.
What Are The Most Valuable Morgan Silver Dollars?
The most and rarest valuable Morgan silver dollars are as follows:
1.1889 CC Morgan Silver Dollar
At first glance, a Morgan Dollar may appear to originate from Canada, the United Kingdom, or another Commonwealth nation. Why? Given that it features a queenly woman atop it, it must be from one of the (previous) monarchies. On the other hand, Morgan Dollars are uniquely American and can be extremely valuable.
- Year: 1889
- Mint Mark: Carson City CC
- Value: $280,000
Coincidentally, these dollars were issued from 1878 to 1904. The coins were withdrawn from circulation until 1921 for a brief period of one year. An additional century passed, and the commemorative Morgans were not issued until 2021. In 2023, annual releases are anticipated to recommence.
2. 1892 CC – Morgan Silver Dollar
A magnet can be employed to examine a coin in addition to the year. Iron is frequently present in counterfeit Morgan Dollars, whereas genuine coins comprise 90% silver and 10% copper. Therefore, any coin that reacts is counterfeit. Consider utilizing an application to detect fakes. Precious Coin Tester functions adequately.
- Year: 1892
- Mint Mark: Carson, CC City
- Value: $8,500
However, investing in an electronic coin verifier can be advantageous when considering a complete reselling of coins. They can cost approximately one thousand dollars. Nevertheless, given that authentic coins can fetch several thousand dollars, investing one to two thousand dollars in appraisal fees and equipment is prudent.
3. 1895-S Morgan Dollar
Let’s not, however, get confused in the world of fake-outs before we discuss the originals. To begin with, which monarch is depicted on the obverse? (The term ‘heads’ is used in the industry.) Does it pertain to Lady Liberty? In a sense. The French designed the original Statue of Liberty, which they presented to us as a gift.
- Year: 1895
- Mint Mark: S – San Francisco
- Value: $25,300
Gustave Eiffel designed and Frédéric Bartholdi sculpted this renowned figure. (It is, in fact, that Eiffel!) The statue was inspired by the Roman deity of Liberty, Libertas. However, the philosopher Anna Willess Williams inspired our Morgan Dollar design.
4. 1893 S Morgan Silver Dollar
How did this woman come to be depicted on the coin? She had, however, posed for Thomas Eakins in the past, which made her highly recommended. However, her relatively private nature made her apprehensive about this renowned commission. She wished to avoid being identified or exposed.
- Year: 1893
- Mint Mark: S – San Francisco
- Value: $550,000
She ultimately consented to five sittings with the sculptor on the condition that he maintain her anonymity. Nothing worked. Subsequently, she was offered acting roles and gained widespread recognition. However, she opted to continue her career in administration and education.
5. 1882 O Morgan Dollars: O Over S Early Silver Dollars
What is the significance of the term “Morgan Dollar”? George T. Morgan conceptualized the coin. As the Assistant Mint Engraver, Anna’s inscription on the coin fell under his purview. He selected an eagle with its wings extended, a symbol of Liberty and strength, for the coin’s reverse side.
- Year: 1882
- Mint Mark: O; New Orleans Mint
- Value: $45,576
Since mint marks are precious in the coin industry, you are likely searching for one. While not all Morgan Dollars feature them, if yours does, they are on the reverse side (tails). Verify the letter ‘dollar’. The mark should be positioned slightly above the two letters O and D, in the center of the two.
6. Complete 11 Coin Set GSA Hard Pack Morgans
Why were Morgan Dollars limited to the years in which they were listed? The industry is heavily influenced by silver-related legislation, so adhering to those regulations is necessary. Significant legislation includes the Sherman Silver Purchase Act of 1890, the Free Silver Act of the 1800s, the Coinage Act of 1873, and the Bland-Allison Act of 1878.
- Year: From 1879 until 1891
- Mint Mark: CC – Carson City
- Value: $28,500
These acts governed the manner and timing of silver coin minting. Because of the Free Silver policy, miners could deliver their ore to the mint and exchange it for peanuts. Later acts mandated that the government purchase silver from miners monthly or in bulk quantities.
7. 1894-O Morgan Dollar
Due to the depletion of the government’s Sherman Silver cache in 1904, the production of Morgan Dollars ceased. Following the reinstatement of silver coins by the Pittman Act of 1918, the Morgan Dollar was reinstated in 1921. It persisted for six months before the coin was redesigned to the Peace Dollar.
- Year: 1894
- Mint Mark: O-New Orleans
- Value: $40,000.
However, if the Act was ratified in 1918, why was a new Morgan Dollar not issued for three years? Towards the conclusion of World War I, the United Kingdom was in dire need of silver. As a result, we melted tons of silver coins and sold them for $1 per ounce across the Atlantic. It provided a crucial assistance to our allies.
8. 1887 O Morgan Dollars: 7 Over 6 Early Silver Dollars
In addition, the condition of silver (and its regulation) contributed to the 1960s coin shortage. This scarcity was, ironically, precipitated by Morgan Dollars. During this period, the price of silver skyrocketed, so dissolved coins were worth more than their face value. People, therefore, began stockpiling.
- Year: 1887
- Mint Mark: O-New Orleans
- Value: $30,724
We should perform the arithmetic. Although the 1895 Morgan Dollar is the rarest, standard coins only weigh 26.73g. That constitutes 90% pure silver. The current market price per gram is 70 cents, or approximately $17 for a $1 coin. One hundred bank-issued coins are valued at roughly $1,700, and a collection costs only $100.
How Do I Know If I Have A Rare Morgan Silver Dollar?
The most effective method for determining this is to have your currency graded. We can assist you in selecting the authenticity and condition of your Morgan Silver Dollar, as we have been grading coins of all types for decades.
Once the rare Morgan silver dollar has been graded, its liquid market value must be determined. Our appraisals, like our coin grading, are provided at no cost.
Submit photographs of your collection through our Contact Us form, email, or text message, and we will promptly provide you with an appraisal and an offer to purchase at a competitive price (our offers are unmatched).
Also, if you are unsure whether or not to sell, have no fear; we understand that these coins may hold sentimental value. Our complimentary grading and appraisal services do not entail any sales obligation. Thus, you are welcome to utilize us as a resource.
Due to their historical significance and exceptional value, specific rarities of The Morgan Silver Dollar series occupy a unique and cherished position among collectors. Irrespective of one’s level of expertise in numismatism, pursuing these valuable coins provides an intriguing expedition into the illustrious history of numismatics in the United States. Like other collectibles, the worth of Morgan Silver Dollars may experience variations in value. However, their enduring appeal as historical artifacts solidifies their position as invaluable possessions within the numismatic community.
