Morgan Silver Dollar

The Morgan silver dollar was minted in response to the Bland-Allsion Act. The greatest silver strike in US history, the Comstock Lode, was discovered in Nevada in the late 1850s. This strike put downward pressure on silver prices the world over. The Bland Allison Act was passed by Congress in 1878 which required the US Treasury to buy large amounts of silver to use for striking coins. The Treasury decided to strike the silver as dollars.

The Morgan Dollar is named after its designer, George T. Morgan. Lady Liberty is facing left and she is encircled by the date of issue, thirteen stars and E PLURIBUS UNUM. The reverse features a bald eagle with wings spread, perched on a branch and arrows. The eagle is surrounded by a wreath and above its head is the motto ‘In God We Trust’. Around the rim is UNITED STATES OF AMERICA. Morgan placed an ‘M’ on both sides of the coin to lay his claim to the design.

When the Morgan Dollar was minted in 1878 it was the first dollar made for commercial use since the Seated Liberty Dollar of 1873. The Morgan Dollar was continuously minted until 1904 when there were many dollars in circulation and there was an absence of silver bullion. Then the Pittman Act of 1918 mandated that over 270 million coins be melted for silver. In 1921 the Morgan Dollar was minted again. Since 1921 many Morgan Dollars were melted at the times when silver prices rose.

Large caches of Morgan Dollars that were produced at the Carson City Mint were discovered and were sold to collectors by the US government in the early 1970s. Most were uncirculated and are called GSA for General Services Administration. They came in black plastic holders and are collectible today.

The Morgan Silver Dollar is a favorite among collectors, prized for its good looks and large size.