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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
Additional Numismatists Information
In 1955 U.S. Congress expanded the earlier law that stated that the motto "In God We Trust" could be placed on all U.S. coinage to one that required the motto to be placed on all coins and paper money. However, "In God We Trust" did not actually appear on U.S. paper money until after 1957. Since paper money is not dated yearly, but by series numbers that are based on changes in style and design, Series 1935G and 1935H Silver Certificates bear the motto because they were produced after 1957.
Buy mixed lots of silver dollars for a great investment.
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