The Morgan coin is the highest collected coin in the United States of America. It was made from 1878 to 1921 when silver was again acceptable to be used in U.S currency and also because a large silver discovery was made in Nevada. These coins were made is such large numbers initially that in 1904 the waste silver discovery was almost depleted. The Morgan coin is the heaviest coin created since the Civil War and weighs in at almost 0.78 ounces. In 1918, due to the pitman act, almost 270 million of these silver dollar coins were melted and in 1921 was re-minted for one last time.
Like everything old the Morgan coin is an antique and a collectable item. It is very hard to put a price on exactly how much it is worth because since these coins are still in circulation they tend to have a lot of wear and tear; which in turn drives the price down. However this also makes it cheap for and every day average Joe to a chance to collect a part of history. Just to give you the wide range the prices currently are for these coins we look at a 1893 Morgan coin made in San Francisco (1893-S); the price for a mint, never been in circulation coin is about seventy five thousand dollars, the latest one being sold for about a hundred and twenty thousand at a private auction, compared to thirty three hundred dollars for one that has been used and in circulation.
In February of 1878 in accordance with the Bland-Allison Act the President of America’s veto was over written by congress. This override made is compulsory for the national treasury to purchase and acquire between two and four million dollars’ worth of silver per month. This silver was in turn to be turned into silver dollars at those times gold to silver ration or 1:16, which means that every one ounce of gold equals sixteen ounces of silver. In 1876 the Director of the U.S mint, Henry Richard Linderman, was given the cumbersome responsibility for redesigning the silver dollar. For this task the troubled director contacted the Deputy Master of the Royal Mint, C.W. Fremantle, and asked him to find him someone to take the position of Assistant Engraver. In response the Deputy Master recommended George Morgan as a first class die-sinker for the position. In October 1877 George Morgan was instructed to start working on the task he was brought in for, he not only completed it in a few months but did it so well that Director of the U.S mint called it the Morgan Dollar Coin.