The Morgan silver dollar today has evolved into one of the very famous, highly desired and most collected coin in all of US coins and in the numismatic world. And the popularity only seems to be growing.
Originally, the coin was reintroduced after the last one had been phased out, to take the advantage of the silver strike in Nevada at Comstock Lode. Without the introduction and the passing of the Bland- Allison Act which authorized the coins, the Nevada economy was going to crumble for despite the silver strike, there was not enough demand for the metal for the economy to grow on. The coins were minted without interruption from 1878- 1904 completing its 25 years in minting. The coins being minted weighed 0.77344 and were 38.1 mm with a reeded edge. It was the largest and the heaviest coin that was produced in the US since the Civil War. Over 500 million coins were minted during this period but due to the unpopularity they faced at the time amongst the public, many of them remained to sit in piles in the vaults of the US Treasury. In 1918, the Pittman Act allowed for the melting of over 270 million coins to provide for silver during the war. In 1921, there was one last minting of the coin when around 25 million coins were issued. Most of the minting for the Morgan dollar took place in Philadelphia while there was also some in San Francisco and New Orleans. There was also a mint in Nevada that minted the Morgan silver dollar coin at Carson City but the mint soon shut.
Creating the design for the dollar was the pinnacle of the British engraver, George T. Morgan’s career. He designed the portrait of Lady Liberty’s head from the left side meant to appear on the obverse of the coin while the reverse features the depiction of a bald eagle sitting on a branch with outstretched wings. The date of issue and thirteen stars along with the phrase ‘E Pluribus Unum’ circle the head of Lady Liberty while above the head of the bird on the reverse, it says ‘In God we Trust’. Around the reeded rim are the words United States of America and one dollar separated on either side by a star. If the coin was not issued at the mint in Philadelphia, a mint mark appears below the centre of the wreath on the reverse.
Over the years, the morgan silver dollar coin has been examined and collected popularly and many more discoveries about the design such as seven and eight tail feathers have been discovered adding to the entertainment and joy provided by studying the Morgan dollar coin. Hoards of the Morgan dollar have been found since their minting stopped including 3 million uncirculated dollars that were discovered in the 1960s and the Redfield collection of around 400, 000 coins which was auctioned off for over $7.3 million. There were also sales that were conducted by the General Services Administration.
The popularity of the Morgan silver dollar thus in the last few decades has continued to grow and rise, with the coin reaching astronomical prices and desirability. They have escalated process for their silver content and their historical significance and rarity driving their desire.