The Collector's Guide to the Morgan Dollar

Have you ever stumbled upon a hefty silver coin adorned with a captivating Lady Liberty and a majestic bald eagle? If so, you might be holding a coveted piece of American history – a Morgan Dollar! Minted from 1878 to 1921, the Morgan Dollar remains a highly sought-after collectible due to its rich history, stunning design, and potential for significant value. Here at Kraken's Treasure, we're diving deep into the world of Morgan Dollars, uncovering their fascinating story and empowering you to determine if you've unearthed a hidden treasure.

A Silver Legacy Rises from Controversy (1878-1887)

The Morgan Dollar's origin story begins with the Bland-Allison Act of 1878, a piece of legislation fueled by economic and political tension. Following a period of demonetization for silver, the act mandated the U.S. Treasury to purchase a specific amount of silver bullion each month and mint it into silver dollars. This move was heavily lobbied for by silver producers who desired to bolster the price of the metal. However, gold-standard advocates saw the Bland-Allison Act as inflationary and detrimental to the nation's economic stability.

Enter George T. Morgan: Design Elements that Endure

The design of the Morgan Dollar fell upon the shoulders of George T. Morgan, a talented engraver at the Philadelphia Mint. His creation, officially adopted in 1878, showcased a bold and detailed style that set it apart from previous U.S. coinage.

• Obverse: Lady Liberty graces the obverse, adorned with a flowing diadem and a determined expression. Her gaze is set forward, symbolizing the nation's unwavering spirit. Surrounding Liberty are the inscriptions "IN GOD WE TRUST" and "LIBERTY," further emphasizing America's core values.
• Reverse: The reverse features a powerful bald eagle with outstretched wings, clutching arrows and an olive branch in its talons. This imagery represents the strength and sovereignty of the United States, with the olive branch symbolizing the nation's desire for peace. Inscriptions like "E PLURIBUS UNUM" (Out of Many, One) and "UNITED STATES OF AMERICA" further solidify the national identity of the coin.

Minting Mania and the Birth of Rarity (1878-1904)

The Morgan Dollar's production saw periods of high and low mintage, with some years and mintmarks becoming significantly scarcer than others. This variation adds another layer of intrigue to the Morgan Dollar story and heavily influences its collectible value.

• Early Years (1878-1887): High mintage characterized the early years of Morgan Dollar production, with the Philadelphia Mint leading the charge. However, some variations, like the 1878-S Morgan Dollar minted in San Francisco, saw much lower numbers, making them more valuable today.
• The Carson City Influence (1878-1893): The Carson City Mint, denoted by the "CC" mintmark, produced a limited number of Morgan Dollars, particularly in the early years. These coins are highly sought after by collectors due to their relative scarcity.
• The New Orleans Mint and the Demise of Silver (1879-1904):  The New Orleans Mint (mintmark "O") also contributed to the production of Morgan Dollars, though not as extensively as other mints. Silver demonetization efforts continued to simmer throughout this period, culminating in the Sherman Silver Purchase Act of 1890. This act temporarily halted the free coinage of silver, leading to a significant decline in Morgan Dollar production by the mid-1890s.

A Brief Resurgence and the Final Chapter (1921)

The Morgan Dollar's story took a surprising turn in 1921. Facing a silver shortage for subsidiary coinage, the government authorized a final mintage of Morgan Dollars. This brief resurgence resulted in over 86 million Morgan Dollars being struck in 1921, primarily at the Philadelphia Mint. Though not as rare as earlier issues, these Morgan Dollars can still hold significant value depending on their condition and mintmark.

Unearthing Your Morgan Dollar's Worth: A Guide for Collectors

If you suspect you have a Morgan Dollar in your possession, the first step is to identify its year, mintmark, and overall condition. Here are some resources and steps to consider:

• Online Resources: Reputable sources like the American Numismatic Association (ANA) offer valuable information on Morgan Dollar varieties and their estimated values. The United States Mint website also provides detailed information on the history and production of Morgan Dollars.
• Professional Grading Services: To accurately assess the condition and value of your Morgan Dollar, consider using a professional grading service. The Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC) are two of the most well-respected grading companies in the industry. They provide detailed evaluations of a coin's condition, often accompanied by a certification slab that protects the coin and verifies its grade.
• Coin Dealers and Appraisers: Local coin dealers and appraisers can also assist in determining the value of your Morgan Dollar. They have expertise in the coin market and can provide insights based on current trends and recent auction results. At Kraken's Treasure we are always happy to help, so please fill out our contact form below, or give us a call anytime for an appraisal or to discuss.

Building Your Morgan Dollar Collection: A Passionate Pursuit

Collecting Morgan Dollars can be a rewarding and enjoyable hobby. Whether you're drawn to their historical significance, their elegant design, or their potential for value appreciation, there are many reasons to start a Morgan Dollar collection.

Here are some tips for building a successful Morgan Dollar collection:

• Set Goals: Determine your collecting goals. Are you interested in acquiring a complete set of Morgan Dollars, focusing on specific years or mintmarks, or building a collection of high-grade coins?
• Start Small: If you're new to collecting, start with a few lower-grade Morgan Dollars to get a feel for the market and develop your knowledge.
• Research and Learn: The more you know about Morgan Dollars, the better equipped you'll be to make informed purchasing decisions. Read books, articles, and online resources to expand your understanding of the coin's history, design, and value.
• Join a Coin Club: Connecting with other collectors can be a great way to learn about new opportunities, share information, and build a supportive community.
• Consider Investing: While collecting Morgan Dollars can be a fun and rewarding hobby, some collectors also view them as potential investments. However, it's important to approach coin collecting with a long-term perspective and understand the risks involved.

Conclusion

The Morgan Dollar is a timeless classic that continues to captivate collectors of all levels. Its rich history, stunning design, and potential for value appreciation make it a valuable addition to any coin collection. By understanding the factors that influence Morgan Dollar value and making informed purchasing decisions, you can build a collection that you'll cherish for years to come.

Start Your Treasure Hunt at Kraken's Treasure

At Kraken's Treasure, we're passionate about all things collectible, including the legendary Morgan Dollar. Keep an eye on our online store to acquire your next piece of history, or visit Kraken's Tales of Treasure for more insightful articles on collectible coins and other treasures.  Happy hunting!