The History And Legacy Of The Morgan Silver Dollar: America’s Most Iconic Coin

There are few coins as iconic to American history as the Morgan dollar. The story behind this popular coin features many twists and turns and makes it among the country’s most collectible coins. This silver dollar appeals to collectors, history buffs, and investors alike.

Read on to learn about the unique role the silver Morgan dollar played in our nation’s story.

The Morgan Silver Coin’s History

The Bland-Allison Act

The Morgan dollar came into existence in 1873 thanks to the Bland-Allison Act. This act required the US Treasury to buy a certain amount of silver annually and circulate it as currency.

The Morgan dollar coin was designed by assistant engraver George Morgan and spotlights Liberty on the front face wearing a conical Phrygian hat meant to symbolize freedom. The reverse side of the coin features an eagle with wings spread, with arrows and olive branches in its talons.

This morgan silver dollar was struck from 1978 until 1904 when the treasury’s stock of silver ran out.

WWI and the Pittman Act

During WWI, the US passed the Pittman Act in 1918. This act authorized the Treasury to convert silver coinage into bullion to be sold to the United Kingdom. This Act resulted in most Morgan coins being taken out of circulation and melted down by the government.

Bank Failures and Increased Demand for Silver

The US Mint resumed production in 1921, the only year the Denver Mint produced the Morgan dollar. Mintage remained low, however, due to the recession and panic of 1920-1921.

The production of the Morgan dollar stopped permanently in 1933 after the Gold Reserve Act required Americans to turn their gold into the government in 30 days.

Its Enduring Legacy

The silver Morgan dollar holds a significant place in America’s historical moonrisetoday narrative. Its story is indelibly tied to the national myths of the Wild West. When you think about Wyatt Earp, Jesse James, saloons, and stagecoach robberies, these are the coins those characters would have used.

This silver dollar coin also played a significant role as a flashpoint in the struggle between East Coast bankers and rugged Western miners. Silver coinage was a rallying point for farmers, factory workers, and other blue-collar workers in their perceived struggle against wealthy investors and bankers.

Key Dates for Collectors

The date the coin was struck is a vital factor in determining a Morgan dollar’s value; second only to its condition. When looking to collect a Morgan dollar, be on the lookout for these Key and Semi-Key.

• 1878: The inaugural year for the design
• 1893: Minted in Philadephia, only a few coins were produced as the Panic of 1893 drastically reduced the demand for silver coinage.
• 1921: The final year of regular minting, 1921 is a special year for collectors.
• 2021: This coin was minted to commemorate the 100th anniversary of its final production.

The Morgan dollar serves as a unique token of American heritage. With its romantic images of the Wild West and its ties to some of the country’s earliest economic challenges, this coin continues to hold attention as a collectible. Its history, rarity, and beauty strengthen its appeal to numismatists and historians alike.