One of the things we get asked about most at Austin Rare Coins is Morgan Silver Dollars, and it’s no wonder why. These coins are revered by collectors and investors alike and that’s why in today’s post, we’d like to discuss some of the backstories behind these always-popular coins. With nearly three decades of industry experience under our belts and a perfect A+ rating from the Better Business Bureau, there’s nothing we’d love more than to help you find the perfect coin for your collection. Will that perfect coin be a Morgan Silver Dollar? It just might be after you learn more about their history!

Minted from 1878 to 1904 (and then again in 1921), Morgan Dollars are named after their designer, George T. Morgan. The reverse shows a bald eagle while the obverse depicts Lady Liberty, and that information just scratches the tip of the iceberg, so if you’ve ever wondered why these coins are so popular, keep reading to learn more!

The Early Days of the Morgan Dollar

Created during the Bland-Allison Act which required the U.S. Treasury to put silver dollars into circulation, Morgan Dollars replaced the Seated Liberty Dollar. It wasn’t until the mid-1960s that Treasury vaults full of these coins were discovered that they skyrocketed in popularity, but we’ll dive deeper into that subject below.

As mentioned above, it was George T. Morgan, a 30-year-old originally hailing from England, who developed the Morgan Dollar. It was under the direction of Henry Liederman that Morgan would work with the Philadelphia Mint to create the first in this series of coins. Initial work began in early October of 1876 when the coins in question were originally to be made into half dollars.

Morgan spent the next several months studying at the Pennsylvania Academy of the Fine Arts in order to work on his design. Nearly a year later, Linderman gave word to “instruct Mr. Morgan to prepare without delay, dies for a silver dollar, the designs, inscriptions, and arrangement thereof to be the same as the enclosed impression for the Half Dollar and numbered '2' substituting the words 'one dollar' in place of 'half dollar,'”.

Morgan Dollars are Minted

In March of the following year, production began on the new dollars in Carson City, New Orleans, and San Francisco. The coins were minted for just over a quarter of a century until 1904 when bullion was exhausted. Production resumed once more in 1921 when the coins were struck in the Denver Mint as well, and due to the previous destruction of the dies several years earlier, George T. Morgan was called upon once more to oversee the creation of new dies. 1921 was the final year that Morgan Dollars were minted.

Nearly 45 years later, one man who was in possession of a silver certificate cashed it in and received a rare coin from the Philadelphia Mint in return. It was at this time that the popularity of Morgan Dollars spiked, causing people all across the United States to seek these coins out. Demand was high, of course, and people all across the country began searching for their own silver certificates in order to get their hands on such a hot commodity. The government, hoping to take advantage of the popularity of these coins did a bit of work and “advertising consisted of posters and brochures distributed to post offices, banks, and various financial institutions, as well as television documentaries,” according to Wikipedia. This advertisement ending up being a success, generating well over $100 million in total sales.

Between Mints in Philadelphia, San Francisco, Carson City, New Orleans, and Denver, a number of Morgan Dollars were minted, but demand continues to be high for the coins, some of which are 140 years old.

Morgan Dollars for Sale at Austin Rare Coins

At Austin Rare Coins, we pride ourselves on offering a great selection of coins from a number of different time periods. Our inventory is truly impressive, but in many instances, it is the Morgan Dollars that our clients are seeking. The good news is that we have certified Morgan Silver Dollars in stock and each coin has been graded by either the NGC or the PCGS. These coins weigh .773 ounces and they are made up of pure silver.

Have a question about the coins mentioned in today’s post? We would love to answer them for you! Looking for a specific coin that you don’t see listed here on our website? We would be happy to try to track it down for you. Whatever the case may be, you can count on Austin Rare Coins to take great care of you at every step of the way. Call us at 1-800-928-6468 or contact us online. We look forward to hearing from you!