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Gold And Silver Coin Collecting Article Of The Month

Morgan Dollars and the Politics of Silver

By David W. Baker

Morgan Dollars, a series long favored by American coin collectors, were struck in great quantity from 1878 through 1904, then again in 1921. The coin has a colorful history.

During the 1850s, gold prospectors passing through Nevada on their way to California were distracted by flecks of gold in rivers fed by runoff from Sierra Nevada range in California. Rivers in Nevada generally dry up in summer, which interfered with the simple panning methods favored by these inexperienced and ill-equipped enthusiasts.

Even those who actually attempted to mine, rather than pan, Nevada gold became frustrated with the over abundance of a bluish ore that continually clogged their mining machinery. When the gold ran out, many cleared out and moved on, leaving piles of the blue stuff behind.

The blue stuff was silver, soon to be called the Comstock Lode, the richest silver strike in US history.

As gold miners became silver miners, massive production ensued. Plunging silver prices were next, accompanied by the plaintive cries of the silver lobby. Congress was sensitive to the silver interests, and their financial support, passing the Bland-Allison Act in 1878 as a palliative.

And what a sop it was!

Bland-Allison came to the rescue, requiring the mint to strike one silver dollar for every paper dollar printed. That meant lots of Morgan silver dollars, many more silver dollars than would ever be needed for circulation.

Year after year the dollars were struck. They piled up in Federal bank vaults, and in lead lined rooms at the mints. (I remember touring the old San Francisco mint where I saw the many silver dollar sized circular impressions in the walls of a vault where these large coins were stored, packed tightly in canvas sacks of 1,000 pieces each.)

By 1904 silver production had flagged, and silver dollar mintage ceased. What to do with all the unused, unneeded silver dollars? The Pittman Act of 1919 directed that more than 270 million of these coins be melted and recoined into smaller denominations. (It also directed the mint to purchase an equivalent amount of silver bullion for future silver dollars!)

Despite the mass melting of the Pittman Act, Morgan Dollars remain relatively large quantities in mint state. As such, they are one of the great values in American numismatics.

Morgan Dollars have an impressive history to be sure. They are equally impressive to look at. To get an idea of what I mean, go to my website for a closer look. Go to http://www.valuable-coin-stories.com/morgan-silver-dollars.html for some stunning pictures of these coins.

About The Author

Enjoy some of these stories at my web site: http://www.valuable-coin-stories.com

Additional Numismatists Info

As with most U.S. $1 Silver Certificates, most circulated $5 and $10 Silver Certificates only carry a small premium over face value, ranging from 10% to 30%. Uncirculated $5 and $10 Silver Certificates carry a larger premium, depending on the issue and the grade. There are several significantly scarcer and even rare varieties in these series, however, including the 1933 $10 Silver Certificate, the 1953-B $5 Silver Certificate Star Note, and others, and most Star notes from these series carry some premium (ranging from small to large) over the regular notes. Again, please refer to the Standard Guide to Small Size U.S. Paper Money (1928 to date), by Dean Oakes and John Schwartz, for more information.
Buy all your 1893 s silver dollars in our Silver Dollars Galore store.

The best type of pick box for finding honest to goodness bargains is the flat-rate so-called "junk box." These are boxes into which the dealer has thrown coins that he has determined are not worth his time to catalog and price individually. Sometimes coins get thrown in there just because they're low grade. Other times, the coins might be high grade but just really common. Some dealers even throw in their "attribution challenges!" This latter type of pick box is, by far, the most profitable and most interesting for the cherrypicker! In reality though, most pick boxes contain a mixture of two or more categories of these types of coins. (Attribution challenges are coins that the dealer can't find in his coin catalogs. These are most often seen in World coins, but I've even found genuine U.S. Pre-Federal Colonial Copper coins in junk boxes marked "Misc. Tokens - $2 Each.")
Buy gold coins.



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