[ Grading Morgan Silver Dollars ] [ MS63 NGC 1921 MORGAN ] [ MS65 NGC 1883-O MORGAN ] [ MS65 PCGS 1887 MORGAN ] [ BU PL 1879-S MORGAN ] [ BU PL 1880-S MORGAN ] [ BU PL 1882-S MORGAN ]
No silver dollars had been struck since the final Liberty Seated issue of 1873. In 1878 the Philadelphia Mint asked engravers William Barber and George T. Morgan to create ideas for a new design. It was desired to produce a motif, rather than resurrect the old design. After due consideration, the Morgan motif won out.
The obverse of the Morgan silver dollar depicts Miss Liberty facing left, her hair in a Phrygian cap, and with LIBERTY inscribed on a ribbon or band holding a spray of leaves and sheaves. E PLURIBUS UNUM is above, seven stars are to the left, six stars are to the right, and the date is below.
The reverse depicts a wingspread eagle holding a branch and three arrows. IN GOD WE TRUST appears in Old English letters above. Surrounding is the inscription UNITED STATES OF AMERICA and ONE DOLLAR.
Beginning in March 1878, the Philadelphia Mint began coining the Morgan dollars through 1904. Minting was halted for a bit and resumed for the single year in 1921. Morgan silver dollars were also made at San Francisco, Carson City, and New Orleans at various times during the 1878-1904 span and in 1921 at Denver and San Francisco. By the end of 1904, over 570 million silver dollars been struck.
Silver dollars had never been popular with the public. The only place they circulated to any extent was in certain Western states. This was mostly as the result of a determined effort to make the public conscious of silver metal. States such as Nevada, Idaho, Montana, and Colorado liked dollars, but few others did. As a result, most coins went into Treasury vaults for long-term storage.
For years the Treasury Department released quantities of earlier-dated dollars whenever the public called for them, especially around the Christmas season when they were popular as gifts.
In 1962 the pre-holiday release included several dates that were considered scarce by collectors, 1898-0, 1903-0, and 1904-0. These had been stored at the Philadelphia Mint since 1929, when they had been moved from New Orleans. The 1903-0, which was valued at $1,500 in Uncirculated condition, was considered a major rarity. It was estimated that only a half dozen or so Uncirculated pieces were known to be in collectors' hands. As Mint-sealed bags of 1,000 pieces turned up in several areas, the price dropped to the $35 level per coin, and then as low as $17.
