| Morgan Silver Dollars are among the best loved | | | | The 1918 Pittman Act once again required silver |
| and most collectible of all American coins. Their | | | | to be melted down for the production of coins. |
| history is a fascinating one, which adds to their | | | | Over 270 million coins were melted down. |
| appeal. | | | | In 1921, production of Morgan Silver dollars |
| In 1859, the Comstock Load from Virginia City, | | | | resumed briefly and 86 million coins were struck. |
| Nevada was made public. With a payload of more | | | | But by the end of the year, the design of the |
| that $400 million worth of gold and silver, the | | | | new Peace Dollar was finalized and production of |
| discovery drove down the price of silver | | | | that coin began in December. |
| significantly. | | | | Yet another Silver Act, this one in 1942, required |
| In order to prop up the price of silver, the | | | | the melting of silver coins and millions of coins |
| Bland-Allison Act of 1878 required the U.S. | | | | were converted to bullion. As many as eight out |
| Treasury to purchase $2 to $4 million worth of | | | | of ten Morgan Silver Dollars may have been |
| silver bullion every month. The bullion would then | | | | melted down, which is why the value of these |
| be used to mint coins. | | | | coins is no longer tied to the number produced. |
| Named for the Chief Engraver of the U.S. Mint, | | | | Even coins with an original issue of more than a |
| George T. Morgan, the new silver dollar coin was | | | | million are valuable. |
| designed by him. The design, which depicts the | | | | By the early 1960s, the U.S. Government had a |
| head of Lady Liberty on the obverse and an | | | | surplus of silver dollars on hand. So they began |
| eagle on the reverse, is beautiful and is as popular | | | | selling Treasury Bags of a thousand coins for |
| today as when it was first issued. | | | | $1,000. Many rare coins were discovered in these |
| Today, beginning collectors can find affordable | | | | lots, and collectors began buying up the bags. |
| Morgan Silver Dollars with which to begin collecting. | | | | Several coins that had not been circulated and |
| And serious investors can pursue rare coins in the | | | | were consequently rare -- such as the 1903-O |
| six figures. | | | | uncirculated silver dollar -- resurfaced and their |
| By 1890, there was still a glut of silver, so the | | | | value plummeted. |
| Hayes Administration passed the Sherman Silver | | | | The General Services Administration sold off the |
| Purchase Act, which required the government to | | | | rest of the government's Morgan Silver Dollars, |
| buy $4.5 million of silver a month. Treasury Bills | | | | including coins minted in Carson City, in the early |
| were issued that could be redeemed for gold or | | | | 1970s. Packaged in black plastic holders, these |
| silver. | | | | coins are known as GSAs and they are very |
| Holders of the T-bills redeemed their bonds for | | | | collectible. |
| precious metals in such large numbers that | | | | With only 100,000 business strikes, the Morgan |
| government reserves of gold and silver were | | | | Silver Dollar minted in San Francisco in 1893 was |
| dramatically depleted, causing a financial panic. The | | | | the lowest mintage produced. Today, an MS-67 |
| 1893 repeal of the Sherman Silver Purchase Act | | | | grade coin is worth over $1 million. Other valuable |
| caused the production of silver dollars to slow | | | | coins are the 1893-O proof, the 1895-O and |
| way down. | | | | 1896-O MS67s, and almost anything minted in |
| By 1904, the supply of bullion for silver dollars ran | | | | Carson City. |
| out and production ceased for fourteen years. | | | | |