From Wikipedia, the free encyclopedia Morgan dollar
Morgan dollar
Morgan dollar
United States
Value 1 United States dollar
Mass 26.73 g (412½ gr)
Diameter 38.1 mm (1.5 in)
Edge Reeded
Composition 90.0% Silver
10.0% Copper
Years of minting 1878–1904, 1921
Mint marks None (Philadelphia)
CC (Carson City)
S (San Francisco) Design Eagle clasping arrows and olive branch
O (New Orleans)
D (Denver) Designer George T. Morgan
Obverse Design date 1878
The Morgan dollar was a United States dollar coin minted
intermittently from 1878 to 1921. It was the first standard
silver dollar minted since production of the previous de-
sign, the Seated Liberty dollar, ceased due to the passage
of the Fourth Coinage Act, an act which also ended the
free coining of silver. The coin is named for its designer,
United States Mint Assistant Engraver George T. Morgan.
The obverse depicts a profile portrait representing Lib-
erty, while the reverse depicts an eagle with wings out-
stretched.
The dollar was authorized by the Bland–Allison Act.
Following the passage of the Fourth Coinage Act, mining
interests lobbied to restore the free coinage. Instead, the
Design Liberty Bland–Allison Act was passed, which required the Trea-
sury to purchase between two and four million dollars
Designer George T. Morgan worth of silver at market value to be coined into dollars
Design date 1878 each month. In 1890, the Bland–Allison Act was repealed
by the Sherman Silver Purchase Act, which required the
Reverse
Treasury to purchase 4,500,000 troy ounces (140,000 kg)
of silver each month, but only required further silver dol-
lar production for one year. This act, in turn, was re-
pealed in 1893.
In 1898, Congress approved a bill that required all
remaining bullion purchased under the Sherman Silver
Purchase Act to be coined into silver dollars. When in
1904, those silver reserves were depleted, the Mint
ceased to strike the Morgan dollar. The Pittman Act,
passed in 1918, authorized the melting and recoining of
millions of silver dollars. Pursuant to the act, Morgan dol-
lars resumed mintage for one year in 1921. The design
was replaced by the Peace dollar later the same year.
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From Wikipedia, the free encyclopedia Morgan dollar
In the early 1960s, a large quantity of uncirculated
Morgan dollars was found to be available from Treasury
vaults, including issues once thought rare. Individuals
began purchasing large quantities of the pieces at face
value, and eventually the Treasury ceased to exchange
silver certificates for silver coin. Beginning in the 1970s,
the Treasury conducted a sale of silver dollars minted at
the Carson City Mint through the General Services Ad-
ministration. In 2006, Morgan’s reverse design was used
on a silver dollar issued to commemorate the old San
Francisco Mint building.
Background
In 1873, Congress enacted the Fourth Coinage Act,[1]
which effectively ended the bimetallic standard in the
United States by demonetizing silver bullion.[2] Prior to
enactment of the Coinage Act, silver could be brought
to the mints and coined into legal tender for a small
fee.[3] With such a system in place, bullion producers
could have silver coined into dollars when the intrinsic
value of a silver dollar was lower than the face value, thus
making a profit, flooding the money supply and causing
inflation.[4] The act ended production of the standard sil-
ver dollar (then the Seated Liberty dollar, as designed by
Christian Gobrecht) and provided for mintage of a silver
trade dollar, which was intended to compete with Mex-
ican dollars for use in the Orient.[4] Under the act, bul-
lion producers were allowed to bring bullion to the mints
in order to be cast into bars or coined into the newly
authorized trade dollars for a small fee.[4] Trade dollars
initially held legal tender status, but it was revoked in
1876 to prevent bullion producers from making a prof-
it by coining silver into trade dollars when the value of
the metal was low.[5] The restrictions on free coinage
laid out in the Coinage Act initially met little resistance
from mining interests until the price of silver declined
rapidly due to increased mining in the Western Unit-
ed States.[2] Protests also came from bankers, manufac-
turers and farmers, who felt an increased money supply
would have a positive impact. Groups were formed that
demanded the free coinage of silver (or "Free Silver") in
order to inflate the dollar following the Panic of 1873.[6]
Beginning in 1876, several bills were introduced in
the House of Representatives in an effort to resume the
free coinage of silver.[6] One such bill introduced into the
House by Democratic Representative Richard P. Bland of
In 1876, Richard P. Bland (left) introduced a bill in the House to
Missouri was passed in the fall of 1876.[6] Republican sen-
resume coinage of the standard silver dollar, to which William
ator William B. Allison of Iowa added important amend-
B. Allison (right) added amendments in the Senate.
ments to the bill in the Senate. The House bill allowed
Free Silver; one of Allison’s amendments struck that pro-
Bland–Allison Act required that the Treasury purchase
vision.[6] This same amendment allowed for the issuance
between two and four million dollars worth of silver per
of silver certificates for the first time in United States
month, to be coined into silver dollars at the former
history.[6] The bill was vetoed by President Rutherford
gold/silver value ratio of 16:1, meaning that one ounce of
B. Hayes.[7] The president’s veto was overridden on Fe-
bruary 28, 1878.[7] What came to be known as the
2
From Wikipedia, the free encyclopedia Morgan dollar
gold would be valued the same as sixteen ounces of sil-
ver.[3]
Design history
A pattern half dollar created by George T. Morgan
A pattern for the standard silver dollar created by William Bar-
ber
In 1876, Director of the Mint Henry Richard Linderman
began efforts to redesign the nation’s silver coins.[8] Lin-
derman contacted C.W. Fremantle, Deputy Master of the
Royal Mint in London, requesting him to "find a first class
die-sinker who would be willing to take the position of Anna Willess Williams, pictured here in 1922, sat for George T.
Assistant Engraver at the Mint at Philadelphia."[8] In re- Morgan five times as a model for his design.
sponse to Linderman’s request, Fremantle wrote "My in-
quiries as to an Assistant Engraver lead me very strong- five sittings with Williams; he declared her profile to be
ly to recommend for the post Mr. George Morgan, age the most perfect he had seen.[10]
30, who has made himself a considerable name, but for On October 18, 1877, Linderman requested Superin-
whom there is not much opening at present in this coun- tendent of the Philadelphia Mint James Pollock to "in-
try."[8] An agreement was reached between Linderman struct Mr. Morgan to prepare without delay, dies for a
and Morgan for the engraver to work at the Philadelphia silver dollar, the designs, inscriptions, and arrangement
Mint under Chief Engraver William Barber on a six- thereof to be the same as the enclosed impression for the
month trial basis.[8] Half Dollar and numbered ’2’ substituting the words ’one
Morgan arrived in Philadelphia on October 9, 1876.[8] dollar’ in place of ’half dollar’". Linderman also ordered
His earliest pattern coins designed during his tenure at Pollock to "instruct Mr. Barber to prepare a reverse die
the Philadelphia Mint were intended for the half dol- for a dollar with a representation of an eagle as well as
lar.[9] In 1876, Morgan enrolled as a student at the Penn- the inscriptions required by law. He will select whichever
sylvania Academy of the Fine Arts to prepare to create a of his Heads of Liberty he prefers for the obverse of the
new Liberty head design.[10] Morgan also obtained stud- same."[11] Linderman evidently preferred the designs of
ies from nature of the bald eagle for preparation of the Morgan over those of the Chief Engraver; he wrote Pol-
reverse design.[10] For the representation of Liberty, lock on February 21, 1878, "I have now to state for your
Morgan sought to depict an American woman rather information, that it is my intention, in the event of the
than the usual Greek–style figures.[10] Morgan’s friend, silver bill now pending in Congress, becoming law, to re-
artist Thomas Eakins, suggested he use Anna Willess Wil- quest the approval by the Secretary of the Treasury, of
liams of Philadelphia as a model.[10] In total, Morgan had the dies prepared by Mr. Morgan."[12]
3
From Wikipedia, the free encyclopedia Morgan dollar
Production percent silver and ten percent copper, measured 38.1
millimetres (1.50 in) in diameter and weighed 412.5
grains (26.73 g).[21]
Sherman Silver Purchase Act,
Panic of 1893
A coinage press at the Philadelphia Mint
Production of the coins did not commence until
March 11, more than a week after the passage of the
Bland–Allison Act.[13] The first acceptable strike, after
adjustments to the press, was coined at 3:17 p.m. at the
Philadelphia Mint.[13] This piece was given to President
Hayes; the second and third were given to Secretary of
the Treasury John Sherman and to Mint Director Henry
Linderman.[13]
Linderman desired to involve the western mints of
San Francisco and Carson City in production in order
to help reach the monthly quota necessary under the
Bland–Allison Act.[14] Pressure was so great at the
Philadelphia Mint that it halted production of all other
coins and began operating overtime.[15] Use of the west-
ern mints was delayed, however, as all dies were pre- Ohio senator John Sherman authored the Sherman Silver Pur-
pared at the Philadelphia Mint, and it was believed that chase Act, forcing the Treasury to purchase 4,500,000 troy
the Western mints did not have the proper equipment ounces (140,000 kg) each month.
to prepare the dies for use.[16] During the second week
of production, Linderman pointed out what he called a Main articles: Sherman Silver Purchase Act and Panic of
"slight imperfection" in the dies for the dollar.[16] The 1893
reason for the changes was to reduce the relief of the de- Mintage of the Morgan dollar remained relatively steady
signs and to change the number of tail feathers on the until the passage of the Sherman Silver Purchase Act
eagle from eight to seven; this was done because all pri- on July 14, 1890.[22] The act, authored by Ohio senator
or United States coinage depicted the bald eagle as hav- and former Treasury secretary John Sherman, forced the
ing an odd number of tail feathers.[16] The high relief Treasury to increase the amount of silver purchased to
had caused the dies to have a shorter life.[15] Dies were 4,500,000 troy ounces (140,000 kg) each month.[23] Sup-
eventually sent to the Western mints, arriving in both porters of the act believed that an increase in the amount
San Francisco and Carson City on April 16, 1878.[17] The of silver purchased would result in inflation, helping to
New Orleans Mint began striking the new silver dollars in relieve the nation’s farmers.[24] The act also received
1879.[18] Throughout the series numerous small die vari- support from mining interests because such large pur-
eties occurred. These have been cataloged by Leroy Van chases would cause the price of silver to rise and increase
Allen and George Mallis into VAM Numbers for each year, their profits.[24] Despite the fact that the purchase of
and examples of each are in demand by advanced collec- silver was required by the act, it stated that the Mint
tors.[19] must coin 2,000,000 silver dollars each month only until
The Denver Mint, established in 1906, struck the coins 1891.[25] Since the Treasury already had a surplus of sil-
for only one year, in 1921.[20] The mint marks appearing ver dollars, mintages dropped sharply beginning in
on the coins are none, representing Philadelphia, "CC" for 1892.[22] Thus the scarcest coins in the series occur just
Carson City, "S" for San Francisco, "O" for New Orleans after this date, with the rarest the 1895 Philadelphia is-
and "D" for Denver.[20] In order to conform to the sue, which has only been found as a proof mintage of 880
Coinage Act of 1837, the Morgan dollar contained ninety dollars.[26] The silver that remained after mintage of the
4
From Wikipedia, the free encyclopedia Morgan dollar
dollars was used to mint dimes, quarters and half dol- purpose of conserving the existing stock of gold in the
lars.[22] United States, of providing silver for subsidiary coinage
Beginning early in 1893, a number of industrial firms, and for commercial use, and of assisting foreign govern-
including the Philadelphia and Reading Railroad and the ments at war with the enemies of the United States."[29]
National Cordage Company went bankrupt.[27] The re- The reason for the United Kingdom’s need was a propa-
sulting bank runs and failures became known as the Pan- ganda campaign of the German government.[28] The Ger-
ic of 1893.[27] In June of that year, President Grover Cleve- mans convinced residents of India that the banknotes is-
land, who believed that the Panic was caused by the in- sued by the British government could not be redeemed
flation generated by the Sherman Silver Purchase Act, for silver, which caused a run on the British supply of
called a special session of Congress in order to repeal the metal.[28] The Pittman Act authorized the melting of
it.[25] The act was repealed on November 1, 1893.[25] On up to 350,000,000 silver dollars.[29] The melting of the sil-
June 13, 1898, Congress ordered the coining of all the ver dollars began immediately after the passage of the
remaining bullion purchased under the Sherman Silver act.[29] A total of 270,232,722 silver dollars were eventual-
Purchase Act into silver dollars.[25] Silver dollar produc- ly melted.[29] 259,121,554 of the melted dollars were sold
tion rose again,[20] until the bullion was exhausted in to the United Kingdom at the cost of one dollar per troy
1904, when it ceased.[28] ounce.[29] Another provision of the Pittman Act autho-
rized the coinage of a replacement for every silver dol-
Pittman Act lar melted.[30] Mintage of the Morgan dollar resumed for
only one year, 1921.[30] Since all obsolete coinage dies
Main article: Pittman Act had been destroyed in 1910, Morgan was forced to create
an entirely new master die for the dollar.[31] 1921 also
marked the first issuance of the Peace dollar, as a coin
to commemorate the resulting peace after World War
I.[32] This replacement of the Morgan dollar was issued
under the terms of the Pittman Act without congres-
sional authorization, despite the fact that the act makes
no mention of the design of the coins.[32] The change
in design was actually authorized under an 1890 act of
Congress,[33] which stated:
"But no change in the design or die of any coin
shall be made oftener than once in twenty-five
years from and including the year of the first
adoption of the design, model, die, or hub for the
same coin:
Provided, That no change be made in the diame-
ter of any coin:
And provided further, That nothing in this sec-
tion shall prevent the adoption of new designs or
models for devices or emblems already autho-
rized for the standard silver dollar and the five-
cent nickel piece as soon as practicable after the
passage of this act."[34]
Treasury release, General Ser-
Senator Key Pittman was responsible for the act that called for
the melting of up to 350,000,000 silver dollars. vices Administration sales and
In 1918, Democratic senator Key Pittman of Nevada in-
legacy
troduced legislation that was largely meant as relief for Between November 1962 and March 1964, millions of
the British government during World War I.[29] The bill, Morgan and Peace dollars were sold to the general pub-
passed on April 22, 1918, states that "sales of silver bul- lic.[35] Interest began in 1962, when a date of Morgan
lion under authority of this act may be made for the dollar that was previously considered very rare was dis-
5
From Wikipedia, the free encyclopedia Morgan dollar
covered in a bag of silver dollars taken from a vault of a new model for the reverse, employing a 1904 San
the Philadelphia Mint.[35] The demand to exchange silver Francisco-minted dollar as his model.[41]
certificates for silver dollars was so great that lines
formed outside of the Treasury Building in Washington,
D.C., with some of those in line pushing wheelbar-
References
rows.[35] Upon discovering bags of Carson City-minted [1] Van Allen & Mallis, p. 21
dollars, Treasury officials decided to hold them back as [2] ^ Fite, p. 428
mintage totals from that mint were generally lower than [3] ^ Fite, p. 429
others.[35] [4] ^ Van Allen & Mallis, p. 23
[5] Yeoman, p. 18
[6] ^ Van Allen & Mallis, p. 24
[7] ^ Harness, George; Senate Library (February 1992).
"Rutherford B. Hayes" (PDF). Presidential Vetoes,
1789–1988. Washington, D.C.: United States
Government Printing Office. S. Pub. 102-12.
http://www.senate.gov/reference/Legislation/
Vetoes/Presidents/HayesR.pdf. Retrieved
December 18, 2010.
[8] ^ Van Allen & Mallis, p. 73
2006 commemorative silver dollar, bearing Morgan’s reverse
design with modifications [9] Van Allen & Mallis, p. 74
[10] ^ Van Allen & Mallis, p. 75
On May 12, 1969, the Joint Commission on Coinage [11] Van Allen & Mallis, p. 79
held a meeting in order to determine how best to dispose [12] Van Allen & Mallis, p. 83
of the Carson City-minted dollars earlier held back by [13] ^ Van Allen & Mallis, p. 84
Treasury officials. They recommended a mail bid sale.[36] [14] Van Allen & Mallis, p. 86
Legislation was passed on December 31, 1970 stating that [15] ^ Van Allen & Mallis, p. 88
the approximately three million silver dollars were to be [16] ^ Van Allen & Mallis, p. 87
transferred to Administrator of General Services in order [17] Van Allen & Mallis, p. 90
for the coins to be marketed.[37] The legislation also stat- [18] Yeoman, p. 219
ed that all proceeds from the sale were to be "covered in- [19] What is a VAM?
to the Treasury as miscellaneous receipts."[37] Congress [20] ^ Yeoman, p. 221
supplied the General Services Administration with ten [21] Yeoman, p. 218
million dollars to market the dollar coins.[36] Advertising [22] ^ Yeoman, p. 220
consisted of posters and brochures distributed to post of- [23] Fite, p. 446
fices, banks and various financial institutions, as well as [24] ^ Van Allen & Mallis, p. 27
television documentaries.[36] The coins were sorted and [25] ^ Van Allen & Mallis, p. 29
put into small plastic display cases.[36] The Administra- [26] The 1895 Morgan Dollar - The King of Morgans -
tion conducted a total of seven mail bid sales between The Most Valuable Morgan Dollar
1972 and 1980.[36] In total, the sales generated $107 milli- [27] ^ Brothers, Eric (January 2011). "The Great Panic of
on.[36] 1893 and its Aftermath". The Numismatist: 48–52.
On June 15, 2006, legislation was approved that pro- [28] ^ Van Allen & Mallis, p. 30
vided for the minting of a silver dollar and a five dollar [29] ^ Van Allen & Mallis, p. 31
gold coin in "commemoration of the Old Mint at San [30] ^ Van Allen & Mallis, p. 32
Francisco," with surcharges to be given to the San Fran- [31] Van Allen & Mallis, p. 95
cisco Museum and Historical Society in an effort to re- [32] ^ Yeoman, p. 222
habilitate the Old Mint.[38] In total, 100,000 gold and [33] Van Allen & Mallis, p. 409
500,000 silver commemorative coins were authorized.[38] [34] Richardson, William Allen, ed. (1891). Supplement to
Authorization came at the behest of several hobby publi- the revised statutes of the United States. 1.
cations, who enlisted readers to contact their local con- Washington, D.C.: United States Government
gressmen in order to persuade them to pass necessary Printing Office. pp. 806–807.
legislation.[39] The designs approved for the silver dollar http://books.google.com/
bear a left-frontal view of the Old Mint building and a books?id=Dcg4AAAAIAAJ&dq=act+of+september+26,+1890&source
copy of Morgan’s eagle design on the obverse and re- 26 Stat L. 484, amendment to R.S. §3510
verse, respectively.[40] Mint artist Joseph Menna made [35] ^ Yeoman, pp. 27–28
[36] ^ Van Allen & Mallis, pp. 397–402
6
From Wikipedia, the free encyclopedia Morgan dollar
Preceded by Dollar Coin of the United States (1878–1904, Succeeded by
Seated Liberty Dollar 1921) Peace Dollar
Concurrent with:
Trade Dollar (1878–1885)
Large Head Indian Gold Dollar - Type III
(1878–1889)
Peace Dollar (1921)
[37] ^ Department of the Treasury, Bureau of the Mint
(1972). Domestic and Foreign Coins Manufactured by
Bibliography
Mints of the United States 1793-1970. Washington, D.C.: • Bowers, Q. David (2008). A Guide Book of United States
United States Government Printing Office. Commemorative Coins. Atlanta, Georgia: Whitman
pp. 137–138. Publishing. ISBN 978-0-7948-2256-9.
[38] ^ San Francisco Old Mint Commemorative Coin Act, • Fite, Emerson David (1919). History of the United States
Pub. L. no. 109-230, 120 Stat 391 (2006). (second ed.). New York, NY: Henry Holt & Co..
[39] Bowers, p. 265 • Van Allen, Leroy C. & Mallis, A. George (1991).
[40] Bowers, p. 263 Comprehensive Catalog and Encyclopedia of Morgan &
[41] San Francisco Old Mint Commemorative Coin Peace Dollars. Virginia Beach, Virginia: DLRC Press.
Program usmint.gov. Retrieved 2011–02–13 ISBN 1-880731-11-8.
• Yeoman, R.S. (2010). A Guide Book of United States Coins
(63rd ed.). Atlanta, GA: Whitman Publishing.
ISBN 978-0-7948-2767-0.
Retrieved from "http://en.wikipedia.org/w/index.php?title=Morgan_dollar&oldid=455481807"
Categories:
• Coins of the United States
• United States dollar coins
• United States silver coins
• Silver coins
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