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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
Paper Money & Coin Collecting News
When investing you want to weigh very heavily towards the coins that are most readily accepted at coin dealerships and markets around the word. Following are some of the most popular styles: American Eagle, American Buffalo, Canadian Maple Leaf, South African Krugerrand, Chinese Gold Panda, and Vienna Philharmonic. Some of the above listed coins are 22 karat gold (Eagles and Krugerrands) and others are 24 karat gold (Buffalos, Maple Leafs, Pandas, and Philharmonics). The great thing about buying a good variety of coins is you will diversify between 22 karat and 24 karat as well. Before buying, make sure you do your research and don't let the coin dealer talk you into something you're not interested in owning.
You can buy a coin book that hold silver dollars in our Silver Dollars Galore store.
Preserve gold bars and bullion coins in the original mint packaging. Since it is soft, mint-fresh gold is easily subject to scratches from rough surfaces. Careful handling and preserving can go a long way in getting the best price during a resale.
Buy gold coins.
Collectors have a wide range of areas from which to add to their collections. Ancient coins represent the utmost in historical value, and can include the silver coinage of ancient Athens, the numismatic world of Alexander the Great, and portrait coinage featuring the famous and infamous of the Roman Empire. Collectors who are fascinated with history can widen their horizons by adding examples from the Byzantine Empire and medieval Europe, the fascinating monarchs of Renaissance England, and the myriad German and central European states which have long ceased to exist.
Buy US paper money.
The Gold Panda gold coin has an annual design change that always featuring China's symbolic animal, the Pnada. The Gold Chinese Panda has long been a favorite of collectors and jewelry designers the world over. At one time this coin was minted in seven different sizes, second only to the eight sizes of the Australian Nugget. The 5- and 12-oz. sizes were discontinued over a decade ago.
Buy gold coins.
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