Morgan Silver Dollars at Pawn King
The Morgan dollar is a United States dollar coin minted from 1878 to 1904 and in 2021. It was the first standard silver dollar minted after the Coinage Act of 1873. In 1960, the paper dollar and the Morgan dollar circulated side by side. and had the same value.
Now the Morgan Silver Dollar is worth about $34.00 and fluctuates with the silver market.
The History of the Morgan Silver Dollar
The Coinate Act of 1873
You can’t explore the history of the Morgan Silver Dollar without taking about the Coinage Act of 1873. The act revised the laws to move currency towards the gold standard and away from silver. The act specified the exact silver coins that could be minted and their respective weights. Silver dollars were not included. The act ended the free coining of silver and the production of the Seated Liberty Dollar.
The Sherman Silver Purchase Act of 1878 increased the United States government silver purchases, and increased silver dollar production. An oversupply of silver triggered bank failures, causing economic depression. In 1904, the Morgan Dollars ended after the mints stopped manufacturing Morgan Dollars when the silver reserves were gone.
The US abandoned the Gold Standard in 1971
By executive order by the President of the United States, the US no longer converted dollars to gold at a fixed value. This signed order abandoned the gold standard. When this occurred, President Nixon did this to address the country’s inflation problem and discourage foreign governments from converting dollars for gold.
Re-Minting the Silver Dollar in 2021
In 2021, the United States reissued Morgan Dollars in honor of its last year of minting, 1921. The 2021 Morgan Dollar is part of the Morgan and Peace Dollar Anniversary Coin Program.
There were many coins available, but they quickly sold out. In 2021, the Peace Dollar replaced the Morgan Dollar.
Over a quarter-million of the older Morgan Dollars were melted down to mint the 1921 coin, which was over half of the entire mintage from 1878-1904. A surprisingly large number of Morgans still exist and can be found in uncirculated conditions. The Denver Mint only struck Silver Dollars in 1921, because the Treasury had destroyed the obsolete Morgan Dollar dies in 1910, and a new master die had to be created. A depiction of US History.
The Morgan Silver Dollar depicts Liberty wearing a Phrygian cap with “Liberty” on the hairband. On Liberty, the front is displayed wearing a radiating crown, and the reverse shows a bald eagle resting on an olive branch. Originally named the Liberty Head Dollar, the Morgan Dollar was minted in the Philadelphia Mint, New Orleans, Carson City Mint, Denver Mine, and the San Francisco Mint. Following its release, there were criticisms about its design, as well as its weight and size.
A Rough Start for the Morgan Dollar
Under the Mint Act of 1873, the Act ended bimetallism in the United States and placed the United States firmly in the gold standard and away from silver. The production of circulating Liberty seated silver dollars ended in favor of trade and gold dollars. Silver dollars made up less than one percent of circulating silver.
Some people called the coin the Cartwheel because of its size and weight. Morgan Dollars are 90% silver and 10% copper, and it’s ways 26.73 grams, almost an ounce. Imagine carrying around 20 of these coins all day long. The Morgan Dollar was also called the Buzzard Dollar.
The “Buzzard Dollar” was nicknamed because the bird on the reverse side of the coin looked like a buzzard, not an eagle.
It was initially minted from the largest silver strike in U.S. history, the Comstock Lode.
George T. Morgan, the man behind the Morgan Dollar
Morgan, born in November 1845, was a British immigrant who assisted William Barber, the Chief Engraver at the Philadelphia Mint. The Morgan Dollar is one of seven coins designed by George T. Morgan and an assistant engraver at the Philadelphia Mint.
Director of the United States Mint, Henry Linderman, realized that the nation desperately needed a new silver dollar coin. He instructed George T. Morgan and William Barber to design a coin depicting Lady Liberty. Morgan decided to show an American woman instead of a Greek profile on the coin.
The Morgan Dollars all have an M representing George T. Morgan’s efforts in the coin design.
Anna Willess, Williams the Lady on the Coin
A teacher from Philadelphia, Anna Willess, Williams, sat five times as her portrait was used for the Morgan Dollar. The reverse depicts an eagle with wings outstretched. Liberty’s cap is adorned with two stalks of wheat and two cotton blossoms representing American agricultural heritage.
The eagle with its wings outstretched holds an olive brand in its mouth, representing peace as it perches atop a bundle of arrows symbolizing readiness for war. Encircling the coin above the United States of America is the denomination, one dollar with stars on each side. The obverse features the head of Lady Liberty facing left with the words E. Pluribus Unum in the upper curve of the coin.
Pawn King in Stratford, CT is Where can you buy and sell coins like Morgan Dollars?
Morgan dollars were minted and are now sought after by collectors and as a hedge against inflation. Silver coins, silver bullion, and precious metals are worth the time and effort put into finding the right deal.
With the most recent changes in the economy, some customers had to dig through their coin sashes and find the coins with “tail feathers,” Morgans, and take them into pawn shops to sell. Did you know that the original Morgan dollars had an eagle on the reverse side with eight tail feathers? Soon after production began, the U.S. mint was advised the eagle should have eight tail feathers. The design was changed. Some of the 1878 Morgan dollars have eight tail feathers, while others have seven.
Pawnshops also have fine silver, a silver bullion supply, and pure silver dollars for retail. The stock quantity depends on the traffic the pawnshop has experienced at their store, and the number of customers trading in silver coins for cash.
Pawn King is a family owned and operated pawn shop, and they are truly part of their community. They work with customers to get the money they need when they are inquiring about a pawn loan and when they are selling valuables like Morgan Silver Dollars.
They take gold jewelry, silver dollars, brand name tools, musical instruments, luxury handbags, designer watches, and autos with clear titles.
Stop in an see them today.