This article is about the United States dollar mint. For the NASCAR team once known as Morgan-Dollar Motorsports, see Randy Moss Motorsports
The Morgan dollar is a United States dollar coin minted from 1878 to 1904, in 1921, and beginning again in 2021. It was the first standard silver dollar minted since the passage of the Coinage Act of 1873, which ended the free coin of silver and the production of the previous design, the Seated Liberty dollar. It contained 412.5 grains of 90 % saturated eloquent ( or 371.25 gr = 24.056 thousand = 0.7735 oz deoxythymidine monophosphate of arrant eloquent ). The mint is named after its designer, United States Mint Assistant Engraver George T. Morgan. The obverse depicts a profile portrait representing Liberty, modeled by Anna Willess Williams, while the reverse depicts an eagle with wings outstretched. The batch grade, if present, appears on the reverse above between D and O in “ dollar ”. The dollar was authorized by the Bland–Allison Act. Following the passage of the 1873 act, mining interests lobbied to restore free ash grey, which would require the Mint to accept all silver medal presented to it and return it, struck into coin. rather, the Bland–Allison Act was passed, which required the Treasury to purchase between two and four million dollars ‘ worth of ash grey at market prize to be coined into dollars each calendar month. In 1890, the Bland–Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to purchase 4,500,000 troy ounces ( 140,000 kilogram ) of silver each month, but entirely required far silver dollar production for one year. This act, once again, was repealed in 1893.
Reading: Morgan dollar – Wikipedia
In 1898, Congress approved a circular that required all remaining bullion purchased under the Sherman Silver Purchase Act to be coined into silver dollars. When those argent reserves were depleted in 1904, the Mint ceased to strike the Morgan dollar. The Pittman Act, passed in 1918, authorized the melt and recoining of millions of eloquent dollars. pursuant to the act, Morgan dollars resumed coinage for one year in 1921. The design was replaced by the Peace dollar late the same class. In the early 1960s, a big quantity of uncirculated Morgan dollars in their master bags were discovered in the Treasury vaults, including issues once thought rare. Individuals began purchasing bombastic quantities of the pieces at font value and then removed them from circulation through billboard, and finally the Treasury ceased exchanging silver certificates for flatware coin. Beginning in the 1970s, the Treasury conducted a sale of silver dollars minted at the Carson City Mint through the General Services Administration. In 2006, Morgan ‘s reverse design was used on a silver dollar issued to commemorate the old San Francisco Mint construct. The US Mint began striking Morgan Dollars again in 2021, initially as a commemorative to celebrate the hundredth anniversary of the conclusion of the design ’ s concluding use, then as an annual exhaust starting in 2023 .
background [edit ]
In 1876, Richard P. Bland introduced a bill in the House to resume neologism of the standard eloquent dollar . William B. Allison added amendments to the bill in the Senate In 1873, Congress enacted the Fourth Coinage Act, which efficaciously ended the bimetallistic standard in the United States by demonetizing silver bullion. Prior to enactment of the Coinage Act, argent could be brought to the mints and coined into legal offer for a minor tip. With such a arrangement in place, bullion producers could have silver coined into dollars when the intrinsic value of a silver dollar was lower than the expression respect, frankincense making a profit, flooding the money add and causing ostentation. The act ended production of the standard silver dollar ( then the Seated Liberty dollar, as designed by Christian Gobrecht ) and provided for coinage of a eloquent trade dollar, which was intended to compete with mexican dollars for practice in the Orient. Under the work, bullion 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 modest fee. Trade dollars initially held legal affectionate condition, but it was revoked in 1876 to prevent bullion producers from making a profit by coining silver into trade dollars when the value of the metal was broken. The restrictions on free coinage laid out in the Coinage Act initially met little electric resistance from mining interests until the price of silver medal declined quickly due to increased mining in the Western United States. Protests besides came from bankers, manufacturers and farmers, who felt an increased money supply would have a positive impact. Groups were formed that demanded the absolve neologism of silver ( or “ free silver “ ) in order to inflate the dollar following the Panic of 1873. Beginning in 1876, respective bills were introduced in the House of Representatives in an effort to resume the dislodge neologism of argent. One such bill introduced into the House by democratic Representative Richard P. Bland of Missouri was passed in the twilight of 1876. republican senator William B. Allison of Iowa added important amendments to the bill in the Senate. The House bill allowed exempt Silver ; one of Allison ‘s amendments struck that planning. This lapp amendment allowed for the issue of ash grey certificates for the first base time in United States history. The bill was vetoed by President Rutherford B. Hayes. [ 7 ] The president of the united states ‘s veto was overridden on February 28, 1878. [ 7 ] What came to be known as the Bland–Allison Act required that the Treasury purchase between two and four million dollars ‘ worth of eloquent per calendar month, to be coined into eloquent dollars at the former gold/silver value proportion of 16:1, meaning that one ounce of aureate would be valued the same as sixteen ounces of silver .
Design history [edit ]
A model half dollar created by George T. Morgan A radiation pattern for the standard silver dollar created by William Barber In 1876, Director of the Mint Henry Linderman began efforts to redesign the nation ‘s silver coins. Linderman contacted C.W. Fremantle, Deputy Master of the Royal Mint in London, requesting him to “ find a first class diemaker who would be will to take the military position of Assistant Engraver at the Mint at Philadelphia. ” In reaction to Linderman ‘s request, Fremantle wrote “ My inquiries as to an Assistant Engraver lead me very powerfully to recommend for the mail Mr. George Morgan, age 30, who has made himself a considerable name, but for whom there is not much opening at present in this state. ” An agreement was reached between Linderman and Morgan for the engraver to work at the Philadelphia Mint under Chief Engraver William Barber on a six-month test basis. Morgan arrived in Philadelphia on October 9, 1876. His earliest blueprint coins designed during his tenure at the Philadelphia Mint were intended for the half dollar. In 1876, Morgan enrolled as a student at the Pennsylvania Academy of the Fine Arts to prepare to create a newfangled Liberty capitulum design. Morgan besides obtained studies from nature of the bald eagle for preparation of the revoke design. For the representation of Liberty, Morgan sought to depict an american english woman rather than the common Greek–style figures. Morgan ‘s supporter, artist Thomas Eakins, suggested he use Anna Willess Williams of Philadelphia as a model. In sum, Morgan had five sittings with Williams ; he declared her profile to be the most perfect he had seen. On October 18, 1877, Linderman requested Superintendent of the Philadelphia Mint James Pollock to “ instruct Mr. Morgan to prepare without delay, dies for a silver dollar, the designs, inscriptions, and agreement thence to be the like as the insert impression for the Half Dollar and numbered ‘2 ‘ substituting the words ‘one dollar ‘ in home of ‘half dollar ‘ ”. Linderman besides ordered Pollock to “ instruct Mr. Barber to prepare a reverse die for a dollar with a representation of an eagle deoxyadenosine monophosphate well as the inscriptions required by jurisprudence. He will select whichever of his Heads of Liberty he prefers for the obverse of the same. ” Linderman obviously preferred the designs of Morgan over those of the Chief Engraver ; he wrote Pollock on February 21, 1878, “ I have nowadays to express for your information, that it is my intention, in the event of the flatware bill nowadays pending in Congress, becoming law, to request the approval by the Secretary of the Treasury, of the dies prepared by Mr. Morgan. ”
production [edit ]
Morgan ‘s plan, struck as a half dollar form in 1877 1881 Morgan Dollar Reverse A coinage urge at the Philadelphia Mint production of the coins did not start until March 11, more than a week after the passage of the Bland–Allison Act. The first satisfactory strickle, after adjustments to the compress, was coined at 3:17 post meridiem at the Philadelphia Mint. This while was given to President Hayes ; the second and third base were given to Secretary of the Treasury John Sherman and Mint Director Henry Linderman. Linderman desired to involve the western mints of San Francisco and Carson City in production in order to help reach the monthly quota necessity under the Bland–Allison Act. atmospheric pressure was so great at the Philadelphia Mint that it halted production of all early coins and began operating overtime. manipulation of the western mints was delayed, however, as all dies were prepared at the Philadelphia Mint, and it was believed that the western mints did not have the proper equipment to prepare the dies for use. During the second workweek of production, Linderman pointed out what he called a “ rebuff imperfection ” in the dies for the dollar. The cause for the changes was to reduce the relief of the designs and to change the issue of tail feathers on the eagle from eight to seven ; this was done because all anterior United States neologism depicted the bald eagle as having an curious number of tail feathers. The high relief had caused the dies to have a shorter life. Dies were finally sent to the western mints, arriving in both San Francisco and Carson City on April 16, 1878. The New Orleans Mint began striking the fresh silver dollars in 1879. The Denver Mint, established in 1906, struck the coins for only one year, in 1921. The mint marks appearing on the coins are none, representing Philadelphia, “ CC ” for Carson City, “ S ” for San Francisco, “ O ” for New Orleans and “ D ” for Denver. In order to conform to the Coinage Act of 1837, the Morgan dollar contained ninety percentage silver and ten percentage copper, measured 38.1 millimetres ( 1.50 in ) in diameter and weighed 412.5 grains ( 26.73 gigabyte ). Thus the pure silver message was 371.25 gr = 24.056 deoxyguanosine monophosphate = 0.7735 oz metric ton .
Sherman Silver Purchase Act, Panic of 1893 [edit ]
Ohio senator John Sherman authored the Sherman Silver Purchase Act, forcing the Treasury to purchase 4,500,000 troy ounces ( 140,000 kilogram ) each calendar month. mintage of the Morgan dollar remained relatively regular until the passage of the Sherman Silver Purchase Act on July 14, 1890. The act, authored by Ohio senator and former Treasury secretary John Sherman, forced the Treasury to increase the amount of eloquent purchased to 4,500,000 troy ounces ( 140,000 kilogram ) each month. Supporters of the dissemble believed that an increase in the measure of silver purchased would result in inflation, helping to relieve the nation ‘s farmers. The act besides received hold from mining interests because such bombastic purchases would cause the price of silver medal to rise and increase their profits. Despite the Act ‘s requiring big purchases of silver indefinitely, it provided that the Mint must coin 2,000,000 silver dollars each month only until 1891. Since the Treasury already had a excess of eloquent dollars, mint of dollars dropped aggressively beginning in 1892. The silver that remained after coinage of the dollars was used to mint dimes, quarters and half dollars. Beginning early in 1893, a total of industrial firms, including the Philadelphia and Reading Railroad and the National Cordage Company went bankrupt. [ 25 ] The resulting bank runs and failures became known as the Panic of 1893. [ 25 ] In June of that year, President Grover Cleveland, who believed that the Panic was caused by the inflation generated by the Sherman Silver Purchase Act, called a especial session of Congress in rate to repeal it. The act was repealed on November 1, 1893. On June 13, 1898, Congress ordered the mint of all the remaining bullion purchased under the Sherman Silver Purchase Act into silver dollars. Silver dollar production rose again, until the bullion was exhausted in 1904, when it ceased .
Pittman Act [edit ]
Senator Key Pittman was responsible for the act that called for the thaw of up to 350,000,000 silver medal dollars.
The german government began a propaganda campaign during World War I to discredit the United Kingdom ‘s currency in India. The Germans convinced indian citizens that british banknotes in that nation could not be redeemed for argent. This led to a ladder on the british add of silver. In reply, United States Democratic senator Key Pittman of Nevada introduced legislation in 1918 that was intended to offer fiscal relief to the british government. The circular, passed on April 22, 1918, stated that “ sales of argent bullion under assurance of this act may be made for the aim of conserving the existing sprout of gold in the United States, of providing silver for subsidiary company neologism and for commercial habit, and of assisting extraneous governments at war with the enemies of the United States ”. The Pittman Act authorized the U.S. to melt up to 350,000,000 silver dollars, and this commenced immediately after the Act ‘s enactment. The U.S. finally melted a sum of 270,232,722 flatware dollars. Of that come, 259,121,554 were sold to the United Kingdom at the cost of one dollar per troy ounce. The U.S. alone minted the Morgan dollar again during 1921, the only class in which Morgan dollars were struck at the Denver mint. Since the Treasury had destroyed the disused Morgan dollar dies in 1910, Morgan had to create an entirely fresh master die. Another provision of the Pittman Act authorized the U.S. to mint a refilling coin for every silver medal dollar melted. During the same class, the Peace dollar was first issued to commemorate the end of World War I. The Peace dollar was purportedly minted to replace the Morgan dollar under the terms of the Pittman Act but without congressional authorization, despite the fact that the Act did not describe the coin design. The change in design was actually authorized under an 1890 act of Congress, which stated :
But no change in the design or die of any mint shall be made oftener than once in twenty-five years from and including the class of the beginning adoption of the blueprint, exemplar, fail, or hub for the same coin : Provided, That no change be made in the diameter of any coin :
And provided further, That nothing in this section shall prevent the borrowing of newfangled designs or models for devices or emblems already authorized for the standard silver dollar and the five-cent nickel piece a soon as operable after the passing of this act. [ 32 ]
Carson City Mint Morgan dollars [edit ]
Until 1964, U.S. citizens could redeem composition money known as silver medal certificates for silver dollars at a U.S. Treasury mint on demand. In 1962, an individual redeemed a silver certificate and received a rare and valuable Morgan dollar in exchange. The coin was from a cup of tea of silver dollars in the vault of the Philadelphia Mint. [ 34 ] This incident triggered huge interest, and between November 1962 and March 1964, millions of Morgan and Peace dollars were sold to the general public. The demand to exchange silver certificates for ash grey dollars was so big that lines formed outside of the Treasury Building in Washington, D.C. Some people in line were pushing wheelbarrows. The U.S. Treasury discovered previously unknown mint bags in its vaults containing slenderly more than 2.8 million Carson City ash grey dollars. [ 34 ] Treasury officials decided to hold them back because the total number of coins minted at the Carson City mint were by and large lower than others. On May 12, 1969, the Joint Commission on Coinage held a meet in order to determine the best way to sell the Carson City-minted dollars. They recommended a mail offer sale. Legislation was passed on December 31, 1970 directing the Treasury to transfer the eloquent dollars to the Administrator of General Services who was given the province for marketing and selling the coins. [ 36 ] The legislation besides stated that all proceeds from the sale were to be “ covered into the Treasury as many-sided receipts. ” [ 36 ] Congress supplied the General Services Administration with $ 10 million to market the dollar coins. Advertising consisted of posters and brochures distributed to post offices, banks and respective fiscal institutions, deoxyadenosine monophosphate well as television documentaries. The coins were sorted and mounted in small plastic display cases. The GSA conducted a total of seven mail bid sales between 1972 and 1980. In sum, the sales generated $ 107 million in tax income .
San Francisco commemorative dollar inverse [edit ]
2006 commemorative silver dollar, bearing Morgan ‘s reverse design with modifications On June 15, 2006, legislation was approved that provided for the mint of a ash grey dollar and a five dollar gold coin in “ commemoration of the Old Mint at San Francisco, ” with surcharges to be given to the San Francisco Museum and Historical Society in an attempt to rehabilitate the Old Mint. [ 37 ] In full, 100,000 gold and 500,000 argent commemorative coins were authorized. [ 37 ] Authorization came at the behest of respective hobby publications, who enlisted readers to contact their local congressmen and persuade them to pass necessity legislation. The approve designs include a frontal horizon of the Old Mint build on the obverse and a copy of Morgan ‘s eagle design on the inverse. Mint artist Joseph Menna made a new model for the reverse, employing a 1904 San Francisco-minted dollar as his model. [ 40 ]
Modern Morgan Dollars [edit ]
obverse of the 2021 Morgan dollar 2021 Morgan dollar in a United States Mint display corner On September 22, 2020 the U.S. House of Representatives passed legislation to allow the mint of Morgan and Peace dollar coins in 2021, the 100-year anniversary of the transition from the Morgan to Peace dollar in orderliness to “ commemorate this significant evolution of american Freedom ”. House Bill 6192 ( 2021 Silver Dollar Coin Anniversary Act ) allows production of Morgan and Silver dollars at 26.73g and no less than 90 % argent ( 24.057g = 0.7735 oz thymine ). On December 18, 2020, the United States Senate unanimously approved the bill, and it was signed into law by President Donald Trump on January 5, 2021. The Citizens Coinage Advisory Committee unanimously approved the design on January 19, 2021, with recommendations which were sent to the Secretary of the Treasury Steven Mnuchin, one day before the end of the Trump administration. There is no know mintage limit, and coinage could not begin until after January 1, 2021. [ 41 ] The US Mint then released order data for both dollars, priced at $ 85 each. Both coins are “ 0.858 troy oz. of .999 finely silver with an uncirculated finish up ” [ 42 ] Morgan Dollars were made available for leverage in May 2021, and sold out on the U.S. Mint web site in 45 minutes, and had a stagger order window based on the different mint marks. peace Dollars were available beginning later in the same class. Each mint shipped in October 2021. high demand of these coins led to controversy over U.S. Mint order procedures and resulted in delays from the primitively intended release dates. The 2021 Morgan Dollars were minted in the active mints of Philadelphia ( no mint stigmatize ), Denver ( D ), and San Francisco ( S ). Two-thirds of the Philadelphia-minted dollars contained “ toilet marks “ for the now defunct Carson City ( CC ) and New Orleans ( O ) mints. The 2021 Peace Dollars had no mint tag and were lone minted in Philadelphia. [ 43 ] After the chaos caused by the CC and O dollars, the Household Order Limit was reduced from 10 to 3 for the remainder of the dollars.. The US Mint in the first place decided to continue the Morgan and Peace Dollar course of study for 2022 and beyond [ 44 ] minted in San Francisco ( S ) with a proof finish, but on March 14, 2022, announced that the plan 2022 releases had been scrapped due to “ supply range issues, product capacity and transportation logistics ”, and the rising price of argent, with plans to resume the plan in 2023. [ 45 ]
coinage figures [edit ]
The dollars were produced every year between 1878 and 1904 at a total of 4 unlike mints. Each mint, with the exception of Philadelphia, has its own mint distinguish. In 1921 production was resumed for one year only, with this class being the alone one where the Denver mint was used, until 2021. [ 46 ] The count of dollars surviving are unknown as the Pittman Act resulted in the dissolve of millions of these coins. PCGS CoinFacts estimates survivals are less than 10 % of the mintage .
|Year||Philadelphia||New Orleans||San Francisco||Carson City||Denver|
|2021||175,000 (no mark)
175,000 ( O toilet ) and 175,000 ( CC privy )
bill that of the 2021 Philadelphia Morgan Dollars, a third base were minted with a “ CC ” privy mark and a one-third were minted with an “ O ” toilet cross off .