Morgan Dollars

Image: Absecon 59, Public domain, via Wikimedia Commons

The Morgan Dollar: A Coveted Classic in Numismatics

Few U.S. coin series capture the imagination of collectors quite like the Morgan Dollar. First minted in 1878, the Morgan Dollar remains a cornerstone of American numismatics thanks to its stunning design, substantial silver content, and a fascinating history that spans the Wild West to Las Vegas and beyond. Whether you’re new to coin collecting or a seasoned enthusiast, the Morgan Dollar offers an exciting journey through the late 19th and early 20th centuries that's also got some challenging years to find. Below, we explore what makes Morgan Dollars so special, key dates to look for, and practical tips for assembling a collection to cherish for years to come.

Design

The Morgan Silver Dollar design is as timeless as it is unmistakable. Designed by George T. Morgan, Lady Liberty is depicted wearing a Phrygian cap, decorated with agricultural motifs like wheat and cotton, a nod to America’s agrarian identity on the obverse (front). The back is an intricate design featuring a bald eagle with outstretched wings clutching arrows and an olive branch. Above the eagle is the motto “In God We Trust,” while the denomination “One Dollar” and “United States of America” encircle the coin. To identify where each coin was struck, look for the mint mark on the reverse, just above the “DO” in “DOLLAR.” Coins from Philadelphia lack a mint mark, while “CC” indicates Carson City, “S” for San Francisco, “O” for New Orleans, and “D” for Denver (used only in 1921).

A Brief History

Named after its designer, Assistant Engraver George T. Morgan of the U.S. Mint, the Morgan Dollar debuted in 1878. It replaced the short-lived Trade Dollar series and was minted primarily to utilize the vast silver reserves flooding into the market from Western mines.

In the aftermath of the Civil War, the U.S. government enacted the Coinage Act of 1873. This law effectively ended the production of the standard silver dollar (the Seated Liberty Dollar) and embraced a gold standard approach. Silver was “demonetized,” meaning the U.S. Mint no longer struck silver coins for general circulation beyond smaller denominations. This upset silver mining interests, especially in the Western states, where newly discovered lodes—most famously the Comstock Lode in Nevada—were producing massive amounts of silver. The sudden elimination of the silver dollar stirred anger among silver miners and their political allies, who complained that this legislation unjustly favored gold interests. The outcry was so loud that the Coinage Act of 1873 became derisively known as the “Crime of ’73.”

To appease silver producers and encourage the circulation of silver coins, Congress passed the Bland–Allison Act in 1878. This act required the U.S. Treasury to purchase between two and four million dollars’ worth of silver each month from domestic mines and convert it into silver dollars. This mandate not only helped stabilize silver prices but also paved the way for a new design to replace the short-lived Trade Dollar. Assistant Engraver George T. Morgan at the U.S. Mint was tasked with creating the new silver dollar. Originally an engraver from England, Morgan brought a fresh artistic perspective to U.S. coinage. His iconic design would soon become known simply as the “Morgan Dollar.”

The U.S. Mint produced Morgan Dollars in large quantities in various locations: Philadelphia (no mint mark), San Francisco (S), New Orleans (O), and Carson City (CC). The number of Morgan Dollars produced each year varied significantly, dictated by the supply of silver, changing political sentiments, and global silver prices. By 1904, over 570 million Morgan Dollars had been minted, but the coin’s production was halted as silver stockpiles dwindled and public demand waned. Early 1878 issues featured an eagle with 8 tail feathers, quickly corrected to 7 tail feathers to more closely match real eagle anatomy.

World War I triggered new pressures on silver supplies. Through the Pittman Act, signed in 1918, the U.S. government authorized the melting of more than 270 million silver dollars, most of which were Morgans. The bulk silver was sold to Great Britain, which needed silver bullion to stabilize its currency and finance the war effort. The act also required that, once silver became available again, the melted coins would be replaced by newly minted silver dollars. This clause set the stage for the Morgan Dollar’s unexpected revival.

In 1921, the U.S. Mint struck Morgan Dollars once again to fulfill the replacement requirement imposed by the Pittman Act. This production run saw the largest single-year mintage in the coin’s history and introduced the Denver (D) mint mark into the Morgan Dollar family. By the end of 1921, the Peace Dollar design was approved to commemorate the end of World War I. The Morgan Dollar’s 43-year run thus concluded—until modern commemorative versions would appear a century later.

Key Dates and Rarities

Several Morgan Dollars are particularly sought after due to low mintages or historically significant runs.

1. 1878 8 Tail Feathers: During initial production, the eagle was engraved with eight tail feathers—an anatomical inaccuracy soon corrected to seven feathers. These 8 TF coins offer a fun short-set to collect for enthusiasts.
2. 1889-CC: With only 350,000 minted, the 1889-CC Morgan is one of the scarcest of the Carson City issues. High-grade examples command premium prices.
3. 1893-S: Struck in San Francisco, this date had a mintage of only 100,000 coins, making it the king of regular-issue Morgan Dollars. Finding one in any condition is a highlight for many collectors.
4. 1895 Proof (“The King of the Morgan Dollars”): Official records show 12,000 business strikes minted, but none have been confirmed. Only a few hundred proofs exist, making this date/variety extremely rare and valuable.
5. 1921 Transition Year: The only Morgan Dollar minted at Denver (1921-D) and the last year of the “classic” silver dollar before the Peace Dollar era. Although the 1921 issues are common, they’re popular for completing a full Morgan set.

In addition to famous date-and-mint rarities, Morgan Dollars are also heavily collected for their VAM varieties—a classification system devised by Leroy Van Allen and A. George Mallis. These specialists cataloged subtle differences in dies, lettering, mint marks, and other design elements used to strike Morgan Dollars. Here are a few of the VAMs that are more well known/particularly coveted:

• 1888-O “Hot Lips” (VAM-4): One of the most dramatic doubled-die varieties, Lady Liberty’s lips appear notably doubled, giving this VAM its distinctive nickname.
• 1900-O/CC Over Mintmark (VAM-7, VAM-8, etc.): A faint “CC” mintmark can be seen beneath the “O” mintmark, reflecting the reuse of old Carson City dies in New Orleans.
• 1879-S Reverse of 1878 (VAM-34, among others): These show an older-style eagle design on coins dated 1879, making them popular with variety hunters.

For advanced collectors, discovering a highly desired VAM—particularly in a top grade—can be as thrilling and rewarding as finding a key date. The field of VAM collecting is broad, and values can vary widely. Studying reference guides, exploring sites like VAMWorld.com or joining online VAM forums is an excellent way to learn more about this specialized area.

Collecting Approaches

A comprehensive set from 1878 through 1921 including all mint marks is a challenging and rewarding way to collect Morgan Dollars. Certain key dates can be costly, so patience is essential. If a full date-and-mint set is too daunting (or costly), consider specializing in a specific mint mark, VAM, or year range. Carson City coins, for example, have a storied history and strong collector following. Lots of collectors focus on assembling the best possible examples of each date and mint mark, frequently submitting their coins for third-party grading.

• Date and Mint Mark: Collect a comprehensive set from 1878-1921 with all dates and mint marks. As challenging as it is costly.
• Single Mint Mark: Focus only on a specific mint mark (such as CC for Carson City) to collect.
• High-Grade Registry: Assemble the best possible examples of each date and mint mark. Even more expensive than a basic date and mint mark set.
• VAM Hunting: Variety specialists love the hunt for rare and visually intriguing VAMs. Even common-date Morgans can become highly prized if they exhibit a scarce variety.
• Thematic Type Sets: Collect variants like the 1878 8TF or 7TF, the 1879 Reverse of 1878, or only proof issues if you’d like to specialize in visually striking or historically interesting sub-types.

Needless to say, there is no wrong way to collect (as long as you're not cleaning them!).

Grading and Conditions

Grading Morgan Dollars can be both an art and a science. Organizations like the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) offer standardized grading. There are lots of resources out there to learn grading (both free and paid). Here are the various grade levels to consider:

• G (Good) - VG (Very Good)
  The coin’s major design elements are heavily worn, and fine details are mostly faded.
• F (Fine) – VF (Very Fine)
  Moderate wear is evident, but the coin’s main features, such as Liberty’s hair and the eagle’s feathers, remain partially visible.
• XF (Extremely Fine)
  Light wear on the highest points of the design; much detail remains visible.
• AU (About Uncirculated)
  Slight traces of wear on only the highest spots. Retains most original mint luster.
• BU/MS (Mint State)
  No/minimal signs of wear. MS represents graded coins which fall on a numeric scale from 60 to 70, with MS-70 signifying a flawless coin.

Because even small differences in grade can significantly impact a Morgan Dollar’s value, learning the nuances of coin grading—or consulting a professional grading service—can help protect your investment and ensure fairness when buying or selling.

Conclusion

Morgan Dollars stand as a remarkable testament to American history, artistry, and silver-mining heritage. From the sought-after Carson City issues to the storied 1895 Proof, there is no shortage of intrigue surrounding these coins. Whether you’re focused on specific dates and mint marks or collecting as many affordable pieces as possible, Morgan Dollars offer a captivating journey for every enthusiast. By staying informed about grading standards, key rarities, and proper preservation methods, you’ll be well on your way to building a collection that honors this timeless American classic.

Still have questions? Don't hesitate to contact us or visit our store for a chat.