Morgan Silver Dollars
In the late 1870s, there was not really a need for a new silver dollar, as the Liberty Seated dollar had just been legislated out in 1873. Though it didn’t seem to be missed, the silver mining industry began to lobby Congress for the return of the Liberty Seated dollar or the creation of a new silver dollar. This was due to the fact that the mining industry was producing huge loads of silver, and finally, after several attempts, Congress passed the Bland-Allison Acct, which authorized a new silver dollar. What this Act essentially did was require the Treasury to purchase between 2 and 4 million ounces of silver bullion each month, which was to be coined into silver dollars. What this did was amount to a subsidy, and the face value of dollar actually exceeded its worth by almost 10%.
Before the actual passing of the Bland-Allison Act, the Treasury actually began to make preparations to introduce the new dollar. Two engravers, William Barber and George T. Morgan, were told to prepare designs for the new dollar, with the idea that the best design would “win.” This contest, however, was fixed – the Mint Director had actually been discontent with Barber’s work, so it was almost guaranteed that Morgan’s design would be chosen. The orders were given that, instead of the full figure of Liberty that had been in use, the coin should feature a head of Liberty. Morgan got a school teacher from Philadelphia, Anna Williams, to model for this design.
The design of the Morgan silver dollar features Miss Liberty facing left, while the reverse side features an eagle. Many found this eagle to be gaunt and skinny, leading many to dub the coin as the “buzzard dollar.” In a first move for the mint, the initials of designers “M” appeared on both sides – on Liberty’s neck, and on the reverse, the ribbon’s left loop. To check for wear and tear on this dollar, places to look for include wear on the hair above Liberty’s ear and eye, as well as the upper fold on her cap. Finally, look for wear on the crest of the eagle’s chest.
Some 1878 Morgan dollars actually have seven feathers instead of eight feathers, as the change was ordered after the production of the dollar began. The seven feather variety is less common than the eight feathers, although to be fair both are relatively common.
The Morgan Silver Dollar has gained popularity in collecting over the years, beginning in the 1930s (although many collectors of the time preferred lower face value coins, as they came with lower cost). Throughout the 40s and 50s, many coin dealers took advantage of the Treasury Department’s Cash Room, as it was paying out uncirculated Carson City Morgan Dollars. It hit a boom in the 1960s, and has since become widely desired and pursued by collectors. Essentially it’s a Cinderella story – greeted with indifference at its creations, then going on to become one of the most widely pursued coins by collectors.