Morgan Dollars (1878-1921)
The Comstock Lode, probably one of the largest silver strikes in history, was observed in Nevada in the late 1850s. The strike placed downward stress upon silver selling prices throughout the world. In 1878 our elected representatives approved the Bland-Allison Act that recommended the Treasury Department to acquire significant quantities of sterling silver, and to transform it in silver coins.
For purposes of economy, the Treasury decided to produce the silver as dollar coins.
By the time the Morgan silver dollar was struck in 1878, it was the very first dollar released for American commercial employ ever since the final Seated Liberty Dollar of 1873.
By the time the Morgan silver dollar was struck in 1878, it was the very first dollar released for American commercial employ ever since the final Seated Liberty Dollar of 1873.
The Trade Dollar was manufactured in the course of this
period of time however was planned for being utilized for business in the
Orient. The silver dollar ended up being continually struck right up until 1904
once the quantity of dollars in normal circulation was substantial and there was
a lack of silver bullion.
After that in 1918, the Pittman Act demanded for more
than 270 million silver coins to be melted for silver content. In 1921, the
coinage of the Morgan Dollar started again for that year and ended up being
substituted by the Peace Dollar commemorative which would later come to be
common issue.
Ever since 1921, numerous Morgan Dollars ended up melted. This
procedure has largely taken place any time silver prices increased for the
reason that these dollars generate silver bullion.
Caches of Morgan Dollars
minted in the Carson City Mint were found and ended up being offered for sale to
coin enthusiasts by the government in the early 1970s.
Quite a few of these
Morgan Dollars were uncirculated and are generally known as GSAs (given its name
following the General Services Administration) and come in dark plastic cases
that imitate the cases utilized for proof silver Eisenhower dollars of the time
period. This has become known as the GSA sale.
These have grown to be collectible pieces within the GSA encapsulation.
