One of the most popular series of coins to collect is the Morgan dollar. These big silver coins were designed by George T. Morgan and were first produced in 1878. Each of these contain 77% of an ounce of silver, making one worth a minimum of about $12 at today’s price of silver. These were minted from 1878 through 1904, and production was then halted until 1921 for one last year of issue. At various times, these coins were minted in Carson City, Denver, San Francisco, New Orleans, and Philadelphia.
Part of the reason these coins were minted was the discovery of the Comstock Lode near Virginia City, Nevada. This was a huge silver mine that produced nearly seven million TONS of silver from 1860 to 1880 when it played out. Of course, with all that silver available, Congressman from the western states got the Bland-Allison Act passed in 1878, which mandated the silver dollar as the coin of the realm.
Looking at the mintages of each year they were made, there were about two thirds of a billion of them minted. Most of these are not rare. Many, in fact, are available in high grades for really reasonable prices. However, the 1893 S, the king of the Morgans, will cost multiple thousands of dollars since only 100,000 were minted.
If collecting all the years and mintmarks—96 or so in all—is not daunting enough, one can collect the error coins in this series, too. The most popular of these are called “VAMs,” for the initials of the researchers, Van Allen and Mallis. These two men have cataloged many of the Morgan (and Peace dollar) errors and have written guide books for finding them. Some of these VAM varieties can add great value to a coin, while others are merely interesting. As an example, for an avid Morgan collector, an 1880 over 79 Top 100 VAM 8 with medium S is worth $125 in a lower uncirculated grade. These collectors specialize and can really know both their Morgans and their VAMs!
In 1918, the Pittman Act required that 270,000,000 were to be melted and used for new silver dollars. When coins are melted down, no one notes what dates and mintmarks are melted. There’s no telling how many valuable and rare coins are melted down each year, both by the government and private smelters! As a result of the Pittman Act, in 1921, about 86,000,000 Morgans were minted and then the production of the Peace dollar began the same year.
So, if you would like a challenge, begin your Morgan dollar collection today! At least it will keep you busy for a while!
Learn more about collecting your favorite coins at one of our meetings. The Brown County Coin Club meets on the second Tuesday of each month, at 6:30 pm, at Principally Coins & Metal Detectors at 3002 Early Blvd. in Early. There’s probably at least one club member who shares an interest with you and would encourage you. Get involved in making your own unique coin collection!
We hope to see you on Tuesday, November 11, for our next meeting. Call me at 325-217-4129 for more information.