1878 Morgan Silver Dollar

by

Best Deals Online

1878 Morgan Silver Dollar

The Morgan Dollar, called after its designer George T. Morgan, is a well known United States Silver Dollar.

The 1878 Morgan silver dollar were minted from 1878 to 1904, and so again, in 1921, only for that year.

Morgan plotted out both faces of this coin and his individualized monogram shows up close to Lady Liberty's neck on the front end face of the coin.

Morgans design figure was pattern after the look of Anna Willess Williams, who was a school teacher and casual model from Philadelphia.

The back side of the coin showed up what has been described as a fairly malnourished eagle.

The silver coin itself is hefty, 38.1 millimeter in diameter, weighs 26.73 grams, is formed of .900 superfine silver and has a reeded border. The full silver content is .77344 troy ounces.

In the 1850s, the Comstock Lode was discovered in Nevada. This was a major major silver strike, one of the largest in history, and had the end result of forcing down silver costs all over the globe.

Attributable to this strike, United States Congress kicked off the Bland-Allison Act in 1878, which made it a necessity for

1878 Morgan Silver Dollar

the Treasury Department to procure great amounts of silver to make coins from.

It is estimated that over 500 million Morgan Dollars were made up until production was stopped in 1904.

Because it was so common, the Morgan Dollar was mostly disregarded, it was not a substantial collectible.

There were some who collected the bulky coins, principally because one dollar had substantial purchasing power in those time.

Circulation of the silver dollars was greater in the west than in the east, as i nthe east, paper currency ruled.

Many millions of Morgan Dollars struck from 1878 to 1904 ended up in vaults where they spent time for years.

The silver Morgan Dollar has turn out to be one of the most distributed and accrued coins ever struck.

In the later part of the 20th century the findings of large piles of silver dollars, including the unintended collections of the federal government, has resulted to regenerated interest in accumulating the silver Morgan Dollars.

1878 Morgan Silver Dollar

One such hoard was that of a somewhat insane stock investor called LaVere Redfield, who further invested in a great deal of real estate.

He did not agree with banks and he also did not like paper currency. He took hold of every likely chance to flip his money into "solid" money.

In setting so, he got quite attracted to the Morgan Dollar with its ninety portion silver content.

He commenced amassing as many of these as he could get his hands on, placing them into bags and stacked away them below his home.

Upon Redfields demise in 1974, the IRS did an evaluation of his estate.

They fell upon all of these bags of silver dollars under his place of dwelling.

There is a tale that Redfield had left a note requesting whoever found out his hoard to not alert the Internal Revenue Service of its existence.

He was in all likelihood flipping over in his tomb when those IRS agents discovered not only his cache of Morgan Dollars, but that note, also.

1878 Morgan Silver Dollar

In the end, there were 411,000 silver dollars taken away from Redfields property.

These coins weighed an astounding 11 tons put together!

They were congregated and set up for auction to collectors, and Redfields silver dollars sold-out for $7.3 million.

This is believed to be the biggest deal of its kind in history.

There have been other great hoards fell upon over the years, particularly that of notable Las Vegas gambling casino proprietor Ted Binion, and others will undoubtedly be encountered.

The federal governments stash of Morgan Dollars was auctioned off mint by mint in a sequences of auctions carried out over many years in the later 20th century.

These coins were specifically packaged by the General Services Administration for auction and are now cited as GSA Morgans and are coveted by coin gatherers.

More than a few once speculated rare Carson City Mint made Morgans in mint state condition turned up over the course of these auctions.

Due to the low demand for silver dollars in the course of the

1878 Morgan Silver Dollar

time of their output they had certainly not made it into circulation.

There is much more to the 1878 Morgan silver dollar chronicle.

Each year put out and coin appeared to generate errors and assortments that are still being chanced upon today.

These all give diverse courses for collectors to take and occasions for numismatic finds.

The silver Morgan Dollar was made at the Philadelphia, San Francisco, Denver, Carson City and New Orleans Mints.

Although the Morgan Dollar had not moved many when it was in circulation, as more and more of these attractive coins have come to light and season has passed it has turn out to be one of the most celebrated and craved silver dollars fabricated by the U.S. Mints.

1878 Morgan Silver Dollar