The Morgan silver dollar is the most popular collectible coin in the US. If one asks most any dealer which coin represents a good choice to begin a collection, it’s likely that they will have Morgan dollars recommended to them. Like many coins, part of the appeal of the Morgan dollar lies in its connection to history. The history to which it is so tied includes the history of economics, the US government, the American West and the metal markets on the whole. These are silver bullion coins, which is an intrinsic part of their story.
In the 1850’s, the Comstock Lode was discovered in Nevada. There was never a larger deposit of silver discovered than this one. Because of this, the market price for silver bullion went down considerably. The metal markets are among the most important factors in stabilizing the world economy as a whole. After all, silver and gold have been traded for currency since the concept of currency was invented. This created obvious risks for those heavily invested in the market and Congress acted to make certain that the market maintained its overall value.
The Morgan silver dollar was produced under the requirements of the Bland-Allison Act. This act required the Treasury to purchase large amounts of bullion, thereby increasing the rarity of it and driving the price back up to normal levels. The Treasury began striking Morgan dollars with the silver it purchased. The first run of these coins were struck in 1878. The production continued until 1904. These coins, of course, were made out of very pure silver, and that resulted in many of them being melted down when the value of bullion increased. They also became collectors’ favorites and, today, the value of these coins generally far surpasses the value of their silver content.
Morgan dollars are not all rare, but they are all collectible. There are some particular series that are very expensive and which constitute the dream acquisitions of many collectors. The dollars can be easily identified as genuine or fake by experts, but novices should find a good dealer and purchase certified coins. These coins, in the most rare and prized cases, have been known to fetch prices into the six figures, something few coins can boast. There was a brief production of these coins in 1921 and these are collectible, as well.