We buy and Sell 1878-1904 Morgan Silver Dollars! That’s Right… Right Here! Vermillion Enterprises!
Vermillion Enterprises is always buy-ing and sell-ing 1878-1904 Morgan Silver Dollars. Whether you are looking for 1878-1904 versions or the 1921 version. We have them in stock at all times. Check out our SHOP page for the latest pricing and in stock quantities.
The 1878-1904 Silver Morgan Dollar was the first standard silver dollar since the Seated Liberty Dollar. The Seated Liberty dollar ceased due to the passage of the Coinage Act of 1873. Which inherently also ended the free coining of silver. Named after its designer, George T. Morgan. A United States Mint Assistant Engraver. However, the Bland-Allison Act of 1878 introduced the Morgan Dollar. Making a dramatic entrance!
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What was the Coinage Act of 1873?
Also referred to as, the “Crime of 1873” and “the Fourth Coinage Act”. Abolished the right of silver bullion holders to have their metal struck into full legal tender dollar coins. Just like its counterpart, gold, silver had unlimited legal tender. Meaning its value would be unlimited. However, by this time, silver coins were quite “rare”. The nation was on a Greenback and National Bank notes currency system. Which was more common and obtainable for the working class.
We Buy and Sell 1878-1904 Morgan Silver Dollars!
When silver was priced high, the mint saw less action in terms of coinage. The silver was being hoarded because it was seen as valuable. When silver was abundant (supply was high), its value fell (demand was low). This endangered gold, as a person could use silver to buy gold, then sell that gold (most likely abroad) and use the profits from the gold sale to buy an even greater amount of silver (back in the United States). The gold then became hoarded as a result.
Unbeknownst to many, the coinage policy had changed with the signing of the 1873 act. The public was unaware of the power and ramifications of the new bill. It was not until the miners took their silver bullion to be minted and were turned away that they noticed. Silver had become diabolical.
Gold Prices Soar
The inability to “cash in” silver bullion had the greatest impact upon miners, farmers and those who had debts to pay. The working class now had no feasible means to do so. Greenbacks could be redeemed for silver. But with the passage of the Specie Payment Resumption Act of 1875, the legal tender limit could not be greater than five dollars. The Act caused silver prices to fall even more than they previously had (due to oversupply), resulting in an increase in gold prices. It also caused the silver mining western part of the country to be at odds with the gold counting eastern part. Divided once again.
Thus, the Coinage Act ended bimetallism in the United States. Instead placing the nation in a strong gold standard. To help standardize currency across international borders. As other countries were moving toward the gold standard as well.
What was the Bland-Allison Act?
Also referred to as, the Grand Bland Plan of 1878. It was an act of Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars. Following the Coinage Act of 1873, mining interests lobbied to restore free silver, which would require the Mint to accept all silver presented to it and return it, struck into coin.
As a way to appease miners in the West and other silver supporters, the Bland-Allison Act of 1878 ordered the Treasury to buy 2 million to 4 million troy ounces in silver from the miners each month. The bill was also a way by some congressmen to return the United States to bimetallism.
Thus, the Morgan Dollar was born. In order to conform to the Coinage Act of 1837, the Morgan dollar contained ninety percent silver and ten percent copper, measured 38.1 millimeters (1.50 in) in diameter and weighed 412.5 grains (26.73 g).
Mintage of the Morgan dollar remained relatively steady until the passage of the Sherman Silver Purchase Act on July 14, 1890.
What was the Sherman Act of 1890?
The act, authored by Ohio senator and former Treasury secretary John Sherman, forced the Treasury to increase the amount of silver purchased to 4,500,000 troy ounces (140,000 kg) each month. Supporters of the act believed that an increase in the amount of silver purchased would result in inflation, helping to relieve the nation’s farmers. The act also received support from mining interests because such large purchases would cause the price of silver to rise and increase their profits. Despite the Act’s requiring large purchases of silver indefinitely, it provided that the Mint must coin 2,000,000 silver dollars each month only until 1891. Since the Treasury already had a surplus of silver dollars, minting of dollars dropped sharply beginning in 1892. The silver that remained after mintage of the dollars was used to mint dimes, quarters and half dollars.
Beginning in early 1893, many industrial firms went out of business. Including the Philadelphia and Reading Railroad. The resulting bank runs and failures became known as the Panic of 1893. President Grover believed that the Panic was caused by the inflation generated by the Sherman Silver Purchase Act, called a special session of Congress in order to repeal it. It was repealed in November of that year. On June 13, 1898, Congress ordered the coining of all the remaining bullion purchased under the Sherman Silver Purchase Act into silver dollars. Silver dollar production was high again. Once the bullion was exhausted in 1904. Minting of the Morgan Silver Dollar ceased.
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- In an unprecedented move, Morgan initialed each side of the design with an “M.” Shortly after its first mint, critics noted the Morgan eagle mistakenly had eight tail feathers instead of seven, and therefore some 1878 coins may depict either, with seven being the rarer. As all eagles were depicted with an odd number of feathers and this one had an even number.
- The 1881 CC Morgan – All Carson City Mint Morgan Silver Dollars are quite scarce and are, collectively, among the most valuable and sought-after coins in the entire series. Mainly due to their low production. but this year was also the first year for which there are relatively few die varieties.
1881 Morgan Silver Dollar Mintage Figures
- 1881: 9,163,000; $35+
- 1881-CC: 296,000; $500+
- 1881-O: 5,708,000; $35+
- 1881-S: 12,760,000; $35+
- 1881 Proof: 984; $3,250
3. “Mirror, Mirror, on the wall, who’s the rarest of them all”? The 1895 Morgan Silver Dollar is the rarest of them all! The 1895 issue is the rarest Morgan Dollar. Of the 12,880, only 880 of them survived the melt down.
4. General Services Administration had a special hoard of Morgan Dollars from the Carson City Mint. The Carson City Mint was shut down in 1893, the same year as the Panic of 1893. In 1960, the U.S. Treasury found a hoard of it’s own and sold them in mint sealed bags. In the 70’s GSA, decided to do the same thing.
5. There are so many other hoarding stories and record breakers! Look out for a Blog from Vermillion Enterprises. Interesting reads. Fun facts. Etc.
So if you live in or near Spring Hill FL, Lutz FL, New Port Richey FL, Hudson FL, Crystal River FL, Inverness FL, Brooksville FL or surrounding location. Stop in Vermillion Enterprises – whether you are looking to buy or sell 1878 – 1904 Morgan Silver Dollars!