We buy and Sell 1921 Morgan Silver Dollars! Here @ Vermillion Enterprises!
Vermillion Enterprises is always buying and selling 1921 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 1921 Morgan Silver Dollar
Following the Congressional orders for the coining of all the remaining bullion purchased under the Sherman Silver Purchase Act into silver dollars in 1898. Silver dollar production sky rocked. Silver bullion supply was exhausted in 1904. Minting of the Morgan Silver Dollar ceased. The Morgan Silver Dollar 1878-1904 reign was over.
No one expected to see new Morgan Dollars after their demise in 1904. As a matter of fact, the master dies were destroyed in 1910. The U.S. Mint cleared out the hubs and dies that were no longer used. Not expecting to need the Morgan Dollar dies again. So how did the 1921 Morgan Silver Dollar come about exactly?
1918 – Germany WWI
The British were suffering a silver shortage that jeopardized the entire Allied side in WWI. They had issued more silver certificates in India than they had silver to back them. The German government began a campaign to discredit Britain’s currency in India. The Germans then convinced Indian citizens that the British banknotes could not be redeemed for silver. If India revolted, the British would have to make peace with Germany. The British government appealed to the U.S. to sell them silver.
In response, United States Democratic senator Key Pittman of Nevada introduced legislation in 1918 that was intended to offer financial relief to the British government. The bill, passed on April 22, 1918, stated that “sales of silver bullion under authority of this act may be made for the purpose of conserving the existing stock of gold in the United States, of providing silver for subsidiary coinage and for commercial use, and of assisting foreign governments at war with the enemies of the United States”. The Pittman Act authorized the U.S. to melt up to 350,000,000 silver dollars, and this commenced immediately after the Act’s passage.
The U.S. eventually melted a total of 270,232,722 silver dollars. Of that amount, 259,121,554 were sold to the United Kingdom at the cost of one dollar per troy ounce.
We buy and Sell 1921 Morgan Silver Dollars!
Here @ Vermillion Enterprises!
Pittman Act – There’s More to This Story
Furthermore, the 1918 Pittman Act forced the U.S. Mint to buy silver at $1 per ounce after the war to replace the 270 million silver dollars that were melted down. As long as silver prices were above a dollar, the silver miners preferred to sell their ore on the open market. Once it dropped below that, they clamored for the government to buy their silver. That moment came in 1920. The Morgan Dollar was to be, once again. For one year only, 1921.
Since the Treasury had destroyed the obsolete Morgan dollar dies in 1910, Morgan had to create an entirely new master die. Another provision of the Pittman Act authorized the U.S. to mint a replacement coin for every silver dollar melted. During the same year, the Peace dollar was first issued to commemorate the end of World War I. The Peace dollar was supposedly minted to replace the Morgan Dollar. Under the terms of the Pittman Act anyway. But it was without congressional authorization. Even though the Act did not describe the coin design.
The change in design was actually authorized under an 1890 act of Congress, which stated:
But no change in the design or die of any coin shall be made oftener than once in twenty-five years from and including the year of the first adoption of the design, model, die, or hub for the same coin:
Provided, That no change be made in the diameter of any coin:
And provided further, That nothing in this section shall prevent the adoption of new designs or models for devices or emblems already authorized for the standard silver dollar and the five-cent nickel piece as soon as practicable after the passage of this act.
George Morgan made new low relief hubs from scratch. Emphasizing on getting maximum use out of the coin dies, instead of making pretty coins.
Resulting in a coin that looked flat and lifeless, even when fully struck. This would be the last-ever year for the Morgan dollar (FOR REAL, this time, as the Peace dollar would replace it in December). The emphasis at the Mint was not to commemorate this, but to shove them out the door as quickly as possible. They would never been seen anyway.
Silver dollars were stored in Treasury Department vaults to back the paper silver certificates that circulated. Theoretically, you could ask to exchange your certificate for actual silver dollars. However, not many did and thus, this was rarely done. These silver coins just sat stacked in canvas bags inside locked vaults.
Vermillion Enterprises: We buy and Sell 1921 Morgan Silver Dollars!
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