Coins & Paper Money -> Coins: US -> Dollars
An 1896 silver dollar is one of the Morgan dollars that were minted from 1868 to 1904, and then later again in 1921. The image on these coins was designed by George T. Morgan, and while his dollar is a collector favorite today, easily found in online auctions, they were virtually ignored when they were created.
By 1873, the American collar coin was discontinued. Paper money was favored over coins. So when the large, Morgan dollar came onto the scene in 1878, few people were interested in using them. After the Comstock lode was discovered in Nevada, America’s richest silver strike to date, it was necessary to use that silver to keep Nevada’s economy from collapsing. Pressure was put on the government to make a silver dollar, so the US Treasury, despite the veto by President Rutherford B. Hayes, purchased a few million dollars worth of the silver for coinmaking. Some of that silver was used in the 1896 silver dollars, as well as other dollars from that era.
Morgan, a native of England, was brought over to be an engraver for the director of the Philadelphia Mint. Morgan’s design competed with the design by the normal designer and Chief Engraver, William Barger. Morgan’s coin was chosen, with its head of Lady Liberty on the front and a small eagle on the back. Soon after, Morgan became Chief Engraver and remained there for over 40 years, then became Chief Engraver for the United States Mint in his 70s. The 1896 silver dollar as well as all Morgan dollars produced, bear the distinction of being the only American coin Morgan ever designed.
Less than two weeks after Congress authorized the minting, the first Morgan dollars were struck, on March 11, 1878. Philadelphia produced most of the Morgan dollars, but a small mint in Carson City near the silver Comstock lode produced some dollars of that era. Though that mint closed in 1893, after the mine was essentially emptied of silver. The 1896 silver dollars was one of the 500 million Morgan dollars minted between 1878 and 1904. Despite their numbers, the coins weren’t popular with consumers. There were many used coins, in fact, that in 1918, over 270 million were melted to provide Great Britain with silver during the war. Morgan dollars were produced again in 1921, to the tune of 86 million, but stopped the following year so that the Peace dollar, which became popular, could be produced to commemorate the end of World War I.
Millions more Morgan dollars, including the 1896 silver dollar, were melted down for their silver content in the following years. In fact, it wasn’t until 1972, when the General Services Administration auctioned 2.9 million Morgan dollars, the rare ones produced by the Carson City mint that closed in 1893, that the Morgan dollar interested collectors at all. Then LaVere Redfield, a stock investor who had hoarded 400 bags of Morgan dollars, died in 1974 and his 11 tons of Morgan dollars were auctioned for $7.3 million dollars, giving the Morgan dollar real status in the coin world.
Originally posted 2008-10-14 14:00:58. Republished by Blog Post Promoter
Related Posts -
United States Commemorative Coins The United States Mint gains authorization from the United States Congress to produce what are known as commemorative coins, which are produced rather regularly throughout the years for a myriad of different purposes. These coins are produced to commemorate, to celebrate or to honor people, events, places and institutions for...... -
How to Sell a Silver Dollar There comes a time in every coin collectors life when they must sell one of the coins in their collection. Some do this voluntarily, as they do not want the coin in their collection anymore or are simply selling off their entire collection. Others are forced to do so, whether...... -
Rare Coins Coins and Paper Money -> Ancient Coins -> Persian, Indian, Asian There is something very special about rare coins. No matter where in the world they came from, they usually have a very rich history and collectors will search to the ends of the earth to find that special rare...... -
What You Need to Know About Franklin Half Dollars There have been many different coins which have been created over the years which have paid homage to the different presidents. While some have been able to get their faces on large currency or large coins, Benjamin Franklin got his face on Franklin Half Dollars. This is not to say...... -
The Three Most Valuable Morgan Dollars There are few types of coins which vary in value more than the Morgan Dollar. The Morgan Dollars were created in 1878 and was minted until 1904. It was minted for one additional year in 1921. While there are other silver dollars which have been minted since, this is one......
Related Websites -
Get to Know the Most Collectible Coins in the World There are quite a few people in the world collecting coins. The coins which are being collected range from the ordinary to the extremely rare. The kind of people collecting coins also range from the child collecting the coins they find in pocket change to the serious collectors spending millions...... -
4 Good Things to Know About Canadian Coin Collecting Each country has coins which are collectable and rare for a variety of reasons. Each coin has a story and a legacy to it which tells part of a national history of a country. This is true of collectable and rare Canadian coins. Those who enjoy Canadian coin collecting have...... -
How to Get Wild West Coins The Wild West proved to be such an exciting place and time. Immediately following the Civil War, for the next twenty years or so until the late 1880's, the lands west of the Louisiana Territory were a strange combination of towns and forts, Indian territory, cowboys and trails, outlaws, gold...... -
How to Tell a Collectible Coin from a Normal Coin The 1804 silver dollar is worth around $10.1 million. There are about four other coins valued above $5 million. There are plenty of other coins worth millions if not hundreds of thousands. What makes them so special? How can you make sure that you are holding on to these kinds...... -
3 Facts about one the Rarest Coin Hoards of Morgan Silver Dollars The Morgan Silver Dollar is one of the rarest coin collectors have been seeking out recently. There are different grades and type of the 1800âs Morgan Dollar coins which can be found. Recently there were several of these coins released to the public for sale. These coins were from a......
