Coin Collecting

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

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Coins & Paper Money -> Coins: World -> Europe

Euro coins were first put into circulation in 2002 by the European Union. There are 8 coins: 1, 2 5, 10 and 20 cent coins, as well a the 100 and 200 cent coins, which equal 1 and 2 Euros, respectively. Because these aren’t just coins used as legal tender within one country but rather all of Europe, they have a common side that shows a map of Europe, and the other side of each Euro bears a design that represents the country of its origin.

Though Euro coins weren’t circulated until 2002, some were minted as early as 1999. Earlier versions of the 10, 20 and 50 cent pieces bore a map of Europe that made it appear all the countries were islands, as the borders between them were shown as actual breaks in the landmass. The 1 and 2 Euro coins showed Europe as a cohesive nation while still depicting borders between the countries. Each nation chooses its own reverse design, while the common side with its stars, bars and map of Europe remains the same throughout.

Euros coins are interesting for collectors because of this diversity. Some countries choose their national side to be the same on each coin like Belgium has, or each coin can bear a different design, like Italy’s. Belgian Euros actually draw a great deal on the nation’s previous coin designs while some countries like France use monuments and symbols with very stylized designs on their coins.

Additionally, there are certain rules the national designs must follow. The design must contain 12 stars, the year of issue and the engraver’s initials. The national side also can’t show the denomination of the coin because that’s on the common side, nor can it repeat the word Euro unless it’s written in another alphabet, like it is on the Greek coins.

The national side on Euro coins is also locked in until the end of 2008, with no changes allowed unless a monarch depicted on the coins dies or abdicates the throne. The Vatican coins were allows to change their national side when Pope John Paul II died in 1995. They issued a different coin while the throne was empty, then in 2006 they issued coins featuring the effigy of the new Pope, Pop Benedict XVI.

Commemorative coins are released regularly. In 2007 all countries that produce the Euro created a Treaty of Rome commemorative coin that was almost identical to that of every other country. Euro coins have also been designed to make it easy for blind or sight-impaired individuals to be able to distinguish between the coins. Each has a unique edge design that can be felt to identify the amount of currency, and the sizes go up with the value of the coin.

For coin collectors, Euro coins can be a fascinating part of their hobby with so many different coins featuring so many different designs. Online auctions like eBay are a popular place to acquire the coins, which are graded similarly to any collectible coins.

Originally posted 2008-10-23 14:00:31. Republished by Blog Post Promoter

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