January 23rd, 2012 — 1896 Silver Dollar, Coin Collecting, US Coins
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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January 6th, 2012 — Coin Collecting, Coin Value, Morgan Dollars, Silver Dollars, US Coins
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 of the best known for its wide varieties of value and the amount of errors which have surrounded the coin. The coin has a picture of lady liberty with part of her neck in profile on the obverse. The eagle is on the reverse.
When looking to buy these US dollars, it is common for people to want to purchase the ones which will be worth the most. This means looking for the Morgan Dollars which come from three specific years. This is due in part to the low mintage as well as the high number of controversy and the amount of mistakes which have occurred during the mintage years. The three most valuable years include the years of 1889, 1893 and 1895. In some years the mint is more valuable and in other years the proof is more valuable. It all depends on the amount minted and their value to the collector.
The 1889-CC Mintage:
The CC version of this coin was only able to produce 200,346 coins. This is a very low number when you consider that the majority of years included a mintage which stood more in the millions than in the hundreds of thousands. Finding one of these coins is extremely difficult to do as most of the collectors which have them are looking to hold on to them as long as possible. They know that the price of these Morgan Dollars is apt to go up significantly before they will be ready to sell.
The 1893-S Mintage:
There were only 100,000 of the 1893 Morgan Dollars which were minted. This is a number which is disputed as many will tell you that there were actually only 77,000 produced. No matter how many were actually minted, it appears that there are very few left available today. It is estimated that some of these coins which can be graded at MS 65 have a value at or above $600,000. There are other reports which value the coins at far less than that. This means you have some haggling in your future.
The 1895 Proof:
There were only 880 proofs which were made of these Morgan Dollars. To give you an idea of how much the proof is worth, the coin which was a part of a 12,000 set minted is worth $80,000. This means anyone who is holding on to one of these pieces has a small fortune waiting for them when they decide that they are ready to sell. The trick is making sure to find the right buyer and making sure to stick to your guns so that you can get the price that you deserve for having one of the rarest of all of the Morgan Dollars.
Photo Credits: FrictionShifter
Originally posted 2010-08-16 09:03:45. Republished by Blog Post Promoter
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December 16th, 2011 — Coin Collecting, Eisenhower Dollars, Rare Coins, US Coins
The dollar coin has gone through many incarnations over the years. Some have been more valuable than others. While most collectors are chasing a Morgan Dollar, not as many collectors are chasing down a lead on Eisenhower Dollars. This is because while the Eisenhower issue was only minted for eight years, there are plenty of the coins printed. There are still some years and varieties of the dollar which are more valuable than other copies. It is a good idea for those looking to get a dollar which will be worth something to get to know more about the coin itself.
The first thing you should know about Eisenhower Dollars are the important dates which are related to it. You should also get to know the different styles of the coin which were made available. You should also get to know some of the unique terminology which is used to describe these dollars. This will help you to be more knowledgeable when you seek out the coins to purchase them. It will also help you to have a better idea about the value of the coins you are interested in buying.
The Dates of Minting
The Eisenhower Dollars were only minted for eight years. The dates of the minting included the years 1971 to 1978. In these years, there were varying amounts of coins which were minted. There was also different reasons for the amount of coins and the styles of coins which were minted. For Instance, you will not find any dollars with the date 1975 on them. This is because of the bicentennial coin which was produced during this year and the fact that the date was stamped on as 1776 – 1976.
The Styles Minted
As mentioned above, there were two years in which the Eisenhower Dollars had a bicentennial theme. The reverse on these coins included a liberty bell in front of the moon rather that the familiar Apollo 11 insignia which the coin is well known for. In the years 1971 to 1972 there were no proof sets which were made available to collectors. They instead had to get their copper-nickel clad issues directly from circulation. This is because the silver clad proofs were the only ones were offered uncirculated to the collectors. In 1973, only the copper-nickel clad issues were available in proofs.
The Unique Terminology
The proofs of the Eisenhower Dollars were distributed in a highly unique manner. Those which were sold as uncirculated to collectors were enclosed in cellophane bag that had a blue plastic token in a blue envelope. These were thus dubbed ‘Blue Ikes’. The proofs which were sold were contained in a plastic case that enclosed the proof set. The plastic was encased in a brown box that served as a slipcase. The box was given a wood grain finish and was aptly dubbed ‘Brown Ikes’. These sets sold for $3 and $10 respectively when they were issued. As you can see, they have gone up considerably since then.
Photo Credits: oceandesetoiles
Originally posted 2010-08-15 03:44:45. Republished by Blog Post Promoter
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