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Protection Index
A History of the Silver Dollar
MORGAN & PEACE DOLLARS
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The silver dollar has a history in the United States even before the Morgan and Peace
varieties. Congress first authorized the silver dollar on April 2, 1792. For the next
thirteen years, a few variations of the silver dollar existed. The coinage of these
dollars was suspended until 1835 when Gobrecht dollar varieties (named for engraver
Christian Gobrecht) began being minted. The Liberty Seated type followed in 1840 and
continued until Congress eliminated coinage of the silver dollar in an act commonly
referred to as the "Crime of '73". To understand why an Act in Congress could be
hated to the extent it would be called a crime by a large segment of the population, it is
necessary to understand the economic climate of the United States at the time.
American experienced a great depression in the 1870s. This depression led to a bimetallism
movement favored by agrarians, miners, and debtors of the Democratic Party. This movement,
known as the Free Silver Movement, advocated the unlimited coinage of silver and began in
earnest when Congress discontinued the silver dollar with the "Crime of '73."
For five years after this Act, only slightly larger (Trade) dollars were minted, and only
expressly for export demand in Asia. The vast majority of citizens of the United States
would not see any newly minted silver coins during this time.
The Free Silver Movement's first major achievement was the Bland-Allison Act of 1878,
which resulted in the re-emergence of the silver dollar in the Morgan type. The victory
was two-fold for proponents of a silver standard. Not only was the silver dollar restored
as legal tender (which marked the beginning of the Morgan dollar), but the US Treasury was
also required to purchase between $2 and $4 million for coining dollars. Certainly much of
this silver came from the famed silver Comstock Lode in western Nevada. In 1890, Congress
passed the Sherman Silver Purchase Act (over a presidential veto by Benjamin Harrison)
which increased the amount of silver purchased by over 50%.
This Act occurred in the same year William Jennings Bryan (pictured right) delivered his
famous "Cross of Gold" speech. It was this speech that garnered him the
Democratic presidential nomination for the 1892 election at the age of 36, making him the
youngest person to earn this distinction from a major party. Demand for a silver standard
waned (much as the gold standard would later on) soon after the Republicans held the White
House and has never been seriously considered since. Although many countries utilized a
silver standard in the 19th Century, no country in the world operates on one today.
The Coinage Act of 1965 was designed to reduce or eliminate the amount of silver in
American coins. Coins minted after this date were composed of a lower percentage of silver
or contained none at all. Therefore, many Americans started hoarding silver dollars in
circulation. Ted Binion's collection is particularly special not only because of the
Binion family, but also because his silver dollars are uncirculated. Many of these
investment-quality silver dollars are higher-grade.
The United States has minted only two other silver dollars after the Peace dollar.
Eisenhower dollars, minted from 1971-78, conformed to the Coinage Act of 1965 and are
composed of only 40% silver. The Silver American Eagles of today are bullion coins meaning
that even though "ONE DOLLAR" appears on these coins, they were never actually
used in trade and commerce.
The Morgan and Peace dollar's story is a Cinderella tale: Until the 1960s, these coins
were largely ignored by the public. Since then, they have gradually become among the most
widely pursued and desired of all U. S. coins. Although many collectors find the challenge
of assembling a complete date and mintmark set in Mint State compelling and expensive,
others satisfy themselves with collecting just one coin per year. The Morgan Dollar, a
great investment, a great gift and a piece of true early American History.
These are beautiful coins that were stored at the US Treasury for over 100 years and never
released into circulation - Guaranteed to be Brilliant Uncirculated - A beautiful and
valuable piece of America - a great gift and a treasured keepsake and a potentially
valuable investment. Not too long ago, these coins were selling at over $80 for their melt
value alone. Buy them now while they are still cheap.
BRILLANT UNCIRCULATED MORGAN & PEACE DOLLARS
Dates of our choice but guaranteed to be over 80 to 100+ years old in Brilliant
Uncirculated condition (1878 to 1935) Buy Them Here