Political pressure, not public demand, brought the Morgan dollar into being. There was no real need for a new silver dollar in the late 1870s; the last previous “cartwheel,” the Liberty Seated dollar, had been legislated out of existence in 1873, and hardly anyone missed it.
Silver-mining interests did miss the dollar, though, and lobbied Congress forcefully for its return. The Comstock Lode in Nevada was yielding huge quantities of silver, with ore worth $36 million being extracted annually. After several futile attempts, the silver forces in Congress—led by Representative Richard (“Silver Dick”) Bland of Missouri—finally succeeded in winning authorization for a new silver dollar when Congress passed the Bland-Allison Act on February 28, 1878. This Act required the Treasury to purchase at market levels between two million and four million troy ounces of silver bullion every month to be coined into dollars. This amounted to a massive subsidy, coming at a time when the dollar’s face value exceeded its intrinsic worth by nearly 10%.
Beautiful high grade Morgan Silver Dollar in a GSA holder. Great coins to update any investment portfolio!
The Morgan Silver Dollar is the most popular Silver dollar collected in the world. George T. Morgan’s design makes the Morgan Dollar highly desirable to collectors and investors alike. This...
George T. Morgan’s classic design makes the Morgan Dollar highly desirable around the world. The 1884-CC Morgan Dollar has a mintage of 1,136,000 coins, adding collectible appeal to the iconic...
NICE! WHITE! LUSTROUS! EYE APPEAL! PQ++! Political pressure, not public demand, brought the Morgan dollar into being. There was no real need for a new silver dollar in the late...