1885-O Morgan Silver Dollar BU

1885-O Morgan Silver Dollar BU

From 1794 to 1878 the U.S. Mint never made large numbers of Silver Dollars. This was due to the fact that the spanish Pieces of Eight were legal tender in the U.S. up to 1859, and not many more silver dollars were required to fuel commerce. In 1873 a “ panic ” gripped the nation. This was an economic contraction, and was what we now call a Depression. ascribable to the slowdown in commerce, some members of Congress pushed for the Mint to strike a fresh Silver Dollar. They felt that by getting these large coins into the hands of Americans, the economy would pick up. Congress passed the Bland-Allison Act in 1878, over the forbid of President Rutherford Hayes. The jurisprudence required the U.S. Mint to buy several million dollars worth of silver every month and hit it into Silver Dollars.

Mint engraver Charles Morgan designed the new dollar coin. It came to be known as the Morgan Silver Dollar. From 1878 to 1904 and then again in 1921, millions of Morgan Dollars were minted at several different mints around the country. The New Orleans Mint struck coins starting in 1879 and ending in 1904. They did n’t strike any Morgans in 1921 because the mint closed in 1909. The timbre of the coins they struck is systematically the lowest of all the Mints. To find a sharp, crisply strike New Orleans Mint Morgan is a actual witness ! In 1893, another panic hit. From 1893 to 1896, few Morgans were struck, and these are by and large the rare of all. No clientele strike coins ( coins made for circulation ) were struck at Philadelphia in 1895, lone proof. The proof 1895 Morgan is the “ King of all Morgans. ” rarity is important, but quality besides determines price. even the most park date Morgans can sell for several thousand dollars when they are in pristine top timbre. annual Morgan Dollar production ceased in 1904. In 1918, Congress passed the Pittman Act. World War I was at its acme, and many millions of dollars were needed to win the victory. The Act stipulated that the Morgan Dollars had to be melted to obtain their cherished silver to pay for the war. Morgans were tossed into the melting pot by the thousand-coin bag. No thinking was paid to the scarcity of the dates being melted. Any Morgans they could get their hands on, were gone.

After the War, in 1921, production of Morgan Dollars resumed, but for fair one year. They were minted at Philadelphia, Denver, and San Francisco. Millions more Morgan Dollars were melted during World War II. As collector interest in Morgans grew during the years after World War II, many dates were rare and expensive, even though the coinage figures for those dates was high. A 1903 Morgan from New Orleans sold for about $ 1,700 in 1963 that ‘s closely $ 12,000 in nowadays ‘s money ! The coins precisely could not be found, and collectors came to the decision that these dates must have been about wholly melted in 1918 and during World War II. then, in 1964, the U.S department of the treasury found bags of Morgan Dollars hidden in their vaults, and sold them to the populace at face value. Among the coins in this Treasury Hoard were those rarely seen rare dates like the 1898-O, 1903-O and 1904-O Morgans. today these coins are reasonably priced you can buy a high quality 1903-O Morgan for under $ 1,000 ! In the early 1970 ‘s, the government released its standard of Carson City Morgans to the public, increasing the provision of these top-appearance “ CC ” mintmarked coins. In the mid-seventies, a far-out collector named LaVere Redfield died. When his house was searched, bags and bags of Morgans were found, in the basement, and some even hidden behind the walls ! These “ Redfield Hoard ” Morgans stimulated Morgan Dollar collecting even further.

Read more: Events Timeline

today, the Morgan Dollar is without a doubt the “ King of Collector ” coins. Completing a collection of Morgans is great fun and a great challenge ! The image above represents the quality of the mint you will get, not the actual date you ‘ll receive .

reference : https://ontopwiki.com
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