Silver Dollar Blog - History of the Morgan Dollar

Oct 06, 2011

Let’s begin with Coinage act of 1873 also known as the Fourth Coinage Act which embraced the gold standard and demonetized silver. Anybody who wanted silver in circulation particularly the western mining companies referred to this act as the crime of 73. Gold all of sudden had become the only metallic standard in the United States. Bear in mind for the duration of this specific period of time silver continues to be mined and discovered in the U.S. This act came truly was a crime for the silver miners.

Along with some pressure among the western mining states the mining industry lobbyists encouraged a mandatory treasury purchase of raw silver which would be converted into coinage. Thus the Bland-Allison Act was passed was passed in 1878. Bland was a representative from Missouri and Allison was from Iowa. President Rutherford was against this bill it so he vetoed it and sent it back to congress, but congress passed it over his head. The act stated the U.S Treasury department was to buy 2-4 million dollars of silver bullion per month from the western mines. No special deals were given to the treasury department they were to purchase the silver at market rates and then the silver was to minted into legal tender.

When the Morgan dollar was first minted in 1878 the public didn't instantly adore it most thought the coin was bulky and awkward. But today the public feels a little different now it has become a favorite collectible coin. The bulky heavy feel to the Morgan dollar is one of the qualities I like about it.

 When silver reserves fell to dangerously low in 1904 the U.S. mint stopped minting Morgan dollars. It wasn't until 1918 Pitman Act ordered the melting down and re-striking of millions of silver dollars as a result Morgan came back in 1921 for one final year.

Photo credit to JohnLSmith's photostream



Add Comment




Submit a Comment
Name:  *
Email:  *
Website:
Comment:  *
* Indicate required fields
Navigation

Circulation Years

Misc Categories


MorganDollarStore.net - The easiest way to complete your Morgan Silver Dollar collection. Morgan Dollars minted from 1878 to 1904 and again in 1921

© 2019 Morgan Silver Dollars - The easiest way to complete your Morgan Silver Dollar collection. Morgan Dollars minted from 1878 to 1904 and again in 1921
Privacy Policy  |   Terms & Conditions  |   Contact   |