Silver Dollar Blog - Why low Mints between 1892-1895?

Nov 07, 2012


 

Many factors contributed to low numbers from 1892-1895 for the Morgan Silver Dollar. 

When the Sherman Silver Purchase Act came about in 1890 it stated the Treasury had to purchase $4,500,000 Silver each month. One thing to note the Treasury didn't have to mint this silver into silver dollars right away. They looked around the vault and saw lots of uncirculated silver dollars which slowed down production. The government purchased the silver with Treasury notes which could be redeemed in either silver or gold. How would you choose to redeem your money silver or gold? Most choose gold which caused a fear of the gold reserves dwindling to nothing. 

Cleveland was re-elected in 1892, he opposed the silver interests.By 1893 Cleveland had taken the Sherman Silver Purchase to Congress and had it repealed. Now you have a president that opposes the free coinage of silver, a year of panic as the gold reserves get low. A farm depression going on, a business slump abroad. 

The Comstock mines for the Carson City mint had slowed down on their output. U.S. Mint director at the time closed the coining department for a bit and had all silver sent to San Francisco, the refining department stayed open. The final blow to Carson City being closed for good was when an investigation into ingots returning from the melting room returning much lighter. In the end $75,549.75 of gold went missing! 

When Mckinley was elected in 1896 things changed a bit for the silver interest groups. Now it seemed there were more weighing in for silver than against. 

 



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