Morgan Dollars

The 140,000 kg of monthly production and silver purchases were believed by supporters to relieve the nation's farmers and interests in the silver mining industries in a manner that would result in an inflation that would help relieve the financial stress they were currently under. They believed large purchases of silver would raise the market price of silver, thus increasing profits. Even though the Act required large silver purchases, it only required coinage of 2,000,000 silver dollars per month and only until 1891. The Treasury already had surpluses of silver. So, in 1892, production of silver dollars began to drop sharply.

By 1892 the remaining silver was turned into half dollars, dimes and quarters. In the early part of 1893 industrial companies such as the Reading and the Philadelphia Railroads and the National Cordage Company announced bankruptcy. The resulting failures and bank runs that occurred became known as the "Panic of 1893." President Grover Cleveland believed the panic was caused by the Purchase Act. A special congressional session was called. This act was repealed on November 1, 1893.

In 1898 A Bill was again approved in Congress that required any left over bullion from the Sherman Silver Purchase Act get re-cast back into silver coinage, and production rose again. In 1904 these silver stocks were completely gone. All Mint Departments stopped producing the Morgan Dollar.


With no mint-mark at all the coin's value runs around $24 to $1000 (in 2009) depending on its quality. The "D" mint-mark coins go for $38 to $1300. The "S" starts at $34 and soars to $9000. The coin had 44,690,000 circulation strikes. There were 250 proofs sets made. Its PCGS numbers include 7296, 7297, 9729, 7342. The coin is 38.1 millimeters in diameter, and weighs 26.73 grams. The coin has reeded edges, no mint-mark if struck in Philadelphia, otherwise the mark shows up on its reverse below the center of the wreath.

To collectors this coin is better than junk silver bullion coins or silver bullion bars. This is due to not only its scarcity but also for its numismatic value. It can be found at low costs even though it remains harder to find than the Peace Dollar. This level of scarcity adds to its leverage when prices of silver begin to rise. It is not like other bullion coins since it is exempt from broker reporting and government confiscation due to the status as a scarce and collectible item. They are also admired for the instant worldwide liquidity that they offer.