The Morgan dollar is one of the most cherished and collectible coin series for numismatists at all levels. Discover the most valuable Morgan silver dollar coins, which boast high values, with some collections valued at over $7 million. Individual coins can fetch anywhere from $1,000 to a staggering $1 million. In fact, Congress even authorized the reissue of the Morgan dollar in 2020, further cementing its place in American numismatic history.
Why are Morgan dollars so highly sought after and valuable? We have the answers! Read on to explore the fascinating world of Morgan silver dollars and how they encapsulate significant pieces of American history.
History of the Design
The story of the Morgan dollar begins with the Bland-Allison Act of 1878, which required the U.S. government to purchase 2-4 million dollars’ worth of silver from the market each month. Mints across Philadelphia, San Francisco, Carson City, and New Orleans began producing silver dollars in accordance with this legislation.
In 1876, the U.S. government appointed George T. Morgan, an English engraver, to create a new silver dollar design. His design was approved two years later, coinciding with the passage of the Bland-Allison Act.
Morgan’s design featured the profile of Anna Willes Williams, a schoolteacher whose likeness was adapted to portray Lady Liberty. The reverse side of the coin depicted a bald eagle. Although Williams was a teenager at the time, her image was refined to resemble a more mature, maternal Lady Liberty. Despite the fame that followed, Williams declined offers for modeling and acting and remained a schoolteacher until her passing in 1926.
The coin came to be known as the Morgan dollar or Morgan silver dollar, named after its designer, and has since been a beloved piece of American numismatics.
VAM Varieties
The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars, originally published in 1976, is a detailed guide to die varieties in the Morgan dollar series. The term VAM stands for the last names of the catalog’s authors, Van Allen and Mallis.
VAMs can range from microscopic imperfections to larger, more obvious errors, such as the rusted die marks seen on the 1879-CC Morgan Silver Dollar. Some of these imperfections led to distinct versions of the coin. The study of these varieties continues today, with collectors cataloging and updating lists on specialized websites, including the popular PCGS VAM lists.
Significant Milestones for the Morgan Dollar
The production of Morgan dollars occurred in three main phases:
- 1878-1904 (Philadelphia, San Francisco, Carson City, and New Orleans mints)
- 1921 (Philadelphia, Denver, San Francisco mints)
- 2021 (Philadelphia, Denver, San Francisco mints)
After production halted in 1904, Morgan had to create new dies for the 1921 version of the silver dollar, as noted by Van Allen and Mallis. In 2021, the Citizens Coinage Advisory Committee approved a reissue of the Morgan dollar to mark its significance in American coinage history.
The Original Era: 1878-1904 Morgan Dollars
During its initial run from 1878 to 1904, the Morgan dollar was influenced by several key pieces of legislation, including the Bland-Allison Act, the Sherman Silver Purchase Act, and the Pittman Act. Although the Sherman Act was repealed in 1893, the Pittman Act of 1918 led to the melting of nearly 300 million silver dollars, including Morgan dollars, into bullion.
While it’s unclear exactly how many Morgan dollars were melted down, experts estimate that only about 10% of the original coins survived, contributing to their rarity and increasing their collectible value today.
FAQs
What is a Morgan dollar?
The Morgan dollar is a silver coin first issued in 1878, designed by George T. Morgan. It became a favorite among collectors due to its historic significance and striking design.
Why are Morgan dollars so valuable?
Morgan dollars are valuable due to their historical importance, rarity (with many coins melted under the Pittman Act), and the popularity of the VAM varieties, which highlight unique imperfections and errors.
How many Morgan dollars were produced?
Over 640 million Morgan dollars were minted between 1878 and 1921, though a large number were melted in the early 20th century, making the surviving coins highly collectible.
What are VAM varieties in Morgan dollars?
VAM refers to die varieties identified by Van Allen and Mallis. These varieties can be minor errors or significant imperfections, making certain Morgan dollars distinct and more valuable.