Product Description
1884 CC US Morgan Silver Dollar $1
Certified NGC MS 67
Morgan Silver Dollars were minted
from 1878 to 1904 and again for one more year in 1921 and is named after its
designer, George T. Morgan. There are many varieties and overdates, which makes
it one of the most famous and highly collected U.S. coins of all time.
Photos are of the actual coin you will
receive.
About Morgan Silver Dollars The
Morgan Silver Dollar is frequently cited as the most popular series within all
of American numismatics. Collectors are drawn to the large size, classic design,
and relatively robust availability. The coins were issued from 1878 to 1904 and
for one additional year in 1921, with production taking place across four
different mint facilities.
Due to the high original Morgan Dollar mintages, many issues are readily
available even in gem grades. However, certain issues of the series had low
mintages or experienced heavy circulation and melting, resulting in a very
limited number of survivors. Some coins also display proof-like or deep mirror
proof-like qualities, adding another dimension to collecting the series.
Although the silver dollar had been regarded as the cornerstone of the American
monetary system, during its early history the denomination experienced sporadic
circulation and long interruptions in production. The Coinage Act of 1873 would
discontinue the silver dollar and authorize the Trade Dollar, which carried
different specifications and was intended primarily for export trade with Asia.
Problems became apparent when the price of silver dropped and many Trade Dollars
were reimported to the United States. Bullion depositors also began to have
their silver struck into Trade Dollars, which they would distribute at a
discount to face value. The coins became widely unpopular within the United
States due to their legal tender limit and low intrinsic value, leading the
Trade Dollar to be officially demonetized in 1876.
Morgan Dollar Legislation
In response to economic conditions and pressure from the silver mining industry,
the Bland-Allison Act was passed in 1878 to restore the standard silver dollar.
Specifically, the Act required the United States government to purchase between
2 and 4 million ounces of silver each month to be minted into silver dollars.
The coins were struck under the specifications set forth in the Coinage Act of
1837 and legal tender for all debts and dues both public and private. The Act
also created paper currency known as silver certificates, which were backed by
the exact amount of silver dollars retained by the Treasury.
The new silver dollars would feature a design by George T. Morgan, an
English-born immigrant. In England, he had studied and worked for the Wyon
family, best known for their minting of several American colonial coinage
issues. When he came to the United States in 1876, he was hired as the assistant
engraver of William Barber and started working on a number of patterns for the
half dollar. In late 1877, the Mint Director Henry Linderman instructed both
Morgan and Barber to prepare dies for a silver dollar. Linderman favored the
designs created by Morgan and production of the new silver dollars would
commence on March 11, 1878, about a week after the passage of the Bland-Allison
Act.
From the onset of the series, the requirements of the Bland-Allison Act led to
heavy silver dollar production, well in excess of the needs for commerce. By
1890, a total of 360 million silver dollars had been produced, of which only
one-sixth was estimated to have been released into circulation. The remaining
quantity was simply held in storage. The situation was exacerbated by the
Sherman Silver Purchase Act, which increased the required government purchase of
silver to 4.5 million ounces per month. Despite these large purchases, the price
of silver dropped and the world entered a financial panic caused in part by the
silver issue. President Grover Cleveland responded to the situation by repealing
the Sherman Silver Purchase Act.
Without the required government purchases of silver, the production of silver
dollars promptly declined, leading to the creation of numerous low mintage
issues. The production of silver dollars would cease completely in 1904 since
the government already held millions in storage which were not needed for
circulation. The landscape would change once again with the passage of the
Pittman Act in 1918. This Act allowed for up to 350 million silver dollars held
in storage to be melted and converted into bullion. The same quantity melted was
required to be replaced with newly minted silver dollars struck with silver from
other sources.
Under the Pittman Act, a total of 230,232,722 silver dollars held in storage
were melted. This massive melt had a significant impact on the rarity and
availability of certain issues of the Morgan Dollar series. Some dates with high
mintages became scarcer, while some issues with seemingly low mintages remained
available. The Act had the additional impact of restarting the production of
Morgan Dollar for a single year in 1921, when more than 80 million pieces were
struck across three mint facilities. The Peace Dollar series would be introduced
at the end of the year and used to fulfill the remaining production required
under the Pittman Act.
Obverse Design
The obverse of the Morgan Dollar features the head of Liberty, facing left. The
model for Liberty is believed to be Philadelphia schoolteacher Anna Willess
Williams, who had sat for Morgan on several occasions. Liberty wears a Phrygian
cap with the word "LIBERTY" on her hair band and various agricultural elements
intertwined, including stalks of wheat, bolls of cotton, and leaves of oak.
There are seven stars appearing to the left of the portrait and six stars
appearing to the right. The inscription "E PLURIBUM UNUM" appears above, with
the date below. The designer's initial, appearing as a single "M," is found on
the truncation of the neck.
Reverse Design
The reverse design features a bald eagle with its wings outstretched, framed
within a small, open wreath. The eagle's talons grasp an olive branch and three
arrows. The inscription "IN GOD WE TRUST" appears above the eagle. The
additional inscriptions "UNITED STATES OF AMERICA" and "ONE DOLLAR" appear
surrounding, separated by stars.