1894-O Morgan Silver Dollar AU Details PCGS ... 1,723,000 Minted

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1894-O Morgan Dollar is in AU Details condition. Coin has been graded and authenticated by PCGS. Mintage of 1,723,000. Fully lustrous and white. Toning on obverse around the letter U" of "UNUM".Minted at the onset of the multi-year Panic of 1893. Each of the 10 Morgan Dollars minted in the 3 year period between 1893 to 1895 have very low mintages, while 8 of those 10 are in the top 14 of the lowest mintages of the entire Morgan series .The Sherman Silver Purchase Act of 1890 required the U.S. government to buy millions of ounces of silver (driving up the price of the metal and pleasing silver miners). People attempted to redeem silver notes for gold; ultimately the statutory limit for the minimum amount of gold in federal reserves was reached and US notes could no longer be successfully redeemed for gold. As the demand for silver and silver notes fell, the price and value of silver dropped.The Panic of 1893 was a serious economic depression in the United States that began in 1893 and lasted into 1900. Similar to the Panic of 1873, it was marked by the collapse of railroad overbuilding and shaky railroad financing, resulting in a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply and a decrease in the value of silver. The Panic of '93 was the worst economic depression the read more

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