Morgan Silver Dollar 1893-P MINTED 378,792

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Morgan Silver Dollar 1893-P MINTED 378,792 The Morgan Dollar is a silver United States dollar coin . The dollarswere minted from 1878 to 1904 and again for one more year in 1921. The Morgan Dollar is named after its designer, George T. Morgan , who designed the obverse and reverse of the coin. Morgan's monogram appears near Lady Liberty 's neck on the obverse. The dollar was authorized by the Bland-Allison Act of 1878. It has a fineness of .900, giving a total silver content of 0.77344 troy ounces (24.057 grams ) per coin History The Comstock Lode , one of the greatest silver strikes in history, was discovered in Nevada in the late 1850s. The strike put downward pressure on silver prices worldwide. In 1878 Congress passed the Bland-Allison Act which required the Treasury Department to purchase large amounts of silver, and to strike it as coins. For reasons of economy, the Treasury chose to strike the silver as dollars. When the dollar was minted in 1878, it was the first dollar issued for American commercial use since the last Seated Liberty Dollar of 1873. The Trade Dollar was minted during this time period but was intended to be used for trade in the Orient. The dollar was continuously minted until 1904 when the supply of dollars in circulation was high and there was an absence of silver bullion . Then in 1918, the Pittman Act called for over 270 million coins to be melted for silver content. In 1921, the coinage of the Morgan Dollar resumed for that year and was replaced by the Peace Dollar commemorative that would become standard issue. Since 1921, many Morgan Dollars have been melted. Melting has mostly occurred when silver prices escalated because these dollars yield silver bullion. Caches of Morgan Dollars produced at the Carson City Mint were discovered and were sold to coin collectors by the federal government in the early 1970s. Many of these dollars were uncirculated and are called GSAs (named after the General Services Administration ) and come in black plastic holders that mimic the holders used for proof silver Eisenhower dollars of the period. These have become collectible items within the GSA encapsulation. Production Due to a delay in manufacturing dies to strike the new coins, production did not commence until March 11, more than a week after the passage of the Bland–Allison Act. [14] The first acceptable strike, after adjustments to the press, was coined at 3:17 p.m. in the Philadelphia Mint. [14] This piece was given to President Hayes. The second and third were given to Secretary of the Treasury John Sherman and to Henry Linderman respectively. [14] A coinage press at the Philadelphia Mint Linderman desired to involve the western mints of San Francisco and Carson City in production in order to help reach the monthly quota necessary under the Bland–Allison Act. [15] Pressure was so great that the Philadelphia Mint halted production of all other coins and began operating overtime. [16] This was delayed, however, as all dies were prepared at the Philadelphia Mint, and it was believed that the Western mints did not have the proper equipment to prepare the dies for use. [17] During the second week of production, Linderman pointed out what he called a "slight imperfection" in the dies for the dollar. [17] The reason for the changes was to reduce the relief of the designs and to change the number of tail feathers on the eagle from eight to seven. This was done because all prior coinage depicted the bald eagle as having an odd number of tail feathers. [17] The high relief had caused the dies to have a shorter life. [16] Dies were eventually sent to the Western mint, arriving in both San Francisco and Carson City on April 16, 1878. [18] The New Orleans Mint began minting the new silver dollars in 1879. [19] The Denver Mint struck the coins for only one year, 1921. [20] (all info from /wiki/Morgan_Dollar & /morgan-dollar-mintage.htm ) NO RETURNS <... read more

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