The Ultimate Morgan Dollar Collection Guide

America’s most collected coin, the Morgan Silver Dollar, was born out of the rich silver mines of Nevada and is a treasured relic of the old American West. Minted from 1878-1904, again in 1921, and beginning again in 2021, Morgan Dollar coins are a great addition to any collection. Morgan Dollars were the first dollar coins created following the Coinage Act of 1873, preventing the manufacturing of silver dollars and Seated Liberty Dollars.

Beginning a Morgan Silver Dollar collection can be less expensive than some other coins, and achieving this great collection is thrilling and challenging. The Morgan Dollar is an accessible and worthwhile pursuit for collectors. Available in a wide price range, they’re a unique collector’s coin with a nostalgic place in United States history.

Heavy, Handsome, and Historic

The legendary Morgan Silver Dollar is a bold coin to add to your collection. Heavy and historic, Morgan Dollars were designed by George T. Morgan and are struck in .900 fine silver. These large coins feature a profile of Lady Liberty (modeled after Morgan’s friend Anna Williams) on the obverse, and a heraldic eagle with its wings outstretched on the reverse — two of the most admired designs of Liberty in U.S. coinage history.

If present, the mint mark can be found on the reverse between the D and O in “Dollar.” With a 38.10mm diameter and 2.40mm thickness, these coins are large, recognizable, and truly striking coins for any collector. 

Silver Laws, Silver Coins

Mass bankruptcies during the Panic of 1873 led to a five-year depression in the U.S. This eventually led to the Coinage Act of 1873 — a revision of laws surrounding the United States Mint which acknowledged the gold coin standard over silver. While the price of gold was more stable than that of silver, the government eventually gave in to the pressure from western mining states in 1878.

The Bland-Allison Act of 1878 required the U.S. Treasury to purchase 2 to 4 million dollars worth of silver from western mines each month, which would then be made into silver coins. Before the Bland-Allison Act was officially passed, a new silver dollar design needed to be made. Enter, Morgan Silver Dollar.

George T. Morgan and His Namesake Dollar’s Origin

Nicknamed “cartwheels” by cowboys in the Old West due to their large size and weight, Morgan Dollars are collection-worthy relics of American history. Minted in young America, these silver dollars were designed by a British engraver named George T. Morgan. In 1876, Director of the United States Mint, Henry Linderman, held a competition between William and Charles Barber (longtime employees at the Philadelphia Mint), and a young new engraver from London’s Royal Mint named George T. Morgan. Both Charles and George created a similar design, but George’s was ultimately favored over his superior. George’s version featured a unique obverse design of Lady Liberty, modeled by Philadelphia school teacher Anna Williams. 

The Morgan Dollar was subject to some controversy over the years, namely surrounding the number of tail feathers on the eagle found on this coin's reverse. In 1878, three varieties of reverses existed where the eagle was shown with 8 tail feathers, 7 tail feathers, or 7 over 8 tail feathers, depending on the minting location. In fact, the Morgan Dollar was also minted in Carson City Nevada and San Francisco California with Mint marks present, so a grand total of five versions of the coin existed in 1878. 

The Beginning of the End of the Morgan Dollar 

Following the Bland-Allison act, the 1890 Sherman Silver Purchase Act required the US Treasury to purchase large quantities of silver for silver coins. By 1893, the Treasury had an enormous surplus of silver and the Sherman Act was repealed. The U.S. Mint would need to use up any remaining silver for coins, without purchasing any new silver.

By 1904, the last of the silver bullion supplies were depleted, the paper dollar’s popularity grew, and the Morgan Silver Dollar’s production ceased. Later in 1918, the Pittman Act mandated that 350 million dollars worth of silver dollars be melted down and sold to Great Britain in order to help fund the WW1 effort. This act of mass destruction is a large part of why Morgan Dollars are so rare in collections today. 

The Morgan Dollar’s Revival 

Thanks to the Pittman Act, 1918 was the beginning of the Morgan Dollar’s revival. The act required the US government to melt down and sell older, mostly uncirculated Morgan Dollars in the United States Treasury vaults, before using the funds to buy more domestic silver to replace these coins. In 1921, large numbers of brand new Morgan Dollars were minted and the coin was revived for one more run — but their production remained limited. These 1921 George T. Morgan’s Morgan Dollars were replaced shortly thereafter by Peace Dollars, designed by Anthony de Francisci. 

Today, it is fairly difficult to accurately estimate how many of these coins exist. The 1921 coin is the most common version of the Morgan Dollar for collection, but its numbers have dwindled due to mass melting. In recent years, bags of these coins have been found in Treasury vaults, sealed away for decades and sold only for collectors. These coins were, and remain, in high demand.

Our Tips for Perfecting Your Collection 

Some of the best Morgan Dollar collections are a culmination of years or decades of hard work. While patience and persistence are key, it’s also critical to understand the differences in this abundantly produced coin’s key characteristics, and to be aware of its rarest years. Always pay close attention to strike, luster, and contact marks — differences that can help you distinguish between different branch mints and years of production. 

While quite common, there are many rare or famous date and mintmark combinations and condition rarities of this coin to seek out. The lowest mintage circulation issue is the 1893-S, while the 1896-O is very rare in Mint State. Morgan Dollars that are rare in collections regardless of grade include the 1880-CC, 1881-CC, and 1892-S. As always, look for professionally graded dollars, seek out coins with good eye appeal, and aim to find the best quality for the most sought-after date you can find. 

Achieve the Ultimate Collection With Trusted, Certified Coins

The Morgan Silver Dollar and its rich history as the first dollar coin created following the Coinage Act of 1873, has been cherished by the coin community for decades. Your next Morgan Dollar for your collection should be sourced from a seller you can trust.

L&C Coins is your trusted destination for 100% authentic coins — founded by coin collectors for fellow collectors. Our expertise and history made us a respected member of the coin collecting community. If you’re after a specific Morgan Silver Dollar to enhance your collection, are looking to sell your coins, or are browsing for a unique piece you didn’t know you needed, you’ll find it at L&C Coins.