Pre-1921 Circulated Silver Morgan Dollar (Dates Vary)
| Ever since their debut in 1878, Morgan Silver Dollars have drawn in collectors and investors with their classic design and impressive size: 1.5 inches in diameter. Each coin holds .77345 oz of pure silver, and the U.S. Mint produced them in large numbers until a break in production in 1904, with a final batch minted in 1921 before the U.S. Mint transitioned to the new Peace Dollar design. George T. Morgan crafted the design for these silver dollars, which became a staple in worldwide commerce. The Philadelphia, Denver, New Orleans, San Francisco, and Carson City mints all produced Morgan Dollars. In 1918, more than 270 million Morgan Dollars were converted to bullion and the silver was subsequently sold to Great Britain, which needed economic support after WWI. Over subsequent years, millions more of these coins were also melted down. In 1972, the General Services Administration ignited a wave of enthusiasm among collectors when it auctioned off 2.9 million Carson City Morgan Dollars from its reserves. The death of LaVere Redfield, a wealthy stock and real estate investor, stoked this interest. Although Redfield wasn’t a coin collector, he distrusted banks, paper money, and the government. So to store his wealth, he bought 411,000 silver dollars 20-30 years and stored them behind a false wall in his basement. (NB: Don’t store coins this way!) In 1976, his hoard was auctioned, and the collection sold for an astounding $7.3 million. Morgan Dollars offer an excellent opportunity to enhance and diversify silver investment portfolios due to their silver content and numismatic appeal. Additionally, the prices of these coins are subject to quick shifts, influenced by changes in silver prices or variations in demand from investors and collectors, against the backdrop of limited market availability. |
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