The Collectable Morgan Silver Dollar

There is little debate that today, The Morgan silver dollar (named after its designer, George T. Morgan) is one of the most popular of all collector coins. It was first minted in 1878 following the passage of the Bland-Alison Act. Powerful silver mining companies exerted Political pressure with the intent of obtaining and stabilizing the price of their commodity at artificially high levels, and therefore created the impetus behind this legislative action.

It is indeed argued that Bland-Alison led to the overproduction of silver dollars, resulting in millions of these coins languishing in Bank and Treasury vaults. Indeed, few coins have ever been released under what one may regard as more dubious circumstances. Minting continued until 1904, and then again in 1921, which is when the series finally came to a close.

For decades Morgan dollars were largely snubbed by hobbyists and amateur collectors. Many dates, including those in mint state condition, could be obtained for as little as $1.00. This changed dramatically in 1962, when the US government began selling original 1000-piece silver dollar Treasury bags to the public at face value. Stories of rare dollar finds circulated widely, setting off a Morgan buying mania. Within a few short months, all but a small fraction of the federally owned coins were transferred from government vaults to private hands, consequently expanding the Morgan dollar collector base far beyond anything seen previously.

Morgan silver dollars have stood steadily at the zenith of the numismatic world. There have been boom and bust cycles over the years, sometimes driven by pure speculation, but from a long-term perspective, most Morgan dollar prices have trended somewhat positive as their physical size, beauty, availability, and historical significance have consistently attracted queues of new buyers.

Whilst we do not propose purchasing Morgan silver dollars simply as investment vehicles, for collectors hoping to satisfy their numismatic yearnings and acquire coins destined to be worth substantially more in the future, Morgan dollars do present a few opportunities. As noted above, as a whole, Morgans have gained moderately in value over the years. The crucial challenge, then, is to identify which members of this series have enjoyed the best growth patterns in the past.

From a pricing study carried out just over 10 years ago those Morgan Dollars which provide the best opportunity for price increases are as follows:

1895

1892-CC

1894

1878-CC

1883-CC

So, it would appear, based on past performance over a period of 55 years, the 1895 is the Morgan silver dollar with the best hope of appreciating significantly in the years ahead, followed by the 1892-CC, 1894, 1878-CC, and 1883-CC.  Persistent collectors scrambling for bona fide artefacts of the romantic American West have ensured that dollars of the Carson City Mint occupy 13 of the top 16 positions.

Anyone whose objective is to acquire Morgan silver dollars with a promising future ought to begin looking at the Top Five above. Purchase coins in the best condition you can afford, but be sure the coins are clean, problem-free, and CERTIFIED by a reputable grading service. Be prepared to hold for a number of years and at least five. Morgan dollars have risen substantially in value since the evaluation was carried out, so some cooling off may be in order before the next upward cycle – it’s well worth checking out pricing history since 2011 when silver generally started to decline in price.

A survey of the population of US coin collectors, today would, in our opinion, rate Morgan silver dollars as one of the most appealing coin in American coinage history. These beautiful coins have been at the heart of the numismatic hobby for many years, with no retreat in sight. Isn’t it ironic that these same coins spent the better part of a century hidden away in government vaults, unseen, unwanted, and unloved. How times have changed!