Coin collectors are constantly clamoring for the Morgan dollar for several reasons. As you might imagine, this silver dollar has a significant amount of silver, but that’s not the only thing that makes this such a desirable coin. There is an amazing history to the Morgan dollar, starting with the silver strikes of the late 1800s, and any coin with a good story behind it is going to be more valuable than the rest. If you’re looking for coins to add to your collection, this just might be what you need. Before you decide, you may want to learn a little something about it.
Because of the silver strikes in the 1890s, including the Comstock Lode, the price of silver was next to nothing. Silver miners were in danger of going bankrupt, but with some persuasion, they were able to convince the United States government to buy up large stores of the silver. This helped to stabilize the market and keep many of them in business. However, the United States than had so much silver that they weren’t sure what to do with it. Enter George T. Morgan, who designed the Morgan dollar. Much of that excess silver was then pressed into silver dollars with the design Morgan created.
There wasn’t much use for silver dollars at the time, either, however. Because of this, most of the Morgan silver dollars that were minted remained in vaults, never to be used. Many were eventually melted down for the silver, but some remained. When they were discovered, the Morgan dollar was barely a blip on the radar. Over time, they became a very desirable coin to have, simply because almost all of the surviving coins are still in mint condition. In fact, it’s harder to find a Morgan dollar that has been circulated than it is to find one in mint condition.
As you can see, this story makes this particular silver dollar very interesting. There are quite a few rare mintage years among Morgan silver dollars, and that means there is a good chance of making thousands of dollars if you manage to get your hands on one. In fact, some of these coins go for tens of thousands at auction, though these aren’t coins you’re going to find in your pocket change. If you’re willing to work your way up to some of the rarer coins, there could be a pretty lucrative future in silver dollars for you.