Thursday, July 26, 2012

Morgan Dollars

George T. Morgan was born in Birmingham, England, in 1845. He went to school there and finally got to work at Messrs. J.S. & A.B. Wyon as an engraver.
In 1876 he went to the USA and was employed at the Mint as an engraver.
His talents were obvious and already in 1877 he stated to design half dollars and other coins.
His name was attached to alls orts of coins, like the Schoolgirl dollar of 1879, the Shield Earring coins of 1882 and the morgan dollar which was minted from 1878 to 1904, and in 1921.
The morgan dollar shows and image of Libert and at the other side an eagle with spreaded wings.

Teh morgan dollar came into use after the previous dollar, the Seated Liberty dollar got out of use after the passage of the Coinage Act of 1973, which stopped the free coinage of silver.

The silver miners wanted all silver to be accepted for coining, but that didn't happen. Instead an act was passed stating that the Treasury had to purchase between two and four million dollars worth of silver at market value each month and that that had to be coined into dollars.

That act was overridden by a new one in 1890. It stated that the Treasury had to purchase 4,500,000 troy ounces (140,000 kg) of silver each month, but that silver dollar production was ony required for one more year.
In 1898 it was decided that all silver bullions had to be coined into silver dollars. The issue of silver dollars stopped in 1904.
In 1921 reclaimed silver coins were made into Morgan Dollars, and then the design was replaced.

When his boss, Barber, died in 1917 he became chief engraver.
George T. Morgan died in 1925.

In 1960 lots of Morgan dollars were found in the Treasury vaults.
Collectors jumped upon it and since then the Morgan dollar is valued as a collector's item.
Prizes differ mainly due to the quality of engraving and the wear of the coin.
Some years less coins were issued and those "years" are considered rare.
Morgan dollars are an investment due to their high content of silver.



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