Coin-collecting is a unique hobby rooted in history. Each piece tells a story, and the Morgan Dollar is one of the most popular you'll come across. This old coin varies in value, and understanding its history and how to collect it will help ensure you get the most from any that you find.

History

Morgan Dollars were minted in the U.S. between 1878 and 1904 and again in 2021. They contain 412.5 grains of 90% pure silver and are named after their designer, George T. Morgan. Production primarily began after large deposits of silver were discovered in the United States. 

Simultaneously, the Fourth Coinage Act was passed by Congress, ending the period where silver owners could have their stores converted into currency. This action created many dissents, so the U.S. passed the Bland-Allison Act, which required the Treasury to purchase $2 to $4 million of silver each month. They also needed to mint the material at a 16:1 radio, meaning that 16 ounces of silver would hold an equal value to one ounce of gold. The result was the Morgan Dollar.

Minting of these coins stopped in 1904 because silver was so heavily mined that stores ran out, but they were produced again in 1921 for one year. These pieces weren't widely used, with millions stored in vaults by the Treasury. During World War I, significant quantities were melted down to support the military effort. In the 1960s, the U.S. Mint began issuing the remaining coins to collectors.

Collecting Tips

Morgan Dollars are not in short supply, with between 100 to 200 million circulating and at least 65 million in mint condition. However, rarities and full collections are valuable. For example, many individuals look for pieces produced initially in Carson City, NV, or Denver, CO, because these were some of the first and last Morgan Dollars. Before starting a collection, decide if you want to build an assemblage of less-valuable coins or purchase only more expensive rarities.

The condition of the piece will also determine its value. Visiting a coin store will allow you to explore the various Morgan Dollars available, and their staff can explain what features provide greater value. You can then use this information to increase your knowledge base.

Whether you're a new or veteran coin collector looking to expand your knowledge, visit Hawaiian Islands Stamp and Coin in Honolulu. They have carried a large selection of old coins, including Morgan Dollars, and provided appraisal services since 1973. They also sell and buy gold and silver and will answer any questions you have about your items. Visit them online to learn more about their coins for sale, and call (808) 531-6251 to speak with their staff.