1898-O Morgan $1 NGC MS65

American silver dollar coins were first struck in 1794 and through 1803. 1804 Silver Dollar coins were struck in 1834 and were part of presentation sets to Asian leaders. The Liberty Seated Dollar series began in 1840 and was struck through 1873. The Coinage Act of 1873 removed the silver dollar coin from the menu of coins to be struck. This Coinage Act was a product of politicians and other interests that believed a strong American dollar should be backed by gold, not silver. The only silver dollar coins that were being struck after 1873 were the Trade Dollars, which were going to be exported to Asia increase trade with China and Japan.
By 1878, there was enough support for bringing back the silver dollar – especially in the American West. The farmers, merchants. and the western mining interests created legislation that would do exactly that.
In 1878, the Bland-Allison Act passed Congress, and this Act not only created a new silver dollar coin, but it also required the US Treasury to purchase $2 million dollars each month of newly mined silver from western silver mines. Now, silver dollar coins would be plentiful, especially in the West, where they were desired.
A contemporary design for this silver coin was needed and George T. Morgan, the Assistant Engraver at the US Mint, created the design that was selected. Morgan depicted the profile of a mature Miss Liberty, facing to the left. She wears a Phrygian, or slave cap. She has a crown atop it comprised of cotton and wheat and the word “LIBERTY,” is inscribed on the headband. The upper periphery has the motto, “E PLURIBUS UNUM,” and below Miss Liberty is the date of striking. There are also thirteen six-pointed stars spread out around the motto.
The reverse depicts a majestic American Bald Eagle inside of a wreath. The eagle holds arrows in her left talon and an olive branch in the right. The eagle’s wings are upright and outstretched and between the wings is “IN GOD WE TRUST.” “UNITED STATES OF AMERICA,” is on the upper periphery and “ONE DOLLAR,” is on the bottom periphery.
This coin was struck two decades after the design had begun and it was struck at the New Orleans Mint. This coin, like all coins struck at the New Orleans Mint, bears an “O” mintmark, below the eagle. The New Orleans Mint struck 4,440,000 silver dollar coins that year.
This coin is graded as MS65 by the Numismatic Guaranty Corporation (NGC), one of the three most popular and desirable grading services in existence. Coins graded as “MS65” or higher are considered as investment quality coins.
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