1878-1904 Morgan $1 BU (Dates/Types Vary)
| The financial crisis of 1873, known as the "Panic of 1873," resulted in the failure of major U.S. banks and triggered a national depression. This crisis led to the enactment of the Coinage Act of 1873, which maintained the gold standard and removed silver as a monetary standard. Silver miners fought back, advocating for the re-establishment of silver as currency. In 1878, the Bland-Allison Act was introduced to address these concerns. It required the Secretary of the Treasury to buy a set quantity of silver bullion monthly for coin production, despite the declining market value of silver, occasionally making the metal less valuable than the denomination it supported. President Rutherford B. Hayes vetoed the Bland-Allison Act on February 28, 1878, fearing it would compromise public credit and breach gold standard contracts. He also believed it artificially raised the value of silver coins by 8 to 10 percent. Despite his objections, Congress overrode his veto. With the influx of silver, the U.S. Mint began designing a new silver dollar. The coin's obverse was crafted by George T. Morgan, who based the depiction of Lady Liberty on Anna Willess Williams, accentuating her features with a Phrygian cap as a symbol of liberty. The initial design of the reverse featured an eagle with eight tail feathers, deviating from the traditional seven. The eagle earned the coin the nickname "buzzard dollar" due to the bird’s thin appearance. The design was later adjusted to the customary seven tail feathers, though some eight-feather coins still exist. From 1878 to 1904, over half a billion Morgan Dollars were minted. The later Pittman Act led to the melting down of more than 270 million of these coins. This specific Morgan Dollar was struck during that period and has been preserved in brilliant uncirculated (BU) condition. BU coins, which have never been circulated and retain their original luster, are generally more valuable than circulated coins due to their impeccable and unaltered features. As coins age, those kept in BU condition grow in value and become highly prized in the numismatic community. These pristine coins, shielded from the effects of time and handling, are invaluable treasures for collectors. |
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