Gun Collectors Dream Auction 68
Lot 254:
1898 Silver Morgan Dollar- 1oz silver coin with reeded edges, overall real nice condition, there is two small dark spots on the edge of coin other wise real nice for age! details and lettering sharp and clear. From 1794 to 1878 the U.S. Mint never made large numbers of Silver Dollars. This was due to the fact that the Spanish Pieces of Eight were still legal tender in the U.S. up to 1859, and not many more silver dollars were required to fuel commerce. In 1873, a "panic" gripped the nation. This was an economic contraction, or what we now call a Depression. Due to the slowdown in commerce, some members of Congress pushed for the Mint to strike a new Silver Dollar. They felt that by getting these large coins into the hands of Americans, the economy would pick up. So, Congress passed the Bland-Allison Act in 1878, over the veto of President Rutherford Hayes. The law required the U.S. Mint to buy several million dollars worth of silver every month and strike it into Silver Dollars. Mint engraver Charles Morgan designed the new dollar coin. It came to be known as the Morgan Silver Dollar. From 1878 to 1904, and then again in 1921, millions of Morgan Dollars were minted at several mints around the country. The Philadelphia Mint usually struck the largest number of silver dollars, largely due to the fact that it was at the center of the nation’s population during this time. Over the years, the quality of their product varied. Sometimes it was excellent, sometimes not so good.
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