Morgan Dollar

The Morgan Dollar is a large United States silver dollar struck from 1878 through 1904 and revived for a single year in 1921. It is named for George T. Morgan, the Mint engraver who designed both sides: a left-facing head of Liberty on the obverse and a spread-winged eagle on the reverse. It is one of the most widely collected of all American coins.

The coin is substantial — 90% silver and 10% copper, 38.1 mm in diameter and weighing about 26.7 g, with a reeded edge. The example shown here is dated 1879 with an S mint mark, indicating it was struck at the San Francisco Mint. The obverse shows Liberty in profile facing left, wearing a cap and surrounded by stars, with the date below; the reverse carries the eagle.

The Morgan Dollar was born of the Bland-Allison Act of 1878, which required the Treasury to buy large quantities of domestic silver and coin it into dollars. To meet the mandate the Mint needed a new dollar design, and English-born assistant engraver George T. Morgan produced the Liberty head that now bears his name — modeled, by tradition, on a Philadelphia schoolteacher named Anna Willess Williams.

Production ran from 1878 to 1904, stopped when silver supplies for the program were exhausted, then resumed briefly in 1921 under the Pittman Act before the Peace Dollar replaced it later that year. Morgan Dollars were struck at Philadelphia (no mint mark), San Francisco (S), Carson City (CC), New Orleans (O), and — in 1921 only — Denver (D). Many were held in Treasury vaults for decades, and large releases in the 20th century, including the famous 1962–1964 vault disbursements and the later GSA sales of Carson City coins, put many high-grade survivors into collectors' hands.

The obverse shows Liberty's head in profile facing left, wearing a Phrygian-style cap with a band reading LIBERTY and a headdress of cotton and wheat. Thirteen stars ring the lower border, UNITED STATES OF AMERICA arcs across the top, and the date sits at the bottom. The example here reads 1879.

The reverse displays an eagle with wings spread wide, clutching an olive branch and arrows, framed by a wreath, with E PLURIBUS UNUM above and ONE DOLLAR below. The mint mark, when present, is on the reverse beneath the wreath, above the letters DO in DOLLAR — look for S, CC, O, or D; no mint mark means Philadelphia.

Physically the coin is large and heavy: 90% silver, 38.1 mm across, about 26.7 g, with a reeded edge. Its size and weight, the LIBERTY headband, and the spread-eagle reverse together distinguish a Morgan Dollar from the later Peace Dollar (which shows a radiant Liberty head and a perched eagle) and from smaller silver denominations.

Value depends heavily on date, mint mark, and condition. Common dates in circulated grades trade at a modest premium over their silver content, while uncirculated and prooflike examples, and better dates, bring substantially more. Carson City (CC) issues are especially sought after, and a handful of dates and varieties — such as the 1889-CC, 1893-S, and the 1878 eight-tail-feather varieties — command strong premiums.

Mint state grade and eye appeal make a large difference for Morgan Dollars, so the same date can range from bullion-level to a significant collector price depending on preservation and strike. Because the series is heavily collected and its rarities attract counterfeits and altered mint marks, key dates and high-value examples should be authenticated and graded by a reputable third-party service. Treat any figures here as general context rather than firm prices.