1878-1904 Morgan Silver Dollar (Common Dates) – BU

The Morgan Silver Dollar stands as a magnificent testament to America's Wild West era, a coin that once jingled in the pockets of gamblers, gunfighters, and dance hall patrons alike. Minted from 1878 to 1904 and briefly revived in 1921, these iconic silver dollars emerged during a pivotal moment in American economic history. Following the Fourth Coinage Act of 1873, which effectively ended the bimetallic standard in the United States by demonetizing silver bullion, protests erupted from bankers, manufacturers, and farmers who believed an increased money supply would positively impact the economy, especially after the Panic of 1873.

The story of the Morgan Dollar is inextricably linked to the abundant silver reserves of Nevada's famous Comstock Lode, with powerful mining interests lobbying for the coin's creation. The first Morgan Dollars were struck in 1878 at the Philadelphia Mint, with production quickly expanding to San Francisco and Carson City that same year due to their proximity to western silver mines. By 1879, the New Orleans Mint joined in production, and like San Francisco and Philadelphia, would continue manufacturing Morgan Dollars through 1904.

This beautiful coin derives its name from its designer, U.S. Mint Assistant Engraver George T. Morgan, who created what would become America's most cherished numismatic treasure. For his model of Lady Liberty, Morgan selected Miss Anna Williams of Philadelphia, whom he declared had "the most perfect feminine profile he had ever seen." This artistic choice would forever immortalize both the designer and his muse in American coinage history.

The Morgan Dollar's production came to an abrupt halt in 1904 when silver reserves were depleted. The coin would remain dormant until after World War I, when the Pittman Act of 1918 authorized the melting of millions of previously minted silver dollars—primarily Morgans—while simultaneously requiring the purchase of new silver to replace them. This legislation led to a brief revival of the Morgan Dollar in 1921 at Philadelphia, San Francisco, and—for the first time—Denver, before production shifted to the Peace Dollar design later that year.

Today, despite millions being struck during their original run, experts believe only about 15% of all Morgan Dollars ever minted remain in existence. The extensive melting authorized by the Pittman Act, combined with the ravages of time, has transformed these once-common coins into highly prized collectibles that connect us directly to America's fascinating past. The 1878-1904 Morgan Silver Dollar in Brilliant Uncirculated condition represents an exceptional opportunity to own a pristine piece of this numismatic legacy.

Design Features

The obverse of the Morgan Silver Dollar showcases a left-facing profile of Lady Liberty, adorned with a Phrygian cap—a classical symbol of freedom and liberty. Her cap is decorated with cotton blossoms and wheat, reflecting America's agricultural heritage, while her hair flows gracefully around her elegant profile. The design is encircled by the phrase "E PLURIBUS UNUM" (Out of Many, One) along the upper rim, with the minting year displayed at the bottom. The overall composition presents a perfect balance between artistic beauty and national symbolism, with Liberty's expression conveying both strength and serenity—qualities that resonated deeply with the American spirit of the late 19th century.

The reverse features a majestic bald eagle with wings outstretched, clutching an olive branch (symbolizing peace) and arrows (representing strength) in its talons. This powerful national emblem is encircled by a wreath, with "IN GOD WE TRUST" inscribed above the eagle and "UNITED STATES OF AMERICA" and "ONE DOLLAR" completing the design along the rim. Interestingly, early 1878 versions featured an eagle with eight tail feathers, a mistake that was corrected later that same year, though nearly three-quarters of a million dollars had already been minted with this variation—creating a fascinating subset for collectors of this iconic series.

Product Highlights

• Metal Type: SILVER – No Hedge
• Purity: 0.9
• Weight: 0.7734 oz
• Grade: BU – Brilliant Uncirculated
• Manufacturer: United States Mint
• Mint Mark: Various
• Grading Service: None
• IRA Eligible: No
• Obverse: Left-facing profile of Lady Liberty wearing a Phrygian cap adorned with cotton blossoms and wheat, surrounded by the inscription "E PLURIBUS UNUM" and the minting year.
• Reverse: American bald eagle with outstretched wings clutching an olive branch and arrows, encircled by "IN GOD WE TRUST," "UNITED STATES OF AMERICA," and "ONE DOLLAR."

Investment Appeal

The 1878-1904 Morgan Silver Dollar in Brilliant Uncirculated condition offers exceptional investment potential beyond its intrinsic silver value. These coins contain 0.7734 ounces of 90% silver, providing a tangible precious metal holding that has historically served as a hedge against economic uncertainty. Unlike modern bullion, however, Morgan Dollars carry additional numismatic premium due to their historical significance, limited surviving quantities, and enduring collector demand.

The Brilliant Uncirculated grade ensures that your coin exhibits minimal wear, with complete details and the original mint luster largely intact—characteristics that significantly enhance both collector appeal and potential future value. Morgan Dollars from the 1878-1904 period are generally more valuable than their 1921 counterparts, particularly in higher grades, making this offering especially desirable for serious collectors and investors.

As one of America's most beloved coin designs, the Morgan Dollar continues to enjoy robust demand in the numismatic marketplace. This strong collector base provides excellent liquidity, allowing investors to easily buy and sell these coins through numerous established channels. For those seeking to diversify beyond modern bullion, the Morgan Silver Dollar represents an ideal blend of America's rich numismatic heritage and tangible silver investment—a perfect addition to any collection or investment portfolio that connects its owner to the fascinating economic history of America's transformative post-Civil War era.