Morgan Dollar: America's Most Beloved Large Coin

Overview and Historical Context

The Morgan Dollar was born from the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase and coin large quantities of silver. This legislation resulted from pressure by Western silver mining interests and created one of America's most iconic coins.

Design Period: 1878-1904, 1921 (28 years of production)
Designer: George T. Morgan
Diameter: 38.1mm (1.5 inches)
Weight: 26.73 grams
Composition: 90% silver, 10% copper
Edge: Reeded
Mints: Philadelphia (no mintmark), Carson City (CC), New Orleans (O), San Francisco (S), Denver (D - 1921 only)

Production ended in 1904 when government silver stocks were exhausted, resumed briefly in 1921, then stopped when the Peace Dollar replaced it. The Morgan Dollar was struck again in 2021 for the 100th anniversary, but the classic era ended in 1921.

The Designer: George T. Morgan

Background

George T. Morgan (1845-1925) was born in Birmingham, England, and trained as a diesinker and engraver. In 1876, at age 30, he accepted William Barber's invitation to join the U.S. Mint as an assistant engraver. He served at the Mint for nearly 40 years, eventually becoming Chief Engraver.

The Model: Anna Willess Williams

Morgan's Liberty portrait was modeled after Anna Willess Williams, a Philadelphia school teacher. The story goes that Morgan sought a model with classical beauty, and Anna—a friend or acquaintance—agreed to sit for the portrait.

Anna was modest about her role and reportedly disliked the publicity when her identity became known. Nevertheless, her profile appears on hundreds of millions of coins, making her one of the most reproduced faces in American history.

Morgan's Approach

• Meticulous attention to detail
• Classical artistic training combined with British craftsman precision
• Interest in creating elegant, refined designs
• Master engraver who could execute complex details at coin scale

Obverse Design: Liberty's Profile

The Portrait

• Classical Profile: Left-facing Liberty with idealized, refined features
• Youthful Beauty: Anna Williams was in her early 30s—Liberty appears young, fresh, confident
• Expression: Serene, composed, slightly upward gaze suggesting optimism
• Strong Neck: Well-defined neck and shoulder suggest strength
• Life-like Quality: More realistic than purely allegorical—you can see this was based on a real person

The Hair

The hair is one of the Morgan Dollar's most distinctive and beautiful features:

• Elaborate Arrangement: Hair is pulled back and gathered, with intricate curls and waves
• Individual Curls: On well-struck examples, individual hair strands and curls are sharply defined
• Flowing Locks: Hair flows behind Liberty's ear and neck
• Central Curls: Two prominent curls near Liberty's ear are key grading points—they're often weak or missing on lesser strikes
• Volume and Texture: The hair has wonderful three-dimensional quality

The Phrygian Cap and Crown

• Liberty Cap: Liberty wears a Phrygian cap, classical symbol of freedom
• Coronet/Band: "LIBERTY" is inscribed on a band across the cap
• Cotton and Wheat: The cap is adorned with cotton bolls and wheat, representing agricultural prosperity
• Detail Work: Cotton bolls show individual tufts; wheat shows individual kernels and awns

The Legends and Date

• "E PLURIBUS UNUM": Above Liberty's head
• Date: Below Liberty's portrait
• Stars: Thirteen stars surround Liberty (seven left, six right)
• Designer Initial: Small "M" at base of neck (for Morgan)

Artistic Achievement

• Perfect Scale: The large 38.1mm diameter gives Morgan room to include extraordinary detail
• Balanced Composition: Portrait, stars, and legends harmoniously arranged
• Technical Excellence: Shows Morgan's mastery of engraving—every element crisp and precise
• Romantic Appeal: The beautiful young Liberty based on real person creates emotional connection

Reverse Design: The Heraldic Eagle

The Eagle

• Spread Wings: Eagle with wings fully spread, displaying power and majesty
• Facing Forward: Eagle faces viewer, creating strong presence
• Arrows and Olive Branch: Clutches three arrows in left talon (war readiness), olive branch in right (peace preference)
• Feather Detail: Individual wing and breast feathers carefully engraved— key grading points
• Breast Feathers: Elaborate feather pattern on eagle's breast, often weak on lower-grade coins

The Wreath

• Cotton and Wheat: Open wreath below eagle made of cotton (left) and wheat (right)
• Agricultural Symbolism: Represents American agricultural wealth
• Detail: Cotton bolls show fiber texture; wheat shows individual kernels
• Leaves: Cotton and wheat leaves are botanically accurate

The Legends

• "UNITED STATES OF AMERICA": Curves along the top
• "ONE DOLLAR": Within the wreath at bottom
• "IN GOD WE TRUST": Above eagle (added mid-1878; early 1878 coins lack this motto)
• Mint Mark: Below wreath, between "ONE" and "DOLLAR" (CC, O, S, or D; Philadelphia has no mark)

Strike Quality Indicators

• Breast Feathers: Key indicator of strike quality—sharp, complete feathers command premiums
• Wing Feathers: Should show clear definition with no merging
• Cotton and Wheat Detail: Sharp leaves and bolls/kernels
• Overall Sharpness: Legends crisp, no weakness in any area

Collecting Morgan Dollars

Why They're America's Most Popular Coins

• Beautiful Design: Stunning Liberty portrait and detailed eagle
• Large Size: Impressive 38.1mm diameter—feels substantial
• Silver Content: Nearly 0.78 troy ounces of silver
• Historical Romance: Connection to Old West, silver boom, frontier era
• Wide Availability: Millions survive, making collecting feasible
• Variety: Five mint facilities, numerous varieties, different strike qualities
• Investment Appeal: Silver content plus collectibility
• VAM Varieties: Thousands of die varieties for specialists

Major Rarities and Key Dates

• 1895: Proof-only issue (880 struck), legendary rarity—$50,000+ even in Proof-60
• 1893-S: Low mintage (100,000), key date—$1,000+ in VF
• 1889-CC: Carson City rarity, very popular—$1,000+ in VF
• 1892-S, 1893, 1893-O: Semi-key dates
• 1895-O, 1895-S: Scarce dates overshadowed by 1895-P rarity
• 1903-S, 1904-S: Low mintage San Francisco issues
• Carson City Issues (1878-1893): All CC dates command premiums due to Old West mystique

Common Dates

For type collectors or those building affordable sets:

• 1880s-1890s Philadelphia: High mintages, widely available
• 1921: Huge mintage year (all three mints), very affordable
• Best Values: 1880-1881, 1886-1887, 1896-1899, 1921 in circulated grades
• GSA Hoard: Government-held Carson City Morgans released 1970s-1980s, often in high grades

Grading Key Points

• Obverse Wear Points:
  • Hair above Liberty's forehead and ear
  • Cheek (high point)
  • Cotton bolls and wheat on cap
• Reverse Wear Points:
  • Eagle's breast feathers (most important)
  • Left wing tip
  • Eagle's legs
  • Tail feathers
• Strike Quality:
  • Full breast feathers command premiums
  • Sharp hair detail (especially ear area curls)
  • Clear cotton boll and wheat kernel definition

Toning and Eye Appeal

Morgan Dollars are famous for beautiful toning:

• Rainbow Toning: Multi-colored toning from bag storage can add significant value
• Original Toning: Natural toning from decades in bags or rolls
• White/Blast: Brilliant uncirculated examples
• Artificial Toning: Beware—some toning is artificially created; original is preferred

Collecting Strategies

1. Type Coin: Single nice example, often 1921 in MS-63/64
2. Date Set: One of each date regardless of mint
3. Date and Mint Set: All dates and mint marks (challenging, requires key dates)
4. Carson City Set: All CC dates (romantic Old West connection)
5. Mint Set: All dates from one mint
6. High Grade Set: MS-65 or better of common dates
7. VAM Collecting: Die variety collecting (thousands exist)
8. Proof Set: Proofs from 1878-1904 (expensive, beautiful)

Approximate Values

• 1921 (most common), circulated: $30-40 (silver melt plus small premium)
• 1921, MS-63: $45-60
• 1921, MS-65: $100-150
• Common dates 1878-1904, VF-XF: $40-60
• Common dates 1878-1904, AU: $60-100
• Common dates 1878-1904, MS-63: $80-150
• Common dates 1878-1904, MS-65: $200-500
• Carson City coins: $200-500 in VF; $500-2,000+ in MS-63
• Key dates: Highly variable; 1893-S in VF: $1,000+; MS examples: $10,000+

Historical Context

The Silver Issue and Western Mining

Morgan Dollars were born from political and economic conflict:

• Coinage Act of 1873 ended silver dollar production, causing Western outrage ("Crime of '73")
• Silver mining boomed in Nevada, Colorado, and other Western states
• Mining interests and farmers demanded silver coinage (inflationary policy they favored)
• Bland-Allison Act (1878) required Treasury to buy $2-4 million in silver monthly and coin it
• Result: Millions of Morgan Dollars produced, far exceeding circulation demand

Bag Storage and Survival

Because production exceeded demand, millions of Morgan Dollars sat in Treasury vaults in bags:

• Many never circulated, remaining pristine for decades
• Bags of uncirculated Morgans were rediscovered in Treasury vaults in the 1960s
• GSA (General Services Administration) sold Carson City Morgans in 1970s-1980s
• This explains why many Morgans survive in high grades—they were stored, not spent

Carson City Mystique

Coins minted at Carson City, Nevada (1878-1893) have special appeal:

• Only mint actually in silver mining region
• Relatively low mintages compared to other facilities
• Connection to Old West, Comstock Lode, frontier era
• Mint building now Nevada State Museum
• CC mint mark adds significant premium to any Morgan Dollar

The Silver Dollar's Role

• Large size and silver content made them impressive
• Used more in Western states than Eastern (preference for paper in East)
• Casinos and banks kept large quantities
• Symbol of American monetary system debates
• Eventually melted by millions under Pittman Act (1918)

Counterfeits and Authentication

Heavily Counterfeited

Morgan Dollars are among the most counterfeited U.S. coins due to their popularity and value:

• Chinese counterfeits flooded market in recent decades
• Key dates especially targeted (1893-S, 1895, Carson City dates)
• Some counterfeits are very sophisticated
• Third-party grading (PCGS, NGC) provides authentication

Authentication Tips

• Learn the weight and sound of genuine Morgans
• Study genuine examples to learn correct details
• For expensive pieces, insist on third-party certification
• See our Complete Guide to Identifying Counterfeit Morgan Dollars

Why Morgan Dollars Endure

Aesthetic Appeal

• Beautiful, romantic Liberty portrait
• Impressive size and weight
• Exceptional detail and artistry
• Satisfying to hold and examine

Historical Romance

• Connection to Old West and frontier era
• Carson City mint mystique
• Silver boom and mining history
• Political and economic conflicts they represent

Collectibility

• Wide range from affordable to extremely rare
• Something for every budget and interest level
• Thousands of die varieties for specialists
• Active market ensures liquidity

Investment Aspects

• Silver content provides floor value
• Numismatic premium on top of metal value
• Strong long-term collector demand
• Key dates have appreciated significantly over time

Emotional Connection

More than statistics and values, Morgan Dollars create emotional connections. The beautiful young Liberty based on Anna Williams, the romance of the Old West, the impressive size and weight, the detail that rewards close examination—all combine to make Morgan Dollars special to collectors across generations.