Anyone even moderately interested in collecting silver coins knows the Morgan silver dollar is one of the most popular among collectors. It’s difficult to believe, but this coin, which was last minted in 1921, was once snubbed by most hobbyists and didn’t start to be in huge demand until 1962.
Morgan silver dollars were first minted in 1878, and the then-new dollar was named after the man who designed it, George T. Morgan. The coins were minted according to the Bland-Alison Act, legislation driven by silver mining companies and aimed at positioning silver as a very high priced commodity.
The result of the Bland-Alison Act was a massive overproduction of Morgan silver dollars. Minting was discontinued after 1904 and revived for one year in 1921. For decades after their final production, many dates of Morgan silver dollars could be purchased for as little as their face value of $1, even in mint condition.
All that changed in the world of coin collecting when the US government decided to sell Treasury bags of 1,000 piece silver dollars at face value. The coins were quickly bought up in just a few months, and stories of rare dollar finds now in the public’s hands sparked a huge demand for these coins.
Collectors have focused on Morgan silver dollars since that time. Although their market value has fluctuated widely over the years, they are still one of the most sought after coins available today. Rare Morgan silver dollars in particular command high prices and are the crowns of serious silver coin enthusiasts’ collections.