Some historians believe that by preventing a banking collapse in Britain with these silver coins, America may have saved the Allies’ victory in World War I.įew iconic currencies read America like the Morgan silver dollar, which was required to have a depiction of the mythical Liberty emblazoned on the front, with an eagle on the back. Britain, which was paying for war supplies and other goods with paper certificates, may not have had the silver reserves to stay afloat without help from America. This was due to an imminent banking collapse in Great Britain owing to the country’s silver problem. Of particular note is the Pittman Act of 1918, which cost more than 270 million Morgan silver dollars their lives when they were ordered to be melted down and reforged into solid silver. Not only is this coin rare due to its limited minting, but many of these coins were melted down over the years. For even better conditions, these coins are known to ascend to their full value of over half a million dollars, but only for coins that were never circulated and remain in the rarest condition. On average, the value of an MS-65 condition 1893 Morgan dollar is around $300,000. Since there were only 100,000 of these coins ever minted, their rarity speaks for itself. In even average condition, this coin can sell for $3,000.Īt a Stacks Auction in 2001, one of these coins sold for $414,000. From the mint mark (“S”), we know it was minted in San Francisco as a response to the California Gold Rush. The rarest Morgan dollar is the 1893 S Morgan Silver Dollar. The same Coinage Act also established the dollar unit and decimal coinage system that we still use today. You have to remember that Philadelphia at this time was the nation’s capital. This led to the Coinage Act of 1792 and the creation of the U.S. The Philadelphia Mint was established to create a continental national mint after the Constitution was ratified. It was a P Morgan certified MS-65 or “uncirculated gem” that sold for the full value listed here. For instance, Double Die Reverse errors can increase the value. The truly valuable ones feature minting errors. Many of these coins sell for around $3,000. They were minted in Philadelphia, which could use a mint mark of “P” or no mark at all. Due to its short operation, coins minted here are generally highly valued.Ĭertified mint condition 1901 Morgan Silver Dollars can sell at auction for $425,500, making them among the most prized such coins in the world. Assay Office, where precious metals are tested for purity and value. Although its minting operations closed in 1893, in 1895 the Carson City Mint’s building served as the gold and silver U.S. Despite being created in 1863, at the peak of the silver boom due to the discovery of the Comstock Lode, its opening was delayed. The Carson City Mint, distinguished by the mint mark, “CC,” was opened in 1870. According to Heritage Auction records, one of the 1889 Morgan dollars sold in 2009 for $500,000. This could be why a particularly pristine one can sell for even more. Only 350,000 of these coins were ever produced. However, MS+ condition coins (certified mint state) can auction for upwards of $280,000. The value of poor or generic condition 1889 Morgan dollars is estimated at around $1,591. This 1889 CC Morgan Silver Dollar was minted in Carson City, Nevada, hence the CC mint mark.
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