Merit Financial - Morgan Silver Dollar
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Uploaded by MeritFinancialVideos on Jul 31, 2011
In the mid 1800's, American citizens could walk into an office of the US Mint and pay a small fee to convert raw silver into legal tender coinage. When the market value of silver was lower than the face value of the coins produced, individuals were able to turn a profit, thus increasing the money supply and causing inflation.
In 1873, Congress enacted the Fourth Coinage Act which ended this practice and prompted mining industry lobbyists to push for mandatory treasury purchases of raw silver to be converted to coins. The result was the Bland-Allison Act, which fathered the famed Morgan Silver Dollar. Struck between 1878 and 1921, the Morgan has been widely considered the most popular collector coin in the world.
The obverse of the coin shows the profile of Lady Liberty adorned with a laurel crown while the opposite side depicts the great American eagle with wings outstretched. Each coin contains approximately Point Seven-seven (0.77) ounces of pure silver.
When silver reserves fell to dangerously low levels in 1904 the mint stopped striking Morgans. It wasn't until 1918 when the Pittman Act ordered the melting down and re-striking of millions of silver dollars. As a result, Morgan silver dollars were returned to circulation in 1921 for one final year.
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