The silver coin born from a political battle over inflation
In short: In the late 1800s, the United States was gripped by a fierce debate: should silver be used to inflate the currency? The resulting Morgan dollar wasn't just a piece of pocket change; it was a high-stakes tool of economic warfare designed to balance the power between miners, bankers, and farmers.
The Morgan dollar emerged from the Coinage Act of 1873, which had ended 'free coining'—a system where silver bullion could be turned into legal tender for a small fee. Mining interests feared this would cause inflation by flooding the money supply, while farmers and miners pushed for 'Free Silver' to increase the dollar's value. To resolve this, the Bland–Allison Act of 1878 stipulated that every month, the Treasury must buy $2 million to $4 million in silver for minting into dollars at a set rate of 16 ounces of silver per ounce of gold.
Designed by George T. Morgan, the coin featured a profile of Liberty modeled by Anna Willess Williams—a conscious choice to depict an American woman rather than traditional Greek figures. Production began in March 1878 at the Philadelphia Mint. To meet high demand, production was pushed into overtime and eventually expanded to western mints like San Francisco and Carson City. However, technical hurdles remained; Morgan had to adjust the eagle's tail feathers from eight to seven because all previous U.S. coinage required an odd number.
The coin's history is tied to volatile legislation. The Sherman Silver Purchase Act of 1890 initially forced even larger silver purchases (4,500,000 troy ounces monthly), but mintage for dollars dropped sharply after 1892 as the metal was diverted to smaller denominations. Production finally ceased in 1904 when reserves were depleted, with a brief one-year revival in 1921 under the Pittman Act before being replaced by the Peace dollar. Today, it remains a numismatic icon, with rare specimens like the 1893-S selling for over $2 million.
The coin contains 412.5 Troy grains of silver (90% pure), weighing approximately 26.73 grams. While it was once a standard circulating currency, its role shifted to a collectible status in the early 20th century. In 2021, the U.S. Mint began striking Morgan dollars again as a commemorative release to mark the 100th anniversary of the end of its original production run.
Opens the Intellect+ feed with this card first. Swipe up for the next one.
Sources
- Summary by Intellect · source: Morgan dollar
- Also: Wikidata — Morgan dollar · CC0
To cite this card, link to https://intellectplus.co.uk/app/places-morgan-dollar.
How we source, check and correct cards: Editorial standards.
General information, not professional advice. Spotted an error? Flag the card or see corrections and complaints.
Intellect Plus is a visual educational discovery platform for exploring fascinating facts and ideas. Brain Food, Not Brain Rot. What is Intellect Plus?
Related
More in Countries and other regions · More in Countries & Cities · Latest · A–Z · All topics
