The Morgan Silver Dollar - An Analysis

The Morgan Silver Dollar has enamored casual coin collectors and serious numismatists alike for many years. In fact, the Morgan Dollar is not only one of the most collected coins in the world, but one of the most tediously studied. It is through intense scrutiny of the Morgan Silver Dollar that one can achieve a greater appreciation of all coins. In order to help you understand some of the nuances of this phenomenal coin, let us do a thorough examination of the Morgan Dollar and analyze the actual coin itself.

The Morgan Silver Dollar was minted every year from 1878 through 1904 and then once more in 1921. It was created by the engraver George T. Morgan with the following design specifications;

Weight: 26.73 grams
Composition: .900 silver and .100 copper
Diameter: 38.1 mm
Edge: Reeded
Net Weight: .77344 ounces pure silver.

The Morgan Silver Dollar was produced at the following U.S. government mints; Philadelphia (no mintmark), New Orleans ("O" mintmark), Carson City ("CC" mintmark), San Francisco ("S" mintmark) and Denver ("D" mintmark, only in 1921).

The Obverse

High Resolution Image

 If we analyze the obverse of the coin (front side) we see a number of features that appear on the coin that are quite common on other U.S. coinage. Looking at the outer circumference of the coin, we see fine denticles or "teeth" encircling the periphery of the coin. From the 10 o'clock to the 3 o'clock positions just below the denticles there is a motto which reads E PLURIBUS UNUM. This Latin motto translates to the phrase, "Out of Many, One." The motto was first suggested by Pierre Eugene DuSinitiére in 1776, and placed on a banner clenched in the beak of the bald eagle on the U.S. Great Seal by Charles Thomson in 1782. At the bottom of the coin centered on the 6 o'clock position is the coin's manufacture date. To the right of the date are six stars, and to the left of the date are seven stars. This total of 13 stars corresponds to the original 13 colonies of the Union of the United States of America.

 The primary feature or device on the coin is the head of Lady Liberty looking left
as one looks at the coin. She is said to bear classical Greek features despite the fact t the she is considered to be rather full in the face. Her hair is combed back off of the brow with curls cascading down the back of her neck. Lady Liberty's headdress is rather unique to say the least. On the back of Lady Liberty's head is what is sometimes called a "freedom cap" or what is sometimes called a "slave cap." It is similar to the head wear exhibited in French Revolution paintings. Directly in front of the "freedom cap" is the coronet crown emblazoned with the word LIBERTY. Located between the cap and coronet is an agricultural flora presentation of sheaves of wheat at the top of Lady Liberty's head to two cotton balls with leaves placed to appear as flowers into her hair at the ear level. This is a very symbolic representation of post-Civil War unity of the nation. It represents North and South through the most important agricultural products of each region and through their placement. Where the curls, of Lady Liberty's hair, meet the neck, one can see a small letter "M." This marking signifies the Morgan Dollars designer's initial "M", this of course is an indication of George T. Morgan. There is also a similar "M" marking to be found on the reverse of the coin as well.

The Reverse

High Resolution Image

The Eagle Head

 If we study the reverse of the Morgan Silver Dollar, one will encounter numerous features that are just as eloquent as those found on the obverse.  Once again, denticles are found following the perimeter of the coin.  The prominent device on the reverse is the American eagle with wings spread and almost touching the denticles at the 10 o'clock and 2 o'clock positions.  The eagles head is looking to the left  and in the grasp of  the eagle's talons on the left is an olive branch, and to the right are arrows.  There is an old belief which states that if the country is at peace then the eagle's head faces the olive branch, and if the country is at war then the eagle's head faces  toward the  arrows.  But this tale does not appear to hold true.  The eagle's head is always turned the same way on U.S. coins with the only exception that the arrows and olive branch has changed sides from 1795 to 1807 on U.S. gold coins, and from 1801 to 1807 on U.S. silver coins.  These two periods cover the Franco-American Naval War and the Barbary Wars. There has been no other time in the history of U.S. coinage where the eagle is facing the arrow side.

The Issuing Country and Denomination

 The name of the issuing country of the coin, UNITED STATES OF AMERICA is found on the upper perimeter just below the denticles and separated by the eagle's wings, it is scribed from the 8 o'clock to the 4 o'clock positions with a star of david like star on each end. The Morgan Dollar's One Dollar denomination is found from the 7 o'clock to 5 o'clock position

The Motto "In God We Trust"
 Placed  above the eagle's head and between its wings horizontally, is the motto In God We Trust.  This motto was first used on the two cent piece in 1864 as a result  of a similar motto once suggested to President Lincoln in a letter written  by a Pennsylvania minister as a promise to the American public that our country would never again be divided by Civil War.  Congress passed into law that  the motto would appear on all coins large enough to display it shortly after the assassination of President Lincoln.  The motto is present on all U.S. coinage minted after 1866.

Designer's Initial and Mintmark

 Encompassing the eagle across the lower section of the coin is a laurel wreath which is tied with a bow at the 6 o'clock position.  On the ribbon, seen on the inner loop of the bow, one can see the initial "M" for the coin designer's name, Morgan.  It is on the reverse of the Morgan Silver Dollar that one can find the mintmark.  It is located just below the wreath's bow, and above and  in between the "D" and the "O" of the word DOLLAR.  All Morgan Silver Dollars that do not have a mintmark at this location were manufactured at the Philadelphia Mint.

The Morgan Dollar Mints

 As stated earlier, the Morgan Silver Dollar was manufactured  at five different U.S. Mint facilities. The Philadelphia Mint struck Morgan's in all series however in 1895 the 12,000 business strikes that were made in that year have disappeared. This fact has made the "King of the Morgans"  the rarest and most valuable amongst the Morgan Silver Dollar series.  Recently, PF-68 examples of this rare Morgan  have sold for upwards of $120,000 at auction.  The only known specimens of
that series issue from the Philadelphia Mint are the 880 proof coins that were manufactured, of which there is an estimated 350 to 400 known to currently exist. 
The San Francisco Mint stuck Morgan Dollars in all years.  The Carson City Mint produced the Morgan Silver Dollars from 1878 through 1885, and once again from 1889 through the mint's decommission in 1893.  The New Orleans Mint's fabrication privileges were suspended during the Civil War as punishment to the host city.  The punishment was overturned in 1879 and the New Orleans Mint produced Morgan Dollars from 1879 through 1904, and in 1909 the mint was retired.  The Denver Mint did not commence operation until 1906.  The only Morgan Dollars minted at the Denver facility was in 1921.

I hope this basic dissection of the structure, design and mint history of the Morgan
Silver Dollar series will give you a greater appreciation of the intricacies that can
be discovered within the Morgan Silver Dollar series.  Good Luck !