When Silver Dollars were first issued at the tail end of the 18th century, ordinary US citizens hardly ever used them as a form of payment. This is because one dollar was a respectable amount of money at the time.
This was still true nearly a century later, but the introduction of the Morgan Silver Dollar completely revived US coinage. Even though these coins are no longer produced, collectors still look to add them to their collections.
Learn about the history of Morgan Silver Coins, some of its salient characteristics, and coin grading guidelines here.
What Is The 1884 Morgan Silver Dollar?
One of the dollar coins that the United States of America minted in 1878 is this one. It was produced in 1878 and put to use until 1904, then used in 1921 for an entire year. In 2021, the dollar coin was also made as a reserve currency. The Morgan Dollar got its name from George Morgan, the coin sculptor.
History Of Its Design
Before the 1873 Coinage Act was passed, silver owners were free to collect as much silver as they wanted and deliver it to mints for printing into legal tender. Due to this, an excessive amount of silver dollars were produced and circulated in the market.
As inflation grew, the silver dollar eventually lost value. To stop the free coinage of silver and demonetize silver bullion, the 1873 Coinage Act was passed. Therefore, in 1876, the mint director set out on a mission to redesign every silver coin in circulation in the nation.
To assist in developing and carrying out the new minting plans, the mint director started looking for talented sculptors. The Philadelphia mint then decided to use George Morgan as an assistant engraver to work on the project.
The engravings created by Morgan were superior to those made by the Philadelphia Mint’s chief engraver. He produced the first usable strike at the Philadelphia mint in 1878 and was shown to the president, the treasury secretary, and the mint director.
The iconic dollar was created to symbolize America’s quick industrialization and growth at the end of the 19th century.
Features Of The 1884 Morgan Silver Dollar
One of the most well-known dollar coins ever made is the artistic creation of George Morgan. This is due to the coin’s stunning impression, high silver content, and substantial size. The following are some features unique to the silver dollar:
The 1884 silver dollar weighs 26.73 grams and has a diameter of 38.1 millimeters (1.5 inches). Its entire surf has a reeded edge, just like other dollar coins.
One ounce of pure silver from the Comstock Lode silver deposits makes up each Morgan Dollar. It contains 10% copper and 90% silver. The silver medal is 0.858 troy ounces or so in weight.
The 1884 dollar has many distinctive mintmarks that make up its composition. You can find the mint mark above the lower rim on the coin’s reverse side. The primary mintmarks are ‘S’ (San Francisco Mint), ‘D’ (Denver Mint), and ‘O’ (New Orleans Mint) (New Orleans Mint). The silver dollar minted in 1921 is the only coin to bear the ‘D’ mint mark, though. All Morgan dollars without a mintmark were produced in Philadelphia. This is known as a “Plain” and is indicated by the letter “P.”
The obverse of the famous 1884 coin also shows liberty, much like the Peace Silver coin, which features the Liberty Statue. Miss Liberty appears with a crown that says “LIBERTY” and a cap on her head.
Thirteen stars surround the portrait on the back of her neck and lower front face, which is exquisitely adorned. E Pluribus Unum is inscribed above her head, and this Greek word means “one from many.”
In 1776, it was the first moto put forth as the great seal of America. The quote is a crucial indicator of America’s capacity to unite its various states into a single nation. The date of issuance of the coin is displayed below Miss Liberty’s neck.
The American bald eagle with its wings spread is depicted in reverse. The eagle carries a pair of arrows that represent the nation’s military might. However, an olive branch held in the claws also represents the lasting peace that follows a conflict. The eagle is encircled by a wreath as well.
The 1884 dollar also features the words “UNITED STATES OF AMERICA” along the rim at the top of the coin. Another inscription that reads “In God We Trust” is below it and is written in striking calligraphy.
The silver coin’s face clearly states “ONE DOLLAR,” and a small mintmark can be seen directly above it.
Value Of The 1884 Silver Dollar
The 1884 silver dollar coin is valuable as both a coin and a silver bullion. However, its value is steadily rising due to rising demand, collection demand, and bullion prices. The standard price at the moment is $22. Morgan’s silver coin has the denomination of $1 written on it at face value.
Following are some additional valuation methods:
The Melt Value
The current spot price of silver is used to estimate the coin’s melt value. Each ounce of silver is valued at $23.56 at the spot price. As a result, the 1884 Morgan coin has a melt value of $18.23. According to coin collectors and experts, it is worth the same as its silver weight.
A Dollar Without Mint Mark
A Morgan dollar in fine condition without a mintmark is worth $30. In a very fine condition, a dollar equivalent without the mint is worth $33. A dollar in uncirculated MS 60 grade costs $55, while a dollar in uncirculated 65 grade is worth $260.
The CC Silver Dollar
The Carson City Mint produced the CC Dollar in 1884. When very fine and extremely fine, it is worth $ 155 and $ 160, respectively. Uncirculated dollars in grades 60 and 65 cost $265 and $365, respectively.
The O Silver Dollar
New Orleans was the location of the 1884 O Silver coinage. 1884 O silver coin in fine condition costs 32 dollars, while an extremely fine condition costs 85 dollars. Uncirculated O Silver coins are even more valuable, with MS 60 grade coins costing between $7,500 and $225,00.
1884 Morgan Silver Dollars Price Chart
What Determines the Value of the 1884 Silver Dollar?
How valuable is your 1848 Silver coin? Well, this is a question that frequently crosses coin collectors’ minds. Several factors influence the coin’s value assigned by coin dealers and grading companies. The most typical ones are:
The cities that produced the 1884 silver dollars were New Orleans, Philadelphia, Carson City, and San Francisco. You can Identify the various mints using the mintmark on the reverse.
Between the word “DOLLAR” and the ribbon holding the wreath, a small letter serves as the mark near the bottom rim. For instance, the ‘CC’ mintmark is a rare gem because Carson City only made a small number of coins.
Your coin’s general condition is critical in determining its value. A valuable silver coin is kept in good condition, showing no apparent signs of wear or damage to its essential details. For instance, a silver dollar from 1884 that has never been circulated is precious because it looks authentic.
The short minting period for Morgan Silver Dollars distinguishes them from other iconic currencies. Toward the end of the 1800s, this only lasted for a short time. Worst of all, America’s silver reserves were largely exploited and depleted during the First World War. Since there is currently a limited supply of Morgan coins, investing in the market is always a good idea.