By CoinWeek ….
On Sunday, March 1, bidding ends on GreatCollections.com for this 1879-O Morgan silver dollar, graded MS-66+ by PCGS and accepted by CAC
In solely the second yr of the sequence’ manufacturing, 1879 noticed 2.887 million Morgans struck at New Orleans. However enterprise strike silver {dollars} from the New Orleans Mint had been weakly struck and don’t normally come good. This ensures that when a top-pop instance–PCGS has graded seven 1879-Os at 66+ with none larger–hits the market, it generates pleasure amongst collectors of the perennially standard sequence.
Public sale data for the final 5 years embody one instance from final month when a PCGS MS-66+ 1879-O Morgan greenback offered for $18,600 USD. On the winter FUN present two years earlier, one other specimen offered for $21,600. And in June 2015, an instance offered for $29,375.
If you wish to examine GreatCollections for gross sales of the 1879-O Morgan-or every other coin, for that matter–be sure you take a look at the GreatCollections Auction Archives, with data for over 600,000 licensed cash the corporate has offered over the previous seven years.
On the time of writing, the excessive bid on the present instance is $5,253.69 after 17 bids.
Historical past of the Morgan Greenback
The Morgan silver greenback was minted between 1878 and 1904, after which as soon as extra in 1921. It was the primary commonplace silver greenback to be struck after the Seated Liberty greenback ceased manufacturing as a result of Coinage Act of 1873 and the top of the free coining of silver.
The Morgan greenback will get its identify from United States Mint engraver George T. Morgan, who designed the greenback coin in competitors with then-Chief Engraver William Barber. Opposite to acquired numismatic knowledge, the 2 males had a cordial skilled relationship.
The brand new greenback was approved by the Bland–Allison Act. The hassle by mining pursuits to foyer for the restoration of “free silver” began virtually instantly as soon as the 1873 coinage act was handed. 5 years later, as an alternative of requiring the Mint to simply accept all silver introduced to it and return it within the type of coinage, the Bland–Allison Act required the Treasury to buy between two and 4 million {dollars}’ value of silver at market worth to be coined into {dollars} every month.
In 1890, the Bland–Allison Act was repealed by the Sherman Silver Buy Act, which required the Treasury to buy 4,500,000 troy ounces (140,000 kg) of silver every month, however mandated additional silver greenback manufacturing for just one extra yr. This legislation was repealed in 1893.
At all times a preferred coin with American collectors, the discharge of tens of millions of Morgan {dollars} from Treasury Division vaults within the 1960s and ’70s radically reshaped what we knew concerning the situation and survival charges of those cash. And, as talked about above, Morgan silver {dollars} struck in New Orleans tended to have a weak strike and see extra put on than different department mint cash. This was a truth by way of the whole run of the sequence – a proven fact that the Treasury’s GSA Hoard releases solely bolstered.
Design of the Morgan Greenback
The obverse reveals the left-facing Liberty Head motif seen on all problems with this basic greenback sequence. The central Liberty bust wears a Phrygian cap encircled with a ribbon adorned with the inscription LIBERTY. Miss Liberty additionally wears a crown of wheat and cotton, which had been two of the nation’s most profitable pure agricultural property within the 19th century.
The phrase E PLURIBUS UNUM is inscribed alongside the higher half of the obverse rim, and the date 1899 is centered on the backside of the obverse adjoining to the rim. Seven stars seem between the left aspect of the date and the inscription E PLURIBUS UNUM, whereas six stars fill the hole between the date and motto on the decrease proper aspect of the coin. In complete, the 13 stars characterize the 13 colonies that mixed to kind the unique Union of the USA. On the base of Liberty’s neck is the “M” monogram representing Morgan’s preliminary.
Morgan designed the Liberty head bust after the likeness of Anna Willess Williams, a Philadelphia schoolteacher who modeled for the coin. Williams acquired important public recognition after her face appeared on the Morgan greenback however she rejected it, refusing presents for performing roles and apparently marriage following her engagement to an unknown suitor.
The reverse is dominated by a heraldic eagle, influenced by Italian Renaissance designs, its wings unfold throughout the higher half of the coin. Between the higher suggestions of the eagle’s wings seems the motto IN GOD WE TRUST. The eagle clutches an olive department in its proper claw representing peace and in its left claw are three arrows symbolizing the nation’s skill to defend itself. The central eagle design is partly encircled by a laurel wreath. The “O” mint mark is true beneath the ribbon that ties the 2 halves of the wreath collectively.
Alongside the rim of the higher two-thirds of the reverse is the legend UNITED STATES OF AMERICA, with the tip of the eagle’s left wings, which just about contact the coin’s rim, penetrating the area between UNITED and STATES; the fitting wing visually divides the phrases OF and AMERICA. The phrases ONE DOLLAR, seen on the backside middle of the reverse, are flanked by a single, six-sided star on both aspect of the denomination inscription.
The sting is reeded.
