According to U.S. Mint records, there were 12,000 circulation fall upon Morgan silver dollars struck for 1895, and 880 Proof specimens struck. however, research has accounted for 750 to 800 of the 1895 Morgans, all of them, Proofs. What baffles the experts is, where did 12,000 plus coins go ?
Numismatic scholars do not agree with each other on how or why the 12,000 circulation mint specimens of the 1895 Morgan silver dollar have vanished. Most scholars believe that the Mint never produced the coins in the first locate and that this notation in the Mint account ledgers is an error. Some believe that the coins were minted, but as the Treasury Department melted hundreds of millions of coins throughout the years, some believe that the 12,000 unaccounted-for 1895 coins were melted. Another theory proposes that the coins were lost at ocean in a shipwreck. Which theory is correct, we will never know. But we do know that this is the rare of all Morgan dollars .
The Morgan Dollar is alleged because George T. Morgan designed it. When it first came out, it was an unpopular coin frequently derided as the “ Buzzard dollar ” because of the determine of the eagle ‘s read/write head and its scraggy appearance. The coin was besides derisively called a “ cartwheel ” for its big size and system of weights. The proper numismatic term for the mint type is the “ Liberty Head ” flatware dollar .
As time progressed, these argent dollars were chiefly found out West. by and large they were used in gambling casinos in Nevada. Additionally, many specimens could be found on the West Coast. Since it was indeed geographically distant from the East Coast and people did not trust composition money. Silver and gold ruled the day with eloquent dollars being the workhorse of the western economy.
Although the Morgan Dollar was n’t very popular when it first gear came knocked out, we know today that it is one of the most popular coin types in the stallion U.S. neologism serial. This is simply because the United States Mint made about a billion Morgan flatware dollars between 1878 and 1921. In February of 1878, a law called the Bland-Allison Act was passed by Congress requiring the Treasury to buy between two and four million troy ounces of flatware per month. The Treasury had to do something with all this argent, so it had the Mint produce the Liberty Head, or Morgan, silver dollars .
The Treasury was forced to buy this incredible sum of flatware, all of which was flowing out of the Comstock Lode in Nevada, because of a group of silver mine owners who had formed a lobby group. Led by Congressman Richard “ Silver Dick ” Bland, the eloquent lobby was able to influence the legislation that made the U.S. Treasury its biggest customer.
Millions of Morgan silver dollars sat in government vaults for many decades, languishing in obscureness. There were distillery plenty of Morgans to go around since they only circulated in a few small areas. sometime around 1960, certain mint dealers became aware that the Treasury Department was swapping Morgan Dollars that were more than 80 years honest-to-god, on a dollar for dollar basis, in exchange for silver certificates. many of the dealers were just after the argent bullion at lower-than-market price, but others realized the potential collector value of these 60 to 80-year-old mint country argent dollars. Tens of millions of Morgans were bought at font respect until 1964 when the Treasury shut down the argent certificate exchange platform .
The Treasury had about 2.9 million Morgans left in 1964, by and large barely Carson City specimens, which the GSA put up for public sale via mail-bid auctions starting in 1972. By 1980, as the supplies dwindled, the public finally became interested in collecting the beautiful Morgan Dollar. The real feed craze came when an amazing roll up of more than 400,000 Morgans was found in the basement of Nevada miser LaVere Redfield after his death in 1975 .
The Redfield hoard got a lot of publicity, and as the U.S. population had become a lot more companion with the measure of ash grey coins in the years following the transfer from ash grey neologism to clad coinage. The publication of the “ Comprehensive Catalog and Encyclopedia of Peace and Morgan Silver Dollars ” by Leroy Van Allen and George Mallis, besides known as the VAM book, besides spurred meaning collector concern in Morgan silver dollars .
Die Varieties and Rare Coins
The VAM book boosted the values of Morgan dollars into the big fourth dimension. This ledger lists all of the known die varieties of the Morgan dollar series and spur collectors to examine their coins more close for detail. Coins that were previously valued based on a given class ‘s sleep together mintage of a certain phone number of specimens now had sub-categories of specimens for that class based on die varieties. These sub-categories were naturally more scarce than merely any coin from that class, so collectors who might previously have been satisfied with one specimen from each year and mint now had to have several from each year to complete the “ typeset. ”
Read more: ANCIENT COIN JEWELRY
Out of all the unlike dates and mintmark combinations, the 1895 no mint commemorate is the rare of them all. Given that there are no business strike specimens known to exist, a Proof specimen will have to be obtained to complete your collection of Morgan silver dollars. Some of the Proof specimens have been circulated, normally by accident because the Mint did n’t constantly package them then nicely as they do today, but no occupation strickle model of the 1895 Morgan Silver Dollar has always been found .
Edited by : James Bucki