Authorized by the Bland-Allison Act, the Morgan Dollar silver coins were launced in the United States in 1878. For reasons of economy, the Treasury chose to strike the silver as dollars.
As there was a huge demand for the coin, it was continuously minted until 1904, when there was a scarcity of silver bullion. Thereafter, the coin could be minted only one more year in 1921.
This followed the Pittman Act of 1918, which called for melting of coins for silver content.
In 1921, the coinage of the Morgan Dollar resumed for that year and was replaced by the Peace Dollar commemorative. Since 1921, many Morgan Dollars have been melted. Melting has mostly occurred when silver prices escalated because these dollars yield silver bullion.
When the Morgan Dollar silver coin was launched in 1878, it was the first dollar issued for American commercial use since the last Seated Liberty Dollar of 1873.
Morgan Dollar silver coin has a fineness of .900, giving a total silver content of 0.77344 troy ounces (24.057 grams) per coin. The coin is named after its designer, George T. Morgan, who designed the obverse and reverse of the coin.
Many of these dollars were uncirculated and are called GSAs (named after the General Services Administration) and come in black plastic holders that mimic the holders used for proof silver Eisenhower dollars of the period. These coins have become collectible items within the GSA encapsulation.
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