![]() ![]() ![]() Trade dollars initially held legal tender status, but it was revoked in 1876 to prevent bullion producers from making a profit by coining silver into trade dollars when the value of the metal was low. Under the act, bullion producers were allowed to bring bullion to the mints in order to be cast into bars or coined into the newly authorized trade dollars for a small fee. The act ended production of the standard silver dollar (then the Seated Liberty dollar, as designed by Christian Gobrecht) and provided for mintage of a silver trade dollar, which was intended to compete with Mexican dollars for use in the Orient. With such a system in place, bullion producers could have silver coined into dollars when the intrinsic value of a silver dollar was lower than the face value, thus making a profit, flooding the money supply and causing inflation. Prior to enactment of the Coinage Act, silver could be brought to the mints and coined into legal tender for a small fee. In 1873, Congress enacted the Fourth Coinage Act, which effectively ended the bimetallic standard in the United States by demonetizing silver bullion. ![]() Allison added amendments to the bill in the Senate The US Mint began striking Morgan Dollars again in 2021, initially as a commemorative to celebrate the 100th anniversary of the conclusion of the design's final usage, then as an annual release starting in 2023. In 2006, Morgan's reverse design was used on a silver dollar issued to commemorate the old San Francisco Mint building. Beginning in the 1970s, the Treasury conducted a sale of silver dollars minted at the Carson City Mint through the General Services Administration. Individuals began purchasing large quantities of the pieces at face value and then removed them from circulation through hoarding, and eventually the Treasury ceased exchanging silver certificates for silver coin. In the early 1960s, a large quantity of uncirculated Morgan dollars in their original bags were discovered in the Treasury vaults, including issues once thought rare. The design was replaced by the Peace dollar later the same year. Pursuant to the act, Morgan dollars resumed mintage for one year in 1921. The Pittman Act, passed in 1918, authorized the melting and recoining of millions of silver dollars. When those silver reserves were depleted in 1904, the Mint ceased to strike the Morgan dollar. In 1898, Congress approved a bill that required all remaining bullion purchased under the Sherman Silver Purchase Act to be coined into silver dollars. ![]() This act, once again, was repealed in 1893. In 1890, the Bland–Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to purchase 4,500,000 troy ounces (140,000 kg) of silver each month, but only required further silver dollar production for one year. Instead, the Bland–Allison Act was passed, which required the Treasury to purchase between two and four million dollars' worth of silver at market value to be coined into dollars each month. Following the passage of the 1873 act, mining interests lobbied to restore free silver, which would require the Mint to accept all silver presented to it and return it, struck into coin. The dollar was authorized by the Bland–Allison Act. The mint mark, if present, appears on the reverse above between D and O in "Dollar". The obverse depicts a profile portrait representing Liberty, modeled by Anna Willess Williams, while the reverse depicts an eagle with wings outstretched. The coin is named after its designer, United States Mint Assistant Engraver George T. It contained 412.5 Troy grains of 90% pure silver (or 371.25 Troy grains = 24.057 g 0.7734 ozt of pure silver). It was the first standard silver dollar minted since the passage of the Coinage Act of 1873, which ended the free coining of silver and the production of the previous design, the Seated Liberty dollar. The Morgan dollar is a United States dollar coin minted from 1878 to 1904, in 1921, and beginning again in 2021 as a collectible. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |