In the late 1850’s one of the biggest silver strikes in the world was discovered in Nevada. Because the amount of silver that was available after the strike drove the price of silver down worldwide, the U.S. government bought up large amounts of the silver and minted it into silver dollars, which were named after George T. Morgan, their designer. Thus the Morgan dollar was born. This silver dollar bears an eagle on the reverse and a picture of Lady Liberty on the obverse.
These days, the Morgan dollar is fairly rare, and it was only minted for twenty-seven years. Since these coins aren’t in circulation anymore, collectors are very interested in them. Investing in a Morgan dollar can be a good way to start out a collection of rare coins or to begin investing in coins, which is one way to really get a good return on your money.
After the coins had been circulating for a while, many of them were melted for their silver content, which makes sense because they are all around 90% silver and are considered very pure. Each time the price of silver has risen since the Morgan dollar stopped being minted, many of the coins have been melted to become silver bullion, which was more valuable at the time.
Morgan dollars that are held in General Services Administration capsules are considered collectible items, although any Morgan dollar could become a prized possession. Some of the coins were never even circulated, and these particularly rare specimens are worth even more.
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