The Morgan silver dollar is one of the most sought after American coins. It’s popular with not only coin collectors, but historians, too. The silver used to produce these coins was mined from the famous Comstock Lode in Nevada, and their association with the Old West is at the heart of their historical appeal.
The first Morgan silver dollars were minted in Carson City in 1878. At the time, the US was transforming from an agricultural to an urban, industrialized society. This period of history, known as the "dawn of the Gilded Age", was marked by rapid technological advancements, the expansion of railroads, improved communications and the explosion of manufacturing centers.
The Bland-Allison Act was passed in 1878 in response to the huge amount of silver that flooded the market as the Comstock Lode was mined. Silver prices declined world-wide as a result of the Comstock Lode. Wealthy silver mining companies were responsible for the legislation, and it represents the power held by those who were amassing fortunes in this age.
As a result of the Bland-Allison Act, the government was required to purchase massive quantities of silver and strike it as coins. The move was aimed at stabilizing silver at an artificially high price. The coins continued to be minted until 1904.
Over the decades, Morgan Dollars were melted at times when silver prices escalated. More than 207 million were melted in 1918 in accordance with the Pittman Act. Today, the value of common date and lower grade Morgan dollars primarily remains tied to the price of silver bullion. Some rare varieties and uncirculated coins however are extremely valuable.