Coin History of the US Dollar
The coin history of the silver dollar.
History of the US dollar is that it was produced in silver in the United States from 1794 until 1935.
The first design in the coin history of the US dollar was the Flowing Hair design produced from 1794 to 1795.
Next in the history of the US dollar was the Draped Bust design with a small eagle on the reverse produced from 1795 –1798.
Next in the coin history of the US dollar came the Draped Bust design with the Heraldic Eagle on the reverse produced from 1798-1803.
Next in the coin history was the Gobrecht Design showing the first seated liberty produced from 1836-1839.
That led to the Liberty Seated Silver Dollar produced from 1840-1873.
Next in the history of the US dollar came the worldly silver Trade Dollar minted from 1873-1885.
Then in coin history the well know and popular Morgan silver dollar was first produced in 1978 and lasted until 1921.
In the history of the US dollar next was the first Peace Dollar, made to celibraty the end of the first world war, was minted in 1921until 1935 when all production of the silver dollar was halted.
Silver Dollars were again produced from 1971 on but they were not made of the same 90% silver content.
Collecting silver dollars will help any investment grow, as the silver dollar is probably the most popular American coin. Coins like these are regularly discovered in estates were they have been passed along from grandparents to their children.
Silver coins are usually available in magazines, on TV and on the Internet.
They are mostly affordable to coin collectors and have become tremendously collectible because of the coin history.
There are large numbers of silver dollars that are quite common, because the US mints had kept bags of them in their vaults and they were hoarded by banks and collectors alike. This has made available large amounts of certain coins in uncirculated and pristine condition.
The US government has a policy that the different mints must melt down old coins to use to produce new ones. In fact from 1904 until 1921 the US government stopped the production of all silver dollars and had almost 350 million of them melted down without ever being circulated. This has made the availability of some dates and mint-marks very hard to find while others are extremely easy. Along the way may more millions of silver coins were melted down as the value of silver went up.
Even though the coin history of the American silver dollar goes back until 1794 when it was first minted, most people have or are interested the Morgan and Peace silver dollar coins from 1878 to 1935.
This is the Morgan or Liberty Head silver dollar and the Peace silver dollar.
The history of the US dollar that was in production from 1878-1921 is that it was designed by George T. Morgan and has been name after him. The peace Silver dollar, name after the end of the first world war, was produced from 1921 until 1935 and designed by Anthony de Francisci.
The Morgan silver dollar has quit a coin history as in is often associated with the Wild West and the early frontier days and was used in circulation until well into the 1970 were it was commonly used in slot machines in Nevada.
Robert Scot prepared the Flowing Hair silver dollar. This coin was named because of the way the hair flows behind Lady Liberty. All 1,758 of the 1794 coins were made from one set of dies, on a press that was only made for smaller copper coins.
None of the 1794 silver dollars were ever released for circulation.
Today the value for an uncirculated 1794 silver coin is in excess of $ 750,000.00. Only 160,295 coins were made in 1795, which is why very few exist today.
Gilbert Stuart designed the Draped Bust silver dollar and he is reported to have used Mrs. William Bingham as the model for Lady Liberty. This coin received its name from the way in Stuart showed Liberty as a full figured women with her covered bust.
Draped Bust coins were produced from 1795 –1798 with the small eagle. It was replace with the Heraldic Eagle, in 1798, which Stuart designed after the Great Seal of the United States. The coin remained this way until it’s production ended in 1803.
The next design by Thomas Sully and Titian Peale was the Gorecht Design named after the engraver Christian Gorecht who inscribed it C. GORECHT F. He used a flying eagle on the reverse with a Seated Liberty on the obverse. This design was used from 1836-1939. These coins are very few in number and are worth more than $ 11,500.00 in very fine (average) circulated condition and many re-strikes or mules have been made but few are in used condition.
In 1840 the eagle on the reverse was changed to a modified John Reich eagle. This became known as the Seated Liberty silver dollar and was used until 1891. In 1876, due to the collapse of the price of silver, which made the seated liberty coins worth only $.80, the government took away the legal status of the seated liberty silver dollar because people had stopped accepting them as payment.
In 1873 the history of the US dollar took a turn for the worse in that traders overseas found that their Seated Liberty silver dollars were unacceptable because they were underweight. This forced them to use the Mexican peso as payment.
The coin history of the silver dollar was changed by a government Act of February 12, 1873 which allowed a new and heavier silver coin to be produced, which was primarily used in China and other oversea countries. This coin then became known as the Trade Dollar and because of its success overseas was used at home but became a disaster there.
The history of the US dollar was again changed in 1876 when the government took away the legal status of the Trade dollar and again made the Seated Liberty legal tender but the Trade Dollar was still used overseas.
A new silver dollar was produced in the coin history in 1878 and designed by George T. Morgan. This coin had the Liberty Head design on the obverse and the Eagle on the reverse. The coin was named the Morgan silver dollar after the designer George Morgan. This coin was produced each year in the various mints until 1904 when the demand was low and the supply of silver became exhausted.
In 1918 coin’s history was changed by the Pittman Act authorized the melting of 350 million silver dollars, of which some were made into smaller coins but the bulk of it (259,121,554) was sold to Great Britain but ended up being shipped to India. Finally in 1921 the Morgan Dollar was again produced but only for that year.
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