The Morgan Dollar was a United States dollar coin printed from 1878 to 1904, and again in 1921. It was the first standard silver dollar that was printed since the previous design production, Sitty Liberty dollar, stopped because of the passage of the Coinage Act of the year 1873, which also ended the free silver coining. This coin is named after its designer, US Mint Assistant, Engraver George T. Morgan. The front portrays a portrait profile representing Liberty, while instead depicting an eagle with outstretched wings.
Dollars are authorized by the Bland-Allison Act. Following the passage of action in 1873, mining interests lobbied to restore free silver, which would require the Mint to accept all the silver presented to him and return it, beaten into coins. Instead, the Bland-Allison Act was passed, which requires the Treasury to buy between two and four million dollars of silver with market value to be triggered into dollars every month. In 1890, the Bland-Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to buy 4,500,000 troy ounces (140,000 kg) of silver every month, but it only required further silver dollar production for one year. This action, once again, was repealed in 1893.
In 1898, the Congress approved a bill requiring that all remaining stacks purchased under the Sherman Silver Purchase Act would be triggered into a silver dollar. When the silver reserve was discharged in 1904, Mint stopped attacking the Morgan dollar. The Pittman Act, passed in 1918, officially melts and recoining millions of dollars of silver. Under the law, the Morgan dollar was again a mosaic for a year in 1921. Its design was replaced by the dollar of Peace in the same year.
In the early 1960s, large amounts of Morgan dollars that were not circulated in their original bags were found in the Treasury repository, including issues that were previously considered rare. People started buying large amounts at face value, and finally the Treasury stopped redeeming silver certificates for silver coins. Beginning in the 1970s, the Treasury sold silver dollar dollars printed at Carson City Mint through the Public Service Administration. In 2006, Morgan's reverse design was used on silver dollars issued to commemorate the old San Francisco Mint building.
Video Morgan dollar
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In 1873, Congress enacted the Fourth Coinage Act, effectively ending bimetallic standards in the United States by demonetizing silver bullion. Before the enactment of the Coinage Act, silver can be brought to candy and put into legal tender for a small fee. With such a system in place, bullion producers can have silver created into dollars when the intrinsic dollar value of silver is lower than its face value, resulting in profits, flooding the money supply and causing inflation. The action terminates the production of standard silver dollars (then the Liberty Seated dollar, as designed by Christian Gobrecht) and is reserved for mintage silver trade dollars, intended to compete with Mexican dollars for use in the East. Under the law, bullion producers are allowed to bring gold bars into candy to be put in bars or incubated into official new trade dollars at little cost. Dollar trading initially held legal tender status, but was repealed in 1876 to prevent bullion producers from making profits by uniting silver into trading dollars when the value of the metal was low. Restrictions on free coins arranged in the Coinage Act initially encountered little resistance from mining interests until silver prices declined rapidly due to increased mining in the western United States. The protests also came from bankers, producers and farmers, who felt an increase in money supply would have a positive impact. Groups were formed that demanded free (or "free silver") silver currency to inflate dollars after Panic of 1873.
Beginning in 1876, several bills were introduced at the House of Representatives in an effort to continue the free silver coins. One bill introduced to Parliament by Democratic Representative Richard P. Bland of Missouri was passed in the autumn of 1876. Republican Sen. William B. Allison of Iowa added an important amendment to the bill in the Senate. House Bill allows Free Silver; one of Allison's amendments to that provision. This same amendment allows the issuance of silver certificates for the first time in US history. The bill was vetoed by President Rutherford B. Hayes. The presidential veto was imposed on February 28, 1878. What came to be known as the Bland-Allison Act required the purchase of Treasury between two and four million dollars of silver per month, which would be triggered into silver dollars in the gold/silver value ratio of 16: 1, which means an ounce of gold will be priced equal to sixteen ounces of silver.
Maps Morgan dollar
Design history
In 1876, Mint Director Henry Linderman started an effort to redesign the nation's silver coins. Linderman contacted C.W. Fremantle, the Vice-Master of the Royal Mint in London, asked him to "find a first-rate depositor who would be willing to take the Assistant Engraver position at Mint in Philadelphia." In response to Linderman's request, Fremantle wrote, "My question about a Craftsman Assistant strongly leads me to recommend George Morgan's 30-year post, which has made itself a great name, but for whom there is not much opening in attendance in this country." between Linderman and Morgan for the engraver to work at the Philadelphia Mint under Chief Engraver William Barber on the basis of a six-month trial.
Morgan arrived in Philadelphia on October 9, 1876. The earliest coins he designed during his tenure at the Philadelphia Mint were for half a dollar. In 1876, Morgan enrolled as a student at the Pennsylvania Academy of Fine Arts to prepare to create a new Liberty head design. Morgan also obtained a study of the nature of the bald eagle for the preparation of the reverse design. For Liberty's representation, Morgan seeks to portray an American woman rather than the usual Greek-style figures. Morgan's friend, artist Thomas Eakins, suggested he use Anna Willess Williams from Philadelphia as a model. In total, Morgan has five sittings with Williams; he states that his profile is the most perfect he has ever seen.
On October 18, 1877, Linderman asked the Superintendent of the Philadelphia Mint James Pollock to "instruct Mr. Morgan to prepare without delay, dying for silver dollars, designs, inscriptions, and arrangements to be the same as a closed impression for Half Dollar and numbered '2' one dollar 'instead of' half dollar '". Linderman also ordered Pollock to "instruct Mr. Barber to prepare a reverse die for a dollar with a representation of the eagle and inscription required by law.He would choose anywhere from the Heads of Liberty that he liked for the same front." Linderman is clear prefers the Morgan designs as compared to the Chief Engravers; he wrote Pollock on February 21, 1878, "I must now declare for your information, that it is my intention, in case the silver bill is now pending in Congress, becomes law, to seek approval by the Minister of Finance, from the dies prepared by Mr. Morgan. "
Production
The production of coins did not begin until March 11, more than a week after the passing of the Bland-Allison Act. The first acceptable strike, after adjustment for the press, was created at 3:17. At the Philadelphia Mint. This discount is given to President Hayes; the second and third was given to the Minister of Finance John Sherman and Mint Director Henry Linderman.
Linderman wants to involve western candies San Francisco and Carson City in production to help achieve the required monthly quota under the Bland-Allison Act. The pressure was so great in Philadelphia Mint that it stopped production of all the other coins and started operating overtime. However, the use of western candies is delayed, as all dies are prepared in Philadelphia Mint, and it is believed that Western mints do not have the proper equipment to prepare for death to use. During the second week of production, Linderman pointed to what he described as "mild imperfection" in dying for the dollar. The reason for the change was to reduce the design relief and to change the number of tail feathers on eagles from eight to seven; this was done because all previous US coins depicted bald eagles had an odd number of tail feathers. The high reliefs have caused death to have a shorter life. Dies were finally sent to Western candies, arriving in San Francisco and Carson City on April 16, 1878. The New Orleans Mint began attacking the new silver dollar in 1879.
The Denver Mint, founded in 1906, struck coins only for one year, in 1921. The mint mark appears on the coin does not exist, representing Philadelphia, " CC " for Carson City, " S "for San Francisco," O "for New Orleans and" D "for Denver. In order to comply with the Coinage Act of 1837, Morgan dollar contains ninety percent silver and ten percent copper, measured 38.1 millimeters (1.50 in) in diameter and weighed 412.5 grains (26.73 g).
Sherman Silver Purchase Act, Panic of 1893
Mintage dollar Morgan remained relatively stable until the passage of the Sherman Silver Purchase Act on July 14, 1890. The action written by Ohio senator and former Treasury Secretary John Sherman, forced the Treasury to increase the amount of silver purchased to 4,500,000 troy ounces (140,000 kg ) each month. Proponents of action believe that an increase in the amount of silver purchased will result in inflation, helping to alleviate the nation's farmers. This action also gets support from mining interests because such large purchases will cause silver prices to rise and increase their profits. Although the Act requires a large purchase of unlimited silver, it provides that the Mint should coin 2 million silver dollars each month only until 1891. Since the Treasury already has a silver dollar surplus, the dollar printed sharply down starting in 1892. Silver is left after the printer dollar money is used to print pennies, a quarter and a half dollars.
Beginning in early 1893, a number of industrial companies, including Philadelphia and Reading Railroad and National Cordage Company, went bankrupt. The resulting bank runs and failures become known as Panic of 1893. In June of that year, President Grover Cleveland, who believed that Panic was caused by inflation generated by the Sherman Silver Purchase Act, called a special session of Congress in order to revoke it. The act was repealed on November 1, 1893. On June 13, 1898, Congress ordered the coining of all the remaining bars purchased under the Sherman Silver Purchase Act into silver dollars. The production of silver dollars rose again, until the bullion ran out in 1904, when it stopped.
Pittman Act
The German government started a propaganda campaign during World War I to discredit the United Kingdom's currency in India. The Germans assured the Indians that the UK banknotes in that country could not be exchanged for silver. This leads to a silver supply in the UK. In response, US Democratic Senator Key Pittman of Nevada introduced legislation in 1918 aimed at offering financial aid to the British government. The bill, adopted on April 22, 1918, states that "the sale of gold bullion under the authority of this act can be made for the purpose of conserving the existing gold stock in the United States, providing silver for the currency of a subsidiary and for commercial use, and assisting foreign governments in war with the enemy of the United States ". The Pittman Act authorizes the US to release up to 350,000,000 silver dollars, and this begins soon after the Act section. The US finally melted a total of 270,232,722 silver dollars. Of that amount, 259,121,554 were sold to the United Kingdom at a cost of one dollar per troy ounce.
The US scored only Morgan dollars again during 1921, the only year in which the Morgan dollar was hit in Denver mint. Since the Treasury had destroyed the obsolete Morgan dollar that died in 1910, Morgan had to create an entirely new master. Another provision of the Pittman Act allows the United States to provide replacement coins for every melted silver dollar. During the same year, the Peace dollar was first issued to commemorate the end of World War I. The Peace Dollar should have been printed to replace the Morgan dollar under the terms of the Pittman Act but without congressional authorization, despite the fact that the Act does not describe the design of coins. Changes in the design were actually allowed under Congressional action in 1890, stating:
But no change in the design or death of any coins must be made more than once in twenty-five years from and including the year of first adoption of the design, model, die, or hub for the same coin:
Provided , There is no change in any coin diameter:
And further provided , That nothing in this section will prevent the adoption of new designs or models for authorized devices or symbols for the standard silver dollars and nickels five cents as soon as practicable after that part of this action.
Carson City Mint Morgan dollars
Until 1964, US citizens were able to exchange paper money known as silver certificates for silver dollars in the US Treasury mint upon request. In 1962, an individual traded a silver certificate and received a rare and valuable Morgan dollar instead. The coin was from a bag of silver dollars in the Philadelphia Mint vault. This incident sparked great interest, and between November 1962 and March 1964, millions of dollars of Morgan and Peace were sold to the general public. The request to exchange silver certificates for silver dollars is so great that lines form outside the Financial Building in Washington, D.C. Some people in line pushing wheelbarrows. The US Treasury found the previously unknown Carson City dollar mint bag in its safe containing a little over 2.8 million dollars of silver in the Carson City in the Treasury safe. Financial officials decided to hold them because the number of coins printed in Carson City mint was generally lower than the others.
On May 12, 1969, the Joint Commission on Coinage held a meeting to determine the best way to sell dollars printed by Carson City that was previously held back by Treasury officials. They recommend selling mail offerings. Legislation adopted on December 31, 1970 directed the Ministry of Finance to transfer silver dollars to the Public Service Administrator who was responsible for marketing and selling coins. The law also states that all proceeds from the sale must be "included in the Treasury as miscellaneous receipts." Congress provides the Public Service Administration with $ 10 million to market dollar coins. Advertising consists of posters and brochures that are distributed to post offices, banks and financial institutions, as well as television documentaries. The coins are sorted and placed in a small plastic display box. GSA made a total of seven mail sales offers between 1972 and 1980. In total, sales generated $ 107 million in revenue.
San Francisco warning dollar
On June 15, 2006, approved legislation provided for printing silver dollars and five-dollar gold coins in a "warning from the Old Mint in San Francisco," at an additional cost to be given to the San Francisco Museum and the Historical Society in an effort to rehabilitate the Old Mint. In total, 100,000 gold and 500,000 silver commemorative coins were passed. Authorizations come by order of some hobby publications, which ask readers to contact their local congressman and persuade them to pass the necessary legislation. The approved design for silver dollars bear the left frontal view of the Old Mint building and a copy of the Morgan eagle design on the front and back, respectively. Mint artist Joseph Menna created a new model for the reverse, using the San Francisco dollar printed in 1904 as his model.
Mosaic numbers
Dollars are produced annually between 1878 and 1904 with a total of 4 different candies. Every mint, with the exception of Philadelphia, has its own mint mark. In 1921 production continued for only one year, with this year being the only one where Denver mint was used.
References
Bibliography
External links
- Table Round Silver Dollar Nasional
Source of the article : Wikipedia
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