The 1887 Morgan Silver Dollar is a coin that holds a special place in the hearts of numismatists and history enthusiasts alike. Minted during a pivotal period in American history, this coin offers a glimpse into the economic and political landscape of the late 19th century. The Morgan Silver Dollar, named after its designer George T. Morgan, was produced from 1878 to 1904 and again in 1921. The 1887 edition, in particular, is notable for its design and the historical context in which it was created.
The History of the Morgan Silver Dollar
The Morgan Silver Dollar was introduced as part of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase a significant amount of silver to be coined into dollars. This act was a response to the political pressures from silver mining interests and Western states, which sought to increase the money supply and stabilize the economy. The coin was designed by George T. Morgan, an assistant engraver at the U.S. Mint, and featured a profile of Lady Liberty on the obverse and an eagle on the reverse.
The Design of the 1887 Morgan Silver Dollar
The 1887 Morgan Silver Dollar is renowned for its intricate design and craftsmanship. The obverse side features a left-facing profile of Lady Liberty, wearing a Phrygian cap adorned with the word “LIBERTY” and a wreath of wheat and cotton. The reverse side depicts an eagle with outstretched wings, holding arrows and an olive branch, symbolizing both war and peace. The design is surrounded by the words “UNITED STATES OF AMERICA,” “ONE DOLLAR,” and “IN GOD WE TRUST.”
The 1887 Morgan Silver Dollar is composed of 90% silver and 10% copper, with a total weight of 26.73 grams and a diameter of 38.1 millimeters. The coin's high silver content and large size make it a popular choice among collectors and investors.
Varieties and Mint Marks
The 1887 Morgan Silver Dollar was minted at several locations, each with its own mint mark. The primary mint marks for this year include:
| Mint Mark | Location | Production Quantity |
|---|---|---|
| None | Philadelphia | 11,490,000 |
| CC | Carson City | 1,234,000 |
| O | New Orleans | 10,000,000 |
| S | San Francisco | 1,000,000 |
Each mint mark represents a different minting facility, and the rarity of the coins can vary significantly based on their origin. For example, the Carson City mint mark (CC) is particularly sought after due to its lower production numbers and historical significance.
The Economic and Political Context
The late 19th century was a time of economic turmoil and political debate in the United States. The discovery of vast silver deposits in the Western states led to a push for bimetallism, a monetary system in which both gold and silver are used as legal tender. Proponents of bimetallism argued that it would increase the money supply and stimulate economic growth. However, opponents, particularly those in the Eastern states, favored the gold standard, which they believed provided greater stability and confidence in the currency.
The 1887 Morgan Silver Dollar was minted during this contentious period. The Bland-Allison Act, which mandated the production of silver dollars, was a compromise between the two factions. However, it did not fully satisfy either side, leading to ongoing debates and legislative efforts to address the monetary system.
Collecting the 1887 Morgan Silver Dollar
For collectors, the 1887 Morgan Silver Dollar offers a unique opportunity to own a piece of American history. The coin’s design, historical significance, and varying mint marks make it a valuable addition to any numismatic collection. When collecting 1887 Morgan Silver Dollars, it is essential to consider the following factors:
- Condition: The condition of the coin is crucial in determining its value. Coins in mint state (MS) condition, with minimal wear and tear, are highly sought after and command premium prices.
- Mint Mark: As mentioned earlier, the mint mark can significantly impact the coin's value. Carson City (CC) mint marks are particularly valuable due to their rarity.
- Rarity: The overall rarity of the coin, including its production quantity and survival rate, plays a significant role in its value.
- Grading: Professional grading services, such as the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC), provide an objective assessment of the coin's condition and authenticity.
📌 Note: When collecting 1887 Morgan Silver Dollars, it is advisable to consult with experienced numismatists or reputable coin dealers to ensure the authenticity and value of your coins.
Investing in the 1887 Morgan Silver Dollar
In addition to its historical and collectible value, the 1887 Morgan Silver Dollar is also an attractive investment option. The coin’s high silver content and limited supply make it a valuable asset for investors seeking to diversify their portfolios. Here are some key points to consider when investing in 1887 Morgan Silver Dollars:
- Silver Content: The 1887 Morgan Silver Dollar contains 0.77344 troy ounces of silver, making it a tangible asset with intrinsic value.
- Limited Supply: The limited supply of 1887 Morgan Silver Dollars, particularly those in high grades and with rare mint marks, contributes to their investment potential.
- Historical Significance: The coin's historical significance and cultural relevance add to its appeal as an investment.
- Market Demand: The ongoing demand for silver coins and the growing interest in numismatics support the investment value of the 1887 Morgan Silver Dollar.
Investors should conduct thorough research and consult with financial advisors to make informed decisions about investing in 1887 Morgan Silver Dollars. It is essential to consider factors such as market trends, liquidity, and storage costs when evaluating the investment potential of these coins.
📌 Note: Investing in 1887 Morgan Silver Dollars, like any other investment, carries risks. It is crucial to assess your risk tolerance and investment goals before making any decisions.
Preserving the 1887 Morgan Silver Dollar
To ensure the longevity and value of your 1887 Morgan Silver Dollar, proper preservation and storage are essential. Here are some tips for preserving your coin:
- Handling: Handle the coin with care, using gloves or a soft cloth to avoid transferring oils and dirt from your hands.
- Storage: Store the coin in a protective holder or capsule to prevent scratches and damage. Avoid storing coins in plastic bags or envelopes, as they can cause tarnishing and other forms of deterioration.
- Environment: Keep the coin in a cool, dry place away from direct sunlight, moisture, and extreme temperatures. Humidity and temperature fluctuations can cause tarnishing and other forms of damage.
- Insurance: Consider insuring your coin to protect against loss, theft, or damage. Consult with an insurance provider to determine the best coverage options for your collection.
By following these preservation tips, you can help ensure that your 1887 Morgan Silver Dollar remains in excellent condition for future generations to enjoy.
📌 Note: Regularly inspect your coin for signs of damage or deterioration. Early detection and intervention can help prevent further damage and preserve the coin's value.
In conclusion, the 1887 Morgan Silver Dollar is a coin that embodies the rich history and cultural heritage of the United States. Its intricate design, historical significance, and varying mint marks make it a valuable addition to any numismatic collection. Whether you are a collector, investor, or history enthusiast, the 1887 Morgan Silver Dollar offers a unique opportunity to own a piece of American history. By understanding the coin’s background, collecting and investing strategies, and preservation techniques, you can fully appreciate the value and beauty of this iconic coin.
Related Terms:
- 1898 morgan silver dollar
- 1896 morgan silver dollar
- 1888 morgan silver dollar
- 1887 morgan silver dollar ms65
- 1883 morgan silver dollar
- 1889 morgan silver dollar