The History of the Morgan Silver Dollar
1878 Morgan Silver Dollar
In the 1870’s the United States had just passed through a silver panic that had caused the price of silver to plummet. Old coins that had been hoarded because of their silver value were now worth more as “ordinary money” at face value, so a flood of old and worn coins were now making their way into circulation.
In Congress a new law was about to be passed that was intended to benefit the struggling silver mines of Nevada and other western states, and the U.S. Government was about to be required to purchase between two and four MILLION dollars worth of silver every month and convert it into silver coins.
