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Morgan Dollars

Named for its designer, United States Mint Assistant Engraver George T. Morgan, the Morgan Dollar was minted from 1878 until 1904 and then, after a 17 year hiatus, in 1921. The Morgan Dollar was also struck prior to 1921 at the New Orleans and Carson City Mints. The Morgan Dollar was authorized by the Bland-Allison Act in 1873, which eliminated the practice of people being able to exchange silver at the mint in exchange for silver coinage. The Act also required the Government to purchase two to four million dollars of silver at market prices each month to be coined into dollars. The Bland-Allison Act was repealed in 1890 and replaced by the Sherman Silver Purchase Act. This Act required the Treasury to purchase 4,500,000 troy ounces of silver each month, but only required silver dollar production for one year, however, this act was repealed in 1893. In 1898 Congress authorized the use of the remaining silver stockpile to be used in the minting of Morgan Dollars, and those were coined until 1904 when the reserves were exhausted. The Pittman Act, passed in 1918, authorized the melting and re-coining of silver dollars, so in 1921, a total of 86,730,000 Morgan Dollars were struck at the Philadelphia, San Francisco and Denver Mints.

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