In the world of numismatics, few coins capture the imagination quite like the 1890 Morgan silver dollar. This iconic piece of American history continues to fascinate collectors and investors alike, more than 130 years after its minting. In this comprehensive guide, we'll delve deep into the history, value, and collectibility of the 1890 silver dollar, offering expert insights for both novice and seasoned collectors.
The Historical Context of the 1890 Morgan Silver Dollar
The 1890 Morgan silver dollar is part of a broader series that played a significant role in American economic history. Named after its designer, George T. Morgan, these coins were minted from 1878 to 1904, and then again in 1921.
The Bland-Allison Act and Silver Production
The Morgan dollar series was born out of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase large quantities of silver and convert it into silver dollars. This act was a response to the "Free Silver" movement and aimed to help Western silver miners who were struggling due to decreased demand for silver.
Key Historical Points:
- The Act mandated the purchase of $2-4 million worth of silver per month
- It led to the production of millions of silver dollars, far exceeding circulation needs
- By 1890, over 300 million silver dollars had been minted, many of which sat in Treasury vaults
Design and Specifications of the 1890 Silver Dollar
Understanding the physical characteristics of the 1890 Morgan dollar is crucial for collectors and investors alike.
Obverse Design:
- Features a left-facing profile of Lady Liberty
- Surrounded by 13 stars, representing the original colonies
- "E PLURIBUS UNUM" inscribed above
- Date (1890) below
- "LIBERTY" inscribed on Liberty's crown
Reverse Design:
- Displays a majestic bald eagle with spread wings
- Olive branch and arrows clutched in talons, symbolizing peace and strength
- "UNITED STATES OF AMERICA" and "ONE DOLLAR" inscriptions
- Mint mark (if present) located below the wreath
Technical Specifications:
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Edge: Reeded
- Silver content: 0.7734 troy ounces
Mintage Figures and Rarity
The 1890 Morgan dollar was produced at four different mints, each with varying mintage numbers that directly impact their rarity and value today.
| Mint | Mintage | Mint Mark |
|---|---|---|
| Philadelphia | 16,802,000 | None |
| Carson City | 2,309,041 | CC |
| New Orleans | 10,701,000 | O |
| San Francisco | 8,230,373 | S |
The Carson City (CC) mint produced the fewest coins, making it generally the most valuable of the 1890 issues.
Valuing the 1890 Silver Dollar
The value of an 1890 Morgan dollar can vary significantly based on several factors. As a seasoned coin collector, I always emphasize the importance of understanding these factors to accurately assess a coin's worth.
Key Factors Affecting Value:
- Mint Mark
- Condition (Grade)
- Rarity
- Demand among collectors
- Presence of errors or varieties
Current Value Estimates (as of 2023):
| Condition | 1890 (P) | 1890-CC | 1890-O | 1890-S |
|---|---|---|---|---|
| Good (G-4) | $48 | $161 | $48 | $48 |
| Fine (F-12) | $56 | $225 | $56 | $56 |
| Extremely Fine (EF-40) | $71 | $435 | $79 | $79 |
| MS-60 | $96 | $685 | $175 | $155 |
| MS-65 | $1,100 | $8,000 | $2,250 | $1,750 |
Note: These values are averages and can fluctuate based on market conditions and individual coin characteristics.
Rarest and Most Valuable 1890 Silver Dollars
Some 1890 Morgan dollars have achieved remarkable prices at auction, showcasing the high-end potential of these coins:
- 1890-CC MS-68: Sold for $546,250 in 2013
- 1890 Proof-68 Deep Cameo: Achieved $108,000 at auction in 2011
- 1890-CC "Tailbar" Variety MS-65: Fetched $44,650 in 2015
These exceptional prices underscore the importance of condition and rarity in determining a coin's value.
Grading 1890 Silver Dollars
Accurate grading is crucial for determining the true value of an 1890 Morgan dollar. While professional grading services like PCGS and NGC provide the most reliable assessments, collectors should be familiar with the basics of the Sheldon grading scale:
- Good (G-4 to VG-8): Heavy wear, but major design elements visible
- Fine (F-12 to VF-20): Moderate wear, all major details clear
- Extremely Fine (EF-40 to AU-50): Light wear, sharp details
- Uncirculated (MS-60 to MS-70): No wear from circulation, varying degrees of luster and contact marks
Grading Tip:
When examining an 1890 Morgan dollar, pay close attention to the high points of the design, such as Liberty's cheek and hair on the obverse, and the eagle's breast feathers on the reverse. These areas tend to show wear first and are key indicators of the coin's grade.
Collecting Strategies for 1890 Silver Dollars
For collectors looking to focus on 1890 Morgan dollars, consider these expert-recommended strategies:
- Mint Mark Collection: Aim to acquire examples from all four mints
- Condition-Based Approach: Focus on high-grade examples within your budget
- Error and Variety Hunt: Look for known varieties like the 1890-CC "Tailbar"
- Type Set Integration: Include an 1890 as part of a larger Morgan dollar or 19th-century type set
- Date and Mint Set: Collect 1890 alongside other years to build a comprehensive Morgan dollar collection
Investment Potential of 1890 Silver Dollars
While primarily collected for their numismatic value, 1890 Morgan dollars can also be considered as part of a diversified investment portfolio:
- Intrinsic Silver Value: Each coin contains 0.7734 oz of pure silver, providing a base value
- Historical Significance: The coin's role in American history adds long-term appeal
- Scarcity Factor: Particularly for high-grade and Carson City examples, scarcity drives value appreciation
- Market Performance: Over the past decades, rare 1890 Morgans have shown strong price appreciation
However, as with any investment, thorough research and professional advice are recommended before making significant purchases.
Preservation and Care
Proper care is essential to maintain both the condition and value of your 1890 Morgan dollars:
- Handle coins by the edges, using cotton gloves if possible
- Store in non-PVC holders or albums to prevent chemical damage
- Maintain a stable environment with controlled temperature and humidity
- Avoid cleaning, which can damage the surface and significantly reduce value
- Consider professional conservation for valuable or problematic coins
Conclusion: The Timeless Appeal of the 1890 Morgan Dollar
The 1890 Morgan silver dollar stands as a testament to American history, artistry, and economic policy. Its enduring popularity among collectors and investors alike speaks to its unique place in numismatics. Whether you're drawn to its historical significance, beautiful design, or potential value, the 1890 Morgan dollar offers a rich and rewarding collecting experience.
As we've explored, the value of these coins can range from modest sums for circulated examples to staggering amounts for rare, high-grade specimens. By understanding the factors that influence their worth and approaching collecting or investing with knowledge and care, you can fully appreciate these remarkable pieces of American heritage.
Remember, each 1890 Morgan dollar tells a story—of the mines that yielded its silver, the mint that struck it, and the many hands through which it has passed over more than a century. As you build your collection or make your investment, you're not just acquiring coins; you're becoming a steward of history.
