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The History of the Morgan Silver Dollar and the Peace Dollar

Morgan Silver Dollar

Morgan silver dollars are a favorite amongst collectors and investors alike. Many speculate about the story behind it all, but we are presenting you the official story. Thus, we quote from the Congressional intent. Because it is hard to get more official in origin than Congress explaining the official history of the Morgan and Peace Silver Dollars and the recent centennial celebration.

Therefore, the entire segment below, is a quote from the legislative history under 31 U.S.C. § 5112. You can also verify the “officialness” of this story by checking out the history yourself here: Pub. L. 116-286, 134 Stat. 4879, but it may be difficult to locate. Use the word search feature because it is at the near bottom of a very long statute. We extensively discuss this same statute in our What is an American Eagle and our Bullion: Science, History, Law articles.

The Morgan Silver Dollar history as told by Congress

Morgan silver dollar from 1879 obverse

“1921 SILVER DOLLAR COINS, provided that:

“SECTION 1. SHORT TITLE. This Act may be cited as the ‘1921 Silver Dollar Coin Anniversary Act’.

“SEC. 2. FINDINGS. The Congress finds that [sic] following:
(1) In December 1921, the Peace silver dollar was approved by Treasury Secretary Andrew Mellon, replacing the Morgan silver dollar and commemorating the declaration of peace between the United States and the Imperial German government.
(2) The Peace silver dollar was minted in Philadelphia, Denver and San Francisco. The Morgan silver dollar was minted at Philadelphia, Denver, San Francisco, Carson City, and New Orleans.
(3) The Peace silver dollar was designed by Anthony de Francisci with the Goddess of Liberty on the obverse and a bald eagle clutching the olive branch (a symbol of peace) on the reverse. The Peace silver dollars were minted between 1921 to 1935.
(4) The Morgan silver dollar was designed by George T. Morgan and was minted from 1878 to 1904, and again in 1921. The obverse depicts a profile portrait of Lady Liberty and on the reverse, a heraldic eagle.
(5) The conversion from the Morgan silver dollar to the Peace silver dollar design in 1921 reflected a pivotal moment in American history. The Morgan silver dollar represents the country’s westward expansion and industrial development in the late 19th century. The Peace silver dollar symbolizes the country’s coming of age as an international power while recognizing the sacrifices made by her citizens in World War I and celebrating the victory and peace that ensued.
(6) These iconic silver dollars with vastly different representations of Lady Liberty and the American Eagle, reflect a changing of the guard in 1921 in the United States and therefore on the 100th anniversary must begin to be minted again to commemorate this significant evolution of American freedom.

Morgan design set by law

“SEC. 3. COIN SPECIFICATIONS.(a) $1 SILVER COINS.-The Secretary of the Treasury (hereafter in this Act referred to as the ‘Secretary’) shall mint and issue $1 coins in recognition of the 100th anniversary of completion of coinage of the Morgan dollar and the 100th anniversary of commencement of coinage of the Peace dollar, each of which shall-
(1) weigh 26.73 grams;
(2) have a diameter of 1.500 inches;
(3) contain not less than 90 percent silver; and
(4) have a reeded edge.
(b) LEGAL TENDER.-The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code.
(c) NUMISMATIC ITEMS.-For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.

The modern Peace Dollar compared to 101 years ago and she still looks fantastic

centennial Peace dollar coin
Peace dollar from 1922 obverse and reverse

“SEC. 4. DESIGN OF COINS. (a) DESIGN REQUIREMENTS.-
(1) IN GENERAL.-
The designs of the coins minted under this Act shall honor either the Morgan dollar or the Peace dollar, as follows-
(A) MORGAN DOLLAR.-The coins honoring the 100th anniversary of completion of coinage of the Morgan dollar shall have an obverse design and a reverse design that are renditions of the designs historically used on the obverse and reverse of the Morgan dollar.”
(B) PEACE DOLLAR.-The coins honoring the 100th anniversary of commencement of coinage of the Peace dollar shall have an obverse design and a reverse design that are renditions of the designs historically used on the obverse and reverse of the Peace dollar.
(2) DESIGNATION AND INSCRIPTIONS.-On each coin minted under this Act, there shall be-
(A) a designation of the value of the coin;
(B) an inscription of the year of minting or issuance; and
(C) inscriptions of the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, and ‘E Pluribus Unum’.”(b) SELECTION.-The design for the coins minted under this Act shall be-
(1) selected by the Secretary after consultation with the Commission of Fine Arts; and
(2) reviewed by the Citizens Coinage Advisory Committee.

Modern Morgan Silver Dollar

centennial Morgan silver dollar coin

Compared to Morgan’s celebratory counter part

1921 Morgan Silver dollar obverse and reverse

“SEC. 5. ISSUANCE OF COINS. The Secretary may issue coins minted under this Act beginning on January 1, 2021.

“SEC. 6. SALE OF COINS. (a) SALE PRICE.-
The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of-
(1) the face value of the coins; and
(2) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).
(b) BULK SALES.-The Secretary may make bulk sales of the coins issued under this Act at a reasonable discount.

“SEC. 7. FINANCIAL ASSURANCES. The Secretary of the Treasury shall take such actions as may be necessary to ensure that the minting and issuing of coins under the Act will not result in any net cost to the United States Government.

“SEC. 8. DETERMINATION OF BUDGETARY EFFECTS. The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010 [ 2 U.S.C. 931 et seq.], shall be determined by reference to the latest statement titled ‘Budgetary Effects of PAYGO Legislation’ for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.”

Morgan in Summary

Morgan silver dollar from 1879 reverse

The story of the desirable collectors’ coin and its relationship to the Peace Dollar is the official story because it is within the law books. And it is hard to be more official, than an Act of Congress.

At Safe Haven Metal, we believe education is vital because without knowing history, we cannot know why. And why is useful so we know if it is rare. Rarity equals higher value because of supply and demand. The basics are always in play, but the why allows us to play better and smarter.

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Simplified Short Version of Terms and Conditions of Website

This is only a simplified version of the full terms and conditions, it is intended as a quick overview regarding the things as people are most commonly relevant to us.

This website is governed by the full terms and conditions.

Purchase and sales agreements are separate, and provided in different links found on the footer. 

Consent to Contact

Submitting your contact information on any of our contact forms and or calling or emailing Safe Haven Metal is a grant of consent for us to contact you via telephone or email. This consent is a waiver if you are on the do not call list registry and any email shall not be considered spam or unsolicited. Safe Haven Metal will contact you to discuss your needs and no other use of your contact information will be engaged in by us. We do not sell your phone number or email information to anyone.

Please review our Privacy Policy and Cookie Policy for opt out procedures and additional information. The bottom line is that we do not like it when companies sell our information so we will not do it to others.

AML POLICY

Due to Anti-Money Laundering (AML) Policy restrictions and guidelines, we do not accept physical paper money (cash) for purchases. If you do not know what the AML is, you really need to look it up, as it applies to everyone.

As a financial institution, Safe Haven Metal is AML compliant.

PAYMENT OPTIONS

For products that will be delivered to you directly these traditional forms of payment are accepted: bank wire (we prefer this one), cashier’s check, ACH; also IRA is acceptable but that has tax consequences for you.

For products that will be stored by a third party (depository), IRA, 401k, Pensions, Retirement Account, etc. (see full list on Gold IRA page) are all acceptable forms of payment.

We do not accept credit card payments, cash over $10,000 and we do not accept cryptocurrency, we are happy with our real gold.

BUY BACK POLICY (from the purchase agreements)

Safe Haven Metal (SHM) is prohibited under the law from guaranteeing to repurchase Precious Metals that SHM sells, and SHM does not guarantee that it will repurchase any Precious Metal item that Client may purchase; what SHM extends is the possible availability as a buyer at a later date. If and when Customer desires to liquidate, simply call SHM and let SHM know you are ready for SHM to exchange for cash the Precious Metals purchased from us subject to the following procedure that must occur:

i.)         Customer ships the Precious Metals products originally purchased from SHM for inspection because the buy back offer is only for the exact items purchased from us, inclusive of exact condition; and 

ii.)        The cash value of buy back will be at or near Spot Price at the time when we have examined the product to ensure it passes inspection (which is at our or our designated inspector’s sole good faith discretion as to current condition compared to documented condition when originally purchased); 

iii.)      A new agreement is then presented by SHM to Customer reflecting Spot Price and conditions quantities much like this Invoice; the offer is valid for 24 hours after inspection approval and new agreement sent; 

iv.)      Once signed and returned to SHM the money is then released to you within 72 hours; if Customer rejects the offer then Customer must pay for return shipping costs and the product will be returned to Customer. 

v.)          There is no fee on buy back, as that fee is part of the initial purchase Agreement with us as a part of our consideration to be available for your needs at a later date, consistent with this whole paragraph.

Risk Disclosures

Investing in everything is a risk; values fluctuate, sometimes going up, other times down; no one can predict the future; that is why diversified portfolios are usually recommended. The best anyone can do is make informed decisions and see if correct over time, therefore do research, do your homework. Do not invest more in precious metals than you feel comfortable with after informing yourself. Read your contract; ask your attorney to review it. We strive to do right and help others, if you do not understand something then ask us. There are no guarantees, other than doing our best for you.

DISCLAIMER

Our communication of portfolio is intended as Oxford Dictionary defines “portfolio” as: “a range of products or services offered by an organization, especially when considered as a business asset” and Oxford defines “analysis” as “detailed examination of the elements or structure of something”.

All information provided on this website is the opinion and property of Safe Haven Metal LLC. All customers and potential customers are encouraged to do independent research, educate yourself and make informed decisions. Then you can make the best decision for yourself. Once you have done your diligence you will see that Safe Haven Metal LLC truly does have our clients’ best interests in heart. We would not encourage you to go look around elsewhere if we were not confident in what we offer and provide.

NOTICE: Any images of persons on our site are from professional models obtained through licensing of various companies.

Full Terms and Conditions

The full terms and conditions control over this simplified version. This is intended as a quick reference point only. You can access and read more on the full terms and conditions page.