The Numismatic Guaranty Corporation® (NGC) has certified one of the first 10 Morgan Dollars struck by the San Francisco Mint in 1878.
The US demonetized silver in 1873 and the popularity of silver dollars dropped dramatically in favor of the more convenient paper currency introduced after the Civil War. But large silver strikes in the West led Congress to mandate renewed production of silver dollars in 1878. A Liberty Head design by George Morgan was chosen and dies were shipped to mints in New Orleans, Carson City, and San Francisco.
Proof coins of the new design were struck in Philadelphia that year, but none in Carson City or San Francisco. New Orleans didn’t begin production until 1879.
San Francisco Gets into the Act
Since no proof coins were authorized for San Francisco, the mint officials and local dignitaries decided to commemorate the first strikes of the new design in their own way. Ten of the initial strikes were set aside as presentation pieces and hand engraved with the inscription “ONE OF THE FIRST TEN COINS APR. 17TH. FROM J. GUS. BURT” in tiny capital letters to the left of Liberty’s profile.
The coins were given as souvenirs and it’s unknown how many survive beyond the one certified by NGC, if any.
This particular coin been traced back to a sale in 1910 (for $1.10) and was subsequently sold to the Eliasberg Collection of US coinage.
A Standout Specimen
When the Denver Mint struck Morgan Dollars in 1921, it was notable for two reasons: they were the first Morgan Dollars struck in Denver, and it was the last year of that design, making 1921 the only year Denver Morgans were made.
The Denver Mint, recognizing the coins’ uniqueness, also had several first strikes engraved to commemorate the occasion. One known example was inscribed “9TH DOLLAR RELEASED FROM 1ST 100/ EVER COINED AT DENVER MINT / THOMAS ANNEAR, SUPT”, but the dies had been modified by then to create shallower impressions, making the coins less attractive.
Other so-called “field engravings” may also have been done at the other mints.
But unlike others, the San Francisco coin was made from specially polished dies and shows an exceptionally strong deep strike with vivid cameo contrast between the elements and fields. This led NGC Chairman Mark Salzberg to call it one of the most amazing Morgan Dollars he has ever seen.
1878-S Morgan Dollars are not particularly rare or expensive in most grades, but Mint State coins can bring thousands of dollars. If this rarity makes it to market, it should test the upper limits. For more about the 1878-S specimen coin, see the NGS website.
Collecting Morgan Dollars
Whether you’re starting with Ikes and working your way up or shooting for the top, the limited production of silver dollars has led collectors to seek them out in all varieties and many carry premium prices today.
The Great American CoinCompany offers Morgan Dollars in both circulated and Mint States along with silver coins and silver bullion in choices to suit any investing or collecting budget. Visit our website to see the many ways we can solve your collecting needs.
