Silver Dollars: U.S. Coin Icons!

The dollar, designed by Robert Scot, was minted in a fineness of .900 (in violation of the 1792 Coinage Act, which called for .892. It was determined that the required fineness was difficult to produce and would darken. The original design for the coin did not contain the Wreath around the Eagle on the coin's reverse. It was also decided that the obverse side of the coin (whose only ornamentation was the text and the bust of Liberty) was too plain. The result was the addition of the 15 stars...one for each state.

The Flowing Hair Silver Dollar had not been well received by the public, and in 1796 Congress directed the US Mint to change the design. By Congressional decree the words "Liberty," and "United States of America" were required on the coin, as were the stars. It was not considered vital to include the denomination of the coin. It was assumed that the denomination could be inferred due to the size of the coin and the precious metal content.

Robert Scot, who was the Chief Engraver of the U.S. Mint from 1793-1829, produced the image, which was slightly altered by adding an additional curl in 1798. Several other types of this coin were also produced, with a major change in the design of the Eagle on the reverse also occurring in 1798.

The Seated Liberty Silver Dollar, minted from 1840 to 1873, was the first regular issue coin of the dollar coin since 1803. It still did not circulate well, producing low mintage figures throughout the coin's run. The No Motto variety was issued between 1840 and 1866, the motto "In God We Trust" was added on the reverse of the coin beginning in 1866. The Mint Act of Feb. 12, 1873 (Called "The Crime of '73" by opponents of the legislation.) did away with the Seated Liberty Dollar, to be replaced by the Trade Dollar.

Prior to 1873, the primary silver coin used in trading with the Orient (especially China) was the Mexican Peso. In an attempt to improve trade with the Orient. The coin was minted at 27 g of silver with a fineness of .900 (90%), slightly more than 0.025 grams more than the domestic dollars.

Many Trade Dollars have what are called "chop marks" on them. Chinese merchants were concerned about the authenticity of coins. They would stamp the coins in order to check their authenticity...looking for color other than silver within the mark indicating a counterfeit. Some merchants used this as a way to place an advertising logo on the coin so that the public would see it when they held the coin in their hands.

The Morgan Dollar is one of the most popular coins ever produced by the United States Mint among collectors of silver coinage. Not only is it a beautiful coin, it is easy to acquire, and easy to sell if the need should arise.
The received its nickname because of its designer, United States Mint Assistant Engraver George T. Morgan. Key dates for the Morgan Dollar are frequently cited as 1889-CC 1892-CC, 1893, 1893-S, 1894, and 1895-O.

The Liberty Head Gold Dollar was minted from 1849 to 1854. It was designed by James B. Longacre. The coin's obverse depicts a bust of Liberty encircled by thirteen stars. She faces to the left and wears a coronet inscribed with the word "LIBERTY". The coin's reverse depicts a simple wreath encircling the date and value of the coin along with the inscription "UNITED STATES OF AMERICA". The coin weighs 1.672 grams. With the coin being composed of 90% gold and 10% copper, it contained 0.04837 ounces of pure gold. Rare dates in this series include the 1849-C with an Open Wreath on the reverse and most of the coins struck at the Southern Mints at Dahlonega, Georgia and Charlotte, North Carolina.

In 1854 the US Mint redesigned the gold dollar. The diameter was increased to 15 mm, but did not change the coins weight or composition. Once again the designer was James Longacre. Although described as the "Indian Princess," it is believed that the design is actually Liberty (based on the statue Crouching Venus). The reverse was also modified, adding the inscription "UNITED STATES OF AMERICA." The coin was problematic. The height of the bust caused most coins to be weakly struck, and to wear very quickly in circulation.

In 1856 US Mint redesigned the coin, a design which would be produced from 1856-1889. The design was flattened somewhat, and the location of the bust was moved. The coin was minted in Philadelphia, Charlotte, Dahlonega and San Francisco. Commemorative coins were struck from 1903 to 1905, 1915 to 1917 and 1922. The gold dollar circulated freely until the United States abandoned the gold standard in 1933.

Following the Armistice after "The Great War" (which we refer to today as World War I), the public was ready for some sort of coin or medal to commemorate the return of peace. The Peace Dollar was initially conceived as a commemorative coin to do just that, but the design was turned into a coin to be circulated. Click the Picture for More Information About the Peace Dollar.

Commemorating a war hero and a popular President, the Eisenhower Dollar had the distinction of being the last of the "large" dollars struck by the United States Mint. Click the Picture for More Information About the Eisenhower Dollar.

The Susan B Anthony Dollar, although being a smaller size (as requested by the American public), was an immensely unpopular coin. The size, the color, and the portrait of Susan B Anthony chosen all contributed the the failure of this coin to achieve widespread acceptance. Click the picture for More Information on the Susan B Anthony Dollar.

The Sacagawea Dollar is a design that is seemingly well-liked by the American public, but has not found its way into common use. Click the Picture for More Information About the Sacagawea Dollar.

Honoring five Presidencies per year, the Presidential Dollar was an attempt to celebrate the office of the President and to make the average American more aware of the men who have occupied the office.

There have been proposals to do away with the Presidential Dollar program. Click Here to read a little about the "Dump the Dollar" proposal.

The value of a coin is based on two factors. The first is how rare the coin is. This is a combination of how many coins were originally minted, and what happened to them. Some are destroyed accidentally. Some have been recalled by the government. Collectors have taken some out of circulation. As a particular type of coin has fewer examples available, it becomes more valuable.

The other factor is the physical condition of a coin. The closer to perfect a specimen is, the more valuable it becomes.

So a rare, perfect coin is much more valuable than a common, worn coin. In fact, a worn rare coin may be more valuable than a perfect common coin.

Here we are going to discuss a coin's condition.

The American Numismatic has developed a grading system to describe the condition of a coin. What I will discuss here is coins that have been minted to go into general circulation, released. The conditions of the coins are represented by names, as well as a combination of letters and numbers. I have summarized some general conditions here, along with some benchmarks, along with a description of what a Buffalo Nickel in that state would look like.

Perfect Uncirculated (MS-70)
This indicates a coin in perfect, new condition. It shows no trace of handling, wear, or contact with other coins.
Gem Uncirculated (MS-65)
This is an above average uncirculated coin. It may be brilliant, or it may be lightly toned. There are very few contact marks either on either surface of the coin or on the rim.
Choice Uncirculated (MS-63)
This coin has some distracting contact marks and/or blemishes in the prime focal areas of one or both surfaces. The luster of the coin may be impaired.
Uncirculated (MS-60)
This coin has no trace of wear, but it may show several contact marks, and the surface of the coin may lack luster, or even be spotted.
.Choice About Uncirculated (AU-55)
There is evidence of friction on the high points of the coin's design, but most of the mint luster remains.
About Uncirculated (AU-50)
This coin shows traces of light wear on many high points of the coin. At least half of the original mint luster is still present.

Choice Extremely Fine (EF-45)
The coin exhibits light overall wear on the highest points of the coin. Some of the original mint luster is still evident. All design details are still very clear and sharp.
Extremely Fine (EF-40)
There is light wear throughout the design, but all features of the design are still sharp and well-defined. Although not an essential element to the the definition of this grade, some traces of mint luster may still exist.

Choice Very Fine (VF-30)
Light, even wear on the surface and highest parts throughout the design. All major features of the design, as well as all lettering remain sharp.
Very Fine (VF-20)
While all major details of the design remain clear, there is moderate wear on high points of the coin's design.
Fine (F-12)
There is moderate to considerable even wear. The design remains bold, and the overall appearance of the coin is still pleasing to the eye.
Very Good (VG-8)
The coin is well worn with the main features of the design remaining clear and bold, although they have been worn somewhat flat.
Good (G-4)
This coin is heavily worn. The design is still visible, but many of the details are flat, and the design is faint in some areas.
About Good (AG-3)
This coin is very heavily worn with portions of the lettering, date, and legend have been worn smooth. In many instances, the date is barely readable.