Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1891 Morgan: Market Values
1891 Morgan: Summary of Characteristics
Business Strikes:
Enabling legislation: Act of February 28, 1878, plus the Sherman Silver Purchase Act of July 14, 1890 and the Trade Dollar Recoinage Act of March 3, 1891
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.76416
Dies prepared: Obverse: Unknown; Reverse: Unknown.
Business strike mintage: 8,693,556; Delivery figures by month;(Coinage January through June from silver under the Act of July 14,1890; later months' coinage from trade dollar bullion under the Trade Dollar Recoinage Act of March 3, 1891. The yearly total of 8,693,556 is subject to slight variation; the monthly totals do not equal this amount.)January: 1,600,000; February: 1,200,000; March: 1,200,000; April: 1,000,000; May: 1,250,000; June: 900,000; July: 350,000; August: 500,000; September: 200,000; October: 250,000; November: 243,556; December: none.
Estimated quantity melted: Many under the 1918 Pittman Act.
Approximate population MS-65 or better: 200 to 400 (URS-9)
Approximate population MS-64: 4,000 to 8,000 (URS-14)
Approximate population MS-63: 25,000 to 50,000 (URS-16)
Approximate population MS-60 to 62: 200,000 to 400,000 (URS-19)
Approximate population G-4 to AU-58: 1,000,000 to 2,000,000 (URS-22)
Availability of prooflike coins: Prooflike coins are common at lower grade levels, but DMPL coins in high grades of MS-65 upward are exceedingly rare.
Characteristics of striking: Varies, but the typical coin seen is poorly struck and has unsatisfactory lustre. Sharply struck coins exist and are rare in higher grade levels.
Known hoards of Mint State coins: Probably a million or more were released by the Treasury in the late 1950s and very early 1960s (before the great release of 1962-1964). Most went into circulation through banks.
Proofs:
Dies prepared: Obverse: Unknown; Reverse: Unknown. Proof mintage: 650; Delivery figures by month:(Coinage January through June from silver under the Act of July 14,1890; later months' coinage from trade dollar bullion under the Trade Dollar Recoinage Act of March 3, 1891.)January: none; February: none; March: 240; April: none; May: none; June: 110; July: none; August: none; September: 100; October: none; November: 200; December: none.
Approximate population Proof-65 or better: 84+/- (URS-8)
Approximate population Proof-64: 106+/- (URS-8)
Approximate population Proof-63: 77+/- (URS-8)
Approximate population Proof-60 to 62: 110+/- (URS-8)
Commentary
The 1891 dollar is common in lower Mint State grades but is rare at the MS-65 level.
Additional Information
Complying With the Sherman Act
The Annual Report of the Director of the Mint, 1891, told of silver dollars produced at various mints during the preceding fiscal year:
"The Act of July 14, 1890, required 'That the secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of this act into standard silver dollars, until the first day of July 1891, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seignorage arising from such coinage shall be accounted for and paid into the Treasury.'
"In order to comply with the mandatory coinage of silver dollars required by this act (two million ounces monthly, equivalent to 2,585,000 silver dollars), there were coined from August 13, 1890, to June 30, 1891, from bullion purchasedunder the Act of July 14, 1890,27,292,475 silver dollars.
"The quantity of silver used in this coinage was 23,454,470 standard ounces, costing $22,747,860.42, while 27,272.98 standard ounces, costing $25,466.43, were wasted and sold in sweeps, leaving a balance of uncoined silver purchased under the Act of July 14, 1890, on hand at the coinage mints June 30, 1891, of 30,288,381.93 standard ounces, costing $27,804,171.59, distributed as follows ....
"The total amount of silver purchased, during the fiscal year, under both acts, February 28,1878, and July 14, 1890, was 56,878,325.08 standard ounces, costing $53,626,924.90, an average cost of $1.04-3/4 per fine ounce .... In addition, 200,000 silver dollars were coined in the last month of the fiscal year from trade dollar bullion .... "