Q. David Bowers
Distribution of Dollars
The Annual Report of the Director of the Mint, 1904, told of the distribution of silver dollars: San Francisco: In the mint June 30, 1903, $56,937,453; transferred from sub-treasuries to mint for storage, 2,000,000; coinage, fiscal year 1904, 3,045,000; total, 61,982,453; in mint June 30, 1904, 61,453,062; total, 61,453,062; distributed from mint during the year, 529,391.
Dollar Coinage Terminated; A Review
The Annual Report of the Director of the Mint for the fiscal year ended June 30, 1905 contained this information:
"The stock of silver bullion purchased under the Act of July 14, 1890, is now exhausted, and the coinage of the dollar piece is at an end unless Congress at some future time shall provide for its resumption.
"The silver dollar was originally authorized by the Act of April 2, 1792, the first coinage struck at the Mint in Philadelphia in 1793 [sic]. At that time the French and Spanish coins were a legal tender in the United States and in common circulation. As they were more or less abraded they drove the new and full-weight coins out of circulation and caused them to be exported almost as they left the mint. As a result of this movement President Madison [issued an order stopping coinage]. ... Following this order not another dollar was struck for thirty years. In 1836 dollar coinage was resumed, but only 1,000 pieces were issued. In 1837 and 1838 none were made.
"The acts of 1834 and 1837, revising the coinage laws, undervalued silver as compared with gold, and the annual coinage of silver in the succeeding years,except for change, was small, never reaching $1 million until 1871. The Act of February 12, 1873, dropped the silver dollar from the list of coins, and none were issued in 1874, 1875, 1876, or 1877. The Act of February 28, 1878, authorized and directed the secretary of the Treasury to purchase at the market price not less than $2 million worth of silver bullion per month nor more than $4 million worth per month and to coin the same into dollars on government account. These purchases continued until the Act of July 14, 1890, went into effect. The total coinage under the Act of 1878 was $378,166,792, upon which a seigniorage of $69,887,532.29 was realized.
"The Act of 1890 provided for the purchase of 4.5 million ounces, or so much thereof as might be offered, in each month at the market price, not exceeding $1 for 371.25 grains of pure silver. Under this act, which was repealed November 1, 1893, $187,027,345 dollar pieces and $33,118,575.05 in subsidiary coins have been issued, and $64,277,453.71 has been realized as seigniorage.
"The total issue of silver dollars from 1793 to the cessation of dollar coinage has been $578,303,848. The aggregate of all seigniorage on bullion purchased under the acts of 1878 and 1890 was $134,164,986. The average purchase price of silver bought in the fiscal year 1878 was $1.204 per fine ounce, and the average price in the last year purchases were made, the fiscal year 1904, was 73.1 cents per ounce. The bullion value of a silver dollar in the fiscal year 1878 was 93.1 cents and in the fiscal year 1894 56.5 cents."
Summary of Morgan dollar coinage:
Under the Act of:
February 28, 1878 (Bland-Allison) $378,166,793
From July 14, 1890, to repeal of the purchasing clause of the Sherman act, Oct. 31, 1893, $36,087,285.
From November I, 1893 to June 12, 1898, $42,139,872.
Coined under the War-Revenue Bill approved June 12, 1898, $108,800,188.
Total under Act of July 14, 1890, $187,027,345.
March 3, 1891 (recoinage of trade dollars) $5,078,472
Total $570,272,610.
Distribution of Silver Dollars in 1905
The Annual Report of the Director of the Mint, 1905, told of the distribution of silver dollars at the various mints:
Philadelphia: In mint June 30, 1904, $107,115,954; transferred from subtreasuries to mint for storage, 500,000; coinage fiscal year 1905, 310; transferred from mint to subtreasuries, 8,250; in mint June 30, 1905, 107,298,954; distributed from mint during the year: 309,060.
San Francisco: In mint June 30, 1904, $61,453,062; transferred from subtreasuries to mint for storage, 2,000,000; in mintJune 30, 1905,62,946,643; distributed from mint during the year: 506,419.
New Orleans: In mint June 30, 1904, $29,588,725; 0 coinage, 0 transferred, 0 distributed.
Zerbe on Silver Dollars (1905)
Farran Zerbe, writing in The Numismatist, March 1905, had the following to say:
"The act providing for the coinage has not been repealed, but the bullion purchased for its issue has been exhausted and no more can be coined without applicable congressional legislation. It is believed our legislative financiers, wisely, and without any radical measures inviting criticism from 'some of the people,' have permitted the coinage of a silver dollar of the United States as its present ratio to become a thing of the past. The silver dollar is a much-loved coin to many of this great nation and it is believed there will be early provision for the resumption of its issue, but it is hoped the new silver dollar will not be as today one worth, (but for the credit of the government) 42c or any considerable number of cents less than 100.
"Let the new silver dollar be a 100-cent one. Adopting an average for the value of the white metal put 100 cents worth into a dollar and a coin too heavy and large for convenience is produced. A 'good' coin could be produced by adopting a convenient size for the silver dollar and place with the white metal a sufficient quantity of gold to make the combined value of the two metals 100 cents in the commercial channels of all the world. (Zerbe must have forgotten the goloid experiments of 1878-1880.)
"An appreciation of the silver dollar is illustrated by the statement of Mr. J.C. VanBlarcom, vice president of the National Bank of Commerce in St. Louis, made some months ago in reply to an interrogation, 'Our institution is a very considerable factor in the movement of the cotton crops, you take the plantation Negro who has earned $10.00 and pay him in gold or paper and through his lack of knowledge of comparative value he feels he has received but little, but pay him in 10 bright silver dollars that he can feeland jingle in his pocket and he believes himself far better paid and is certainly more happy.'
"The total coinage of the standard silver dollar from 1878 to 1904 was 570,272,610 which includes 50,000 Lafayette Dollars coined in 1899 dated 1900. With the passing of the 'Bland dollar,' what will be the silver dollar of the future?"