Buyer’s Guide: 1904 Morgan Dollar — Long-Term Test

The 1904 Morgan Dollar, particularly in a high-grade certification like MS-67+ by PCGS with CAC approval, represents a pinnacle for serious numismatists and investors alike. This specific coin, an 1904-O (New Orleans mint) American Silver Morgan Dollar, is not merely a piece of currency but a tangible slice of American history, meticulously preserved and graded to an exceptional standard. Its rarity and condition command significant attention and value in the competitive world of coin collecting.

1904 Morgan Dollar Overview

The 1904 Morgan Dollar holds a special place in American numismatic history. Minted from 1878 to 1904, and then again in 1921, the Morgan Dollar series is widely regarded as one of the most iconic and beloved U.S. silver coins. Designed by George T. Morgan, its intricate details and rich history captivate collectors worldwide. The 1904-O issue, specifically from the New Orleans Mint, adds another layer of historical intrigue.

This particular coin is graded MS-67+ by PCGS, indicating a coin in superb Mint State condition with virtually no imperfections visible to the naked eye. The “+” designation signifies that the coin is at the high end of its grade, bordering on the next higher grade. This meticulous grading ensures its authenticity and provides a reliable benchmark for its exceptional quality and value. Such a high grade for a coin over a century old is incredibly rare and highly sought after.

Furthermore, the CAC (Certified Acceptance Corporation) sticker on this 1904 Morgan Dollar adds an extra layer of assurance regarding its quality. CAC acts as a third-party authenticator, evaluating PCGS and NGC graded coins to confirm they meet or exceed the quality standards for their assigned grade. A CAC sticker indicates that the coin is a premium example within its grade, making it even more desirable to discerning collectors.

The historical context of the 1904-O Morgan Dollar is equally compelling. The New Orleans Mint, active from 1838 to 1909 and then briefly in 1942, produced a significant number of these silver dollars. However, many were melted down or heavily circulated over the decades, making high-grade examples like this MS-67+ significantly scarcer. The economic conditions and silver legislation of the late 19th and early 20th centuries directly influenced the production and survival rates of these coins.

The design of the Morgan Dollar itself is a work of art. The obverse features a profile portrait of Lady Liberty, modeled by Anna Willess Williams, facing left, with a cap, flora, and a crown inscribed with “LIBERTY.” The reverse displays a majestic eagle with outstretched wings, clutching arrows and an olive branch, symbolizing readiness for war and peace, respectively. The mint mark, ‘O’ for New Orleans, is located above the ‘DO’ in ‘DOLLAR’ on the reverse. Every detail reflects the artistic and nationalistic sentiments of its era.

Owning a 1904 Morgan Dollar of this caliber is not just about possessing a valuable asset; it is about holding a piece of American financial and artistic heritage. Its journey from the New Orleans Mint to being preserved in such pristine condition tells a compelling story of survival and significance. This coin stands as a testament to the era of silver coinage and the enduring appeal of classic American numismatics. Its exceptional state makes it a true highlight for any advanced collection.

The specific “Illinois Set” designation mentioned in the product title could indicate that this coin was once part of a renowned collection or a specialized registry set assembled by a prominent collector from Illinois. Such provenance can further enhance a coin’s desirability and historical narrative, appealing to collectors who value the lineage and story behind their acquisitions. This adds another layer of uniqueness to an already outstanding specimen.

Considering its age, the journey this 1904 Morgan Dollar has taken from its minting press to its current certified state is remarkable. It has withstood the test of time, avoiding the heavy circulation, mishandling, and melting that befell countless other silver dollars. Its survival in such a high grade is a rare feat, underscoring its intrinsic and market value. This coin is a prime example of numismatic preservation and historical importance.

1904 Morgan Dollar Key Features & Specs

The 1904 Morgan Dollar presented here boasts a unique set of features and specifications that distinguish it as a premier numismatic item. Understanding these details is crucial for appreciating its value and significance. The combination of its mint year, mint mark, metal composition, and certified grade makes it a highly desirable piece for collectors and investors alike. Each element contributes to its overall rarity and market appeal.

Year and Mint Mark: 1904-O

This coin was struck in 1904 at the New Orleans Mint, denoted by the ‘O’ mint mark. The 1904-O production run was substantial, with over 3.7 million coins minted. However, a significant portion of these coins were later melted under various acts, particularly the Pittman Act of 1918, which aimed to melt silver dollars for their bullion value. This melting reduced the surviving population of 1904-O dollars, especially in higher grades. The New Orleans mint also has its own rich history, adding to the coin’s provenance.

The 1904 date signifies the final year of the original Morgan Dollar series before its brief revival in 1921. This makes all 1904-dated Morgan Dollars significant as they mark the end of an era. The New Orleans Mint’s output during this period often exhibited characteristic strikes and luster, which experienced collectors can identify. These subtle details contribute to the coin’s unique identity and historical narrative.

Exceptional MS-67+ PCGS/CAC Grade

The most defining feature of this 1904 Morgan Dollar is its Mint State 67+ grade from PCGS (Professional Coin Grading Service). MS-67+ indicates a coin with superb luster, sharp strike, and negligible imperfections, placing it among the finest known examples. PCGS is one of the most respected third-party grading services, providing consistent and reliable evaluations that are accepted globally in the numismatic community. Their rigorous standards ensure the accuracy of the grade.

The added CAC (Certified Acceptance Corporation) sticker further elevates this coin’s status. A CAC sticker means that, in the opinion of CAC’s expert graders, the coin is a premium example for its assigned PCGS grade, often representing the very best within that grade. This dual certification offers unparalleled confidence in the coin’s quality and enhances its market liquidity and desirability among serious collectors. It signifies top-tier quality.

The ‘plus’ designation in MS-67+ is particularly important. It indicates a coin that is superior for its grade, almost qualifying for the next higher grade (MS-68). Such coins are often referred to as “gem quality” and are highly sought after by collectors aiming for the finest examples of each issue. For a coin over a century old, achieving such a high grade is a testament to its remarkable preservation and care over the decades.

Metal Composition and Weight

Like all Morgan Dollars, the 1904-O is composed of 90% silver and 10% copper. It contains 0.77344 troy ounces of pure silver. The coin has a diameter of 38.1 mm and a standard weight of 26.73 grams. These specifications are consistent across the entire Morgan Dollar series. The silver content gives the coin intrinsic value, while its numismatic value far surpasses its bullion value due to its rarity and grade.

The substantial silver content also contributes to the coin’s impressive heft and feel in hand, a characteristic appreciated by collectors. The interaction of the silver and copper alloys creates the distinct luster and toning patterns often seen on these coins, which can vary based on storage conditions and environmental factors over time. This makes each coin unique, even within the same grade. The quality of the strike also significantly impacts the visual appeal and preservation of details.

Design Aesthetics

The artistic merit of the Morgan Dollar design is undeniable. The obverse features Lady Liberty’s profile, crowned with a wreath of cotton and wheat, symbolizing American agriculture. Thirteen stars representing the original colonies encircle her, along with the motto “E PLURIBUS UNUM.” The reverse portrays a bald eagle, America’s national bird, with its wings spread, holding an olive branch and arrows, signifying peace and defense. The detail in the feathers and other elements is exceptional.

George T. Morgan’s design is celebrated for its beauty and patriotic symbolism. The intricate details, particularly in Liberty’s hair and the eagle’s feathers, are often used by graders to assess the sharpness of the strike. In an MS-67+ example like this 1904 Morgan Dollar, these details would be fully present and crisply defined, adding significantly to its aesthetic appeal and overall desirability. The artistry is a key reason for the series’ enduring popularity.

“Illinois Set” Provenance

The designation “PQ Approved Illinois Set” suggests a specific provenance for this coin. While not a standard grading designation, it indicates that the coin was part of a recognized collection or set, likely assembled by a notable collector from Illinois. Such a provenance can add historical interest and value, especially if the set was well-known or achieved high rankings in PCGS’s registry sets. It tells a story about the coin’s journey through prominent collections.

Collectors often value provenance as it adds to the unique narrative of a coin. Knowing that this 1904 Morgan Dollar was deemed worthy of inclusion in a specialized “Illinois Set” by a discerning collector or a registry set implies a certain level of quality and careful selection. This can make the coin even more appealing to those who appreciate the complete history and context of their numismatic acquisitions. It’s a hallmark of a well-curated collection.

Pros & Cons

Investing in or collecting a high-value numismatic item like the 1904 Morgan Dollar in MS-67+ PCGS/CAC condition comes with a distinct set of advantages and disadvantages. It’s crucial for prospective buyers to weigh these factors carefully to ensure this acquisition aligns with their financial goals and collecting aspirations. Understanding both sides of the coin, so to speak, will lead to a more informed decision and greater satisfaction with the investment.

Pros of the 1904 Morgan Dollar

Exceptional Rarity and Investment Potential

One of the foremost advantages of this 1904 Morgan Dollar is its extreme rarity in such a high grade. Coins graded MS-67+ with CAC approval are exceedingly scarce, making them highly sought after by top-tier collectors. This rarity translates directly into strong investment potential, as demand often outstrips supply for such pristine examples. Numismatic values for these exceptional coins tend to appreciate significantly over time, often outperforming other asset classes.

The combination of PCGS grading and CAC approval provides an unmatched level of confidence in the coin’s quality and authenticity. This dual certification minimizes risks for investors and enhances the coin’s liquidity in the secondary market. High-grade Morgan Dollars, particularly those from the New Orleans mint, have a proven track record of value retention and growth, making them a solid long-term investment for discerning individuals. Their historical significance also contributes to their enduring appeal.

Historical Significance and Collectibility

The Morgan Dollar series is deeply embedded in American history, reflecting the nation’s economic growth and westward expansion during the late 19th and early 20th centuries. Owning a 1904 Morgan Dollar connects collectors to this rich past. The artistic design by George T. Morgan is widely admired, contributing to the series’ enduring popularity and collectibility. These coins are not just investments; they are tangible pieces of historical art.

The specific 1904-O issue from the New Orleans Mint adds another layer of historical intrigue, representing a specific period and location in American coinage. Collectors often specialize in mint marks or specific dates, making this coin a prime target for those building comprehensive sets. Its inclusion in an “Illinois Set” further enhances its provenance, adding to its unique story and appeal among collectors who value historical lineage. This rich narrative makes it more than just bullion.

Premium Quality and Aesthetics

An MS-67+ grade signifies a coin of breathtaking beauty and technical perfection. The strike is sharp, the luster is vibrant, and the surfaces are virtually flawless. This level of preservation is truly remarkable for a coin over a century old. For collectors who prioritize aesthetic appeal and condition, this 1904 Morgan Dollar offers an unparalleled visual experience. It’s a showpiece that commands attention in any collection, reflecting the pinnacle of coin preservation.

The CAC sticker confirms that this coin is a premium example even within its already elite grade. This means it exhibits exceptional eye appeal that sets it apart from other coins of the same grade. The visual impact of a gem-quality Morgan Dollar in hand is truly impressive, showcasing the intricate details of Morgan’s design as intended. This superior quality enhances both the personal enjoyment of ownership and its market value, making it a highly desirable acquisition.

Cons of the 1904 Morgan Dollar

Prohibitive Cost of Entry

The most significant drawback of acquiring a 1904 Morgan Dollar in MS-67+ PCGS/CAC condition is its extremely high price tag, currently listed at $56,000. This places it far out of reach for most casual collectors or those just starting in numismatics. It is an investment reserved for high-net-worth individuals or serious, established collectors with substantial budgets. The cost reflects its rarity and exceptional quality, but it creates a significant barrier to entry.

Such a substantial investment requires careful financial planning and a deep understanding of the numismatic market. While the potential for appreciation is high, the initial capital outlay is considerable, making it less accessible than other collectible items. For many, this price point alone will be a prohibitive factor, limiting the pool of potential buyers to a very specialized segment of the market. It’s a luxury item in the coin world.

Limited Liquidity Compared to Other Investments

While high-grade rare coins can appreciate significantly, their liquidity can be less than traditional financial assets like stocks or bonds. Selling a coin of this value often requires specialized auction houses, reputable dealers, or direct engagement with high-end collectors. The sales process can be slower and may incur higher transaction fees compared to more liquid investments. Finding the right buyer for a $56,000 coin takes time and effort.

The market for such high-end numismatic items is niche, meaning the pool of potential buyers is smaller. While the demand from serious collectors is robust, it is not as broad as for more common collectibles. Investors must be prepared for a potentially longer sales cycle if they decide to divest. This limited liquidity is a factor to consider for anyone looking for quick returns or easy conversion to cash. It demands patience and market knowledge.

Who Should Buy the 1904 Morgan Dollar?

The 1904 Morgan Dollar, particularly in the exceptional MS-67+ PCGS/CAC grade, is not a purchase for everyone. Its significant price tag and specialized nature mean it appeals to a very specific demographic within the numismatic and investment communities. Understanding who benefits most from such an acquisition can help potential buyers determine if this rare coin aligns with their collecting goals and financial strategies. This is a high-end item for serious enthusiasts.

Advanced Numismatists and Registry Set Collectors

This coin is an ideal acquisition for advanced numismatists who are actively pursuing high-grade examples to complete or upgrade their collections. Collectors participating in PCGS Registry Sets, especially those aiming for top-ranked sets, would find this MS-67+ CAC-approved 1904 Morgan Dollar to be an indispensable addition. The “+” designation and CAC sticker are highly coveted in this competitive arena, providing a significant boost to a set’s overall score and prestige.

Experienced collectors who appreciate the nuances of strike, luster, and toning will recognize the exceptional quality of an MS-67+ coin. They understand the rarity of finding such a pristine example from the 1904-O mintage. For those dedicated to assembling the finest possible collection of Morgan Dollars, this coin represents a cornerstone piece, offering both aesthetic beauty and strong numismatic value. It is a trophy coin for the discerning collector.

Serious Investors in Tangible Assets

For investors looking to diversify their portfolios with tangible assets that have a proven track record of appreciation, the 1904 Morgan Dollar in this grade is an excellent candidate. Rare coins, particularly those of exceptional quality and rarity, can serve as a hedge against inflation and market volatility. Unlike paper assets, physical coins offer intrinsic value through their silver content and historical significance, which tends to hold or increase value over time.

The dual certification from PCGS and CAC provides a robust layer of authentication and quality assurance, which is critical for investment-grade coins. This minimizes risks and makes the coin more liquid within the specialized investor market. Investors with a long-term perspective, who are comfortable with the unique dynamics of the numismatic market, will find this coin to be a compelling addition to their wealth management strategy. It offers a unique blend of history and financial potential.

Individuals Seeking Legacy and Heritage Items

Beyond monetary value, some buyers are motivated by the desire to own a piece of history, an item that can be passed down through generations. The 1904 Morgan Dollar embodies American heritage and craftsmanship. Its age, design, and historical context make it a profound heirloom. For those who value legacy and wish to connect with the past through tangible objects, this coin offers a unique opportunity. It’s a conversation piece and a tangible link to a bygone era.

The story behind the Morgan Dollar, from its inception to its role in American commerce, adds a narrative depth that transcends its silver content. Owning such a well-preserved example allows for a direct connection to that history. It’s an acquisition that can inspire future generations and serve as a focal point for discussions about American economic and artistic development. This makes it more than just a coin; it’s a family treasure in waiting.

Those Who Appreciate Unrivaled Quality

Finally, this 1904 Morgan Dollar is for anyone who simply demands the absolute best in terms of quality and preservation. Whether it’s art, antiques, or collectibles, some individuals are driven by the pursuit of perfection. An MS-67+ PCGS/CAC coin represents near-perfection in the numismatic world. It’s for those who want to own an item that stands out, not just for its rarity, but for its immaculate condition and visual splendor. This coin is a testament to the highest standards of collecting.

The joy of owning such a flawlessly preserved historical artifact is immense. It offers a unique sensory experience, from its lustrous surfaces to its intricate details, all preserved as if it were struck yesterday. For collectors who prioritize eye appeal and technical excellence above all else, this coin delivers on every front. It is a statement piece, reflecting the owner’s discerning taste and commitment to acquiring only the finest examples available on the market.

FAQ about 1904 Morgan Dollar

Here are some frequently asked questions about the 1904 Morgan Dollar, particularly focusing on high-grade examples like the MS-67+ PCGS/CAC certified coin. These answers aim to provide deeper insights into its value, history, and collecting considerations. Understanding these aspects is crucial for both new and seasoned numismatists when dealing with such a significant piece of American coinage. We cover everything from grading to historical context.

Q1: What does MS-67+ PCGS/CAC mean for a 1904 Morgan Dollar?

A: MS-67+ PCGS/CAC signifies an exceptionally high-grade coin. MS stands for Mint State, meaning the coin has never been circulated. The number 67 indicates a superb gem quality, with virtually no visible flaws, full original luster, and a sharp strike. The + (plus) designation means the coin is at the very high end of the 67 grade, bordering on MS-68, possessing superior eye appeal for its grade.

PCGS (Professional Coin Grading Service) is one of the top third-party grading companies, known for its stringent standards. CAC (Certified Acceptance Corporation) further certifies that the coin is a premium example within its PCGS grade, often better than average for an MS-67. This combination indicates a truly outstanding and highly desirable specimen of the 1904 Morgan Dollar.

The rigorous grading process by PCGS involves multiple expert numismatists evaluating the coin’s surfaces, strike, luster, and overall eye appeal. The CAC sticker is an additional layer of assurance, often adding a premium to the coin’s market value due to its confirmation of exceptional quality. For an over century-old coin like the 1904 Morgan Dollar, achieving such a high grade is a testament to its remarkable preservation and rarity, making it a significant find for any collector. This level of certification provides confidence in the coin’s authenticity and condition.

Q2: Why is the 1904-O Morgan Dollar so expensive at this grade?

A: The high price of this particular 1904 Morgan Dollar stems from a confluence of factors. First, the 1904-O (New Orleans mint) issue, while having a decent mintage, had a significant portion melted under the Pittman Act, making high-grade survivors scarce. Second, achieving an MS-67+ grade for a coin over 100 years old is incredibly rare; most circulated heavily or were mishandled.

Third, the dual certification from PCGS and CAC confirms its top-tier quality and premium eye appeal, which commands a significant premium in the numismatic market. Lastly, strong demand from advanced collectors and investors for the finest known examples drives up prices for such exceptional pieces. The combination of historical scarcity and pristine condition makes it a blue-chip collectible.

The market for high-grade rare coins operates on supply and demand, and for an MS-67+ CAC 1904 Morgan Dollar, the supply is extremely limited while demand from serious collectors is robust. This creates a competitive environment where prices reflect the coin’s rarity and desirability. Furthermore, the numismatic community places immense value on certified quality and provenance, factors that this specific coin delivers on. This isn’t just about the silver content; it’s about historical significance, artistic merit, and exceptional preservation, all contributing to its substantial market value.

Q3: What is the historical significance of the Morgan Dollar series?

A: The Morgan Dollar series, minted from 1878 to 1904 and again in 1921, is a cornerstone of American numismatics, deeply entwined with the nation’s history. Its creation was mandated by the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase and coin a substantial amount of silver.

This legislation was a response to pressure from silver mining interests in the West, which had seen a decline in silver prices. The coins facilitated commerce during a period of rapid industrialization and westward expansion, playing a vital role in the American economy. The design itself, featuring Lady Liberty and an American eagle, reflects the artistic and patriotic sentiments of the era.

The 1904 Morgan Dollar represents the culmination of this significant period in American coinage.

The series also saw immense quantities melted down during various periods, most notably under the Pittman Act of 1918, which destroyed millions of silver dollars to provide bullion to Great Britain during World War I. This act dramatically reduced the surviving population of many dates and mint marks, adding to their rarity today.

The enduring popularity of the Morgan Dollar is a testament to its historical importance, beautiful design, and the tangible connection it provides to a pivotal era in American history. For collectors, owning a 1904 Morgan Dollar is like holding a piece of that rich and complex past in their hands.

Q4: How should I store and protect a high-grade 1904 Morgan Dollar?

A: Proper storage and protection are paramount for preserving the condition and value of a high-grade coin like the 1904 Morgan Dollar. Since it is already encapsulated by PCGS, the coin is protected from environmental damage and handling. However, further precautions are recommended. Store the slabbed coin in a cool, dry, and stable environment, away from direct sunlight, extreme temperature fluctuations, and high humidity.

A fireproof and waterproof safe is an ideal location for security and environmental control. Avoid storing coins in PVC holders or materials that can degrade over time and harm the coin’s surface. Regular inspection for any signs of environmental damage, though rare in a sealed slab, is also a good practice.

For display purposes, ensure that any display case or frame uses archival-safe materials that will not react with the coin or its slab. Avoid touching the slab with bare hands excessively, as oils can transfer and potentially affect the plastic over very long periods. When handling, always hold the slab by its edges. Proper storage not only protects your investment but also ensures that the coin maintains its stunning MS-67+ condition for future generations. This diligent care helps maintain the value of your 1904 Morgan Dollar. Consider professional numismatic insurance for such a valuable item.

Q5: Is a 1904 Morgan Dollar a good investment?

A: A 1904 Morgan Dollar in MS-67+ PCGS/CAC condition is generally considered an excellent investment for serious collectors and investors. Its rarity, exceptional grade, and dual certification contribute to strong demand in the numismatic market. High-grade rare coins have historically performed well as tangible assets, often appreciating in value over the long term.

They can offer portfolio diversification and act as a hedge against inflation. However, like all investments, there are no guarantees, and the numismatic market can have its own fluctuations. It is crucial to have a long-term investment horizon and to understand that liquidity can be more limited than traditional financial assets.

Consulting with a financial advisor experienced in tangible assets is always recommended. The value is tied to both its intrinsic silver content and its numismatic premium, with the latter being the primary driver for such a high-grade specimen. Learn more about PCGS grading standards.

Q6: What is the significance of the “Illinois Set” designation?

A: The “Illinois Set” designation is not a standard grading term but rather indicates that this 1904 Morgan Dollar was likely part of a specific collection or registry set assembled by a collector from Illinois. In the world of coin collecting, especially with PCGS, collectors can register their sets online and compete for rankings based on the grade and completeness of their collections.

A coin specifically noted as being part of an “Illinois Set” suggests it was a premium piece chosen for a discerning collection, possibly one that achieved notable recognition. This provenance can add to the coin’s allure and desirability among collectors who value a coin’s history and journey through esteemed collections.

It provides an additional layer of narrative beyond just the coin’s physical attributes, appealing to collectors who appreciate the story behind their acquisitions.

Such a designation can sometimes add a small premium to the coin’s value, particularly if the original set was well-known or highly ranked. It speaks to the quality and careful selection process that led to this 1904 Morgan Dollar being included in such a collection. For potential buyers, it offers an insight into the coin’s past ownership and its perceived quality by previous experts or collectors. It suggests that this particular coin was deemed a standout example, making it even more attractive to those seeking blue-chip specimens. This kind of historical context is a bonus for serious numismatists.

Final Verdict

The 1904 Morgan Dollar, specifically the 1904-O issue certified MS-67+ by PCGS and approved by CAC, represents an extraordinary opportunity for the discerning numismatist or serious tangible asset investor. This is not merely a coin; it is a meticulously preserved piece of American history, a testament to the artistry of George T. Morgan, and a highly liquid, valuable asset within the specialized rare coin market. Its combination of rarity, historical significance, and unparalleled condition makes it a standout acquisition. For those with the means and the passion, this coin offers both immense aesthetic pleasure and significant long-term investment potential.

The exceptional MS-67+ grade, coupled with the stringent quality assurance of both PCGS and CAC, assures buyers of its authenticity and its status as a premium example within its already elite grade. Such a pristine condition for a coin over a century old is incredibly rare and speaks volumes about its journey and preservation. The “Illinois Set” provenance adds another layer of intrigue, suggesting a distinguished past within a notable collection. This 1904 Morgan Dollar is truly a collector’s dream, a trophy piece that can anchor or elevate any serious numismatic collection.

While the $56,000 price tag is substantial and places it out of reach for many, for those who seek the pinnacle of numismatic excellence and a robust tangible investment, this coin delivers immense value. It is an item that will likely continue to appreciate, given its scarcity and the enduring appeal of the Morgan Dollar series among collectors worldwide. Its historical resonance and stunning visual appeal make it a treasure that transcends mere monetary value, offering a profound connection to America’s past. This is an investment in both history and tangible wealth.

In conclusion, if you are an advanced collector striving for the finest examples, a serious investor diversifying into high-end tangible assets, or simply someone who appreciates unparalleled quality and historical significance, the 1904 Morgan Dollar in MS-67+ PCGS/CAC condition is an acquisition of profound merit. It is a rare opportunity to own a piece of numismatic perfection, a coin that will be admired and valued for generations to come.

This coin is not just purchased; it is inherited into a lineage of appreciation and historical stewardship. Its beauty and historical weight are undeniable, making it a truly remarkable offering in today’s market. Explore the history of the Morgan Dollar on Wikipedia.