The subject of discussion is a specific vintage of United States currency, a dollar coin produced in 1879. This particular coin is composed of 90% silver and 10% copper and embodies a significant era in American numismatic history. Its design features Liberty on the obverse and an eagle on the reverse, a representation of the nation’s ideals.
This 1879 issue holds value as both a tangible piece of history and a collectible item. Its silver content contributes to its intrinsic worth, while its age and condition influence its desirability among collectors. The coin’s production year also places it within a period of substantial silver mining in the American West, directly linking it to economic and political events of the time.
Subsequent sections will delve into the specific mint marks associated with the 1879 coin, grading standards employed to assess its condition, factors impacting its market value, and notable varieties or errors that may enhance its collectibility.
1. Silver Content
The intrinsic value of a Morgan silver dollar minted in 1879 is significantly determined by its silver content. Understanding this aspect requires a close examination of the coin’s composition and its relationship to fluctuating silver markets.
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Composition and Purity
The 1879 Morgan dollar is comprised of 90% silver and 10% copper. This specific alloy ratio, while standard for silver coinage at the time, directly dictates the amount of precious metal contained within each coin. The silver content, typically around 0.77344 troy ounces, establishes a baseline value irrespective of the coin’s numismatic worth.
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Spot Price Influence
The current spot price of silver has a direct impact on the dollar coin’s base value. As silver prices rise and fall on the commodities market, the underlying value of the silver within the coin fluctuates accordingly. This relationship creates a floor value for the coin, below which it is unlikely to trade, barring extreme circumstances.
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Melting Point Considerations
While melting silver dollars is illegal, the potential to reclaim the silver from the coin influences market sentiment. The value of the silver content represents a potential fallback for investors and collectors, especially during periods of economic uncertainty or market volatility. This intrinsic value provides a measure of stability to the coin’s overall worth.
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Impact on Collectibility
Although numismatic value often far exceeds the silver value, the presence of significant silver content provides a tangible asset that supports the coin’s desirability. Collectors are aware of the inherent worth of the metal, adding an additional layer of appeal. In situations where a coin is heavily worn or damaged, the silver value can become a primary determinant of its worth.
In conclusion, the silver content of the 1879 Morgan silver dollar is a critical factor in assessing its overall value. It provides a fundamental baseline that interacts with other factors, such as scarcity, condition, and collector demand, to determine the coin’s market price and its continued appeal as both a collectible and a tangible asset.
2. Historical Context
The 1879 Morgan silver dollar is not merely a unit of currency but a tangible artifact reflecting the economic, political, and social landscape of late 19th-century America. Understanding its historical context provides essential insight into its significance and enduring appeal.
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The Bland-Allison Act
The Bland-Allison Act of 1878 mandated the U.S. Treasury to purchase a specific amount of silver each month and coin it into silver dollars. This legislation, driven by silver mining interests and those seeking to inflate the currency, directly led to the mass production of Morgan dollars, including those dated 1879. The act’s passage and implementation are critical to understanding the volume and purpose of these coins.
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The Silver Mining Boom
The discovery of vast silver deposits in the American West, particularly the Comstock Lode, fueled intense lobbying for silver coinage. The 1879 Morgan dollar embodies this era of silver boom, representing the economic power and influence of mining tycoons and the western states. Its production is intrinsically linked to the exploitation of these resources and the political battles surrounding silver’s role in the national economy.
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Economic and Monetary Policy
The debate over bimetallism the use of both silver and gold as monetary standards was a defining issue of the late 19th century. The 1879 dollar coin was a focal point in this debate, symbolizing the struggle between those who favored a gold standard and those who advocated for silver as a means to expand the money supply and alleviate economic hardship, particularly for farmers and debtors.
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The Coinage Act of 1873 (“The Crime of ’73”)
Prior to the Bland-Allison Act, the Coinage Act of 1873 had effectively demonetized silver, leading to a sharp decline in its price and widespread discontent. The 1879 Morgan silver dollar can be viewed as a direct response to this earlier legislation, representing a partial reversal of the decision to abandon silver coinage. The ongoing controversy surrounding the 1873 act adds to the historical weight of the 1879 silver dollar.
These contextual elements provide a crucial framework for appreciating the 1879 Morgan dollar beyond its metal content or numismatic rarity. The coin serves as a historical marker, embodying the economic forces, political debates, and social anxieties of a transformative period in American history.
3. Mint Marks
Mint marks are crucial in determining the rarity and, consequently, the value of an 1879 Morgan silver dollar. These small symbols, located on the reverse of the coin below the wreath, indicate the specific U.S. Mint facility where the coin was struck.
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“No Mint Mark” (Philadelphia)
Dollars struck at the Philadelphia Mint in 1879 bear no mint mark. These are generally the most common of the 1879 dollars, as Philadelphia was the primary minting facility. While not inherently rare in circulated grades, uncirculated specimens from Philadelphia can command a premium due to their condition and preservation.
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“S” (San Francisco)
An “S” mint mark denotes production at the San Francisco Mint. San Francisco-minted 1879 dollars tend to be more scarce than those from Philadelphia, particularly in higher grades. The San Francisco Mint was responsible for producing coins primarily for circulation in the western United States, and its output levels varied depending on the demand for silver dollars in that region.
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“CC” (Carson City)
The “CC” mint mark signifies coinage at the Carson City Mint in Nevada. The 1879-CC Morgan dollar is highly sought after by collectors due to its relatively low mintage figures and the historical significance of the Carson City Mint, which operated in a remote silver-mining region. These coins often command substantial premiums, even in lower grades.
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“O” (New Orleans)
An “O” mint mark indicates that the coin was struck at the New Orleans Mint. The 1879-O Morgan Dollar is also very popular with collectors due to a lower mintage than the Philadelphia Mint but more than the Carson City Mint. In general this mint mark will fetch a fair premium compared to the “No mint mark” version of the coin.
The presence or absence of a mint mark, and the specific mark itself, significantly impacts the value and desirability of an 1879 Morgan silver dollar. Collectors meticulously examine these marks to identify the mint of origin, as this information is essential for determining the coin’s rarity and placing it within the broader context of U.S. coinage history. The “CC” mark, in particular, elevates the coin’s status among numismatists.
4. Rarity Factors
The scarcity of a specific variety directly influences the value of an 1879 Morgan silver dollar. Mintages, mint marks, and the survival rate of coins in various conditions contribute significantly to this scarcity. For instance, the 1879-CC issue, produced at the Carson City Mint, had a significantly lower mintage compared to the Philadelphia issue without a mint mark. This reduced production directly translates to higher value, particularly for well-preserved examples.
Other factors impacting rarity include the existence of notable die varieties or errors. While the 1879 Morgan dollar does not boast as many prominent error coins as some other years, subtle variations in die alignment or striking can create sub-varieties that command collector interest. The survival rate of uncirculated or high-grade specimens also contributes. Coins that were heavily circulated or improperly stored are less desirable and less valuable than those that have been carefully preserved, further emphasizing the importance of condition coupled with original mintage figures.
Understanding these factors provides collectors and investors with a framework for assessing the potential worth of an 1879 Morgan dollar. Identifying a coin with a desirable mint mark, combined with exceptional condition, increases the likelihood of realizing a higher return on investment. While pinpointing subtle die varieties requires expertise, a general awareness of these possibilities enhances the potential for discovering a particularly rare and valuable example. Assessing rarity factors presents a critical component of numismatic evaluation.
5. Condition Grading
Accurately assessing the condition of an 1879 Morgan silver dollar is paramount to determining its value and market desirability. This process, known as condition grading, is a standardized system used by numismatists to objectively evaluate the state of preservation of a coin.
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Sheldon Scale Application
The Sheldon Scale, ranging from 1 to 70, forms the foundation for grading. Lower grades (1-Poor to 10-Fair) indicate significant wear, while higher grades (60-About Uncirculated to 70-Mint State) denote minimal to no wear. Determining where an 1879 falls on this scale involves assessing factors like luster, surface preservation, and the sharpness of design details. An 1879 dollar with clear design details and minimal wear will garner a higher grade and increased value, compared to a heavily worn example where details are obscured.
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Wear Assessment
Wear on a Morgan dollar is evaluated based on specific high points of the design. On the obverse, wear on Liberty’s cheek, hair, and the eagle’s breast are key indicators. The presence of rubbing, scratches, or loss of detail lowers the grade. For example, an 1879 exhibiting wear only on the highest points might be graded as About Uncirculated (AU), while one with extensive wear across the entire surface would receive a lower grade.
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Luster and Eye Appeal
Luster, the way light reflects off a coin’s surface, is a significant factor in grading. Original mint luster adds substantially to a coin’s eye appeal and can significantly increase its value. A Mint State (MS) 1879 Morgan dollar with vibrant, original luster will command a higher price than one with dull or impaired luster, even if both exhibit minimal wear. Surface abrasions, toning, or cleaning can negatively impact luster and subsequent grading.
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Third-Party Grading Services
Professional grading services, such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), offer independent and expert assessment of coin condition. Submitting an 1879 dollar to one of these services provides a standardized and widely recognized grade, enhancing its marketability and value. Coins graded by these services are encapsulated in tamper-evident holders, ensuring their preservation and providing buyers with confidence in the assigned grade.
Condition grading, therefore, plays a central role in the valuation and collectibility of an 1879 Morgan silver dollar. A higher grade signifies better preservation and enhanced aesthetic appeal, factors that translate directly to increased value and collector demand. The utilization of standardized grading scales and professional grading services ensures a consistent and objective assessment of these historical coins.
6. Collector Demand
Collector demand exerts a substantial influence on the valuation and market dynamics surrounding the 1879 Morgan silver dollar. The intrinsic silver content and historical significance provide a baseline value; however, it is the level of collector interest that often dictates the premiums realized for specific varieties and grades. This demand stems from diverse motivations, including numismatic appreciation, historical interest, investment potential, and the desire to complete specific collections. The 1879-CC example, for instance, commands a significant premium due to its relatively low mintage and the historical appeal of the Carson City Mint, factors that directly fuel increased collector demand.
The practical significance of understanding collector demand lies in its impact on investment strategies and collecting goals. Knowledge of current market trends, popular varieties, and grading standards enables collectors and investors to make informed decisions when acquiring or selling these coins. For instance, awareness of a growing interest in specific error coins or die varieties within the 1879 mintage year can provide opportunities for targeted collecting and potential appreciation. Conversely, a decline in demand for a particular variety may indicate a strategic moment for divestment. Active participation in numismatic communities, auctions, and price guides provides insights into the fluctuating forces driving collector preferences.
In summary, collector demand serves as a critical component in the overall value equation for the 1879 Morgan silver dollar. While intrinsic and historical factors establish a foundation, it is the dynamic interplay of collector preferences, market trends, and grading standards that ultimately determines the coin’s position in the numismatic landscape. Recognizing and adapting to these demand-driven fluctuations is essential for both seasoned collectors and those considering entering the market. Challenges arise from the inherent volatility of collector preferences, requiring constant vigilance and adaptation to ensure successful acquisition and investment strategies.
7. Investment Potential
The investment potential of an 1879 Morgan silver dollar is a complex function of its intrinsic metal value, numismatic rarity, historical significance, and prevailing market conditions. Several key factors contribute to its viability as a potential investment vehicle.
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Intrinsic Value as a Hedge Against Inflation
The coin’s composition, primarily silver, provides a hedge against currency devaluation and inflation. As a tangible asset with inherent precious metal content, its value tends to rise during periods of economic uncertainty. The fluctuations in silver spot price directly affect the coin’s base value, offering a potential safeguard against inflationary pressures that erode the purchasing power of fiat currencies. This intrinsic value acts as a buffer, supporting its worth even when numismatic demand wanes.
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Numismatic Appreciation Based on Rarity and Condition
Beyond its silver content, the coin’s numismatic value is driven by its rarity, mint mark, and condition grade. Scarce varieties, such as the 1879-CC minted in Carson City, command significant premiums due to their limited mintage. The higher the grade, the more valuable the coin becomes, appealing to collectors and investors seeking well-preserved specimens. Certified grading services, like PCGS and NGC, authenticate and assign grades, enhancing investor confidence and liquidity in the market. This appreciation potential, however, necessitates careful due diligence and expert appraisal to assess condition accurately and mitigate the risk of overpaying.
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Diversification of Investment Portfolio
Including an 1879 Morgan silver dollar in an investment portfolio can provide diversification benefits. Its value is influenced by factors distinct from those affecting stocks, bonds, or real estate, offering a hedge against systemic risks. As an alternative asset, it can reduce overall portfolio volatility and potentially enhance risk-adjusted returns. However, its relatively illiquid nature and the specialist knowledge required for its valuation necessitate a balanced approach and a clear understanding of its role within a broader investment strategy.
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Historical Significance and Cultural Value
The 1879 dollar coin carries significant historical and cultural value, reflecting the economic policies and societal trends of late 19th-century America. Its appeal extends beyond mere financial metrics to encompass historical narrative and collectible interest. This enduring allure can contribute to its long-term value as a tangible artifact of a bygone era. Demand from collectors driven by historical appreciation provides a measure of stability against short-term market fluctuations. However, its value remains subject to the evolving preferences of collectors and the vagaries of numismatic market trends.
The 1879 Morgan silver dollar presents a multifaceted investment opportunity, blending precious metal value with numismatic potential and historical significance. A successful investment strategy requires a thorough understanding of these factors, coupled with expert appraisal and cautious risk management. While it can offer a hedge against inflation, portfolio diversification, and potential appreciation, investors must approach this market with diligence and informed decision-making to maximize returns and mitigate risks.
8. Numismatic Value
The 1879 Morgan silver dollar possesses a value that extends considerably beyond its intrinsic silver content. This additional value stems from its numismatic properties, reflecting factors that appeal to collectors and historians. Understanding these elements is crucial for accurately assessing the worth of a given specimen.
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Mint Mark Significance
The presence and type of mint mark located on the reverse significantly impact numismatic worth. An 1879 dollar struck at the Carson City Mint (“CC”) commands a substantially higher premium compared to those minted in Philadelphia (no mint mark). The lower mintage figures and historical association with the silver mining boom of the American West contribute to this increased value. Examples of sales demonstrate that 1879-CC dollars in even circulated conditions consistently fetch higher prices than comparable Philadelphia issues. The mint mark, therefore, serves as a key determinant of collector demand and associated value.
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Condition Grade Influence
The physical condition of the dollar directly impacts its numismatic value. Coins are graded using a standardized scale, and higher grades, indicating less wear and better preservation, translate to significantly higher prices. A Mint State (MS) 1879 dollar, exhibiting original luster and minimal imperfections, is far more desirable than a heavily worn example. Grading services such as PCGS and NGC provide independent assessments, further influencing market perception and pricing. Auction records consistently show exponentially increasing values for dollars as their grade increases, underscoring the importance of condition assessment.
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Die Variety and Error Premiums
Subtle variations in the die used to strike the coins can create distinct varieties that appeal to specialized collectors. While the 1879 mintage year is not known for extensive die varieties, certain minor differences can still generate premiums. Similarly, errors occurring during the minting process, such as double strikes or planchet imperfections, can increase numismatic worth if they are visually significant and well-documented. The detection and authentication of these varieties and errors require specialized knowledge and can transform a common coin into a highly sought-after collectible.
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Historical Context and Collectibility
The 1879 Morgan dollar embodies a specific era in American history, reflecting the economic and political debates surrounding silver coinage. This historical context contributes to its broader collectibility among enthusiasts interested in American history and monetary policy. As a tangible artifact of this period, its value is enhanced by its connection to key events and figures. Demand from collectors seeking to assemble complete date sets or specific mint mark series further supports its numismatic worth.
These facets, encompassing mint mark, condition grade, die varieties, and historical context, converge to define the numismatic value of the 1879 Morgan silver dollar. The interplay of these elements determines its appeal to collectors and investors, ultimately influencing its market price far beyond its melt value. Understanding these factors is essential for anyone seeking to assess or transact in this historical coin.
9. Design Significance
The aesthetic design of the 1879 Morgan silver dollar, crafted by United States Mint Assistant Engraver George T. Morgan, is not merely decorative; it is a deliberate representation of the nation’s self-image at a pivotal juncture in its history. The coin’s obverse features a profile of Liberty, depicted as a youthful woman wearing a Phrygian cap and a crown of wheat and cotton. These elements symbolize freedom, agriculture, and industry, encapsulating core aspects of American identity and economic activity in the late 19th century. The reverse showcases an eagle with outstretched wings, clutching arrows and an olive branch, representing both military strength and a desire for peace. The motto “E Pluribus Unum” above the eagle reinforces the ideal of unity amidst diversity, reflecting the nation’s ongoing effort to reconcile sectional differences following the Civil War. These design choices, deliberately integrated into the physical form of the currency, served as a constant visual reminder of national values and aspirations during daily transactions.
The influence of classical Greek and Roman art is evident in the coin’s design, aligning it with a broader trend in American public art to emulate the perceived virtues of republicanism and democracy associated with the ancient world. This deliberate association sought to legitimize American institutions and ideals by linking them to a respected historical lineage. The practical effect of this carefully considered design was to imbue the currency with a sense of authority and trustworthiness, contributing to its acceptance and circulation. In contrast to earlier, less elaborate coin designs, the Morgan dollar aimed for a higher level of artistic sophistication, elevating the status of American coinage on the world stage and reflecting a growing sense of national pride and cultural achievement. The level of detail present on well-preserved examples allows for an appreciation of Morgan’s artistry, further contributing to the coin’s collectibility.
The enduring appeal of the 1879 Morgan silver dollar is inextricably linked to its design. As a tangible representation of American ideals and artistic aspirations, it transcends its function as mere currency. Challenges in fully appreciating this design significance include the effects of wear and environmental damage on circulated examples, which can obscure the finer details. However, regardless of condition, the coin continues to serve as a powerful symbol of its era, connecting collectors and historians to a crucial period in American history. Its design, therefore, remains a primary factor in its enduring collectibility and value.
Frequently Asked Questions
This section addresses common inquiries regarding the 1879 Morgan silver dollar, offering concise and factual responses to enhance understanding of this historical coin.
Question 1: What factors primarily influence the value of an 1879 Morgan silver dollar?
The value is mainly determined by its mint mark, condition grade, silver content, and collector demand. Scarce mint marks, such as “CC,” and higher grades significantly increase value.
Question 2: How does the silver content affect the value of this coin?
The coin contains approximately 0.77344 troy ounces of silver. Its intrinsic worth fluctuates with the spot price of silver, establishing a baseline value regardless of numismatic factors.
Question 3: What do the different mint marks signify on an 1879 Morgan silver dollar?
Mint marks indicate the specific minting facility: “No Mint Mark” denotes Philadelphia, “S” signifies San Francisco, “CC” represents Carson City, and “O” represents New Orleans. The “CC” mark typically signifies a higher value due to lower mintage figures.
Question 4: Where can one locate the mint mark on the 1879 Morgan silver dollar?
The mint mark, if present, is located on the reverse of the coin, positioned below the wreath near the bottom center.
Question 5: How is the condition grade of a Morgan silver dollar assessed?
Condition grading follows established numismatic standards, primarily using the Sheldon Scale. Factors considered include wear on design details, surface preservation, and luster. Third-party grading services offer certified assessments.
Question 6: Is it legal to melt 1879 Morgan silver dollars for their silver content?
While the act of melting the coins is not a legal endeavor, it is more the principal. The coins are valued more than their melt value, however the owner has the right to do what they please with the coin. Collectors can buy and sell or melt whatever coins they see fit.
This FAQ provides a foundational understanding of key aspects influencing the value and collectibility of the 1879 Morgan silver dollar.
The next section will provide information regarding market trends and investment strategies.
Tips
The following tips offer practical guidance for navigating the market surrounding the 1879 silver dollar, focusing on informed acquisition, preservation, and potential divestment.
Tip 1: Verify Authenticity: Prior to any purchase, authenticate the coin through reputable grading services or experienced numismatists. Counterfeit examples circulate, necessitating expert verification to avoid financial loss. Utilize visual inspection techniques and weight measurements as preliminary authentication steps.
Tip 2: Evaluate Condition Objectively: Employ established grading standards when assessing condition. Subtle differences in grade significantly impact value. Consult grading guides and consider professional grading services to ensure accurate assessment. Avoid subjective evaluations that may overestimate the coin’s true grade.
Tip 3: Research Mint Mark Variations: Understand the impact of mint marks on value. The 1879-CC commands a premium; familiarize oneself with distinguishing characteristics to identify genuine examples. Consult mint mark reference materials and auction records to track market trends.
Tip 4: Monitor Silver Market Trends: Track the silver spot price to understand the coin’s intrinsic value. Fluctuations in silver prices affect the coin’s floor value and influence investment decisions. Utilize financial news sources and precious metal market analyses for informed monitoring.
Tip 5: Preserve with Care: Store the coin in appropriate archival-quality holders to prevent environmental damage. Handle with gloves to avoid transferring oils that can degrade the surface. Proper storage safeguards the coin’s condition and preserves its value over time.
Tip 6: Consult Expert Resources: Leverage numismatic resources, including price guides, auction databases, and expert appraisals, for informed decision-making. Consult experienced numismatists for personalized guidance and insights. Utilize established resources to access reliable information and avoid misinformation.
The application of these tips allows for a more informed approach to collecting or investing in the 1879. Diligence in authentication, evaluation, and preservation are essential for protecting and maximizing the value of this historic coin.
The subsequent section provides concluding remarks and summarizes the key takeaways from this examination of the 1879 dollar.
Conclusion
This exploration of the 1879 Morgan silver dollar has illuminated its multifaceted significance, encompassing intrinsic metal value, historical context, design aesthetics, and numismatic desirability. The coin’s worth extends beyond its silver content, influenced substantially by mint mark, condition grade, and collector demand. Understanding these elements is crucial for informed acquisition, preservation, and potential divestment strategies.
As a tangible artifact of American history, the 1879 continues to hold enduring appeal for collectors and investors alike. Continued diligence in authentication, evaluation, and market monitoring will be paramount in navigating the complexities of this numismatic asset. Further research into specific mint varieties and grading subtleties is encouraged to enhance expertise and inform future decision-making.
