1897 Morgan Dollar: A Numismatic Gem of American Coinage

The 1897 Morgan dollar, minted by the Philadelphia Mint, saw a mintage of 2,822,000 pieces. Despite a large percentage being held back by the Treasury Department, the Pittman Act of 1918 led to the melting of many for silver bullion. However, the 1897 Morgan dollar remains readily available in Choice Mint State (MS63) and is included in the Morgan 50 set.

1897 Morgan Dollar: A Numismatic Treasure

The 1897 Morgan dollar, a numismatic treasure minted at the Philadelphia Mint, holds a prominent place in the annals of American coinage. With a mintage of 2,822,000, the majority of these coins were struck in January, June, and December. Initially, a large portion of the issue was held back and stored in Treasury Department vaults, as there was no immediate need for their release into circulation.

However, the American government's sale of millions of ounces of silver bullion to Great Britain under the Pittman Act of 1918 led to the melting of many 1897 Morgan dollars. Despite this, the 1897 Morgan dollar remains widely available in Choice Mint State (MS63) and is a coveted inclusion in the Morgan 50 set, as designated by Charles Morgan and Russ Augustin.

Market Data and Notable Specimens

The numismatic market has witnessed significant activity involving the 1897 Morgan dollar. In a 1951 advertisement published in The Numismatist, dealer Harry W. Bason offered Brilliant Uncirculated specimens for $7.50 apiece. The 1897 Morgan dollar also featured prominently in the Redfield Hoard, with Gem BU examples advertised for $16.50 in the August 1976 issue of The Numismatist. Paramount offered MS60 examples for $16 each in its June 1978 Numismatist advertisement.

In terms of population data, PCGS has certified 75 coins at the MS67 grade, with 10 finer as of March 2024. The population of PCGS MS67+ coins has increased from three in July 2023 to 10 in March 2024. NGC has certified 16 coins at the MS67 grade, with one finer as of March 2024.

Notable specimens of the 1897 Morgan dollar have garnered considerable attention in recent auctions. PCGS MS67+ #49016009, described as brilliant with a small copper spot below the eye and light clash images on the reverse, sold for $23,500 at Heritage Auctions in April 2017. PCGS MS67+ #5749024-008, also graded brilliant, fetched $10,500 at Heritage Auctions in September 2020.

Coin Specifications

Country: United States of America
Year of Issue: 1897
Denomination: One Dollar (USD)
Mint Mark: None (Philadelphia)
Mintage: 2,822,000
Alloy: 90% Silver, 10% Copper
Weight: 26.73 g
Diameter: 38.10 mm
Edge: Reeded
Obverse Designer: George T. Morgan
Reverse Designer: George T. Morgan
Quality: Business Strike

Conclusion

The 1897 Morgan dollar stands as a testament to the artistry and craftsmanship of the American Mint. Despite the challenges it faced, including the melting of many specimens under the Pittman Act, it remains a readily available and highly sought-after coin by numismatists worldwide. Its enduring popularity is a testament to its enduring beauty and historical significance.