United States Coinage • 1921 Morgan Design • Mark Fisher New York Photographer

United States Coinage

• 1921 Morgan Design •

Mark Fisher New York Photographer

The Morgan Dollar Coin Originally

Had A Run Of 26 Years

Ending In 1904

The Silver Reserves Were Supposedly Depleted.

The Pittman Act was a United States federal law

enacted on April 23, 1918.

The act authorized the conversion

of not exceeding 350,000,000 standard silver dollars

into bullion and its sale, or use for subsidiary silver coinage,

and directed purchase of domestic silver for recoinage

of a like number of dollars.

Under the Act, 270,232,722 standard silver dollars

were converted into bullion (259,121,554 for

sale to Great Britain at $1.00 per fine ounce,

plus mint charges, and 11,111,168 for subsidiary silver coinage),

the equivalent of about 209,000,000 fine ounces of silver.

Between 1920 and 1933, under the Act,

the same quantity of silver was purchased

from the output of American mines,

at a fixed price of $1 per ounce, from which

270,232,722 standard silver dollars were recoined.

The fixed price of $1 per ounce

was above the market rate

and acted as a federal subsidy to the silver mining industry.

passed in 1918, authorized the melting

and recoining of millions of silver dollars.

Under the act, Morgan dollars resumed

mintage for one year in 1921.

The design was replaced by the Peace dollar in the same year.

1921 Morgan Does Not Command The Same Prices

Of The Original Run Coinage Of The Morgan

The Population Of Higher Quality

Strikes Appear In A Larger Volume.

AMERICAN PHOTOGRAPHER MARK FISHER

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