Rare 1878 Silver Dollar Sells For $2m+
The sale of a rare 1878 silver dollar at an auction for a record-breaking $2,086,875 has sparked interest and excitement in the world of numismatics.
Designed by George Thomas Morgan, these coins were produced in response to the Bland-Allison Act of 1878, which restored the silver dollar as legal tender in the United States. The production of these coins was halted and resumed several times due to economic downturns, resulting in their rarity and variations.
The 1878 silver dollar is highly sought after by collectors due to its historical significance, unique design, and rarity. The coins were minted in Philadelphia, Carson City, San Francisco, and New Orleans, with each location producing coins with distinct variations.
The design features Lady Liberty on the obverse and an eagle with outstretched wings on the reverse, both surrounded by stars and inscriptions. Today, the authenticity of these coins can be verified through magnet and strike tests, and rare examples of the 1878 silver dollar are highly valued by collectors.
History and Design
The 1878 silver dollar, designed by George Thomas Morgan and restored as legal tender through the Bland-Allison Act of 1878, is widely collected and valued based on rarity, variations, and condition. Morgan's design featured Lady Liberty on the obverse, with a wreath of agricultural products on the reverse. Minted in Philadelphia, San Francisco, and Carson City, the 1878 silver dollar came in various variations, including those with 7-tail feathers, 8-tail feathers, and mint marks.
Morgan's design was well-received, and the silver dollar quickly became popular among collectors. However, the production of silver dollars was halted in 1895 due to economic pressures caused by the Sherman Silver Purchase Act of 1890. The US government melted down 350 million Morgan dollars in 1918, further reducing the number of surviving coins.
Today, rare examples of the 1878 silver dollar, particularly those with 'CC' mint marks, are highly sought after by coin collectors.
Variations and Rarity
Unexpectedly, numismatists have recently discovered a particular variation of the 1878 coin that has garnered an exorbitant sum at auction.
This coin is known as the 1878 7/8 tail feathers reverse of 1879 silver dollar. The variation is characterized by having seven tail feathers on the eagle's body on the reverse side instead of the standard eight.
This variation is considered rare and is highly sought after by collectors, making it one of the most valuable coins in the US silver dollar series.
The rarity of the 1878 7/8 tail feathers reverse of 1879 silver dollar can be attributed to a few factors. First, the variation was produced for only one year, making it a short-lived type that is not easily found.
Second, during the production process, the dies used to strike the coins were changed, resulting in the removal of one of the eagle's tail feathers. Finally, the coins were not initially recognized as a distinct variation, which led to many of them being melted down during the coin shortage of the early 1900s.
These factors combined have resulted in the 1878 7/8 tail feathers reverse of 1879 silver dollar being one of the rarest coins in the US silver dollar series and a highly sought after addition to any coin collection.
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Authenticity and Value
Authenticity and value of the 1878 7/8 tail feathers reverse of 1879 silver dollar can be determined through various tests, including the magnet and strike tests.
The magnet test involves using a magnet to check if the silver dollar is attracted to it, as genuine silver coins are not magnetic.
The strike test involves striking the coin with a special instrument to check for the sound it makes, as genuine silver coins produce a distinct sound.
Authentic 1878 silver dollars are highly valued by coin collectors, with their value determined by their rarity, condition, and variations.
Coins with mint marks, such as the 'CC' mint mark, are often valued higher than those without.
Additionally, coins with unique variations, such as the 7/8 tail feathers reverse of 1879, are highly sought after.
As a result, rare examples of 1878 (Morgan) silver dollars can fetch significant prices at auction, sometimes selling for millions of dollars, making them a valuable addition to any coin collection.
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