Commems Collection Modern: What If? 1984-86 Morgan Silver Dollar

Decades before the United States ("US") Mint renewed the striking of silver coins bearing the original 'Morgan' Silver Dollar in 2021, Congress considered the classic design for use on a Silver Dollar that matched the original coin's specifications and was intended to "provide for the disposal of silver from the National Defense Stockpile."

In January 1983, James A. McClure (R-ID) (on behalf of himself and Steven Douglas Symms (R-ID)) introduced a bill in the US Senate that called for two series of silver coins to meet its stated purpose: the 'Morgan' Silver Dollar series and the 'Liberty' Silver Coin series. The 'Liberty' series was to be a more traditional bullion coin program of one-troy ounce that lacked a stated denomination, instead featuring a "Contains One Troy Ounce" inscription. (My focus here is on the 'Morgan' Dollar series.)

The classic-era Morgan silver dollar (1878-1904, 1921) is 38.1 mm (1.5 inches) in diameter and has a total weight of 26.73 grams (0.9249 total ounces). The coin's silver planchet is 0.900 fine silver, however, and thus includes 0.7734 troy ounces of silver. The new coin was to match these original specifications.

Note: The current (2021+) iteration of the 'Morgan' Silver Dollar is struck on a 0.999 fine silver planchet with a silver weight of 0.859 troy ounces; it is the same diameter and thickness as the original.

The 'Morgan' Silver Dollar was to include the standard coin inscriptions: "Liberty", "In God We Trust", "United States of America", "E Pluribus Unum" and "One Dollar". The 'Liberty' series pieces were to include the same but replace "One Dollar" with "Contains One Troy Ounce".

Proof and Uncirculated collector versions of the 'Morgan' Silver Dollar were to be produced, in addition to the core bullion coin.

The bullion coin was to be sold at a price not less than "the fair market value of the silver content of the coins on the day prior to the sale, as determined by the Secretary [of the Treasury], plus the cost of minting, distributing, promoting, and marketing of the coins." In January 1982, the spot price of one troy ounce of silver ranged from a low of $11.07 (January 4) to a high of $13.82 (January 31). As such, the new 'Morgan' Silver Dollar was clearly not intended as a circulation piece. Sales were to be made directly to the public, or through dealers/retailers who resold to the public. The Secretary of the Treasury was directed to "make reasonable and appropriate efforts" to promote the coin in the marketplace.

Note: The 'Liberty' series was targeted at bullion coin dealers vs. the general public.

The Proof version of the piece was to be sold at a minimum of 75% above the established price of the bullion coin; the price of the Uncirculated version was to be at least 50% above the bullion coin. These prices were to fluctuate based on the then-current price of the bullion piece.

The striking of up to 15 million of the 'Morgan' Silver Dollars was authorized. The coins were authorized for minting in 1984, 1985 and 1986.

The bill was referred to the Senate Committee on Banking, Housing, and Urban Affairs. The Committee held a Hearing in April 1983 that included the bill - along with a gold coin proposal. The silver coin bill was not favorably reported nor was it considered by the full Senate. Collectors would have to wait nearly 40 years for a new 'Morgan' Silver Dollar.


For other of my posts about commemorative coins and medals, including more What If? stories, see: Commems Collection