When the Morgan and Peace Dollar designs were re-issued as collector coins in 2021, they were, largely, greeted warmly by the community and have gone on to become popular ongoing issues among collectors. But it wasn't the first time the re-issue of Morgan
Dollars, specifically for collectors, was contemplated.
Nearly 40 years prior, in 1983, Senator James Albertus McClure (R-ID), for himself and Senator Steven Douglas Symms (R-ID), introduced a bill that provided for "the disposal of silver from the national defense stockpile through the issuance of silver coins."
The bill sought two different silver coins: 1) a 0.999 fine one-ounce silver bullion coin, and 2) a re-issue of the Morgan Dollar according to its original specifications: 38.1 mm diameter, weight of 26.73 grams, 0.900 fine silver planchet, reeded edge, etc. for collectors. The new "Morgans" would be struck in Proof and Uncirculated, with an issue price equal to their intrinsic value plus either a 75% premium (Proof version) or a 50% premium (Uncirculated version). The premium was intended to cover the costs of production, etc. Both coin types were to be ongoing issues.
Using an approximate average silver spot value of $14.00 per ounce, the issue price for the Proof coin was estimated at $18.95 and $16.25 for the Uncirculated. (The math, using the Proof coin as an example: $14.00/ounce of silver x 0.7734 ounces Actual Silver Weight per coin = $10.83 intrinsic value, multiplied by 1.75 to add premium = $18.95 issue price.)
As a Senator from a major silver-producing state, McClure was a vocal advocate for the re-monetization of silver, and so such a silver coin bill was not very surprising. McClure's bill gained multiple co-sponsors after its introduction - the idea of reducing the nation's stockpile of silver via coinage was an idea that was gaining support at the time - one of the ultimate outcomes of the drive was the American Silver Eagle (
ASE) bullion program.
The bill was referred to the Committee on Banking, Housing, and Urban Affairs. A Hearing was held to discuss the the gold coin bill introduced by Jesse Helms (R-NC) and McClure's silver coin bill. It was an extended Hearing with gold and silver industry experts/representatives present to provide supportive testimony, along with Federal representative testimony, including from the Resources Preparedness, Federal Emergency Management Agency (FEMA) and the Treasury Department.
The Hearing brought to light the fact that Government research into the best method(s) to dispose of excess silver from the Stockpile was not yet complete and that no report of the research findings had yet been made. So, authorizing a disposal method via coins was believed to be premature at the time.
As a result, McClure's bill was not reported by the Committee, and so did not receive further consideration in the Senate. (Two companion bills were introduced in the House, but neither moved forward either.) So, no collector-focused Morgan Dollar program, as per McClure's bill, was released in 1984 (or beyond). The
ASE program was just around the corner, however!
For other of my posts about commemorative coins and medals, see:
Commems Collection.
Posted 07/11/2023 3:43 pm
