1881-S Morgan Dollar是該系列中認證最多的硬幣

Charles Morgan為Coinweek。從1878年到1904年，摩根美元被擊中，然後在1921年再次被擊中。儘管沒有廣泛要求循環的銀幣硬幣。

The Morgan Dollar was struck from 1878 to 1904, and then again in 1921. Despite no widespread demand for a circulating silver dollar coin, the United States Congress pressed for reintroducing the denomination as a sop to mining interests in the western part of the country. Overturning President Rutherford B. Hayes’s veto, in which he called the Act “unwise and inopportune,” the passing of the Bland-Allison Act of February 28, 1878 led to one of the great monetary boondoggles in American history.

從1878年到1904年，摩根美元被擊中，然後在1921年再次被擊中。儘管沒有廣泛要求循環的銀幣硬幣的需求，但美國國會敦促重新引入該面額，以作為該國西部地區採礦利益的SOP。總統盧瑟福·海斯（Rutherford B. Hayes）的否決權被推翻，他稱該法案為“不明智的和不合時宜”，這是1878年2月28日的《布蘭 - 阿利森法案》的逝世，導致了美國歷史上最大的貨幣bodogoggles之一。

When the silver dollar was reintroduced, $1 represented just under a day’s wages for unskilled laborers. Its weight and size were largely based on the coin’s inherent precious metal value, but during its service life as a circulating coin, the Morgan Dollar never contained a dollar’s worth of silver. Outside of America’s less-populated Western states, smaller-denomination coins and paper dollars proved more practical any way – though the silver dollar was often used to back paper currency issued by banks. Therefore, demand for the coin never met the levels at which Congress mandated it to be struck, and so, for over 80 years, millions of uncirculated examples sat in government storage in 1,000-coin canvas bags.

當重新引入銀元時，不熟練的勞動者每天的工資不足1美元。它的重量和大小在很大程度上是基於硬幣固有的珍貴金屬價值，但是在用作循環硬幣的使用壽命期間，摩根美元從來都不包含價值價值的銀。在美國人口較少的西部州之外，較小的宗派硬幣和紙幣以任何方式都更加實用 - 儘管銀幣經常用於支持銀行發行的紙幣。因此，對硬幣的需求從未達到國會要求襲擊其的水平，因此，在80多年來，數百萬未流通的例子坐在政府存儲中，以1,000木糖的帆布袋。

“Common Rare Coins”

“常見的稀有硬幣”

Morgan Dollars weren’t just held in Treasury Department subvaults. Millions of examples were held by private banks well into the mid-20th century, even though hundreds of millions of coins were melted in 1918 and converted into bullion under the auspices of the Pittman Act. While it may be hard to believe that 80-year-old coins containing .7734 ounces of silver would be available at banks at their $1 face value, this was the case until the early 1960s as demand for silver pushed prices up. At the same time, a major development in the numismatic market was taking place. When Congress passed the Coinage Act of 1965 and removed silver coins from circulation, a groundswell of interest for coins started to take root.

Morgan美元不僅在財政部的子彈中舉行。直到20世紀中葉，私人銀行舉辦了數百萬個例子，儘管在1918年融化了數億個硬幣，並根據《皮特曼法案》的主持人轉變為金條。雖然很難相信，銀行將以1美元的面值在銀行提供80年曆史的硬幣，但直到1960年代初，隨著對白銀的需求上漲，這種情況一直是這種情況。同時，正在發生數值市場的重大發展。當國會通過了1965年的《造幣法》並從循環中取出銀幣時，對硬幣的興趣開始紮根。

There’s nothing quite like taking something away from people to evoke nostalgia, and the sales pitch that coin dealers and the United States General Services Administration (GSA) made regarding silver dollars was persuasive. The GSA called its stockpile of a few million Carson City Morgan Dollars “the coins Jesse James didn’t get” and produced circulars styled after 19th-century handbills. Cartwheel mania provided dealers a profitable opportunity to pull scarce dates out of unopened $1,000 mint-sewn bags and sell them at a great profit.

沒有什麼比將人們從人們喚起懷舊之情，而貨幣經銷商和美國通用服務管理局（GSA）對銀幣進行的銷售宣傳是有說服力的。 GSA稱其為數百萬卡森市摩根（Carson City Morgan）的庫存稱為“硬幣傑西·詹姆斯（Jesse James）沒有得到”，並在19世紀的握手上製作了圓形的圓形。 Cartwheel Mania為經銷商提供了一個有利可圖的機會，可以從未打開的1,000美元的薄荷袋中拉出稀缺的日期，並以巨大的利潤出售它們。

Uncirculated Morgan Dollars were plentiful in these heady days, and collectors sought them by date, condition, and variety. Many preferred blast white coins, so slightly tarnished coins were dipped in quantity. Others sought coins with colorful bag toning. Many of these coins survived au natural, but others were treated with chemicals to speed up the toning process. One had to know what they were doing to avoid being taken advantage of.

在這些令人興奮的日子裡，未流通的摩根美元很多，收藏家在日期，狀況和多樣性上尋求它們。許多首選的爆炸白金硬幣，因此蘸有略微損害的硬幣的數量。其他人則用五顏六色的袋子來尋求硬幣。這些硬幣中的許多人倖存下來自然，但其他硬幣則接受了化學物質的治療，以加快調音過程。人們必須知道他們在做什麼，以免被利用。

It was the Wild West of the coin-collecting market as it transitioned from a hobby to an investment-oriented business. When third-party grading businesses emerged in the mid-1980s, they introduced a clever marketing tactic by publishing a population report. These population reports have always been imperfect and over-relied upon, but the data sets in the first 20 years or so were woefully inadequate to communicate anything of real value in regards to the extant population of coins in different grades. Nevertheless, narratives about certain series of consequence to the market began to emerge. One notable series impacted by the pop reports was the classic commemorative coin series, which had been marketed as highly collectible with many low-mintage coins. The pop reports revealed that most of them survived and weren’t all that rare.

它是硬幣收集市場的野外西部，因為它從業餘愛好轉變為以投資為導向的業務。當第三方評級業務在1980年代中期出現時，他們通過發佈人口報告引入了一種巧妙的營銷策略。這些人口報告始終是不完美的，並且過度匯總了，但是在最初20年左右的數據集中，數據集非常不足以傳達任何具有實際價值的事物，這些數據對於不同等級的硬幣人口而言。然而，關於市場某些後果的敘述開始出現。受到流行報導影響的一個值得注意的系列是經典的紀念硬幣系列，該系列被許多低級硬幣銷售為高度可收集的。流行報導顯示，大多數人倖存下來，而且並不是那麼罕見。

No such revelation faced the Morgan Dollar.

沒有這樣的啟示面對摩根美元。

By the mid-1960s, it was obvious that most circulation-strike issues survived in volume. This helped the series draw a steady and growing collector base. One could reasonably expect to assemble a near-complete collection of Morgan Dollars, minus a few of the series’s stoppers. Because of this, even common issues like the 1879-S, the 1886, and the 1921 were submitted for grading in quantity and sold through various channels. Some experts, such as nationally-known coin dealer Jeff Garrett, referred to these as “common rare coins.” They are common in an absolute sense but rare because you will never find them in circulation. The most common of these “common rare coins” has to be the 1881-S Morgan Dollar.

到1960年代中期，很明顯，大多數循環爆發問題都在數量上倖存下來。這有助於該系列提高了一個穩定而不斷增長的收藏家基礎。人們可以合理地期望組裝近乎完整的Morgan美元集合，減去該系列的一些塞子。因此，即使是1879-S，1886年和1921年的常見問題，也被提交給按數量進行評分，並通過各種渠道出售。一些專家，例如全國知名的硬幣經銷商傑夫·加勒特（Jeff Garrett），將其稱為“常見的稀有硬幣”。它們在絕對的意義上很常見，但很少見，因為您永遠不會在流通中找到它們。這些“常見的稀有硬幣”中最常見的是1881-S Morgan Dollar。

The 1881-S Morgan Dollar is the Most Certified Coin in the Series

1881-S Morgan Dollar是該系列中認證最多的硬幣

Third-party graders NGC and PCGS have combined to certify over

第三方分級NGC和PCG已合併以證明