1881-S Morgan Dollar是该系列中认证最多的硬币

Charles Morgan为Coinweek。从1878年到1904年，摩根美元被击中，然后在1921年再次被击中。尽管没有广泛要求循环的银币硬币。

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.

从1878年到1904年，摩根美元被击中，然后在1921年再次被击中。尽管没有广泛要求循环的银币硬币的需求，但美国国会敦促重新引入该面额，以作为该国西部地区采矿利益的SOP。总统卢瑟福·海斯（Rutherford B. Hayes）的否决权被推翻，他称该法案为“不明智的和不合时宜”，这是1878年2月28日的《布兰 - 阿利森法案》的逝世，导致了美国历史上最大的货币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.

当重新引入银元时，不熟练的劳动者每天的工资不足1美元。它的重量和大小在很大程度上是基于硬币固有的珍贵金属价值，但是在用作循环硬币的使用寿命期间，摩根美元从来都不包含价值价值的银。在美国人口较少的西部州之外，较小的宗派硬币和纸币以任何方式都更加实用 - 尽管银币经常用于支持银行发行的纸币。因此，对硬币的需求从未达到国会要求袭击其的水平，因此，在80多年来，数百万未流通的例子坐在政府存储中，以1,000木糖的帆布袋。

“Common Rare Coins”

“常见的稀有硬币”

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美元不仅在财政部的子弹中举行。直到20世纪中叶，私人银行举办了数百万个例子，尽管在1918年融化了数亿个硬币，并根据《皮特曼法案》的主持人转变为金条。虽然很难相信，银行将以1美元的面值在银行提供80年历史的硬币，但直到1960年代初，随着对白银的需求上涨，这种情况一直是这种情况。同时，正在发生数值市场的重大发展。当国会通过了1965年的《造币法》并从循环中取出银币时，对硬币的兴趣开始扎根。

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.

没有什么比将人们从人们唤起怀旧之情，而货币经销商和美国通用服务管理局（GSA）对银币进行的销售宣传是有说服力的。 GSA称其为数百万卡森市摩根（Carson City Morgan）的库存称为“硬币杰西·詹姆斯（Jesse James）没有得到”，并在19世纪的握手上制作了圆形的圆形。 Cartwheel Mania为经销商提供了一个有利可图的机会，可以从未打开的1,000美元的薄荷袋中拉出稀缺的日期，并以巨大的利润出售它们。

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.

在这些令人兴奋的日子里，未流通的摩根美元很多，收藏家在日期，状况和多样性上寻求它们。许多首选的爆炸白金硬币，因此蘸有略微损害的硬币的数量。其他人则用五颜六色的袋子来寻求硬币。这些硬币中的许多人幸存下来自然，但其他硬币则接受了化学物质的治疗，以加快调音过程。人们必须知道他们在做什么，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.

它是硬币收集市场的野外西部，因为它从业余爱好转变为以投资为导向的业务。当第三方评级业务在1980年代中期出现时，他们通过发布人口报告引入了一种巧妙的营销策略。这些人口报告始终是不完美的，并且过度汇总了，但是在最初20年左右的数据集中，数据集非常不足以传达任何具有实际价值的事物，这些数据对于不同等级的硬币人口而言。然而，关于市场某些后果的叙述开始出现。受到流行报道影响的一个值得注意的系列是经典的纪念硬币系列，该系列被许多低级硬币销售为高度可收集的。流行报道显示，大多数人幸存下来，而且并不是那么罕见。

No such revelation faced the Morgan Dollar.

没有这样的启示面对摩根美元。

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，很明显，大多数循环爆发问题都在数量上幸存下来。这有助于该系列提高了一个稳定而不断增长的收藏家基础。人们可以合理地期望组装近乎完整的Morgan美元集合，减去该系列的一些塞子。因此，即使是1879-S，1886年和1921年的常见问题，也被提交给按数量进行评分，并通过各种渠道出售。一些专家，例如全国知名的硬币经销商杰夫·加勒特（Jeff Garrett），将其称为“常见的稀有硬币”。它们在绝对的意义上很常见，但很少见，因为您永远不会在流通中找到它们。这些“常见的稀有硬币”中最常见的是1881-S Morgan Dollar。

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

1881-S Morgan Dollar是该系列中认证最多的硬币

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

第三方分级NGC和PCG已合并以证明