1878 7TF $1 Reverse of 1878 MS 65

1878 7TF $1 Reverse of 1878 MS 65

  • $2,250.00


PCGS No: 7074
Type: Morgan Dollar
Year: 1878-P
Denomination: $1
Category: Morgan Dollar (1878-1921)
Grade: MS 65
Certificate Number: 21460862

Description

Totally white Gem! The year 1878 was very important for the United States financial system. We had lived thru the Civil War and Reconstruction. But actually, a truly monumental event was the discovery of gold in California. The California Gold Rush was a big event for the entire world and dramatically upended the world gold-to-silver ratio. The result in our country was that silver was hoarded, melted, or exported. Though a relative large amount of silver dollars were minted from 1840 to 1873 (and then silver Trade dollars from 1873 to 1878), very few dollars circulated in our country. The Bland -Allison Act of 1878 changed all of that and literally millions of silver dollars were minted each year thereafter, effectively restoring order to the world gold and silver market. The coins minted were the newly designed Morgan dollar, and it’s now probably the most widely collected U.S. coin. Morgan dollars were minted from 1878 to 1904. In the first year (1878), they were minted in Philadelphia, Carson City, and San Francisco. For Philadelphia, there were three different varieties, all equally important and scarce, especially in Gem condition. This is the seven tail feather variety with the concave eagle’s breast. It’s a creamy white Gem and a great coin to own.


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