Strongly supported by western mining interests and farmers, the Bland-Allison Act—which provided for a return to the minting of silver coins—becomes the law of the land.
The strife and controversy surrounding the coinage of silver is difficult for most modern Americans to understand, but in the late 19th century it was a topic of keen political and economic interest. Today, the value of American money is essentially secured by faith in the stability of the government, but during the 19th century, money was generally backed by actual deposits of silver and gold, the so-called “bimetallic standard.” The U.S. also minted both gold and silver coins.
In 1873, Congress decided to follow the lead of many European nations and cease buying silver and minting silver coins, both because silver was relatively scarce and to simplify the monetary system. Exacerbated by a variety of other factors, this led to a financial panic. When the government stopped buying silver, prices naturally dropped, and many owners of primarily western silver mines were hurt. Likewise, farmers and others who carried substantial debt loads attacked the so-called “Crime of ’73.” They believed, somewhat simplistically, that it caused a tighter supply of money, which in turn made it more difficult for them to pay off their debts.
A nationwide drive to return to the bimetallic standard gripped the nation, and many Americans came to place a near mystical faith in the ability of silver to solve their economic difficulties. The leader of the fight to remonetize silver was the Missouri Congressman Richard Bland. Having worked in mining and having witnessed the struggles of small farmers, Bland became a fervent believer in the silver cause, earning him the nickname “Silver Dick.”
With the backing of powerful western mining interests, Bland secured passage of the Bland-Allison Act, which became law on this day in 1878. Although the act did not provide for a return to the old policy of unlimited silver coinage, it did require the U.S. Treasury to resume purchasing silver and minting silver dollars as legal tender. Americans could once again use silver coins as legal tender, and this helped some struggling western mining operations. However, the act had little economic impact, and it failed to satisfy the more radical desires and dreams of the silver backers. The battle over the use of silver and gold continued to occupy Americans well into the 20th century.
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IMHO, one of the best ‘junk silver’ coins pictured above, to buy, stack, and hold, as a hedge against the continual free fall erosion of the fiat $USD’s purchasing power.
Coin shops might offer eroded, and less than mint state Barber dollars in bulk, probably for around $25. These and Peace dollars have a higher % of silver in their metal content make up than the pre-65 halves, quarters, and dimes.
Large bags of ‘junk silver’ can be purchased from dealers, I believe based on melt values.
All fiat currencies will eventually reach their intrinsic value…some faster than others.
The $USD is simpler the strongest horse still on its feet that will eventually end up headed for the glue factory. Yen? Pound Sterling? $CAD? The AUS Kiwi? Western fiat.
Possible alt currencies that may hold or grow in purchasing power: Rubles, Yuan, Swiss Francs.
The older U.S. 1-ounce silver dollars are just nice to have. They’re heavy, they are a form of U.S. currency that holds it’s value, and should never be confiscated, so, stock up and stack up, is my advice. Get ’em while you still can, as these have advantages over gold ingots or coins to preserve wealth.
1-Pre-’65 silver is cheaper than gold…currently more affordable.
2-Excellent potential for spot prices and purchase power to rocket higher if TSHTF.
3-Good potential for “Galt style merchants” to take in trade as barter, for items needed.
4-They make great legacy gifts to the young ones on holidays, birthdays, and after significant life achievements, as rewards worthy of saving, instead of spending.
The current 1 oz. American Silver Eagles are even nicer. Newer, more intricate design, and way more shiny than the older, dulled, dirty, and potentially tarnished silver dollars.
American Eagles are beautiful, on both the inverse and the obverse sides, if you haven’t seen one up close and in detail, or held one in your hand.
There’s a reason gold, silver, platinum, and palladium are called precious metals.
Two nice alternatives to 1 oz. U.S. silver eagles:
-Chinese Panda coins are really nice to look at. Some older mintage years fetch a nice premium.
-The Canadian 1 oz. silver Maple Leafs are also a pretty good looking coin to collect and save, for the same reasons as stated above. The Leafs are easier to find and buy than the Pandas, which typically sell out when each new year’s mintages are issued.
Those Chinese coins might buy you some time and consideration, if the Red Dawn scenario ever becomes a reality.
Quite a few fighting age men streaming undocumented across our borders under the current administration.
For those threats, plenty of lead is another very wise thing to stock up on, in large quantities, and in the caliber needed to send it down wind, if it becomes necessary.
If it comes down to it, bulk lead in other popular calibers could make a good item for barter, in exchange with other trustworthy participants, if System D, the black market gets launched and goes underground, if .gov decrees cash is verbotten, and bank holidays are declared, with deposits frozen or lost to government confiscation.
With a national debt approaching something like 34 Trillion soon, your IRA, and 401k might become targets of increasingly desperate thieves and spenders who can’t seem to cure their addiction to greed, theft, and printing the dollar’s demise into oblivion.
Prepare and plan accordingly.
And yeah, I know I’m preaching to the choir here, but,
There could be some newb eyes scanning, who could use some advice and direction.
If so, don’t say the Boomers never gave you anything of value, Younguns.
IMHO never refer to a Morgan dollar, pictured above, as junk silver. Junk, constitutional or 90% refers to pre1965 dimes, quarters and halves NOT Morgan or Peace dollars; all of which are 90% silver.
I’ve an 1893-S Morgan in good condition worth at least $2300. It is collectible, not junk.
junk silver is the numismatist’s term for coins in such crap condition that theyre basically below the bottom of the grading range and thus dont have much numismatic value or interest as such.
Two different markets with practically zero in common.
I have an 1878 Morgan “CC” Silver dollar…
circulated, VG condition, inherited from my grandparents, born 1895 & 1900.
I checked Ebay for auctions “ending soon” that had bids (many offerings had no bids)… prices seem to be $90-$120; mint coins seem to be worth thousands of dollars.
AuGee? Is that you, Morty? You can tell grandpa!
If you’re interested in this kind of stuff you should visit Leadville, CO. My wife and I took the tour and was in Baby Doe’s cabin. Very interesting.
PURE “SILVER” IS ALSO PERFECT “MEDICINE”, AND WILL PUT “BIG-PHARMA” OUT OF BUSINESS, ONCE IT’S “UNDERSTOOD”!
OH!!! I ALMOST FORGOT “WHY” WAS IT SILVER WAS “DEADLY” TO “VAMPIRE’S”…ESPECIALLY THE “BANKER VAMPIRE’S”???
Wouldn’t waste my money on Chinese Panda coins. You’re paying full ounce prices and not getting a full troy ounce of silver. Those coins are 30 grams and a troy ounce is 31.1035. Better to buy Maple Leafs, Brittania’s, Eagles or just about any of the other sovereign minted coins. Far as old silver dollars go I have a personal preference for Peace dollars, no real reason why I just prefer the look over the Morgans. Same for Franklin halves over Kennedy or Walking Liberty halves. Bottom line though stack what you like to stack at the best prices you can find, and that goes for your other “precious metals” not just gold and silver.
I find those old silver dollars beautiful, wish I had a lot more! Historic.
Love Morgan’s…got a good buy on 40 of them last year and value them more than Eagles.
Again, Jim Quinn demonstrates Huxley had inside information.