The 1894 Key Date Morgan Dollar: A Sleeper Coin to Watch

The 1894 is a key date Morgan dollar and a Sleeper Coin to watch.

Historians note the Panic of 1893 was brought on by the Sherman Silver Purchase Act of 1890. The Act incentivized to the depletion of United States gold reserves in the Treasury, igniting fears of rampant inflation and economic doom for the nation.

In early 1895, as gold reserves reached a new low, the legendary banker JP Morgan saved America by lending gold to the federal government just in the nick of time.

This restored confidence in the American economy and stalled the gold drawdown, leading to a strong recovery.

After the Sherman Silver Act was repealed in November 1893, the minting of the George T. Morgan dollar slowed dramatically because large quantities of new silver dollars were not needed in the sluggish economy.

This explains why the 1894 is a relatively low mintage silver dollar and a key date Morgan dollar.

In charting Morgan dollar value trends, it is clear the 1894 is well below its all-time highs, making it a prime Sleeper Coin opportunity for Morgan dollar collectors in search of a bargain.

CHAPTERS:
00:00 Introduction
00:13 Sleeper Coins and the 1894 Morgan Dollar
03:29 The 1894 Morgan Had a Small Mintage
04:07 Silver Purchase Acts of 1878 and 1890
05:25 Silverites vs. Gold Bugs
06:28 "Coin Note" Paper Money
06:52 Depletion of US Treasury Gold Reserves
07:56 The Panic of 1893
08:52 President Cleveland and the Repeal of Sherman Act
10:38 Few New Silver Dollars Needed in 1894
11:44 1894 Morgan Value Trend Charts: A Sleeper Coin!
20:03 Legendary JP Morgan Saves America from Economic Doom
22:46 The Decade Ends Strongly for the US: The Gay Nineties
24:46 The Mint Strikes Morgan Dollars Again
25:26 The 1894 Morgan Will Always Be a Key Date
26:06 Happy Collecting!

REFERENCES:

Heritage Auctions. 1894 Morgan Dollar, MS65. Jan 2020 Auction.
https://coins.ha.com/itm/morgan-dollars/silver-and-related-dollars/1894-1-ms65-pcgs-cac-pcgs-7228-/a/1271-4947.s?ic4=GalleryView-Thumbnail-071515
1894 $1 MS65 PCGS. CAC.

Heritage Auctions. 1893-S Morgan Silver Dollar, MS67. Aug 2011 Auction.
https://coins.ha.com/itm/morgan-dollars/silver-and-related-dollars/1893-s-1-ms67-ngc-pcgs-7226-/a/1158-7332.s?ic4=GalleryView-Thumbnail-071515
1893-S $1 MS67 NGC. Ex: Norweb-Jack Lee II.

1894 $1 MS
https://www.ngccoin.com/coin-explorer/united-states/dollars/morgan-dollars-1878-1921/17228/1894-1-ms/?des=ms

Gold Reserves Data
Federal Reserve Economic Data, Federal Reserve Bank of St. Louis
https://fred.stlouisfed.org

1894 $1 (Regular Strike)
https://www.pcgs.com/coinfacts/coin/1894-1/7228

Garrett, Jeff, et al. A Guide Book of United States Coins, 75th ed.
Pelham, AL: Whitman Publishing, LLC, 2021.

Todd, Lewis and Curti, Merle. Rise of the American Nation 3rd ed.
New York, NY: Harcourt Brace Jovanovich, Inc., 1972.

Jordan, Winthrop, et al. The Americans.
Evanston, IL: McDougal, Littell & Company, 1988.

IMAGES:
(Most images used in this video are in the public domain)

Sherman Silver Purchase Bank Note
https://www.reddit.com/r/papermoney/comments/wjbmlj/in_189091_a_series_of_bank_notes_were_issued_in/

Panic of 1893
Library of Congress
https://www.loc.gov/pictures/item/2003688493/

J.P. Morgan portrait
Fedor Encke (1851-1926), Public domain, via Wikimedia Commons
https://commons.wikimedia.org/wiki/File:Fedor_Encke_-_Portrait_of_John_Pierpont_Morgan_1903.jpg

Henry Ford and the Quadricycle
https://www.thehenryford.org/collections-and-research/digital-collections/artifact/100583/

U.S. Navy Flying Squadron, 1898
https://commons.wikimedia.org/wiki/File:US_Navy_Flying_Squadron_1898.jpg

COIN IMAGES:
Stack's Bowers Galleries
https://stacksbowers.com/

BACKGROUND MUSIC:

https://pixabay.com/music/corporate-plain-acoustic-inspiring-folk-music-128699/

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Timeless by Alex-Productions | https://onsound.eu/
Music promoted by https://www.chosic.com/free-music/all/
Creative Commons CC BY 3.0
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Music promoted by https://www.chosic.com/free-music/all/
Creative Commons CC BY 3.0
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