Silver Dollar Values: Upward Trends

The Year This Coin Was Minted...

The year 1878 was a time of rapid ongoing change in America. Increasingly, people moved from farm country to ever-growing cities, transforming the nation from a rural, agricultural society to an urban, industrialized economy. Furthermore, immigrants arrived on US shores by the millions.

Technological advancements, mass production factories, and jobs helped fuel the rapid expansion of manufacturing centers.  Railroads and improved communications connected once distant locations into one giant enterprising network. 1878 was the dawn of the Gilded Age, named so because of the many large industrial fortunes ruthlessly amassed during this era and the lifestyles supported by this ill-begotten prosperity.

Department store owner John Wanamaker of Philadelphia got a bright idea on how to leave his competition in the dark.  In 1878, he installed arc lights on his retail floor, extending business hours to late in the evening.  Also in 1878, the first telephone switchboard began operating in New Haven, CT, originally signing up 21 subscribers.

On the political front, the major event of 1878 was the passage of the Bland-Allison Act, a law that required the government to purchase vast quantities of silver, most of it unneeded. Internationally, Greece declared war on Turkey, while Emperor William I of Germany survived an assassination attempt.

The Year This Coin Was Minted...

In 1891, the US economy was growing at a rapid pace. Enterprising (and sometimes unethical) business leaders were expanding industries and creating new jobs and wealth. Technological advancements in mining, petroleum, steel, railroads, and communications were reshaping American life.

Discontented farmers in Midwestern states formed the Populist Party in 1891, to counter what they perceived as unfavorable treatment from the Republicans and Democrats. A chief demand of the Populists was the restoration of the silver standard and bimetallism, a move they claimed would help them repay their debts.

By 1891, the era of the open range and long cattle drives had come to an end, replaced by ranches and barbed wire fences. The romantic vision of the "cowboy" was gone forever.

Also in 1891, "The Adventures of Sherlock Holmes", written by Arthur Conan Doyle, was first published. In Japan, an earthquake killed 10,000 people.

The Year This Coin Was Minted...

The year 1893 brought a severe economic downturn to the United States. Many blamed the crises on the Sherman Silver Purchase Act of 1890.  That law mandated the federal government to purchase very large amounts of silver. The metal became so overproduced that by early 1893, the silver content of a silver dollar was worth only 60 cents.

Under the policy of bimetallism, gold and silver both secured the backing for US currency. As the value of silver continued to plummet, jittery silver owners rushed to exchange their silver for gold coins. Federal gold reserves shrank to under $100 million by March.

The drastic reduction in gold reserves touched off widespread panic. The public feared that if Treasury gold reserves fell too low, the US might not be capable of backing up paper dollars with gold, nor pay its bills. Amid this nervous climate, the American economy teetered on the edge of disaster.

Suddenly, on May 5, 1893, stock values on the NYSE plunged dramatically. Within a few days, businesses were ruined, factories closed their doors, banks failed, and millions lost their jobs. By the end of 1893, the US was mired in the depths of one of the worst depressions in its history.

Other 1893 events: Henry Ford built his first car, and the longest recorded boxing match occurred April 6-7, when Jack Burk fought Andy Bowen over 110 rounds, lasting 7 hours and 4 minutes. Also the World's Columbian Exposition was held in Chicago.

The Year This Coin Was Minted...

Prosperous business conditions and a rising standard of living for many typified life in 1928. The surging stock market was fueled by loans that made it easy to buy stocks with little cash down. Attracted by the lure of big profits, money from all segments of American society invested heavily in Wall Street. As the "Roaring Twenties" marched on, however, scant attention was given to economic indicators in 1928 warning of a forthcoming collapse in the economy.

Chrysler and Dodge Motors announced a merger in May, 1928.  It was one of the largest industry mergers in history.

George Eastman pushed the limits of motion picture photography in July 1928 by demonstrating for the first time a color movie.

The 1928 Olympic Games were held in Amsterdam, Netherlands. The US team scored 437 points, 60 more than runner-up Finland.

An unnamed hurricane hammered the coast of Florida in September, killing an estimated 2000 people. It was one of the worst natural disasters ever to strike the United States.

The first cartoon featuring sound, Steamboat Willie, was shown at Colony Theater in New York City in November, 1928. The star performer in the show was a mouse named Mickey, created by little-known cartoonist Walt Disney.