Is the government destroying Morgan Silver Dollars?

My dad (not a coin collector) just told me (a amateur coin collector) that the banks are starting to collect and destroy Morgan silver dollars. I have a very small collection involving some mercury dimes, kennedy and franklin halves, some world coins, and paper money. Silver dollars are next on my list. Is there any truth to this? He said he heard on the radio recently that the Morgans were being destroyed. Should I hurry to get one? I assume this is a lie to get people to buy more of them. I'm not sure what to think. So . . . is there truth to this, or is my dad an unintentional liar?

Thanks

 

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They use to back in the sixties and seventies. Except they didn't destroy them per say, they melted them. Which is basically the same thing. I don't think they are doing it now though? I didn't hear this, but I highly doubt it. A possibility all the same.

Phoenix

 

I believe that your dad is teasing you.:goofer:

 

OUCH, that would hurt. Could be a couple 93-S's out there yet.

 

Howdy,

Nasty rumor is all. First off banks don't have any morgans. Folks that have any would sell them to a coin shop who would sell them to other folks into coins. Why take them to a bank for $1 face value when a coin dealer will probably pay you $10 or more each?

Back after they took the silver away there was a lot of hoarding and some melting, but most of the recent melting took place in the late 70's when gold went $800+ and silver hit $45 or so.

I wouldn't be concerned. If you want to collect morgans, they are still available.

peace,

rono

 

There was an ad on recently on many of the major radio stations hocking Morgan dollars. Of course the ad makes it sound like they were practically all melted and these were rescued. Typical sales pitch. I'm sure that you'll receive a roll of very well circulated dollars at an exorbitant price. I'm guessing this ad is the one your father heard. And guess what, with every purchase they promise to send one actual silver coin as a bonus. yeaaaaaaaaa

 

Thanks for the insight

Thanks for the input. It makes cents (coin joke) that the fed would melt the coins, if they get their filthy hands on them. It is nice to hear verification of the radio ad. That makes cents (ha) also. The moral of the story, my dad isn't intentionally lying to get me riled up, and I can take my sweet time finding a morgan coin that suits my taste and budget. Thanks for all of the information. This thread needs no more posts in my mind.

Thanks again.

TheOverman

 

I don't think this is entirely accurate as I have read of people finding silver halves(even Walkers and Franklins) in boxes that were ordered from the Feds...

 

You Can Find Silver!!!

I probly shouldn't jump in like this, but, yes you can still find silver coins in circulation and from the feds... I just got 2 boxes of halves from the feds (ordered from local bank) and in $1000 worth of coin I found 15 silver halves including 1 walker!! It is worth a try!!

 

I was to young in early 60's but wish I had the chance. Here is the story and link

http://www.coinresource.com/articles/gsa.htm

March, 1964. Day after day, long lines of anxious coin buyers form outside the Federal Reserve Building in Washington, D.C. Each is hoping that his $1,000 purchase of an unopened bag of 1,000 U.S. Silver Dollars will result in what amounts to a modern day treasure trove worth many thousands of dollars.

The outpouring of silver dollars from the U.S. Treasury continues at a staggering pace until it is finally brought to a halt on March 26, 1964. On that day, the Secretary of the Treasury, C. Douglas Dillon, suspends the exchange of silver dollars for silver certificates. Americans can no longer use their greenbacks for the one-to-one purchase of silver dollars from the Treasury!

to read the rest
http://www.coinresource.com/articles/gsa.htm

 

I wouldn't be too sure.about two years ago i got 3 silver dollers from Wells Fargo(2 morgans,1 peace)

 

I read a neat article in the latest Numismatist about casinos filing off the dates back in the 60s to keep collectors from hoarding them...

On a side note. Several years ago up in Deadwood, SD when legal gambling was started they had a few slot machines in one of the casinos that took and paid off "SILVER MORGANS and Rounds"...

 

That's why I wonder what the real population of some dates are.
With what you said and throw in the Pitman Act and the 1980's rush to melt

 

There's no way to know existing populations. The Pittman Act melted 270 million, if memory serves. Then the Hunt brothers drove silver up so high in the 80's that many more were melted, though not likely another 270 mil. Even the grading services pop reports are unreliable since I'd guess every coin in a slab today has been submitted 2 or 3 times or more.

tradernick

 

Really. The fed goes searching for Silver coins in the rolls they recieve?

Ruben

 

I'll put it this way, if the machines the feds use on their dollar coins can't filter out the Susan B. Anthony's for removal from circulation, they certainly aren't going to be able to pull out all of the silver coins either, especially the 1964-70 half types... I've read that they stopped fiddling with attempting to remove the silver coins back in about 1970 as it was too difficult and impractical.

 

Which I believe they stopped doing in about 1970 but I am going to see if I can find where I read that.