Collectors Guide to Morgan Silver Dollars - Littleton Coin Company

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The Legend of theComstock Lode and Birthof the Morgan DollarThe romance of the Comstock will never die. The story is an epic. It was the laststand of the California pioneers where they rose to the height of their brilliantand adventurous careers; and a robust and optimistic people throughoutNevada, many of whom were also pioneers, shared in making unforgettablehistory. Life was never the same for many of them in the after years, but nothingcould take from them their golden memories of the Comstock Lode.-- The History of the Comstock LodeIn 1859, Patrick McLaughlin and Peter O’Rileywere prospecting in Six Mile Canyon nearCarson City, soon to be the capital of theNevada territory. Digging a ditch to collectwater, they found a rich black soil thatyielded a layer of glittering ore. McLaughlinand O’Riley were experienced miners andinstantly recognized gold. They eagerly beganto wash away the heavy black soil.In a few short hours, Henry Comstockcame riding by on a borrowed pony. He wasa colorful character and had a gift for gab.Without a shred of evidence, Comstockconvinced McLaughlin and O’Riley that hehad a claim on the very spot in which theyhad found gold. After a long argument, thetwo agreed to take Comstock in as a partnerto avoid any trouble.Comstock talked so much of “his” minethat soon, hundreds of prospectors wereswarming over Six Mile Canyon, washingaway the black soil from the gold in the Comstock Mine.Queen of the Silver StrikesJ. F. Stone, a veteran of the California gold rush, was intrigued by theComstock vein of gold in the Nevada territory. Curious about the heavyblack soil being thrown aside by the ton, Stone sent a sample to beassayed in California.Henry Comstock’s onlycontribution to the discoveryof the Comstock Lode was hisability to argue at length!The soil turned out to be incredibly rich in silver, yielding $4,700 a ton.So enormous was this claim that over the next two decades, the ComstockLode produced more than $300 million in precious metals – and that wasin 19th-century dollars! Today, the Comstock Lode of Nevada is stillknown as the Queen of the Silver Strikes.4
What became of the partners?Despite the immense yield of the ComstockLode, none of the original partners got rich– they all sold out too soon!Patrick McLaughlin sold his share for$3,500 and soon was broke. He died a fewyears later while wandering from place toplace, working at odd jobs.Henry Comstock, who consideredhimself a shrewd bargainer, sold his portionof the claim for $11,500. This is a betterprice than McLaughlin received, but ifComstock had waited until the main silvervein was reached, his interests would havebeen worth $80 million. Comstockcommitted suicide while prospecting inMontana in 1870.Peter O’Riley held his share until hewas offered $50,000, but he began dealingin mining stocks and lost everything. Underthe influence of “spirits,” O’Riley started todig a tunnel into a nearby peak, believinghe was on the trail of a richer strike thanthe Comstock. The spirits drove him crazy withAs shafts were dug into thehillside, tracks were laid for themining cars. Although therewere riches to be had, miningwas no easy job. The hourswere long, the work dirty,and the conditions harsh.visions of gold and silver caverns. He spent his last days in a California asylum.The Comstock Lode and other mines caused Nevada’s population togrow ten-fold by 1880. Silver deposits played a very important role in thestate’s, as well as the nation’s, history. Prior to its discovery, silver wasused sparingly for coinage, but afterward a flood of silver coins and dollarswas struck. In fact, this abundance of silver and the fabulous ComstockLode helped give birth to the Morgan silver dollar!A photo from the KeystoneView Company of a typicalmining camp from theComstock Lode era. Manymining camps grew intogood-sized towns that werelater deserted when theLode ran dry.5
Page 1 and 2: LITTLETON’S$4.95COLLECTORS GUIDE
Page 3: Collecting is a way to make time st
Page 7 and 8: The American Eagle on the reverse o
Page 9 and 10: The New Orleans MintThe U.S. branch
Page 11 and 12: The Morgan Silver DollarDate: 1878
Page 13 and 14: of silver dollars stored in Treasur
Page 15 and 16: California Street, looking west tow
Page 17: The Mint at Carson Citywas nothing
Page 21 and 22: Some homesteaders constructed their
Page 23 and 24: The Reno Casino HoardRudy, like Red
Page 25 and 26: The History ofLittleton Coin Compan
Page 27 and 28: Caring for Your CoinsProper handlin

Collectors Guide to Morgan Silver Dollars - Littleton Coin Company

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