As hard-asset Morgan silver dollars continued to be struck for commerce at the turn of the century in 1900, their purchasing power was close to that of their debut year of 1878. Many Americans still earned just one dollar for a day's work. It was enough for a day's room and board in major U.S. cities. Of the three 1900 Morgan dollar mintages, the San Francisco production was by far the lowest: just 3.5 million emerged with an S-mintmark. The vast majority of these were later lost forever in U.S. government melts during the world wars. Now it's reliably estimated that as little as 1% of the mintage may exist in mint-state quality (perhaps 36,000 according to a silver dollar encyclopedia). That makes About Uncirculated specimens like these especially desirable.
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