The Morgan Silver Dollar was minted by the United States Mint from 1878 to 1904, with a brief return in 1921. These coins were composed of 90% silver, containing 0.77344 ounces of the precious metal in each coin.
Before the creation of the Morgan Silver Dollar, the U.S. Mint had not produced a coin of this denomination for domestic use since 1873, when the Seated Liberty Dollar was last struck. While the Trade Dollar was in circulation during this period, it was primarily intended for use in foreign markets, especially in the Orient.
The Morgan Silver Dollar came into existence following the passage of the Bland-Allison Act in 1878. This legislation required the Treasury Department to purchase between two and four million dollars worth of silver each month, which was to be used in the production of silver dollars.
Anticipating the upcoming legislation, as well as his personal wish to redesign U.S. silver coinage, Director of the U.S. Mint Dr. Henry Richard Linderman asked both Chief Engraver Charles Barber and newcomer George T. Morgan to submit designs. Morgan, who had recently immigrated from London after working at the Royal Mint, submitted a design that Linderman preferred. With approval from the Treasury Secretary, Morgan’s design was chosen for the new coin.
The Morgan Silver Dollar was named after its designer, George T. Morgan.
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The obverse of the coin features a left-facing portrait of Liberty, with the word “LIBERTY” inscribed in her hairband. Additionally, the phrases “E PLURIBUS UNUM” and the year of minting are featured.
On the reverse, a perched eagle with outstretched wings is depicted, holding arrows and an olive branch in its talons. Surrounding the eagle are the inscriptions “UNITED STATES OF AMERICA,” “ONE DOLLAR,” and “IN GOD WE TRUST.”