In 1904, the Morgan Silver Dollar ceased production due to purchased silver under ther Sherman Act of 1890. In 1921, the Silver Morgan Dollars was back in production in very heavy mintage numbers of over 80 million coins. 3 US Mints were producing Morgans in 1921: Philadelphia, San Fransisco and Denver. 1921 was also the year that the Peace Dollar began production. The Peace Dollar was designed in honor of the end of World War I a few years prior to 1921.
Besides the Lincoln Cent, the Morgan Silver Dollar is the most collected and sought after coin. The Morgan Dollar was minted from 1878 to 1904 and then again on 1921. The Silver Dollar is named after the designer, George T. Morgan. George was a special engraver at the US Mint. The Morgan Silver Dollar obverse is Lady Liberty while the reverse is an American eagle holding arrows and an olive branch. In 1878, there were 20 million coins struck at the Philadelphia, Carson City and San Fransisco mints. However there were variations in this first year of production as some of the eagles have seven feathers while some have eight. Even though a bit flawed at the beginning of the mintage of the Morgan Silver Dollars, the new design was the first circulating silver dollar coin since 1873. There had been Trade Dollars but these coins were intended to be used in the Orient. The Bland-Allison Act led the path for an official standard silver dollar coin. There were many smaller denomination silver coins that bridged the gap of the time period without a circulating silver dollar coin.
There are some Morgan Dollars that are more prized and valued by coin enthusiasts. There are some examples of these types: the 1878 Philadelphia eight tail feather with the letters on the coin appearing to be doubled while in production and the 1888 New Orleans Hot Lips due to the lips of Lady Liberty appearing to be doubled again while in production. While these versions in lower grades are pretty common, the higher grades are rare and much more valuable.
The Morgan and Peace Silver Dollars have varieties in the coins due to the dies used. These varieties are also called VAMs. Author and coin researchers Leroy C. Van Allen and A.George Mallis have led the catalogue and identification process of the VAMs of the Morgan Silver Dollar Coin.