The Morgan Dollar is a silver United States dollar coin. The dollars were minted from 1878 to 1904 and again for one more year in 1921. The Morgan Dollar is named after its designer, George T. Morgan, who designed the obverse and reverse of the coin.

When the dollar was minted in 1878, it was the first dollar issued for American commercial use since the last Seated Liberty Dollar of 1873. More than half a billion Morgan Dollars were made between 1878 and 1904, largely because of a law called the Bland-Allison Act, passed by Congress in February of 1878, which mandated that the Treasury must buy 2 to 4 million troy ounces of silver per month. The dollar was continuously minted until 1904 when the supply of dollars in circulation was high and there was an absence of silver bullion.

In 1918, the Pittman Act called for more than 270 million coins, including Morgan Dollars, to be melted for silver content. Melting has mostly occurred when silver prices escalated because these dollars yield silver bullion.

The vast majority of Morgan Dollars that exist today in uncirculated condition came directly from the Treasury, making them ideal for both investors and collectors. Their “near mint” condition makes them an “in-demand” coin for the silver investor.

The Morgan Dollar is also known for many different varieties, called VAMs (an acronym for "Van Allen – Mallis," authors of the VAM book). There are a limited number of known VAMs today – about 6,000 –and their rarity is still being researched today, making them highly desirable.

The Morgan Dollar is one of the most popular coins to collect, due to its being relatively well known, attractive, common enough in some varieties to provide an ample supply and active market for beginners, yet rare high grade coins provide an excellent challenge and thrill for more advanced collectors as well.