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Named after its designer, George Morgan, the Morgan Silver Dollar was the direct result of the Bland-Allison act of February 28, 1878. This legislation restored legal tender status to the silver dollar and required the Treasury to purchase between 2 and 4 million dollars worth of silver each month specifically for coinage into silver dollars. The Sherman Silver Purchase Act of 1890, while repealing the Bland-Allison Act, called for the purchase of up to 4 million ounces of silver per month. Enough bullion was subsequently purchased to allow production of silver dollars to continue up to 1904. Many new collectors often wonder why many Morgan Dollar dates with original mintages in the millions are very scarce today. This is due mainly to the Pittman Act of 1918, which called for the conversion into bullion of up to 350 million silver dollars. Of the more than 50 million Morgan Silver Dollars produced up to that time, nearly 270 million were melted down. In such cases, such as the 12,000 1895 Philadelphia business strikes produced and then probably melted down in 1918; entire mintages were almost completely destroyed.
