The production of Morgan dollar which was named after George T. Morgan, who was U.S Mint assistant engraver, started in 1878 and ended in 1921. Actually, for a period of 17 years starting 1904, silver dollars were not minted. Congressional on again-off again acts governed acquisition of silver and production of coins for the currency supply.
Although the coins were not produced for sometime, 1918 Pittman Act brought back the precious silver dollar. This Act stipulated that 270 million silver dollars in existence should be melted down; each silver coin was to be minted into a new peace dollar.
The major setback was, Morgan dies had already been destroyed and peace dollar dies were actually not ready. The dies and the 1921 Morgan dollar were redesigned by Morgan, featuring an eagle with outstretched wings at one side and Lady Liberty on the other side. Three mints were used to produce over 86 million coins.
During the 1930s, money supply was endangered by hoarding of gold and silver coins and this threatened to worsen the Great Depression. An executive order that forbade hoarding of coins was passed and it was also agreed to extend issuance of paper based currency instead of coins.