Designed by George T. Morgan, the Morgan silver dollar was a standard U.S. coin produced from 1878 to 1904 and briefly in 1921. The 1894 edition was minted during a time of economic uncertainty, which may have contributed to its low mintage.
With only 110,000 coins struck at the Philadelphia Mint, the 1894 Morgan silver dollar is the second rarest among the Morgan dollars from Philadelphia, after the famous 1893-S.