An 1881 Morgan dollar struck at the Philadelphia Mint, lacking a mint mark, represents a significant example from the series of silver dollars produced under the Bland-Allison Act. These coins, composed of 90% silver and 10% copper, were intended to stimulate the economy by monetizing silver. The absence of a mint mark on the reverse of the coin, below the eagle, indicates its origin at the Philadelphia Mint.
The importance of this particular issue lies in its relative abundance compared to other Morgan dollars, especially those produced at western mints. This generally translates to a lower value in circulated grades, making it an accessible piece for collectors. Its historical context reflects a period of economic debate regarding the role of silver in the U.S. monetary system, influencing its production and distribution. Furthermore, the design itself, featuring Liberty on the obverse and an eagle on the reverse, embodies American ideals of freedom and strength.