The 1886 Morgan dollar struck at the Philadelphia Mint, lacking a mint mark, represents a significant piece of American numismatic history. It is a silver coin composed of 90% silver and 10% copper, authorized under the Bland-Allison Act of 1878. The absence of a mint mark indicates its production at the main U.S. Mint facility in Philadelphia.
This particular coin is of interest to collectors due to its relative availability compared to other Morgan dollar dates. While not exceedingly rare in circulated grades, uncirculated examples in high grades command substantial premiums. Its historical context stems from a period of significant silver mining activity and debates over monetary policy in the United States. The coin itself embodies a tangible link to the late 19th century.