Morgans are one of two silver-dollar types scrutinized for their die varieties (VAMs), which are the minute variations caused by the different dies used to strike the coins. Named for authors and coin researchers Leroy C. Van Allen and A. George Mallis, VAMs are widely used by collectors to catalog and identify Morgan and Peace Dollars.

For example, VAM-5, minted in Philadelphia in 1878, is considered by VAM enthusiasts to be one of the most prized Morgans around. It is an eight-tail-feather coin, some of whose letters have been doubled during minting. The New Orleans version of VAM-4 from 1888 is the famous "Hot Lips" coin, so called because Lady Liberty’s lips appear to be doubled. Though the top grades of this coin are rather rare and costly, the lower grades are relatively common.

Coinage of Morgans ceased in 1904 due to the exhaustion of silver purchased under the Sherman Act of 1890, and then resumed in 1921. That year, more than 80-million Morgans were minted in Philadelphia, San Francisco, and Denver, but 1921 was also the year that the Morgan was replaced by the Peace Dollar, a coin minted to commemorate the end of World War I a few years earlier.

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