The coin in question is a United States silver dollar minted in the year 1888. These coins are primarily composed of silver and were legal tender during that era. An example would be a Morgan dollar produced at the Philadelphia Mint in 1888, bearing the standard design elements for that type of coin.
These particular silver dollars are important due to their historical significance, representing a tangible connection to the late 19th century American economy and culture. They can possess intrinsic value based on their silver content, and numismatic value dependent on their condition, rarity of mint mark, and overall collector demand. The coins historical context is tied to the Bland-Allison Act, which mandated the purchase and coinage of specific amounts of silver.