Around 1910, gemologists identified a new pink variety of beryl in the pegmatite fields of Madagascar, with earlier minor finds also reported at California's Pala district. Until then, it had simply been known as pink beryl. Soon after, George Frederick Kunz, chief gemologist at Tiffany & Co., proposed a new name at the New York Academy of Sciences: morganite, in honour of the financier and gem collector J.P. Morgan, one of Kunz's most significant clients and a major patron of the sciences.
Madagascar's rough set the colour benchmark early on, often found in a deeper magenta tone before cutting reveals the softer pink most people associate with the stone. Brazil's Minas Gerais region is the dominant commercial source today, where large granitic pegmatites yield the clean, sizeable crystals morganite is known for. One of the largest on record, a roughly 50-pound crystal nicknamed the "Rose of Maine," was unearthed at Buckfield, Maine, in 1989: an unusual find far outside the stone's typical geography.
Morganite is, in gemological terms, a modern stone. It carries a name given barely a century ago, not a title inherited from antiquity. What you're looking at is exactly what it appears to be: a stone named plainly, after someone real.