The moving coil loudspeaker is without doubt the most common electroacoustic transducer in use. It consists of a circular coil suspended to move freely in a radial magnetic field. This transducer principle was first described by Ernst W. Siemens in his 1874 patent. He describes his transducer as a means for “obtaining the mechanical movement of an electrical coil from electrical currents transmitted through it.” He also mentions that the coil could be used to move visible or audible signals, but he had obviously nothing more elaborate in mind than a bell or buzzer.
Read more…A brief history of electroacoustics, pt. 4:
Early moving coil loudspeakers