1904-O $1 Morgan Dollar PCGS MS63

Key Features:

• Obverse:
  • Depicts Lady Liberty wearing a Phrygian cap, with a headband inscribed with “LIBERTY.” The motto “E PLURIBUS UNUM” surrounds the top of the design, with the date “1904” at the bottom.
• Reverse:
  • Features a bald eagle with outstretched wings, holding arrows and an olive branch in its talons. The inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR” encircle the eagle, with the “O” mintmark (indicating the New Orleans Mint) positioned beneath the eagle’s tail feathers.
• Composition: 90% silver, 10% copper.
• Silver Content: Contains approximately 0.7734 troy ounces of silver.
• Diameter: 38.1 mm.
• Weight: 26.73 grams.

Grade:

• PCGS MS63 (Mint State 63):
  • MS63 is a mid-grade in the uncirculated (Mint State) range. This grade indicates that the coin has no signs of wear, but may have noticeable contact marks, hairlines, or surface abrasions that prevent it from reaching higher grades like MS64 or MS65.
  • Luster is generally good in this grade, though the coin may have some areas where the luster is interrupted by small nicks or scuffs.
  • Overall, an MS63 Morgan Dollar will have attractive eye appeal, though it may have some minor imperfections under magnification.

Mintage & Rarity:

• Mintage: The 1904-O Morgan Dollar had a relatively high mintage of 3,720,000 coins, making it one of the more available Morgan Dollars from the New Orleans Mint.
• However, many of these coins were held in storage and later released in the 1960s during the Treasury releases. As a result, examples in uncirculated condition, including MS63, are fairly common.

Historical Context:

• The 1904-O Morgan Dollar is significant because it was one of the last Morgan Dollars produced before the series was paused. After 1904, Morgan Dollar production stopped due to a lack of demand and silver supply. The New Orleans Mint itself ceased operations soon after, making the 1904-O one of the final coins struck there.
• Morgan Dollars were not produced again until 1921, so the 1904-O marks the end of an era for both the Morgan series and the New Orleans Mint.

Market Appeal:

• MS63 coins are popular among collectors as they offer a balance between affordability and quality. In MS63, the 1904-O Morgan Dollar is typically well-struck with good luster, though it may have some bag marks or other minor surface imperfections.
• New Orleans Mint coins are known for having a somewhat softer strike compared to those from Philadelphia or San Francisco, but coins in MS63 still have strong details, especially on Liberty’s cheek and the eagle’s breast feathers.

Investment Potential:

• The 1904-O Morgan Dollar in MS63 is an appealing investment for collectors who want to own an uncirculated coin from one of the final years of Morgan Dollar production. While it is not as rare as some other Morgan Dollar dates, its historical significance, combined with its uncirculated condition, makes it a valuable addition to any collection.
• Prices for MS63 examples are generally reasonable compared to higher grades like MS65, but the coin still offers strong eye appeal and a connection to U.S. minting history.