1904-O

The 1904-O, at 3,720,000 pieces, is the final New Orleans Morgan Dollar and closes the O-mint chapter of the original 1878-1904 series. The New Orleans Mint suspended Morgan Dollar production after the 1904 year and never struck the 1921 reissue. The 1904-O is also famously another Treasury bag-release surprise: the 1962-1963 Treasury vault releases included thousands of Mint State 1904-O dollars that dropped the date's market profile dramatically from the pre-1962 perception of scarcity.

Strike quality on the 1904-O follows the established New Orleans pattern but runs slightly better than the 1896-O and 1897-O issues. Liberty's hair above the ear shows the typical O-mint softness, but the eagle's breast feathers come up cleaner than the worst of the mid-1890s O-mint output. Most surviving examples grade MS62 to MS65 from the 1962 Treasury release, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS63 and MS64. MS65 is available and MS66 represents a meaningful condition tier without anchoring premium pricing in any extreme tier of the certified-pop distribution.

The 1904-O is a regular common date and one of the most-collected O-mint Morgan Dollars because of the 1962 release history and the closing-year appeal. Pricing has held flat for two decades at common-date levels. The 1904-O closes the O-mint Morgan run and pairs with the 1898-O and 1903-O as the three famous Treasury bag-release O-mint surprises that reshaped New Orleans Morgan Dollar pricing in the post-1962 era. New Orleans Morgan pricing structure was permanently reshaped by the 1962 Treasury vault release of original O-mint bag inventory, with the post-1962 supply baseline anchoring modern PCGS and NGC certified-pop distributions. Registry-set collectors target the top-pop grade tier where strike quality and surface preservation become the limiting factors on assigned grades. For the 1962 Treasury release history and the New Orleans Mint closure context, see the Morgan Dollar series history.