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The 1904-O Morgan Silver Dollar holds a unique place in American numismatic history. Struck at the historic New Orleans Mint, this issue represents the last year of Morgan Dollar production before the series was suspended until 1921. When combined with a PCGS MS63 Old Rattler holder, the coin gains additional appeal among collectors who value early third-party grading history.
The 1904-O issue is particularly popular because it marks the end of the original Morgan production era (1878–1904). Following this year, large quantities of silver dollars remained stored in vaults, and production halted for nearly two decades.
The Morgan Dollar was created in 1878 following the passage of the Bland-Allison Act, which required the government to coin silver purchased from domestic mines. Production continued steadily across multiple mints, including Philadelphia, San Francisco, Carson City, and New Orleans.
By 1904, silver supplies allocated under the legislation were exhausted. The New Orleans Mint struck over 3 million Morgan Dollars that year, but many were stored in Treasury vaults rather than circulated.
As the final pre-hiatus issue, the 1904-O carries special historical significance within the Morgan Dollar series.
Obverse:
Left-facing portrait of Liberty
Phrygian cap symbolizing freedom
13 surrounding stars
Motto: “E PLURIBUS UNUM”
Date: 1904
Liberty’s hair detail and facial features remain well defined in Mint State examples.
Reverse:
Heraldic eagle with wings extended
Olive branch and arrows in talons
“UNITED STATES OF AMERICA”
“ONE DOLLAR”
Motto: “IN GOD WE TRUST”
Mintmark “O” beneath the wreath
The New Orleans “O” mintmark confirms its Southern origin.
Denomination: One Dollar
Year: 1904
Mint: New Orleans (O)
Designer: George T. Morgan
Composition: 90% Silver, 10% Copper
Weight: 26.73 grams
Actual Silver Weight: 0.7734 troy oz
Diameter: 38.1 mm
Edge: Reeded
Grade: PCGS MS63
Holder Type: Old Green Label “Rattler”
A PCGS MS63 example typically exhibits:
Strong original mint luster
Full uncirculated status (no wear)
Moderate bag marks consistent with storage
Good overall eye appeal
New Orleans Mint coins often show slightly softer strikes compared to San Francisco issues, making fully lustrous Mint State examples desirable.
The Old Rattler holder was used by PCGS from approximately 1986 to 1989. Key characteristics include:
Compact slab design
Green label
No barcode on reverse
Slight movement of the coin within the holder (hence “Rattler”)
Collectors value these holders because:
Early PCGS grading is often perceived as conservative
They represent the early era of third-party grading
They have become collectible alongside the coins themselves
Some buyers pursue Rattler coins for potential regrade opportunities, while others preserve them for historical slab appeal.
This coin is ideal for:
Morgan Dollar date set collectors
New Orleans Mint enthusiasts
Old slab collectors
Collectors of final-year issues
19th-century U.S. silver specialists
The 1904-O provides both historical closure to the original Morgan series and attractive collector liquidity.
Because the slab itself adds value:
Avoid cracking the holder unless pursuing regrade
Store in a temperature-stable environment
Keep slab free of scratches to maintain presentation quality
Preserving both coin and holder enhances long-term collectibility.
The 1904-O Morgan Silver Dollar PCGS MS63 in an Old Rattler holder offers layered appeal: a final-year New Orleans issue paired with an early-generation PCGS slab. With strong luster, full Mint State preservation, and vintage certification charm, it represents a meaningful addition to any Morgan collection.
Whether you collect for historical significance, slab nostalgia, or classic American silver artistry, this piece stands out as both numismatic and grading-era history.
All information provided is for educational and entertainment purposes only. For personalized financial advice, consult a licensed professional adviser.
