Although not a particularly rare coin in lower circulated grades, the 1897-O Morgan Dollar carries big premiums in uncirculated grades. The value makes a big jump for examples graded MS63 and higher. Presumably, most of the mintage of 4,004,000 coins was melted with the passing of the Pittman Act in 1918. The surviving quantity is plagued by excessive bag marks precluding higher grades.
The grading services PCGS and NGC have graded a combined 3 pieces in MS67 with none finer. In 2005, one of the PCGS MS67 graded coins sold for $126,500 at auction.
1897-O Morgan Dollar Mintage and Specifications
- Mintage: 4,004,000
- Mint mark: O (New Orleans)
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm