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The 1904-O Morgan Silver Dollar certified MS64PL by NGC represents a remarkable blend of historical significance, aesthetic beauty, and numismatic prestige. Struck at the New Orleans Mint during the final year of Morgan Dollar production prior to the coin’s decades-long hiatus, the 1904-O issue marks a symbolic end to an era of American silver coinage. The New Orleans Mint would close shortly thereafter, making this one of the final coins to be produced by that historic facility. While many 1904-O Morgan Dollars were initially stored in government vaults and released decades later, examples with the coveted "PL" (Prooflike) designation are far less common and particularly desirable for their mirrored fields and high-end eye appeal. A coin graded MS64PL by NGC offers collectors a combination of sharp strike, reflectivity, and near-gem preservation.
The Morgan Silver Dollar was introduced in 1878 following the passage of the Bland-Allison Act, which mandated the large-scale purchase and coining of silver by the U.S. Treasury. Designed by George T. Morgan, the coin was intended to symbolize American strength and independence, with a design that has since become one of the most iconic in all of numismatics. The obverse features a left-facing portrait of Lady Liberty, modeled after Philadelphia schoolteacher Anna Willess Williams. She is crowned with a Phrygian cap adorned with wheat and cotton, representing unity between the North and South. The inscriptions “E PLURIBUS UNUM” and the date “1904” encircle the portrait. On an MS64PL example, the devices are sharply defined, and the fields exhibit deep, reflective surfaces reminiscent of a proof strike.
The reverse of the 1904-O Morgan Dollar features a powerful American eagle with outstretched wings, clutching arrows and an olive branch, symbolizing both military readiness and a desire for peace. Surrounding the eagle are the inscriptions “UNITED STATES OF AMERICA,” “IN GOD WE TRUST,” and “ONE DOLLAR.” A wreath of laurel encircles the lower half of the eagle, and the “O” mintmark, signifying the New Orleans Mint, appears just below the wreath above the "DO" in "DOLLAR." On a Prooflike specimen, the reverse is equally compelling, with highly reflective fields contrasting against the frosty texture of the eagle and inscriptions, creating a striking cameo effect. The level of contrast and surface preservation in MS64PL examples is especially impressive and elevates the coin’s visual allure well beyond that of a typical mint state issue.
The 1904-O Morgan Dollar had a mintage of 3,720,000 coins, a relatively moderate figure in the series. At the time, silver dollar production had exceeded actual demand for the coin in commerce, resulting in millions of coins being stored in Treasury vaults. For decades, the 1904-O was considered scarce until large numbers were released during the Treasury dispersals of the 1960s. As a result, uncirculated examples became more readily available to collectors. However, Prooflike examples remain much scarcer and represent only a small percentage of the total mintage. The PL designation requires at least moderately reflective fields on both the obverse and reverse, a characteristic that is rarely preserved across coins struck for mass circulation. Thus, a 1904-O Morgan graded MS64PL is a notably rarer and more attractive survivor than its standard brilliant uncirculated counterparts.
The New Orleans Mint was known for its inconsistent striking quality compared to the Philadelphia or San Francisco facilities, yet the 1904-O issue is recognized as one of the better-struck coins from that branch. In particular, the final year of Morgan Dollar production at New Orleans produced a fair number of well-struck and attractive coins, likely due to reduced coining pressure and volume. On MS64PL examples, strike quality is excellent, with strong detail in Liberty’s hair, the cotton leaves, and the eagle’s breast feathers. The reflective surfaces further enhance the sharpness of the design elements, giving the coin an almost three-dimensional appearance. Collectors and investors alike are drawn to such coins not only for their preservation but also for their ability to showcase the full artistry of Morgan’s design.
The MS64PL grade reflects a high level of preservation just below gem condition. Coins in this grade exhibit only minor contact marks and abrasions, none of which are prominent or detract significantly from overall eye appeal. The “PL” or Prooflike designation refers specifically to the coin’s surface quality, not strike sharpness or luster. Prooflike Morgans have deeply mirrored fields that reflect light in a way similar to a proof coin, although they were intended for circulation and struck using business strike dies. On a certified MS64PL coin, these reflective qualities are especially pronounced in the fields surrounding Liberty’s face and the eagle on the reverse, where cameo contrast between frosted devices and mirrored fields adds immense visual drama and desirability.
The certification of this 1904-O Morgan Dollar by NGC not only assures the coin’s authenticity but also provides an accurate and market-recognized assessment of its condition and surface quality. NGC’s grading standards are among the most respected in the hobby, and its encapsulation protects the coin from environmental hazards while also enhancing its liquidity on the secondary market. The PL designation is significant because it indicates a coin that was struck early in the die life, before polishing lines wore off and luster diminished. PL Morgans are frequently sought for type sets, registry sets, and those collectors who favor condition and reflectivity. The NGC holder adds both confidence and permanence to what is already a valuable and appealing coin.
Collectors who focus on Morgan Silver Dollars often prioritize PL and DMPL (Deep Mirror Prooflike) coins because of their visual dynamism and relative scarcity. The 1904-O is especially important in this context because it represents the end of the original Morgan Dollar era. No Morgan Dollars would be struck again until 1921, after which the design was replaced by the Peace Dollar. A PL example from 1904-O therefore holds symbolic and historical significance, as well as technical excellence. Among MS64PL coins, eye appeal can vary, and coins with clear mirrors, few contact marks, and bold contrast between fields and devices are prized. This particular example offers an excellent blend of these qualities, making it an ideal choice for both seasoned collectors and investors looking for a high-quality key type coin.
The historical context of the 1904-O Morgan Silver Dollar adds to its mystique. The early 20th century marked a transitional period in American coinage, politics, and society. The coin was minted just three years after President McKinley’s assassination and as the nation prepared to enter a new industrial age. The closure of the New Orleans Mint in 1909 marked the end of a southern institution that had been operational since the 1830s. That the 1904-O Morgan was one of its final products underscores its value as a piece of U.S. monetary and regional history. When combined with the coin’s Prooflike reflectivity and near-gem quality, these attributes transform a simple silver dollar into a treasured historical artifact and work of numismatic art.
The Certified 1904-O Morgan Silver Dollar graded MS64PL by NGC offers collectors a unique intersection of rarity, beauty, and historical importance. With its crisp strike, deep mirrored fields, and minimal abrasions, it rises above standard uncirculated examples to become a showcase coin. The Prooflike designation adds a layer of distinction that few Morgan Dollars can claim, especially from the New Orleans Mint. Whether viewed as the final expression of Morgan’s artistry in the original series or appreciated for its physical brilliance and preservation, this coin stands as a lasting testament to America’s silver coinage legacy and a centerpiece of any advanced U.S. coin collection.