The 1896-O Morgan Dollar (Buy on eBay) is known for being exceptionally difficult to find in gem grade. The vast majority of the original mintage of 4,900,000 piece was released into circulation and quickly became worn. The few pieces which managed to survive in mint state grades are most often characterized by poor luster, weak strike, and surface abrasions which limit eye appeal and grade.
Values for this issue jump considerably from About Uncirculated to Mint State grade, with examples graded MS63 and higher commanding even larger sums. On a combined basis, PCGS and NGC have graded only four pieces MS65 with one of the PCGS graded pieces attaining $149,500 at auction in 2002. There have only been two pieces graded MS66, one of which sold for $345,000 in 2005.
1896-O Morgan Dollar Mintage and Specifications
- Mintage: 4,900,000
- Mint mark: O (New Orleans)
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm