The NGC Universal ID is a four digit alphanumeric that groups coins based on a unique combination of date, mintmark, denomination and striking process (MS, PF, or SP). These IDs are a simple organization of all coins prior to variety attribution and grading.
Without a doubt, this is among the most common dates in the entire Morgan Dollar series from 1878 to 1904. Only 1921 is a more common issue. In the case of the '04-O, this common date status only holds for Mint State coins. When was the last time you saw a circulated example? Superb Gem quality examples also don't fit the usual role, for MS67 and higher grade coins are also quite rare. Prior to the Treasury release of the early 1960s, this issue was actually one of the three rarest of all Morgan silver dollars, alongside 1898-O and 1903-O. In 1960, Mint State examples had a value of $260 and in 1965, $3.50!
Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.
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