The Legendary 1904-O Morgan Silver Dollar, Brilliant Uncirculated. In 1962, the 1904-O (New Orleans Mint) Morgan silver dollar was one of the three most expensive issues in the series, UNCs listed for $350. Only a few thousand were known to exist in any condition. Then the last U.S. Treasury silver dollar releases stunned the collecting world: hundreds of bags emerged from government vaults containing pristine 1904-O Morgans. Today no other BU in the entire Morgan silver dollar series costs so little compared to its peak price. Limit 1 per household.