More than 270 million Morgans were melted in 1918 to replenish the nation's silver bullion reserves. Later-date Morgans like this one were among the first to be melted so this 1898 issue from the famous New Orleans Mint was already extremely rare when the U.S. Treasury began its "Treasury Hoard" sale in the early 1960s. In fact, at the time, the Red Book listed its value at $300! Your coin will be struck in .900 fine silver and in Gem Brilliant Uncirculted MS-63 condition.