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Morgan scarcity and pricing question...

Example: The 1897 series
1897-P 2.8 million pop price in MS-65 $120+
1897-O 4.0 million pop price in MS-63 $4k+
1897-S 5.8 million pop princ in MS-65 $500+

with pops like the O and S mints where does the scarcity come from? This isn't the only example in the Morgan series but I'm just curious to know if there's any history I may be unware of, such as mint holdings, meltings, die troubles etc.

Thanks
Prost!

Why step over the dollar to get to the cent? Because it's a 55DDO.

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