PCGS $1 (1879-1904) O Mint Morgan dollar struck 40% off-center. The coin shows about half of the planchet and design, and is extremely rare as a 40% off-center Morgan silver dollar. Although no date is present, the coin is a New Orleans Mint coin, as the "O" is still fully present on the reverse.
Morgan dollar major striking errors are rare, despite the hundreds of millions of dollar coins that were minted. This is like because the coins were individually examined by hand, and also were weighed on a very precise scale to make sure "all the silver was there" in any particular bag of silver dollars. Because of this, very few major errors on Morgan dollars escaped the Mints. Also, most of the off-centers tend to be 1921's, and so finding a "O" Mint silver dollar (which dates the coin from 1879-1904) is scarcer.
Off-center Morgan dollars are typically 5 or maybe 10% off-center--and even those are very scarce. Finding an example (especially for sale) that is 40% off-center is something you can go for a decade or more without doing. They almost never come on the market, and never last long when they do.
PCGS XF details with some dark marks on the obverse in the 2 o'clock area. What they are we do not know, but they appear to be "stains" of some sort. Also, there is some faint graffiti in the fields on the obverse (not noted on the holder), which blend into the fields well, and are difficult to see as they are nicely toned over and so thin that they are difficult to make out. Overall a great coin despite a few imperfections and with original toning across the coin.