Judging by that M, it could have been counterstamped over 100 years ago, and sometimes these carry their own value...although I'm unsure about Morgans. (Stamped coins were pretty common, especially in the depression years of the 1870s) Since it's not a rare date, I find that coin more interesting, especially if the stamp can be traced to a source. In term of grading by that pic, I'd guess F-12.
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