In the fascinating world of numismatics, few coins command as much respect and intrigue as the 1904 Silver Dollar. This iconic piece of American history not only holds significant monetary value but also serves as a tangible link to a pivotal era in U.S. coinage. As we delve into the intricacies of this remarkable coin, we'll explore its historical context, physical characteristics, and most importantly, its value in today's market.
Historical Context of the 1904 Silver Dollar
The 1904 Silver Dollar, also known as the Morgan Dollar, represents the final year of regular production for this beloved series. Named after its designer, George T. Morgan, this coin holds a special place in the hearts of collectors and investors alike.
The Morgan Dollar Era
- Production Period: 1878-1904, 1921
- Designer: George T. Morgan
- Reason for Creation: Bland-Allison Act of 1878
- End of Production: Silver reserves depleted by 1904
The Morgan Dollar series played a crucial role in American economic history, being minted during a time of significant silver mining in the western United States. The 1904 issue, in particular, marks the end of an era, making it especially significant to collectors.
Physical Characteristics of the 1904 Silver Dollar
Understanding the physical attributes of the 1904 Silver Dollar is crucial for both authentication and appreciation:
Key Features:
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Silver content: 0.7734 troy ounces
- Edge: Reeded
- Obverse Design: Liberty head facing left
- Reverse Design: Eagle with spread wings
Minting Locations:
- Philadelphia (no mint mark)
- New Orleans (O mint mark)
- San Francisco (S mint mark)
Factors Affecting the 1904 Silver Dollar Value
Several factors contribute to the value of a 1904 Silver Dollar:
- Mint Mark: Coins from different mints can vary significantly in value.
- Condition: The grade of the coin plays a crucial role in determining its worth.
- Rarity: Some varieties or errors are exceptionally rare and command premium prices.
- Market Demand: Collector interest and silver prices influence overall value.
- Historical Significance: As the last year of regular Morgan Dollar production, 1904 coins hold special appeal.
Detailed Value Analysis by Mint Mark
1904 (P) Silver Dollar (No Mint Mark)
Philadelphia-minted coins are generally more common, with a mintage of 2,788,000:
| Condition | Estimated Value Range |
|---|---|
| Good (G4) | $30 – $35 |
| Very Fine (VF20) | $40 – $45 |
| Extremely Fine (XF40) | $50 – $60 |
| About Uncirculated (AU50) | $65 – $75 |
| Uncirculated (MS60-MS63) | $150 – $500 |
| Premium Uncirculated (MS65+) | $1,900 – $40,000 |
1904-O Silver Dollar
New Orleans coins are relatively abundant in high grades, with a mintage of 3,720,000:
| Condition | Estimated Value Range |
|---|---|
| Good (G4) | $40 – $45 |
| Very Fine (VF20) | $45 – $50 |
| Extremely Fine (XF40) | $55 – $65 |
| About Uncirculated (AU50) | $70 – $80 |
| Uncirculated (MS60-MS63) | $75 – $90 |
| Premium Uncirculated (MS65+) | $185 – $4,500 |
1904-S Silver Dollar
San Francisco-minted coins are the rarest and most valuable, with a mintage of only 2,304,000:
| Condition | Estimated Value Range |
|---|---|
| Good (G4) | $150 – $175 |
| Very Fine (VF20) | $250 – $300 |
| Extremely Fine (XF40) | $450 – $550 |
| About Uncirculated (AU50) | $1,500 – $2,150 |
| Uncirculated (MS60-MS63) | $3,300 – $5,750 |
| Premium Uncirculated (MS65+) | $8,750 – $87,500 |
Proof Coins and Special Strikes
1904 Proof Silver Dollars
Proof coins, struck in Philadelphia, are exceptionally rare and valuable, with a mintage of only 650:
| Grade | Estimated Value Range |
|---|---|
| PR50-PR60 | $1,125 – $2,200 |
| PR63 | $3,750 – $4,250 |
| PR65 | $7,000 – $8,500 |
| PR67 | $25,000 – $30,000 |
| PR68 | $45,000 – $55,000 |
Proof-Like (PL) and Deep Mirror Proof-Like (DMPL)
Some business strike coins exhibit exceptional reflectivity:
- PL coins: Generally 2-3 times the value of regular strikes
- DMPL coins: Can command 5-10 times the price of standard examples
Rare Varieties and Errors
Certain 1904 Silver Dollars possess unique characteristics that significantly increase their value:
-
VAM Varieties: Specific die variations recognized by collectors
- VAM-1A (Doubled Ear): Can fetch a 20-30% premium
- VAM-5 (Shifted Eagle): May command a 15-25% premium
-
Doubled Dies: Coins showing doubling in the design elements
- 1904 Doubled Die Obverse: Can be worth 2-3 times a standard coin
-
Strike-Through Errors: When foreign material interferes with the strike
- Values vary widely, but can range from $100 to $1,000+
-
Lamination Errors: Flaws in the coin's metal composition
- Minor laminations may add 10-20% to value
- Severe laminations can double or triple the coin's worth
These rarities can fetch prices from hundreds to tens of thousands of dollars, depending on the specific variety and condition.
Grading the 1904 Silver Dollar
The condition of a coin is critical to its value. The Sheldon Scale, ranging from 1 to 70, is used to grade coins:
- Circulated: Grades 1-58
- Uncirculated: Grades 60-70
Key grade points for 1904 Silver Dollars:
- MS63: Considered choice uncirculated
- MS65: Gem uncirculated
- MS67+: Superb gem (extremely rare for this year)
Professional grading services like PCGS and NGC provide authenticated grades, which can significantly impact a coin's market value.
Market Trends and Investment Potential
The 1904 Silver Dollar market has shown steady growth over the years:
-
Silver Content: The coin's intrinsic silver value provides a price floor
- As of 2023, the melt value is approximately $18-$20
-
Historical Significance: As the last year of regular Morgan Dollar production, 1904 coins hold special appeal
-
Collector Demand: Consistently high interest from numismatists
- PCGS Price Guide shows a 15-20% increase in value for MS65 specimens over the past decade
-
Rarity Factor: Particularly for high-grade 1904-S coins, scarcity drives value
- Only about 50 1904-S dollars are known in MS65 or better condition
Tips for Buying and Selling 1904 Silver Dollars
-
Authentication: Always purchase from reputable dealers or have coins certified by top grading services (PCGS, NGC)
- Be wary of counterfeits, especially for high-value specimens
-
Research: Stay informed about current market values and trends
- Consult price guides like the "Red Book" or online resources like PCGS CoinFacts
-
Condition is Key: Focus on the highest grade you can afford
- Even one grade point difference can significantly impact value
-
Consider Rarity: Look for scarcer mint marks or varieties for potential appreciation
- 1904-S coins in high grades offer the best potential for long-term value increase
-
Attend Coin Shows: Networking with dealers and fellow collectors can provide valuable insights and opportunities
-
Timing the Market: While silver dollars tend to hold value well, be aware of broader economic factors that might affect precious metal prices
Preserving Your 1904 Silver Dollar
To maintain value:
- Store in non-PVC holders or albums
- Handle coins by the edges, preferably wearing cotton gloves
- Keep away from extreme temperatures and humidity
- Consider using a safety deposit box for high-value specimens
- Regularly inspect your collection for any signs of toning or environmental damage
The Cultural and Historical Significance of the 1904 Silver Dollar
Beyond its monetary value, the 1904 Silver Dollar holds immense cultural and historical significance:
- Westward Expansion: Represents the era of silver mining booms in the American West
- Economic Shifts: Reflects the transition from a bimetallic to a gold standard economy
- Artistic Merit: Showcases the pinnacle of American coin design in the late 19th century
- Numismatic Legacy: Serves as a cornerstone for many advanced coin collections
Conclusion: The Enduring Appeal of the 1904 Silver Dollar
The 1904 Silver Dollar remains a cornerstone of American numismatics. Its blend of historical significance, aesthetic beauty, and potential for high value makes it a perennial favorite among collectors and investors. Whether you're drawn to its silver content, its place in U.S. history, or its potential for appreciation, the 1904 Silver Dollar continues to shine brightly in the world of coin collecting.
As we've explored, the value of a 1904 Silver Dollar can range from around $30 for a well-worn specimen to tens of thousands of dollars for rare, high-grade examples. This wide range reflects not just the coin's condition and rarity, but also its enduring appeal to collectors and its tangible link to a pivotal moment in American economic history.
Remember, while the monetary value of these coins can be substantial, their true worth often lies in the stories they tell and the connection they provide to America's past. Whether you're a seasoned numismatist or a curious beginner, the 1904 Silver Dollar offers a fascinating window into the art, economics, and history of turn-of-the-century America. Happy collecting!
