Coin Specifications

Category: Morgan Dollars (1878-1921)
Mint: San Francisco
Mintage: 2,304,000
Catalog: KM-110
Composition: Silver
Fineness: 0.9000
Weight: 26.7300g
ASW: 0.7734oz
Melt Value: $13.16 (9/30/2014)
Diameter: 38.1mm
Numismatic specification data provided by Krause Publications NumisMaster.
Link to this coin

1904 S S$1 MS obverse 1904 S S$1 MS reverse


  
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Description & Analysis

The Morgan dollar was born in 1878 with the Bland-Allison Act. A special favor to western mine owners, this Mint Act authorized the Secretary of the Treasury to procure between $2 million and $4 million in silver bullion a month for coinage into silver dollars. In 1890, the Sherman Silver Purchase Act subsidized its earlier counterpart and increased the Treasury Department's monthly purchase obligation to $4.5 million in silver bullion. Even though Congress repealed this gluttinous act on November 1, 1893, there was so much silver in government hands that all three mints would have their hands full until 1904. In that historically significant year, however, the bullion supply finally became exhausted. From 1878 through 1904, the Philadelphia, Carson City, New Orleans, and San Francisco Mints produced a staggering total of $570,272,610 worth of Morgan dollars. This output dwarfed the federal government's delivery of $8,031,238 worth of silver dollars from the denomination's inception in 1794 to the eve of the Bland-Allison Act. Since it seemed highly unlikely that Congress would pass the enabling legislation to resume silver dollar coinage, the Mint destroyed the master hubs for George Morgan's design in 1910. This would have unforeseen consequences when, under the terms of the Pittman Act of 1918, recoinage of Morgan dollars was given high priority in the interim before the new Peace design could be adopted.

Like its Philadelphia and New Orleans counterparts, the San Francisco Mint rounded out more than two decades of record breaking silver dollar coinage with a respectable delivery of 2,304,000 pieces in 1904. While the Mint stored several bags of this issue in its own vaults, the majority were shipped east to the Treasury Building in Washington, D.C. As the surviving specimens gradually entered public hands over the course of the following decades, numismatists were less than thrilled with the apparent manner in which the government dealt with its coinage. The strike on this issue proved to be a blight on the otherwise stellar record of the San Francisco Mint. In addition, the heavily abraded state of these pieces once again illustrated the aversion of large silver coins to cross-country transport. While MS 65 specimens of this issue are deservedly rare, even the most deep-pocketed collector understands that money alone cannot guarantee the purchase of an MS 66 piece.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 2/10/2014

Click on a price to see historical prices, comparison charts and trends.

1904 S S$1 MS
  GVGFVF4045505355586061626364656667686970
Base $ 35.00 45.00 50.00 85.00 215 215 560 600 750 1150 1500 2050 2950 4300 5950 11000 23500 52500 - - -
$ 275 625 675 900 1250 1650 2500 3800 5150 7000 14500 34500 60000 -
1904 S S$1 MS Prooflike
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - 1100 1350 1650 2250 3250 4750 10500 17000 38000 - - - -
$ - - - 1250 1550 1800 2750 4250 5500 11500 20000 - - -
1904 S S$1 MS Deep Prooflike
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - - - - - - 9750 19000 - - - - - -
$ - - - - - - - - 13000 - - - - -
NGC Price and Value Guides Disclaimer

Census

 
NGC GRADE SUMMARY

Total Graded: 1975
Low Grade: PrAg
Average Grade: 53
High Grade: 67


Upcoming Auctions

A random selection of NGC coins is shown below.

Images
Date
Grade
Auction House
Sale / Lot
10/13/2014 UNC Details  Heritage Auctions 2014 October 8 - 13 PNG New York Invitational US Coins Signature Auction - New York Session(6), 1210/Lot# 8674


Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
10/25/2007 NGC XF 45   David Lawrence Rare Coins Thursday - Internet Auction # 189, 195/Lot# 6169 $224.25
5/11/2008 PCGS MS 64   Teletrade Auction 2527, 2527/Lot# 2035 $4,928.00
1/30/2011 PCGS AU 55   Goldberg January 30 - February 3, 2011 The Pre-Long Beach Coin and Currency Auction, 62/Lot# 1774 $603.75
6/1/2011 NGC MS 63   Heritage Auctions 2011 June Long Beach Signature US Coin Auction Session(2), 1156/Lot# 4134 $2,990.00
5/29/2011 NGC VF 30   Heritage Auctions Internet Coin Auction Session(2), 131123/Lot# 28914 $109.25
12/30/2012 PCGS XF 40   GreatCollections GreatCollections Coin Auctions 12/30/2012, 55/Lot# 92263 $170.58
11/1/2013 PCGS MS 65   Heritage Auctions 2013 November 1 - 3 US Coin Signature Auction - New York Session(2), 1191/Lot# 3763 $8,812.50
5/12/2014 PCGS VF 30   Stack's Bowers iAuction 3481, 6030/Lot# 20621 $76.38


NGC Registry

NGC Registry Score 1904 S S$1 MS
 PrAgGVGFVF4045505355586061626364656667686970
Base139147151183351642990119312521381170719692302286034673902515873749084117543391958795
141148161239448758105712121295148917942080248830623612432058967944997419142422110
00000010571212129514891794208024883062361243205896794499741914200
000000112512321338159818812191267432643757473966358514108642653000
1904 S S$1 MS Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base15116316720138168610511264132614601776208724012985363943615836815312178172964280674785
1551641782614828071122128413701565187921912595320338794852660894941388425799534650
000000112212841370156518792191259532033879485266089494138842579900
0000001193130514151670198322962790342141205344738010836155903430200
1904 S S$1 MS Deep Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base175183186223420751113813631428157119282215257831835104559859256820172962385758095102262
17718419828853088012131384147516902023233627793823526857076223103121948335269728170
0000001213138414751690202323362779382352685707622310312194833526900
0000001288140615231809211924572981446354335816652113804216704668200
Registry Image Gallery
Grade: MS 65 PL
Points: 5836
Owner: Coxe
 
Grade: MS 64
Points: 3902
Owner: K M Lust
 
View the Registry Image Gallery

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