1903-S Morgan Dollar
Guidelines for Collecting:
Most 1903-S dollars are well struck, very lustrous, and quite beautiful. Bagmarks are minimal. Overall, the 1903-S is a rare issue in the Morgan dollar series with Mint State coins in demand at all levels. Hundreds of thousands of 1903-S coins were likely melted under the 1918 Pittman Act.
Availability in Circulated Grades:
EF and AU pieces dot the marketplace though they do not come cheaply—an AU will cost $1,000+ but is still a viable alternative to a costly Mint State coin.
Availability in Mint State Grades:
Many of today’s known specimens come from bags released over many years by the San Francisco Mint. This supply dried up in the 1950s. A hand-picked MS-63 coin is worth owning for those who have the numismatic budget for such a purchase. Look for sharpness and luster, two qualities that are generally present for the date.
Availability in Proof:
None produced.
The example to the left was sold by Stack's Bowers Galleries in the Larry H. Miller Collection, where it realized $31,200.
1903-S Morgan Dollar Auction Highlights
 PCGS MS-66, CAC Sold for $31,200 View Lot 6393 |  PCGS MS-66, CAC Sold for $31,200 View Lot 1233 |  PCGS MS-66, CAC Sold for $18,400 View Lot 3801 |
