1904 Morgan Dollar
Guidelines for Collecting:
In 1904 the supply of silver authorized by Congress for the minting of dollars ran out, and after this year coinage was terminated.
With the production of Morgan dollars coming to an end and with the dies and hubs about to be put into storage, the quality of this mintage from Philadelphia was poor compared to previous years. Intense cherrypicking is required to find a gem or a well-struck specimen. The strike quality varies, with most dollars being poorly struck. The luster is usually fairly shallow, not at all deep or flashy. There have been exceptions. In the 1980s, Bowers and Merena Galleries handled a group of several dozen beautifully toned MS-65 grade coins that had likely been obtained from the Mint at the time of issue.
Availability in Circulated Grades:
EF and AU can be located without much difficulty.
Availability in Mint State Grades:
Always available in Mint State grades up to and including gem-quality pieces. Look for a well-struck and boldly lustrous piece—they form the minority so look long and hard and then choose carefully. A MS-64 example makes a great addition to a Morgan dollar collection.
Availability in Proof:
Proofs show some lightness at the centers with an undesirable “chrome” look to the motifs and fields. Finding an example with good strike and eye appeal can be challenging to say the least. In the early 20th century, Proof 1904 dollars were involved in a market speculation, as related by Dave Bowers in Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia, 1993.
The example to the left was sold by Stack's Bowers Galleries in the May 2019 Baltimore Auction, where it realized $3,840.
1904 Morgan Dollar Auction Highlights
 NGC PF-68 Sold for $18,000 View Lot 3209 |  NGC PF-67 Sold for $12,000 View Lot 2046 |  PCGS MS-66+ Sold for $10,200 View Lot 1081 |
