1904 Morgan Dollar Value Guide (P, O, S Mint Marks)
1904 Morgan Dollar values range from $48 (circulated) to $81,500+ (MS-67). Philadelphia, New Orleans, and San Francisco issues each have unique market profiles. Learn grading, VAM varieties, and authentication.
The 1904 Morgan Dollar is worth $48 to $81,500, with dramatic value differences between mints and grades.
- 1904-O (New Orleans): $50–$3,500 — Most common in Mint State due to 1960s Treasury hoard release
- 1904-P (Philadelphia): $48–$13,000+ — Conditional rarity; typically weakly struck, Gem examples scarce
- 1904-S (San Francisco): $50–$81,500 — Key date; rare in high grades, low Treasury hoard survival
- 1904 Proof: $22,000–$34,000+ — Just 650 struck, classic numismatic rarity
The 1904 marked the final year of original Morgan Dollar production before the series ended until its 1921 revival, giving all issues historical significance.
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1904 Morgan Dollar: Final Year of Original Production
The 1904 Morgan Dollar features Liberty wearing a Phrygian cap on the obverse and a heraldic eagle on the reverse.
The 1904 Morgan Dollar holds unique significance as the final year of the original, uninterrupted production run that began in 1878. When the U.S. Mint struck its last Morgan Dollars in 1904, it marked the end of an era—the series would not resume until a brief one-year revival in 1921. This "end of series" status gives the 1904 issues special appeal to collectors.
Three mints produced business strikes in 1904: Philadelphia (no mint mark, 2,788,000 mintage), New Orleans (O mint mark, 3,720,000 mintage), and San Francisco (S mint mark, 2,304,000 mintage). The Philadelphia Mint also struck 650 Proof specimens for collectors. Each issue has a distinct market personality shaped by Treasury hoard releases, strike quality, and survival rates.
Values range from $48 for common circulated examples to over $80,000 for the finest known specimens. The key to understanding 1904 Morgan Dollar values lies in recognizing the dramatic differences between the common 1904-O, the conditionally rare 1904-P, and the genuinely scarce 1904-S.
How to Identify Your 1904 Morgan Dollar
The mint mark (O or S) appears on the reverse, centered below the wreath bow and above DO in DOLLAR. Philadelphia coins have no mint mark.
Accurate identification of your 1904 Morgan Dollar begins with determining which mint struck it. The mint mark, if present, is located on the reverse (tails side) of the coin. Look directly below the bow of the wreath that encircles the eagle and above the letters "D" and "O" in the word "DOLLAR." You'll find either a small "O" (New Orleans Mint) or a small "S" (San Francisco Mint). If there is no mint mark in this location, your coin was struck at the Philadelphia Mint.
The obverse design features George T. Morgan's iconic portrait of Lady Liberty facing left. She wears a Phrygian cap inscribed with "LIBERTY" and adorned with a crown of cotton and wheat. The motto "E PLURIBUS UNUM" arcs along the upper rim, while the date "1904" appears at the bottom. Thirteen stars representing the original colonies surround the portrait.
The reverse displays a heraldic eagle with outstretched wings, clutching an olive branch (symbolizing peace) in its right talon and three arrows (representing defense) in its left. The motto "IN GOD WE TRUST" appears in stylized gothic lettering above the eagle's head. The inscriptions "UNITED STATES OF AMERICA" and "ONE DOLLAR" encircle the design.
For Proof strikes, look for exceptionally sharp details throughout the design, particularly in Liberty's hair strands and the eagle's feathers. True Proofs exhibit deeply mirrored fields contrasting with frosted design elements. The rims are typically sharp and squared-off rather than rounded. Business-strike coins with similar mirrored surfaces may be designated "Prooflike" (PL) or "Deep Mirror Prooflike" (DMPL), but these were not specially manufactured and show subtle differences in finish quality.
1904 Morgan Dollar Price Guide by Mint
Value increases dramatically with grade. Note the wear on Liberty's hair and cheek in lower grades versus full details in Mint State.
The 1904 Morgan Dollar market is distinctly stratified by mint of origin, with each issue having dramatically different value curves based on strike quality, survival rates, and Treasury hoard releases.
1904 Philadelphia Morgan Dollar (No Mint Mark)
The 1904-P is a textbook "conditional rarity." While its 2,788,000 mintage isn't exceptionally low, the issue is notorious for poor production quality. Most examples are weakly struck on Liberty's hair and the eagle's breast feathers, with numerous surface marks from rough bag handling. A mid-20th century hoard brought some lower-grade Mint State pieces to market, but well-struck Gem specimens remain genuinely scarce.
The market heavily rewards examples that defy this reputation. Notice the exponential value increase above MS-64: a one-grade jump from MS-64 to MS-65 more than triples the value (from $535 to $1,900), reflecting premiums for both condition and strike quality.
| Grade | Value |
|---|---|
| G-4 | $48 |
| VF-20 | $53 |
| EF-40 | $55 |
| AU-50 | $65 |
| MS-60 | $125 |
| MS-62 | $185 |
| MS-63 | $315 |
| MS-64 | $535 |
| MS-65 | $1,900 |
| MS-66 | $9,500 |
| MS-67 | $13,000+ |
Prooflike examples are rare and command substantial premiums: MS-62 PL sells for around $850, MS-63 PL for $2,000, and MS-64 PL for $4,250. An MS-65 PL example sold for $18,600(Heritage, Jan 2024). Deep Mirror Prooflike (DMPL) specimens are exceptionally rare, with MS-64 DMPL examples bringing $50,000-$55,000 at auction.
1904-O New Orleans Morgan Dollar
The 1904-O represents the final silver dollar struck at the historic New Orleans Mint. For decades considered rare in uncirculated condition, its market identity transformed completely in October 1962 when the U.S. Treasury released millions of silver dollars from storage. Vast quantities of pristine 1904-O dollars emerged, transforming it into one of the most common dates in the series in Mint State grades up to MS-66.
Today, the 1904-O serves as an ideal type coin—affordable even in Gem condition. The value curve remains relatively flat through MS-65, with significant price increases occurring only at MS-67 and above where populations finally thin out.
| Grade | Value |
|---|---|
| G-4 | $50 |
| VF-20 | $52 |
| EF-40 | $55 |
| AU-50 | $58 |
| MS-60 | $70 |
| MS-62 | $85 |
| MS-63 | $110 |
| MS-64 | $150 |
| MS-65 | $215 |
| MS-66 | $360 |
| MS-67 | $3,500 |
Prooflike examples constitute approximately 3% of the certified population and add moderate premiums: MS-63 PL ($175-$225), MS-64 PL ($300-$400), MS-65 PL ($500-$600), and MS-66 PL ($1,000-$1,500). Deep Mirror Prooflike specimens are scarcer: MS-64 DMPL ($550-$750), MS-65 DMPL ($1,500-$2,500), and MS-66 DMPL ($5,000-$12,000+).
1904-S San Francisco Morgan Dollar
The 1904-S is a premier key date in the Morgan series. With a mintage of 2,304,000—comparable to other common dates—its rarity stems from an exceptionally low survival rate in high grades. Unlike the 1904-O, no significant Treasury hoards emerged in the 1960s, meaning the vast majority entered circulation and suffered wear.
PCGS estimates only 15,000 examples survive in MS-60 or better, with a mere 468 in MS-65 or higher. Compounding this scarcity, most survivors are poorly struck with "greasy" luster and weak central details. Any high-grade, well-struck 1904-S is a significant prize.
| Grade | Value |
|---|---|
| G-4 | $50 |
| VF-20 | $110 |
| EF-40 | $260 |
| AU-50 | $615 |
| AU-58 | $1,980 |
| MS-60 | $2,200 |
| MS-62 | $3,900 |
| MS-63 | $5,000 |
| MS-64 | $6,250 |
| MS-65 | $7,750 |
| MS-66 | $25,000 |
| MS-67 | $81,500 |
Prooflike and Deep Mirror Prooflike examples of the 1904-S are of the highest rarity. PCGS describes PLs as "very rare" and DMPLs as "exceedingly rare." No established price guides exist due to infrequent sales—any example appearing at major auction would be a significant numismatic event commanding substantial premiums over business strike equivalents.
1904 Proof Morgan Dollar
The 1904 Proof Morgan Dollar is a classic numismatic rarity produced exclusively for collectors. Struck at the Philadelphia Mint using specially prepared dies and polished planchets, these coins exhibit exceptionally sharp details and mirror-like surfaces. With an original mintage of just 650 pieces, the issue was scarce from inception.
PCGS estimates approximately 545 examples survive today in all grades, with only 495 in PR-60 or better and a mere 79 in Gem condition (PR-65+). Recent auction results demonstrate the five-figure market for high-grade specimens:
| Grade | Auction House | Date | Price |
|---|---|---|---|
| PR-67 (est.) | Heritage | May 2015 | $22,325 |
| PR-67+ | Legend | Dec 2016 | $34,075 |
| PR-67+ | Legend | May 2018 | $28,200 |
| PR-67+ | Heritage | Aug 2019 | $33,600 |
Source: PCGS CoinFacts auction records
Grading Your 1904 Morgan Dollar
Strike quality is critical for 1904-P and 1904-S. Weak strikes show flat hair details and indistinct eagle breast feathers.
Understanding Morgan Dollar grading is essential for accurately assessing your coin's value. The Sheldon 70-point scale used by PCGS and NGC distinguishes between circulated grades (Good-4 through About Uncirculated-58) and Mint State grades (MS-60 through MS-70). For 1904 Morgan Dollars, the distinctions between Mint State grades can represent thousands of dollars in value.
Circulated Grades
Good-4 (G-4): Heavy wear throughout. Liberty's hair is mostly smooth with only major outlines visible. The date and rim are clear but worn. On the reverse, the eagle's feathers are mostly flat with minimal detail. Value: $48-$50 (primarily silver content).
Very Fine-20 (VF-20): Moderate wear with major design elements clear. Liberty's hair shows about 40% of its original detail, particularly in the front and back sections. The wheat and cotton in her cap are visible. On the reverse, the eagle's feathers show partial separation. About 20-30% of original mint luster may survive in protected areas.
Extremely Fine-40 (EF-40): Light wear on high points. Liberty's hair retains approximately 75% of detail, with clear separation between major strands. Her cheek shows slight friction but retains contour. The eagle's breast feathers are mostly distinct. About 40-50% of original luster remains.
About Uncirculated-50 and AU-58: Trace wear on highest points only. AU-50 shows slight friction on Liberty's cheek, hair above her ear, and forehead. The eagle's breast feathers show minimal wear. AU-58 coins (often called "sliders") have only the faintest trace of friction and retain 80-90% of original mint luster.
First wear appears on Liberty's cheek and hair above her ear, and on the eagle's breast feathers.
Mint State Grades
Mint State coins show no wear from circulation. Grading distinctions are based on contact marks ("bag marks" from coins striking each other in storage), strike quality, and luster quality.
MS-60 to MS-62: Full mint luster with no wear, but numerous contact marks visible to the naked eye. These marks may be concentrated on Liberty's cheek and the fields. Strike quality varies—weak strikes are common, especially for 1904-P.
MS-63: Above-average luster with moderate contact marks. Marks are smaller or fewer than MS-62, and none are severe or distracting. Strike should show good detail on hair and feathers, though 1904-P often exhibits weakness.
MS-64: Strong luster with fewer contact marks than MS-63. Marks are small and mostly in less visible areas. For 1904-P, this grade typically requires at least better-than-average strike quality. Clean cheek and fields add value.
MS-65 (Gem): Exceptional luster with only minor contact marks, visible under magnification but barely noticeable to the naked eye. For 1904-P and 1904-S, this grade demands both superior strike quality and minimal surface issues—hence the dramatic value jump.
MS-66 and MS-67: Near-perfect or perfect coins with vibrant "cartwheel" luster, virtually no marks, and full strike. At these levels, eye appeal becomes paramount—originality, toning quality, and strike sharpness all factor into value. For 1904-P, MS-66+ specimens are genuine condition rarities.
PL and DMPL designations dramatically increase value. Note the mirror-like field reflectivity increasing from left to right.
Special Designations for Business Strikes
Prooflike (PL): Business-strike coins with mirrored fields resulting from freshly polished dies. To qualify for PL designation, the reflectivity must be clearly visible from 2-4 inches. The contrast between mirrored fields and frosted devices creates a proof-like appearance, though technical production differences distinguish them from true Proofs.
Deep Mirror Prooflike (DMPL): A higher standard requiring highly reflective fields with deep, clear mirrors visible from 6-8 inches or more. The reflection quality should be clear enough to read text. DMPL coins command substantial premiums, particularly for the 1904-P where such examples are exceptionally rare.
The Critical AU-58/MS-60 Distinction
The most challenging grading decision for collectors involves the boundary between AU-58 and MS-60. An AU-58 coin has the slightest trace of friction on Liberty's cheek, her hair above the ear, and the eagle's breast feathers. Under magnification, this friction appears as a slight flattening of the luster. An MS-60 coin has absolutely no wear—all luster disruption comes from contact marks, not friction. For the 1904-S, this distinction can mean a $200+ value difference.
Notable Die Varieties (VAM System)
The 1904-O VAM-4B 'Rusty Fish Hook' variety shows a prominent curved die scratch near the eagle's right wing top.
The study of Morgan Dollar die varieties—cataloged in the Van Allen-Mallis (VAM) reference system—represents a specialized collecting niche. While hundreds of minor die variations exist for virtually every Morgan Dollar date, only a small fraction are recognized as major varieties that command market premiums. These typically appear on popular checklists like the "Top 100 VAMs" or "Hit List 40."
For 1904 Morgan Dollars, most documented VAMs carry little to no premium and are of interest primarily to dedicated variety specialists. To have significant market value, a variety generally needs both checklist recognition and dramatic, easily identifiable diagnostics.
1904-O VAM-4B "Rusty Fish Hook"
This is the most significant collectible variety for 1904, recognized on the "Hit List 40" of important Morgan Dollar varieties. The primary diagnostic is a prominent, curved die scratch on the reverse that resembles a fish hook, located near the top of the eagle's right wing. The obverse also exhibits strong evidence of die clashing (faint design transfer) around Liberty's face.
The "Rusty Fish Hook" carries a moderate premium over standard 1904-O examples. An uncirculated specimen retails for approximately $175, representing a notable increase over the roughly $110 value for a common MS-63 1904-O.
Source: CoinWeek 1904-O Morgan Dollar Guide
1904-S VAM-3 and VAM-4
These varieties relate to a transition in reverse hub design used at the San Francisco Mint, classified as "C-4 over C-3 Reverse." They are identified by technical details such as the spacing between the eagle's neck and wing and the shape of the olive leaves. VAM-3 is noted as scarcer than more common reverse die pairings for the date.
These varieties carry only small premiums and are primarily of interest to series specialists and VAM collectors. They demonstrate the technical precision of VAM cataloging but lack the dramatic visual features that appeal to mainstream collectors.
Source: PCGS CoinFacts 1904-S
For the vast majority of other documented 1904 VAMs, no reliable public pricing exists, and they typically trade at values comparable to their non-variety counterparts. A 1904-P VAM-5 in AU-55, for example, sold for just $59—consistent with a standard, non-variety example of the same grade.
Mint Errors on 1904 Morgan Dollars
Mint errors occur when manufacturing malfunctions create coins that deviate from their intended design. While no major, widely publicized error types are specifically associated with 1904 Morgan Dollars, standard error categories can be found on any coin and are valued based on their type, severity, and visual drama.
Struck-Through Errors
A struck-through error occurs when a foreign object—cloth, wire, or grease—comes between the die and planchet during the strike, leaving an impression on the coin's surface. Several 1904-O examples have appeared on the market:
- An Almost Uncirculated Prooflike example with reverse struck-through was offered for $125
- A PCGS MS-64 example with reverse struck-through sold for $432
- An NGC MS-64 with obverse struck-through has also been certified and sold
These sales indicate that a verified, graded struck-through error on a 1904-O can add a premium of several hundred dollars in Mint State condition compared to a standard example.
Clashed Dies
Die clashing occurs when obverse and reverse dies strike each other directly without a planchet between them. This transfers a faint outline of the reverse design onto the obverse die and vice versa, which then appears on subsequently struck coins. A 1904-O Morgan Dollar with a die clash (also cataloged as VAM-28A) in MS-64 condition has been priced at $180, representing a modest premium over standard MS-64 examples.
Off-Center Strikes and Broadstrikes
Off-center strikes occur when the planchet is not properly centered between the dies, leaving a portion of the coin blank. Broadstrikes happen when the coin is struck outside its retaining collar, causing it to be abnormally wide and flat. While no specific 1904 examples were documented in available research, such dramatic errors command premiums based on the percentage off-center and overall eye appeal. Any genuine, significant error of this type would be unique and highly valuable.
For any suspected error coin, professional authentication through PCGS or NGC is essential to verify authenticity and establish market value.
Authentication and Counterfeit Detection
Cleaned coins show unnatural brightness, fine hairline scratches, and lack the original cartwheel luster. Such coins receive 'Details' grades.
The prevalence of counterfeit Morgan Dollars, particularly for key dates like the 1904-S, necessitates careful authentication. Modern counterfeits have become increasingly sophisticated, making basic verification tests essential before any significant purchase.
Physical Specifications: A genuine 1904 Morgan Dollar weighs exactly 26.73 grams, measures 38.1 mm in diameter, and is 2.4 mm thick. Significant deviations, especially in weight, are primary red flags. Many counterfeits are underweight because replicating the exact silver content is difficult and expensive for counterfeiters. Use a precision scale accurate to 0.01 grams for verification.
Magnetism Test: Genuine Morgan Dollars are composed of 90% silver and 10% copper—neither metal is magnetic. If the coin shows any attraction to a strong rare-earth magnet, it is definitively counterfeit, made from a ferrous base metal with a silver-colored surface coating.
Ring Test: Balance the coin on your fingertip and lightly tap the edge with another coin. A genuine silver dollar produces a clear, high-pitched ring that sustains for several seconds. Base-metal counterfeits produce a dull, short "thud" sound. This test requires practice but is remarkably effective for experienced collectors.
Mint Mark Examination: Counterfeiters often alter common Philadelphia coins by adding fake "S" or "O" mint marks to create more valuable key dates. Examine the mint mark area under magnification for discoloration, microscopic tool marks, or a seam around the added mark. Compare the font and shape to known genuine examples—added mint marks often appear slightly too large, too small, or incorrectly positioned.
Design Detail Quality: Many counterfeits exhibit "mushy" or "blob-like" design elements rather than the sharp, well-defined details of genuine coins. Under magnification, surfaces may appear grainy or porous. Pay particular attention to the date digits—on genuine coins, these are sharply struck with clean edges. Counterfeit dates often show soft or rounded edges.
Edge Reeding: Inspect the reeded edge carefully for irregularities. A fine seam running along the circumference of the edge can indicate a "shell coin"—created by joining the obverse of one coin to the reverse of another. Genuine reeding should be consistent in depth and spacing.
Cleaning and Alteration Detection: Cleaned coins, while genuine, have significantly reduced value. Cleaning removes the coin's original surface or "skin" along with its natural toning and luster. Key indicators include fine, parallel hairline scratches visible under good lighting, unnatural brightness or a dull, lifeless gray appearance, and surfaces that turn flat blue or dark gray when tilted at an angle to light (uncleaned coins retain their white luster at all angles).
"Whizzing"—harsh cleaning with a high-speed rotary tool—creates a deceptively brilliant shine but leaves telltale circular scratches and destroys original mint luster. Cleaned or altered coins receive "Details" grades from certification services (e.g., "AU Details, Cleaned"), which can reduce market value by 50% or more.
Professional Certification: For any 1904 Morgan Dollar of significant value—particularly 1904-P or 1904-S in Mint State, or any Proof—third-party grading by PCGS or NGC is the industry standard. These services provide expert authentication, assign accurate grades, and encapsulate coins in tamper-evident holders. Always verify certification numbers on the PCGS or NGC website to confirm the coin in the holder matches their records.
Preserving Your 1904 Morgan Dollar
Proper storage and handling are essential to protect your coin's condition and value over the long term. Silver is relatively stable but can be damaged by improper care.
Handling: Whenever possible, avoid handling raw (uncertified) coins directly. If handling is necessary, hold the coin only by its edges between your thumb and forefinger, never touching the obverse or reverse surfaces. Wearing soft, lint-free cotton gloves provides additional protection against the corrosive oils and acids present on human skin, which can cause permanent toning or spotting.
Storage Materials: Store coins in chemically inert materials. For individual coins, use hard plastic capsules ("Air-Tites") or certified slabs from PCGS or NGC. Avoid soft plastic "flips," as many contain polyvinyl chloride (PVC) which breaks down over time and deposits a corrosive green residue on the coin's surface. If using paper holders or labels, ensure they are acid-free and archival quality.
Environmental Conditions: The ideal storage environment is cool, dry, dark, and stable. Extreme fluctuations in temperature and humidity accelerate toning and can promote corrosion. Avoid storage in attics (too hot), basements (too humid), or near heating/cooling vents. A controlled environment with relative humidity below 50% is optimal. Store coins in a fireproof safe or bank safe deposit box for security against theft and environmental disasters.
Never Clean Your Coins: Cleaning removes original surfaces and destroys numismatic value. Even gentle cleaning leaves microscopic scratches. If your coin has toning, tarnish, or dirt, leave it alone—collectors and grading services value originality. Any necessary conservation should only be performed by professional numismatic conservators, and even then, only for coins with active corrosion or damage that will worsen over time.
Certified coins in PCGS or NGC holders require minimal additional protection beyond proper environmental storage, as the holders provide excellent protection from handling and atmospheric contaminants.
Frequently Asked Questions
How much is my 1904 Morgan Dollar worth?
Values range from $48 for heavily worn examples to over $80,000 for the finest specimens. The mint mark is crucial: 1904-O (New Orleans) is most common ($50-$3,500), 1904-P (no mint mark) is a conditional rarity in high grades ($48-$13,000+), and 1904-S (San Francisco) is a genuine key date ($50-$81,500). Condition, strike quality, and special designations like Prooflike significantly affect value.
How do I identify the mint mark on my 1904 Morgan Dollar?
Look on the reverse (tails side) directly below the bow of the wreath that encircles the eagle and above the letters "DO" in "DOLLAR." You'll find either a small "O" (New Orleans), small "S" (San Francisco), or no mint mark (Philadelphia). Use a magnifying glass for clear identification.
Why is the 1904-O so much more common than the 1904-S in high grades?
The U.S. Treasury released millions of uncirculated 1904-O dollars from storage in October 1962, flooding the market with Mint State examples. The 1904-S was not significantly represented in these hoards, meaning most examples entered circulation and wore down. This explains why 1904-O is affordable even in MS-65 ($215) while 1904-S commands $7,750 in the same grade.
Should I get my 1904 Morgan Dollar professionally graded?
For any coin worth more than the cost of grading (typically $30-50), professional certification by PCGS or NGC is recommended. This is especially important for: (1) any 1904-S in EF condition or better, (2) any 1904-P in MS-64 or better, (3) any Prooflike or Deep Mirror Prooflike example, (4) any Proof specimen, or (5) any coin you're considering selling for significant value. Certification provides authentication, accurate grading, and market liquidity.
What's the difference between Prooflike (PL) and Deep Mirror Prooflike (DMPL)?
Both are business-strike coins with mirrored fields from freshly polished dies. PL designation requires reflectivity clearly visible from 2-4 inches. DMPL requires deeper, clearer mirrors visible from 6-8 inches or more, with reflection quality clear enough to read text. DMPL examples are much rarer and command substantially higher premiums—for example, a 1904-P MS-64 PL is worth around $4,250 while an MS-64 DMPL brings $50,000+.
How can I tell if my 1904 Morgan Dollar has been cleaned?
Look for fine, parallel hairline scratches under good lighting, unnatural brightness or dull gray appearance, and surfaces that turn flat blue or dark gray when tilted at an angle to light (uncleaned coins retain their white luster at all angles). Cleaned coins receive "Details" grades from certification services and are worth 50% or less than problem-free examples. Never clean your coins—even gentle cleaning destroys value.
What is the VAM-4B "Rusty Fish Hook" variety?
The 1904-O VAM-4B is a collectible die variety recognized on the "Hit List 40." It shows a prominent curved die scratch on the reverse near the top of the eagle's right wing that resembles a fish hook. The obverse also exhibits strong die clashing. This variety commands a premium, retailing around $175 in uncirculated condition versus roughly $110 for a standard MS-63 1904-O.
What is the melt value of a 1904 Morgan Dollar?
Each 1904 Morgan Dollar contains 0.7734 troy ounces of pure silver. At current spot prices (approximately $48 per troy ounce as of late 2025), the melt value is around $37. However, even the most worn examples trade above melt value due to numismatic premiums. No collectible-grade 1904 Morgan Dollar should be sold for melt—the coin's historical significance and collector demand ensure values exceed intrinsic metal worth.
Price Guide Methodology
This guide synthesizes retail value data from multiple authoritative sources including NGC Price Guide, PCGS CoinFacts, Heritage Auctions, Stack's Bowers, and specialized numismatic references. Values represent typical retail asking prices for problem-free, accurately graded examples as of late 2025.
Auction results cited throughout this guide are sourced from major numismatic auction houses including Heritage Auctions, Stack's Bowers Galleries, and Legend Rare Coin Auctions, covering transactions from 2015-2024. Where ranges are provided, they reflect actual transaction data demonstrating the variability in realized prices based on eye appeal, strike quality, and market conditions.
The coin market fluctuates based on precious metal prices, collector demand, and economic conditions. Silver content establishes a floor value (currently around $37 per coin), but numismatic premiums for collectible examples vary independently of metal prices. Values in this guide should be considered estimates—actual transaction prices depend on the specific coin's quality, market timing, and negotiation.
For current market pricing on specific graded coins, consult online auction archives at Heritage Auctions, Stack's Bowers, and eBay sold listings. Third-party population reports from PCGS and NGC provide valuable context on relative rarity within specific grade levels.
