Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1903 Morgan Dollar
Numismatic Information
Hoard coins: Mint State specimens of 1903 re-mained elusive until 1955, when many bags were paid out in the East. I recall that these were available at face value in the northeastern section of Pennsyl-vania, where I lived at the time. Apparently, they were released in quantity elsewhere as well, as per the following letter from John J. Pittman, printed in the February 1956 issue of The Numismatist:
I thought you might be interested in knowing that during the months of October and November large quantities of brilliant Uncirculated 1903 Philadelphia Mint silver dollars were released through various banks in Ohio, western Pennsylvania, and western New York. It is my understanding that bags containing all Uncirculated 1903 silver dollars were available. Generally those paid out from the Federal Reserve in Buffalo were a mixture of 1902 and 1922 Philadelphia with the larger percentage being 1922 Philadelphia silver dollars. Most of the Uncirculated silver dollars that were released in western New York about a year ago are still available, especially in small town banks.
It might also be interesting to call to the attention of the subscribers of The Numismatist that large quantities of the 1893 Carson City silver dollars in Uncirculated condition were generally available as early as last August at the A.N.A. convention at a very reasonable price, less than $5.00 each Uncirculated.
In the 1960s, a dealer in Salinas, California made a specialty of 1903 Philadelphia Mint Morgan dollars and at one time accumulated a cache amounting to over 50 bags (50,000 coins).' The Redfield estate (1976) is said to have had less than a bag of coins, grading MS-60 to 63.
Circulated grades: Worn examples are common. Many were melted in the 1970s.
Mint State grades: I quote Wayne Miller, who gave Mint State 1903 dollars high marks in his 1982 book:
In terms of overall quality the 1903 is definitely the best Morgan dollar struck at the Philadelphia Mint. Although all were struck with the C-4 reverse, most 1903 dollars exhibit excellent high point detail. The surfaces, though not frosty, are brilliant, smooth satin, and abrasions are few. Gems arc easily available. Although it is not common a few large hoards of 1903 dollars have appeared in recent years.
With that as a background, here are my population estimates: MS-60 to 62, 300,000 to 600,000 coins-obviously, a plentiful coin; MS-63, 40,000 to 75,000-still available enough that just about any silver dollar aficionado can easily own one; MS-64, 18,000 to 35,000-still plentiful; and MS-65 or bet- Numismatic Information
Hoard coins: Mint State specimens of 1903 remained elusive until 1955, when many bags were paid out in the East. I recall that these were available at face value in the northeastern section of Pennsyl-vania, where I lived at the time. Apparently, they were released in quantity elsewhere as well, as per the following letter from John J. Pittman, printed in the February 1956 issue of The Numismatist:
I thought you might be interested in knowing that during the months of October and November large quantities of brilliant Uncirculated 1903 Philadelphia Mint silver dollars were released through various banks in Ohio, western Pennsylvania, and western New York. It is my understanding that bags containing all Uncirculated 1903 silver dollars were available. Generally those paid out from the Federal Reserve in Buffalo were a mixture of 1902 and 1922 Philadelphia with the larger percentage being 1922 Philadelphia silver dollars. Most of the Uncirculated silver dollars that were released in western New York about a year ago are still available, especially in small town banks.
It might also be interesting to call to the attention of the subscribers of The Numismatist that large quantities of the 1893 Carson City silver dollars in Uncirculated condition were generally available as early as last August at the A.N.A. convention at a very reasonable price, less than $5.00 each Uncirculated.
In the 1960s, a dealer in Salinas, California made a specialty of 1903 Philadelphia Mint Morgan dollars and at one time accumulated a cache amounting to over 50 bags (50,000 coins).' The Redfield estate (1976) is said to have had less than a bag of coins, grading MS-60 to 63.
Circulated grades: Worn examples are common.
Many were melted in the 1970s.
Mint State grades: I quote Wayne Miller, who gave Mint State 1903 dollars high marks in his 1982 book:
In terms of overall quality the 1903 is definitely the best Morgan dollar struck at the Philadelphia Mint. Although all were struck with the C-4 reverse, most 1903 dollars exhibit excellent high point detail. The surfaces, though not frosty, are brilliant, smooth satin, and abrasions are few. Gems arc easily available. Although it is not common a few large hoards of 1903 dollars have appeared in recent years.
With that as a background, here are my population estimates: MS-60 to 62, 300,000 to 600,000 coins-obviously, a plentiful coin; MS-63, 40,000 to 75,000-still available enough that just about any silver dollar aficionado can easily own one; MS-64, 18,000 to 35,000-still plentiful; and MS-65 or better, 12,500 to 20,000-again, a readily available grade.
Prooflike coins: Prooflike 1903 Morgan dollars are scarce, and DMPL examples are scarcer still. The Redfield estate (1976) is said to have had a small quantity of prooflikes, but these had disfiguring die polishing scratches which made them look as if they were hairlined. Perhaps, 1,000 to 2,000 PL coins exist, and one-fifth that many DMPLs, few if any of which are high-contrast cameos.
Proofs: Proofs were struck to the extent of 755 pieces. Like the 1902 and 1904, they were struck from dies which had been polished in the deep design recesses, imparting an appearance which makes the coins themselves appear polished.
Varieties
NEW REVERSE HUB: WIDE NECK/WING SPACE, LARGE STARS
VAM REVERSE C-4
Business strikes:
1. Breen-5695. Varieties, of which the VAM text describes five, are not notable. Probably not all the 46 obverses, 40 reverses were used.
Proofs:
1. Proof issue: Proofs have hollow (die polish) below Morgan's initial M, ribbon bow filled, irregular outlines at CA and much of motto.