Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
Due to Mercer's attempt to corner the market onthis date, Proofs of the 1904 dollar were a popularspeculation in the early twentieth century. For a longtime coins of this date sold for the highest premium of any year after 1878, except for the 1895. For example, in the Waldo C. Moore Collection auctioned by Ben G. Green in 1905, the recently minted1904 Proof was called "rare" and fetched $3.80 (the"very rare" 1895 Proof brought $4.60), while most other Proofs realized from about $1.15 to $1.30, and the identical Proof mintage 1881 brought $1.15. In the same cataloguer's sale of the Loer Collection,May 13, 1910, a Proof 1904 outshone all other Morgans at $5.35 ($4.20 for an 1895 in the same sale),in comparison to $1.05 for a Proof 1880, $1.05 for a long time. In a February 1935 advertisement, F.C.C. Boyd asked $5.50 for a Proof 1904, against about $3 each for most surrounding dates.
Varieties
NEW REVERSE HUB: WIDE NECK/WING
SPACE, LARGE STARS VAM C-4 REVERSE
Business strikes:
1. Breen-5700. Most Uncirculateds are dull and nicked; gems are few, prooflikes very few, DMPLs extremely rare. Varieties of business strikes are not notable. VAM-1A has a tiny area of die pitting at D of DOLLAR on the reverse. VAM·5 has a slightly doubled profile to Miss Liberty.
Proofs:
1. Proof issue: Two varieties of Proofs, differing minutely in position of date. Proofs of this date are polished, rather than frosty, on the high surfaces. This is true of most other 1904 Proof coins as well, including gold issues.
1904 Morgan: Market Values
