Ron Guth:
In 1903, employees at the San Francisco Mint cranked out 538,000 $10 gold pieces. Though thousands of examples are known today, this date has a much lower survival rate than other dates, such as 1901 and 1901-S. Both of those dates have higher mintages, but they were also more common in European hoards than was the 1903-S. Nonetheless, Mint State 1903-S Eagles are readily available in grades all the way up to MS64. MS65 examples tend to be scarce, and MS66 examples are rare. The top grade for this date is MS67, where just a few examples are available for collectors.
Typically, the 1903-S Eagle is well-made and sharply struck. Luster ranges from soft and frosty to hard and chrome-like.