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At one time considered one of the most important of rarities in the Morgan dollar series, the 1903-O is now known as one of the more common issues thanks to the release of bag quantities by the US Treasury in the 1960s. Indeed, the 1903-O Morgan dollar is common through at least MS65, it is scarce in MS66, and rare in MS67 or higher grades. PLs and DMPLs are marginally rare, especially in the Gem range, but can be had for a cost.
Obverse Description
Portrait of Liberty centered. On the left are found 7 stars with the words E*PLURIBUS*UNUM followed by 6 stars on the right. The date is positioned at the bottom.
Reverse Description
The heraldic eagle is centered holding a bunch of arrows and branch surrounded by and olive leaves. The words UNITED STATES OF AMERICA * ONE DOLLAR frame the periphery. Mint mark, if any, appears above the letters DO of DOLLAR.
Book Reference
Key to Collecting: The 1903-O is one of my favorite coins in all of American numismatics. In one book, More Adventures With Rare Coins, I devoted a chapter to it. In brief, by 1962 the 1903-O was viewed as being the great rarity among Mint State Morgan dollars, valued at 10 times the price of an 1889-CC. No matter; even at the $1,500 listing none were available. In my nearly decade of dealing in coins by that time I had never owned one! Then in November 1962 a storage vault in the Philadelphia Mint, sealed since 1929, was opened to gain access to some dollars for holiday distribution. They turned out to be mint-fresh 1903-Os, and hundreds of thousands of them! The numismatic world has not been the same since. Today, there are many 1903-O dollars around, usually well struck and nearly always with brilliance and luster. Enjoy!
Surface Quality: Usually fairly well struck. Typically seen brilliant and lustrous.
Prooflike Coins: Some prooflike pieces exist, are of light contrast, and are fairly elusive.
Mintage and Distribution: Delivery figures by month: January, 1,000,000; February, 350,000; March, 500,000; April, 500,000; May, 500,000; June, 1,250,000; July– November, 0; December, 350,000. This is the ultimate “story coin” of the Morgan series. Releases were small in the early twentieth century, and it seems that no more than a dozen or so were saved by interested numismatists. Years later, in the 1930’s when numismatics became popular, it was realized that 1903-O dollars were rare and that Mint State coins were especially so. The explanation was simple: They had been melted under the 1918 Pittman Act. And, probably the majority were. Then in 1962 many thousands were released from a long-sealed vault in the Philadelphia Mint, setting o" the treasure hunt that led to the depletion of bank and Treasury reserves of nearly all dollars. How many 1903-O dollars were found? Estimates have ranged to the long side of a million. I guess that 200,000 to 350,000 might be in the ballpark.
VARIETIES:
Many varieties exist, all from the new hub (introduced in 1900).
Catalog Information
GSID:
7658
Designer:
George T. Morgan
Obverse Designer:
George T. Morgan
Obverse Lettering:
E PLURIBUS UNUM, LIBERTY, 1903
Reverse Designer:
George T. Morgan
Reverse Lettering:
UNITED STATES OF AMERICA, IN GOD WE TRUST, ONE DOLLAR
Fineness:
0.9
Weight (gr):
26.73 gr
Weight (oz):
0.8594 oz
Precious Metal Weight:
0.7734 oz
Strike Type:
Business
Diameter:
38.1
Coin Shape:
Round
Edge:
Reeded
Coin Date:
1903-O
Denomination:
$1
Designation:
MS
Mint Location:
New Orleans
Mint Mark:
O
Mintage:
4,450,000
Coinage Type:
Morgan silver dollar
Coinage Years:
1878-1921
Composition:
90% silver; 10% copper
PCGS #:
7286
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Coin Value History
1903-O $1 MS
Value By Grade
1903-O $1 MS
CPG (retail) values
Currency
Grade Range
Grading Authority
Sort by
Pricing
Values
Greysheet & CPG® Values
| Grade | CAC | CPG Value (Retail) | Greysheet Price (Wholesale) |
|---|---|---|---|
| MS67 |
|
$7,500 | $1,234 |
| MS67 | - | $5,500 | $1,234 |
| MS66 |
|
$1,234 | $1,234 |
| MS66 | - | $1,234 | $1,234 |
| MS65 |
|
$1,234 | $1,234 |
| MS65 | - | $1,234 | $1,234 |
| MS64 |
|
$1,234 | $1,234 |
| MS64 | - | $1,234 | $1,234 |
| MS63 |
|
$1,234 | $1,234 |
| MS63 | - | $1,234 | $1,234 |
| MS62 |
|
$1,234 | $1,234 |
| MS62 | - | $1,234 | $1,234 |
| MS61 |
|
$1,234 | $1,234 |
| MS61 | - | $1,234 | $1,234 |
| MS60 |
|
$1,234 | $1,234 |
| MS60 | - | $1,234 | $1,234 |
| AU58 |
|
$1,234 | $1,234 |
| AU58 | - | $1,234 | $1,234 |
| AU55 |
|
$1,234 | $1,234 |
| AU55 | - | $1,234 | $1,234 |
| AU53 |
|
$1,234 | $1,234 |
| AU53 | - | $1,234 | $1,234 |
| AU50 |
|
$1,234 | $1,234 |
| AU50 | - | $1,234 | $1,234 |
| XF45 |
|
$1,234 | $1,234 |
| XF45 | - | $1,234 | $1,234 |
| XF40 |
|
$1,234 | $1,234 |
| XF40 | - | $1,234 | $1,234 |
| VF35 |
|
$1,234 | $1,234 |
| VF35 | - | $1,234 | $1,234 |
| VF30 |
|
$1,234 | $1,234 |
| VF30 | - | $1,234 | $1,234 |
| VF25 |
|
$1,234 | $1,234 |
| VF25 | - | $1,234 | $1,234 |
| VF20 |
|
$1,234 | $1,234 |
| VF20 | - | $1,234 | $1,234 |
| F15 |
|
$1,234 | $1,234 |
| F15 | - | $1,234 | $1,234 |
| F12 |
|
$1,234 | $1,234 |
| F12 | - | $1,234 | $1,234 |
| VG10 |
|
$1,234 | $1,234 |
| VG10 | - | $1,234 | $1,234 |
| VG8 |
|
$1,234 | $1,234 |
| VG8 | - | $1,234 | $1,234 |
| G6 |
|
$1,234 | $1,234 |
| G6 | - | $1,234 | $1,234 |
| G4 |
|
$1,234 | $1,234 |
| G4 | - | $1,234 | $1,234 |
| AG3 |
|
$1,234 | $1,234 |
| AG3 | - | $1,234 | $1,234 |
| AG2 |
|
$1,234 | $1,234 |
| AG2 | - | $1,234 | $1,234 |
| P1 |
|
$1,234 | $1,234 |
| P1 | - | $1,234 | $1,234 |
Morgan $1 Pre-1921 MS [Type]
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Worth: $41 – $80,000
Morgan $1 Pre-1921 MS PL [Type]
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Worth: $50 – $7,800
Morgan $1 Pre-1921 MS DMPL [Type]
![Morgan $1 Pre-1921 MS DMPL [Type]](https://images.greysheet.com/ctc/catalog/84cc-dmpl-obv.jpg?MaxWidth=200&Mode=Pad&Scale=UpscaleCanvas&format=webp)
Worth: $75 – $42,000
Morgan $1 Carson City Mint MS [Type]
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Worth: $70 – $50,000
Morgan $1 Carson City Mint, GSA Hoard Hard package MS [Type]
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Worth: $270 – $5,400
1878 8TF $1 MS
Worth: $40 – $102,000
1878 8TF $1 MS PL
Worth: $200 – $4,400
1878 8TF $1 MS DMPL
Worth: $575 – $27,000
1878 7TF $1 Reverse of 1878 MS
Worth: $41 – $3,200
1878 7TF $1 Reverse of 1878 MS PL
Worth: $72 – $6,600
1878 7TF $1 Reverse of 1878 MS DMPL
Worth: $240 – $42,000
1878 7/8TF $1 Strong MS
Worth: $45 – $26,400
1878 7/8TF $1 Strong MS PL
Worth: $200 – $9,900
1878 7/8TF $1 Strong MS DMPL
Worth: $425 – $30,000
1878 7/8TF $1 Weak MS
Worth: $41 – $3,200
1903-O $1 VG10 PCGS. PCGS Population: 45 in 10, 17677 finer (9/26). CDN: $455 Whsle. Bid for NGC/PCGS VG10. Mintage 4,450,...
$525
1903-O $1 MS62 PCGS. CDN: $600 Whsle. Bid for NGC/PCGS MS62. Mintage 4,450,000. ...
$732
1903-O $1 MS9.3 NGCX. Ex: VaultBox - Series 7. Mintage 4,450,000. ...
$763
1903-O $1 MS64 NGC. CDN: $740 Whsle. Bid for NGC/PCGS MS64. Mintage 4,450,000. ...
$732
1903-O $1 MS66 PCGS. CDN: $1,250 Whsle. Bid for NGC/PCGS MS66. Mintage 4,450,000. ...
$1,403
1903-O $1 MS65 PCGS. CDN: $840 Whsle. Bid for NGC/PCGS MS65. Mintage 4,450,000. ...
$915
1903-O $1 MS67 PCGS. CAC. VAM-16. ...
$9,150
1903-O $1 Fine 12 PCGS. PCGS Population: (48/16349). Mintage 4,450,000. ...
$504
1903-O $1 Fair 2 PCGS. PCGS Population: (4/16511). Mintage 4,450,000. ...
$360
1903-O $1 XF45 PCGS. PCGS Population: (26/16149). Mintage 4,450,000. ...
$516
1903-O $1 -- Scrape -- PCGS. VG Details. PCGS Population: (40/16335). NGC Census: (26/9981). CDN: $455 Whsle. Bid for NGC/P...
$420
1903-O $1 MS61 PCGS. Mintage 4,450,000. ...
$630
1903-O $1 AU55 PCGS. PCGS Population: (10/15984). Mintage 4,450,000. ...
$528
1903-O $1 Poor 1 PCGS. PCGS Population: (3/16297 and 0/497+). Mintage 4,450,000. ...
$2,040
1903-O $1 Good 6 PCGS. PCGS Population: (29/16196). Mintage 4,450,000. ...
$420
1903-O $1 Good 4 PCGS. PCGS Population: (20/16125). Mintage 4,450,000. ...
$492
1903-O $1 VF25 PCGS. PCGS Population: (26/15663 and 0/483+). NGC Census: (14/9658 and 0/190+). CDN: $390 Whsle. Bid for NGC...
$456
1903-O $1 VF20 PCGS. PCGS Population: (21/15723). Mintage 4,450,000. ...
$504
1903-O $1 VAM-9 AU58 ANACS. Mintage 4,450,000....
$408
1903-O $1 VF30 NGC. NGC Census: (19/9115). PCGS Population: (32/15125). CDN: $390 Whsle. Bid for NGC/PCGS VF30. Mintage 4,4...
$540
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Location: Rothchild Catering & Conference Center
Saturday, August 1, 2026
