1903-S $1 MS PL

Key to Collecting: The 1903-S remains a rare issue in the Morgan dollar series, and Mint State coins are desirable at all levels. Most are well struck and very attractive, and bagmarks are often minimal. If you can afford it, an MS-63 coin, hand picked for quality, is well worth owning. For many collectors the 1903-S will be one of those varieties for which a nice VF or EF coin is acquired, requiring some effort to find one of nice quality.

Surface Quality: Usually seen well struck, lustrous, and attractive.

Prooflike Coins: Prooflike coins are hardly ever seen, and on those blue-moon occasions it will be noticed that contrast is low.

Mintage and Distribution: Delivery figures by month: January–May, 0; June, 500,000; July, 0; August, 74,000; September, 108,000; October, 232,000; November, 99,000; December, 228,000. In July 1903 The Numismatist commented, “Up to April 6th the San Francisco Mint had coined in silver only half dollars. Quarters and dimes will probably be struck later in the year, but it is quite likely that no dollars will be issued at this mint during 1903.” However, dollars were indeed issued. Many were stored in the San Francisco Mint and distributed over a long period of years. In November 1953 several bags were released, causing a stir at the time. Now and again other bags would be paid out, including one obtained by California dealer John Skubis. By the late 1950’s virtually all had been paid out. I am not aware of any bags coming to light after that time.

Many varieties exist, some with new hub (introduced in 1900), and others with new hub over old hub, and with some slight features of the undertype visible; check VAM for details. 1903-S, Small S Mintmark—VAM-2. Mintmark much smaller than the regular, larger S. Possibly intended for use on quarter dollar dies. Usually seen in worn grades when seen at all. Rare.