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The Certified 1904 Morgan Silver Dollar graded MS63 by PCGS represents one of the final-year issues in the long-running and historically significant Morgan dollar series. Struck at the Philadelphia Mint, this coin is among the last Morgan dollars produced during the original issuance period, as production ceased after 1904 and did not resume until the final 1921 issue. In MS63 condition, this piece is fully uncirculated, with vibrant luster, crisp design detail, and only minor marks consistent with the grade. Certified by PCGS—one of the most respected third-party grading services—this coin offers strong collector appeal as both a numismatic artifact and a preserved example of late 19th- and early 20th-century American silver coinage.
The Morgan silver dollar was introduced in 1878 and named after its designer, George T. Morgan, an English-born engraver for the U.S. Mint. The series was struck in response to the Bland-Allison Act, which mandated the purchase and coining of silver by the federal government. Morgan’s design was selected to represent a revitalized image of Liberty and American strength. His obverse features a left-facing portrait of Liberty wearing a Phrygian cap adorned with a crown of cotton and wheat, symbolic of agricultural prosperity. The reverse displays a heraldic eagle with wings outstretched, clutching arrows and an olive branch, framed by a laurel wreath and inscriptions identifying the denomination and issuing country.
On the obverse of this 1904 MS63 Morgan dollar, Liberty’s facial features, curls, and cap elements are sharply struck, with only minor breaks in luster or slight contact marks on high points such as the cheek and fields. The motto “E PLURIBUS UNUM” arches above, with the date “1904” situated clearly below. The stars encircling the design are crisp and the denticles are well-defined. In Mint State 63, the coin retains its original mint luster and a pleasing cartwheel effect when rotated under light. Toning, if present, may exhibit attractive hues of silver, gold, or pastel, often adding to the coin’s visual charm.
The reverse features the majestic eagle, its wings spread wide, with clear definition visible in the feathers, legs, and claws. The inscription “IN GOD WE TRUST” is fully struck above the eagle’s head, and “UNITED STATES OF AMERICA” and “ONE DOLLAR” surround the design. Since the coin was minted in Philadelphia, there is no mintmark above the “D” and “O” of “DOLLAR.” The coin’s reverse in MS63 typically shows strong detail with a clean wreath and sharply rendered arrows and olive branch. Luster is generally full, and while a few bag marks or light abrasions may appear, they are not obtrusive and remain consistent with the assigned grade.
The 1904 Morgan dollar had a total mintage of 2,788,000 coins, a moderately low figure compared to many earlier Philadelphia issues. However, its significance lies not only in its numbers but in the fact that it marked the final year of Morgan dollar production until the series' temporary revival in 1921. In the years following 1904, silver dollar production was halted due to the exhaustion of silver supplies mandated under the Bland-Allison and Sherman Silver Purchase Acts. The remaining coins were either held in Treasury vaults or melted under the terms of the 1918 Pittman Act, which led to the destruction of over 270 million silver dollars, including many 1904 Morgans.
Because of these meltings, the 1904 Morgan dollar became relatively scarce in Mint State for much of the 20th century. However, limited quantities of Mint State coins were later discovered in Treasury vaults and released during the 1950s and 1960s, reintroducing some supply to the collector market. As a result, while the 1904 is no longer considered rare in Mint State, it remains significantly scarcer than many other Philadelphia issues and is always in demand among collectors seeking the final-year Morgan dollar before the series’ two-decade hiatus.
Graded MS63 by PCGS, this coin has been evaluated for strike, luster, surface marks, and eye appeal, confirming it meets the standards of a fully uncirculated piece with moderate contact marks that do not detract from the overall visual quality. PCGS is one of the most trusted names in the numismatic industry, and its certification offers collectors confidence in the coin’s authenticity and grade accuracy. Coins in PCGS holders are widely accepted in the market and often command strong prices due to their assured quality and resale liquidity.
The 1904 Morgan is popular among both type collectors and series specialists. For type collectors, it represents the final production phase of classic U.S. silver coinage before the transition to the Peace dollar in 1921. For Morgan dollar enthusiasts, it is a critical entry for completing the full date set and carries added appeal due to its backstory involving the end of the silver dollar era and the effects of the Pittman Act. Collectors assembling year sets also find the 1904 appealing as the last opportunity in the original run to acquire a Morgan dollar struck at the historic Philadelphia Mint.
Examples in MS63 offer an optimal balance between quality and affordability. While MS64 and MS65 examples are available at higher premiums, MS63 coins still present full design detail and strong luster without the steep price jump. This makes the 1904 MS63 an ideal acquisition for those seeking a high-grade representation of the date without exceeding budgetary limits. Its position as a key late-date issue enhances its long-term desirability and potential for appreciation.
The Certified 1904 Morgan Silver Dollar graded MS63 by PCGS is a significant piece that bridges history, artistry, and numismatic value. As one of the last coins struck during the original Morgan dollar era, it encapsulates the legacy of a series that served as the silver workhorse of American commerce. With its crisp strike, uncirculated preservation, and PCGS-certified assurance, this example makes a worthy addition to any advanced Morgan dollar set, 20th-century type collection, or portfolio of classic American silver coinage.