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The Certified 1904-S Morgan Silver Dollar graded XF40 by NGC is a highly sought-after coin in the Morgan Dollar series due to its relative scarcity and strong demand in all grades. Struck at the San Francisco Mint in the final year of regular Morgan Dollar production before the series was briefly resurrected in 1921, the 1904-S issue is widely recognized as one of the key dates among circulated examples. In Extremely Fine (EF or XF) condition, this coin retains strong detail and clear definition across its devices, while showing modest wear from circulation. The NGC certification guarantees its authenticity and grade, making it a desirable acquisition for both collectors and silver enthusiasts.
The obverse of the 1904-S Morgan Dollar features George T. Morgan’s classical depiction of Liberty, portrayed in left-facing profile. She wears a Phrygian cap adorned with a ribbon inscribed “LIBERTY” and is crowned with agricultural motifs of cotton and wheat, symbolizing unity between North and South. The motto “E PLURIBUS UNUM” arches above her, while thirteen stars and the date “1904” frame the lower periphery. In XF40 condition, Liberty’s facial features, cap, and hair still exhibit strong outlines, although high points such as her cheek, forehead, and hair over the ear display moderate flattening from circulation. The fields are typically toned and may show minor surface marks consistent with the grade.
The reverse displays the stately image of a heraldic eagle, its wings outstretched and clutching arrows and an olive branch—symbolizing strength and peace. Above the eagle is the motto “IN GOD WE TRUST,” and encircling the periphery are the inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR.” The “S” mintmark, identifying the San Francisco Mint, is located beneath the wreath and above the “D” in “DOLLAR.” In XF40 grade, the eagle’s wing feathers remain well defined, especially along the edges, though the breast feathers and central devices show moderate wear. The wreath, arrows, and olive branch retain much of their shape and detail, giving the coin strong overall visual appeal despite its circulation wear.
The 1904-S Morgan Dollar was struck in 90% silver and 10% copper, with a standard weight of 26.73 grams and a diameter of 38.1 millimeters. It contains 0.77344 troy ounces of pure silver and features a reeded edge. The San Francisco Mint produced only 2,304,000 examples of this date, a relatively low mintage compared to other Morgan issues. More importantly, a significant number of these coins were heavily circulated or melted under the Pittman Act of 1918, which makes surviving examples in decent condition—such as XF40—far more scarce and desirable than the mintage figure might suggest.
Among Morgan Dollar collectors, the 1904-S has long held a reputation as one of the most challenging coins to locate in higher circulated grades. Uncirculated examples are rare and command significant premiums, making XF40 a sweet spot for collectors who value both affordability and detail retention. The coin’s scarcity in Mint State also elevates demand for examples in solid circulated grades like XF40, especially when certified by a respected third-party grading service like NGC (Numismatic Guaranty Company).
NGC certification provides not only assurance of authenticity and accurate grading but also added marketability and long-term confidence for collectors and investors. The XF40 designation indicates a coin that has seen moderate circulation, with wear evident on all high points but with all major design elements remaining visible and bold. Coins in this grade often show even wear, smooth surfaces, and original patina, which appeal to collectors seeking honest, well-preserved circulated examples.
The 1904-S Morgan Dollar is also notable as the final Morgan Dollar struck at the San Francisco Mint until the series resumed in 1921. This historical context enhances its appeal to collectors seeking key issues from the end of the Morgan series’ original production. Its low survival rate in all grades and particularly in Mint State makes it one of the standout “better dates” that anchors many serious Morgan Dollar collections.
From a market perspective, the 1904-S is consistently in demand and enjoys strong liquidity among dealers, auction houses, and private collectors. XF40 examples tend to sell at a solid premium over common-date Morgan Dollars due to the combination of date, mintmark, and scarcity in this grade range. The coin’s status as a semi-key date ensures that it remains on the radar of both registry set participants and casual collectors building circulated sets of the Morgan series.
In summary, the Certified 1904-S Morgan Silver Dollar in XF40 NGC encapsulates rarity, history, and enduring collector appeal. Its attractive circulated condition preserves much of the original design’s beauty, while the certification by NGC ensures confidence in its authenticity and grade. As one of the tougher Morgan Dollars to acquire in any collectible state, this coin represents both a significant numismatic milestone and a worthy addition to any serious U.S. silver dollar collection.