1904

The 1904 Philadelphia, at 2,788,650 pieces, closes the original 1878-1904 Morgan Dollar production run at the P-mint and reflects Treasury's wind-down of silver-dollar coinage as the last of the Sherman Silver Purchase Act-era silver bullion was used up. After the 1904 issues, Morgan Dollar production paused until the 1921 reissue under the Pittman Act. The 1904-P carries the standard Reverse of 1879 hub configuration with no major sub-varieties anchoring the year's specialist collecting beyond the date and its closing-year-of-original-series status.

Strike quality on the 1904 Philadelphia is consistent with early-1900s P-mint work, though some late-die-state examples show the wear that characterized the program's final year. Liberty's hair detail and the eagle's central feathers come up cleanly on most coins from early die states. Most surviving examples grade MS62 to MS64 from broken Treasury bag releases, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS63 and MS64. MS65 is available and MS66 is condition-scarce across the certified-pop distribution at upper grades for a date of this mintage class.

The 1904 Philadelphia is a regular common date and the closing P-mint pickup of the original Morgan Dollar series. Pricing has held flat for two decades at small premiums above the 1903-P baseline, with closing-year-of-original-series appeal supporting modest premiums. The 1904-P pairs with the 1903-P at the entry-grade level for the final-year original-series Philadelphia pair, both issues widely available from post-1962 Treasury bag-release certified inventory. Modern Morgan collecting interest for common Philadelphia dates centers on registry-set assemblers targeting the top-pop MS66 and MS67 grade tier, where pricing structure steepens sharply relative to the abundant MS63 to MS65 baseline. The certified-pop distribution at PCGS and NGC reflects the post-1962 Treasury bag-distribution profile rather than pre-1950 collector preservation patterns. For the original 1878-1904 series wind-down context, see the Morgan Dollar series history.