1904-S

The 1904-S, at 2,304,000 pieces, is the final original-series San Francisco Morgan Dollar and ranks as a Semi-Key issue with serious condition rarity in upper Mint State. The 1904-S carries the standard Reverse of 1879 hub configuration with no major sub-varieties anchoring the year's specialist collecting. After the 1904-S, San Francisco did not strike Morgan Dollars again until the 1921-S reissue under the Pittman Act, making the 1904-S the closing original-series S-mint pickup.

Strike quality on the 1904-S is generally sharp on early-die-state examples, with Liberty's hair detail and the eagle's central feathers coming up cleanly on most coins. The issue's collecting profile centers on circulation losses and limited Treasury bag distribution. Most surviving examples grade VF to MS62 from circulation, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS61 and MS62. MS63 examples are scarce and MS65 is genuinely rare; MS66 and above is among the toughest pickups in the original-series S-mint Morgan run across the certified-pop distribution at upper grades.

The 1904-S is a Semi-Key issue and a serious condition-rarity acquisition for collectors closing out the original 1878-1904 S-mint date set. Pricing trades at meaningful premiums across all grades, with the gap to MS63 substantial and the climb to MS65 dramatic. The 1904-S pairs with the 1903-S as the closing low-mintage S-mint pair of the original series, both issues anchoring the difficult-pickup tier of an upper-Mint-State S-mint date run. San Francisco Morgan collecting interest has held a stable mid-grade pricing floor across two decades, with PCGS and NGC populations reflecting the Treasury bag-distribution profile of the 1950s and 1960s. Registry-set demand at the top-pop grade tier produces sharp price acceleration relative to the broadly available MS63 through MS65 supply chain. Eye appeal at MS65 typically depends on strike quality and surface preservation, with luster and toning patterns also factoring into the assigned grade. Premium-quality-for-grade examples trade at meaningful uplifts over the certified-pop median. For the original-series wind-down context, see the Morgan Dollar series history.