1904

No other Liberty Head Double Eagle approaches the production volume Philadelphia achieved in 1904. With 6,256,797 pieces struck, this single date dwarfs every other issue in the fifty-eight-year series and stands as the absolute high-water mark for the type. Context sharpens the impact: 1903 produced 287,428 coins and 1905 fell back to just 59,011, leaving the 1904 isolated as a singular surge driven by gold flowing into Treasury vaults during a banner year for U.S. bullion reserves. A small companion proof issue of 98 pieces was struck for collectors, but those occupy an entirely different market. The circulation strike is what defines this date's identity in modern numismatics.

Population data confirms what the mintage suggests. Combined PCGS and NGC certifications exceed 456,000 pieces, with MS63 alone accounting for roughly 35% of all graded examples. Approximately 14,000 coins reside in MS65, but the curve flattens quickly above that: PCGS reports just 273 examples in MS66 and only a handful certified MS67 across both services. Strike quality is consistently strong, as the Philadelphia Mint maintained sharp detail despite the enormous output, with bold stars, crisp hair curls on Liberty, and well-defined eagle feathers being the norm rather than the exception. Luster on choice mint state survivors tends toward frosty and uniform.

The auction marketplace reflects supply pressure at every tier. Lower mint state coins routinely trade near melt plus a modest premium, while gem MS65 pieces have settled around $4,000 to $5,000 in recent years. The dramatic break comes at MS67: a PCGS-graded specimen brought $138,000 at Stack's Bowers in June 2022, establishing the public auction record and underscoring how genuinely scarce true superb gems remain even from a multi-million-piece mintage. For collectors assembling a type set, the 1904 is the default choice, abundant enough to acquire in choice condition without compromise yet still capable of producing a six-figure result at the apex of the grading scale. Catalogued as CK-6616, this issue anchors the Liberty Head Double Eagle series history.