1904-S

Among the closing chapters of the Coronet Type III, this San Francisco issue holds a distinct numerical record: with 5,134,175 coins struck, it stands as the highest-mintage Liberty Head Double Eagle ever produced at the San Francisco Mint across the entire 1854–1907 run. The figure is not a fluke. By 1904, San Francisco was operating at the peak of West Coast bullion conversion, fed by lingering Klondike-era refining contracts and steady commercial gold flowing through the port. The result is a coin that bookends decades of branch-mint output yet behaves, in collector terms, as one of the workhorses of the series rather than one of its rarities.

Quality available to assemblers reflects that workload. PCGS shows roughly 332 examples certified in MS65, with descending populations into MS66 where the date becomes meaningfully scarce; gem survivors exist in numbers, but true condition rarities thin quickly above that threshold. Strike quality is typical of late Type III S-mint work: Liberty's hair detail and stars usually show good definition, while the eagle's neck feathers and shield can soften from die fatigue late in production runs. Bag marks dominate eye appeal at choice grades, a consequence of the heavy double-eagle weight slamming together in shipping kegs bound for Treasury vaults and overseas reserves.

Auction context underscores the date's accessibility. A PCGS MS65 example crossed the block at Heritage in early 2024 for $5,640, well within the range expected for a high-volume San Francisco issue. The neighboring 1903-S (954,000 struck) and 1905-S (1,813,000 struck) are both notably scarcer in absolute terms, which highlights how anomalous the 1904-S production figure is in its own decade. For collectors entering type sets or pursuing date runs, this issue often serves as the affordable San Francisco anchor point. For deeper background on coinage classification, denomination history, and design evolution, see the Liberty Head Double Eagle series history.