1904 Morgan Dollar- The 1904 Morgan Dollar remains a compelling piece for Indian collectors and investors alike. With its mix of rich silver content, historical pedigree and global collector interest, it is increasingly drawing attention in the Indo-collector community. Here’s a detailed, India-friendly breakdown of the coin’s landscape — its variants, current price tiers, and what one should watch out for.
History & Background
Designed by George T. Morgan, the Morgan dollar series (1878–1921) holds a venerable place in U.S. coinage. The 1904 issue represents one of the common-date yet still significant entries. The coin is 26.73 g in weight, made of 90 % silver and 10 % copper. For example, the 1904-O (New Orleans mint) mintage was 3,720,000.
In the Indian context, this import also means additional cost considerations (import duties, shipping, certification) and awareness of authenticity, grading and condition. Moreover, for collectors in India, the convertibility, rarity of high-grade examples and long-term value retention make it interesting.
Key Variants & Mint Marks
Here are some primary variants of the 1904 Morgan Dollar that collectors should know:
| Variant | Mint Mark / Location | Approximate Mintage* | Notes |
|---|---|---|---|
| 1904 (no mint mark) | Philadelphia (P) | ~2,788,000 | Standard common-date. |
| 1904-O | New Orleans (O) | ~3,720,000 | Slightly larger mintage; many uncirculated bags discovered in 1960s. |
| 1904-S | San Francisco (S) | ~2,304,000 | Considered a key date variant; strong premium at higher grades. |
* Mintage data approximate; condition and grading impact value significantly.
Price Table (USD) & Converted Approximate ₹ Value*
Below are indicative price tiers (USD) for the common 1904 variants; conversion to Indian Rupees given approximate rate (USD 1 ≈ ₹83) for illustration.
| Variant | Grade | Approx. USD Value | Approx. ₹ Value |
|---|---|---|---|
| 1904 P (Philadelphia) | MS63 | ~$431 | ~₹35,800 |
| 1904 P | MS64 | ~$698 | ~₹57,900 |
| 1904 P | MS65 | ~$1,500 | ~₹1,24,500 |
| 1904-O | MS64 | ~$108 | ~₹8,900 |
| 1904-S | MS63 | ~$5,280 | ~₹4,38,000 |
| 1904-S | MS65 | ~$9,308 | ~₹7,72,000 |
* These values are illustrative; Indian market premiums, grading fees, import duties may substantially alter landed cost.
The headline figure of $1,289+ likely refers to mid-to-high grade examples or special varieties (toning, gem strike, CAC certification) of the 1904 P or O variant, now in demand.
What Indian Collectors Should Watch
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Grading and Certification: Ensure coins are slabbed by reputable grading services such as PCGS or NGC. High grade coins of 1904-S or special varieties command large premiums.
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Import/Customs Considerations: While foreign coins can be imported, duty and tax implications apply. Coins of precious metals may attract import duty.
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Market Liquidity: Though the 1904 series is common in lower grades, scarcity in top grades (MS65+) or rare mint-marked versions means liquidity may vary. The 1904-S is much scarcer in high grades.
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Condition & Eye Appeal: Even among graded coins, “eye appeal” (toning, strike sharpness, lack of marks) can significantly affect value.
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Long-Term Value: The silver content gives intrinsic value, but numismatic premium depends on rarity, grade and demand. For Indian collectors, diversification and condition focus are key.