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The 1904 Morgan Silver Dollar in MS62 condition, certified by NGC, holds a significant place in American numismatic history as it marks the final year of regular Morgan Dollar production before the coin’s long hiatus. This coin is a testament to the rich history of U.S. silver dollars, which were first struck in 1878 and continued to be minted in various forms until the Morgan Dollar was discontinued after 1904, only to be revived briefly in 1921. By the early 20th century, demand for silver dollars had diminished, and the U.S. Treasury’s stockpile of silver bullion was largely exhausted, prompting the cessation of production in 1904. The 1904 Morgan Dollar is thus one of the last of its era, making it a prized collectible for those interested in the coin’s historical and economic context.
The design of the 1904 Morgan Silver Dollar is iconic and was the creation of George T. Morgan, an English-born engraver who served as Assistant Engraver at the United States Mint. The obverse of the coin features a detailed left-facing portrait of Liberty, wearing a Phrygian cap adorned with wheat and cotton, symbolizing the agricultural might of the United States. Liberty’s face is framed by flowing locks of hair, expertly sculpted to reflect the neoclassical art style that Morgan admired. Above her head, the word "LIBERTY" is inscribed along the rim of the coin, with thirteen stars representing the original colonies encircling the portrait, alongside the minting year "1904." This depiction of Liberty is both stately and idealized, reflecting the ideals of freedom and democracy that the United States sought to embody at the time.
The reverse of the 1904 Morgan Dollar is equally captivating, showcasing a heraldic eagle, wings spread wide in a posture of strength and vigilance. The eagle clutches an olive branch in its right talon, symbolizing peace, and a bundle of arrows in its left, representing the nation’s readiness to defend itself. Surrounding the eagle is a laurel wreath, further adding to the sense of grandeur and importance. Above the eagle’s head is the motto "IN GOD WE TRUST," reflecting the deeply held belief in the connection between divine providence and the success of the American experiment. The reverse also includes the denomination "ONE DOLLAR" along the bottom rim, with "UNITED STATES OF AMERICA" curving along the top. The overall design is emblematic of the nation's power and values during a time when America was rising to global prominence.
The 1904 Morgan Dollar was minted in Philadelphia, one of the primary facilities responsible for striking Morgan Dollars throughout the series’ lifespan. The absence of a mint mark on the coin indicates its origin from this historic mint, which was the first official mint of the United States. Philadelphia was known for producing some of the highest-quality strikes in the Morgan Dollar series, and coins from this mint are often prized by collectors for their sharp details and overall eye appeal. As one of the few mints still striking silver dollars in 1904, Philadelphia produced a relatively small mintage of Morgan Dollars compared to earlier years. This lower mintage, combined with the historical significance of the year, makes the 1904 Morgan Dollar particularly desirable among collectors.
The mintage of the 1904 Morgan Dollar was relatively low, with only 2,788,000 coins produced, a far cry from the tens of millions struck in some earlier years. This reduction in mintage was due to declining demand for silver dollars and the depletion of government silver reserves under the terms of the Sherman Silver Purchase Act of 1890, which had previously mandated large-scale purchases of silver for coinage. By 1904, the government’s stockpile of silver bullion was nearly exhausted, and with no further legislative requirements to strike silver dollars, production came to a halt. Most of the 1904 Morgan Dollars that were struck ended up in storage, and many were eventually melted down under the provisions of the Pittman Act of 1918, which authorized the melting of millions of silver dollars to aid in wartime silver shortages. This melting drastically reduced the number of surviving 1904 Morgan Dollars, particularly in higher grades.
In terms of condition, the 1904 Morgan Dollar graded MS62 by NGC represents a coin in Mint State condition, meaning it has never been circulated and retains its original mint luster. However, as an MS62 coin, it exhibits some minor contact marks and abrasions, which are typical of coins that were stored in bulk. These marks, while noticeable under magnification, do not detract significantly from the overall eye appeal of the coin, which still showcases sharp details and an attractive shine. Collectors seeking a balance between quality and affordability often look to coins in the MS62 grade, as they offer a pleasing appearance without the high premium associated with higher grades like MS64 or MS65.
The 1904 Morgan Silver Dollar in MS62 condition is a coin that tells a compelling story of the closing chapter of the Morgan Dollar series. Its design, rich with symbolism and artistic merit, is a lasting legacy of George T. Morgan’s skill as an engraver. Its historical significance as one of the last Morgan Dollars struck before a 17-year hiatus adds to its appeal, while its relative scarcity, due to low mintage and subsequent melting, makes it a must-have for collectors of classic American silver dollars. This coin serves not only as a tangible piece of monetary history but also as a testament to the artistry and craftsmanship of the United States Mint at the turn of the 20th century.