1903 is only one of several dates that year set collectors and date-and-mintmark collectors alike tend to wince at when it comes time to fill the associated hole(s) in their Morgan Dollar collections. Even in circulated grades, 1903 Morgan Silver Dollars are extraordinarily expensive to purchase and, in many cases, somewhat of a challenge to find. Most Morgan Silver Dollars know that procuring any 1903 Morgan Silver Dollars means having to exercise a bit of patience and possibly spending more than expected to snag the specimens that wind up on the market.
The 1903 Morgan Silver Dollar was produced in three mints: New Orleans, Philadelphia, and San Francisco. The New Orleans Mint used an "O" and the San Francisco Mint an "S”. The main mint in Philadelphia did not use a mintmark. Proof examples of Morgan Dollars from all years, including 1903, are rare which makes them expensive.
1903 Morgan Silver Dollar Mintage Figures
- 1903: 4,652,000; $75+
- 1903-O: 4,450,000; $400+
- 1903-S: 1,241,000; $200+
- 1903 Proof: 755; $3,000+
Make no mistake, 1903 is a pricey year no matter how high your collecting aspirations are. If you seek uncirculated specimens of 1903 Morgan Dollars, prepare to spend a pretty penny on these silver dollars. The 1903-S, which is a key-date in all grades, will set you back $4,000 or more in Mint State 60 range on the Sheldon Coin Grading Scale, The 1903-O Morgan Dollar is a little more reasonable in terms of Mint State prices – $550 to $700 will net you an uncirculated specimen of that issue. 1903 Morgan Dollars from Philadelphia can be had for $100 to $200 in the lower Mint State grades.