1904 would be the next-to-last year that Morgan Silver Dollars would be struck. The cause of the 17-year hiatus in the Morgan Dollar series was an overall low demand for the coin during the early 20th century. Another impetus for the pause in the Morgan Dollar series was the fact that silver bullion supplies had been exhausted by this point. The United States Mint would eventually melt 270 million Morgan Dollars (many of which had never circulated to begin with) under the Pittman Act of 1918. Even in spite of the major melting, several million uncirculated Morgan Dollars would remain, which is the crux of the reason that Morgan Dollars are so widely available (and relatively inexpensive) in Mint State grades.
The 1904 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 1904, are rare which makes them expensive.
1904 Morgan Silver Dollar Mintage Figures
- 1904: 2,788,000;
- 1904-O: 3,720,000;
- 1904-S: 2,304,000:
- 1904 Proof: 650;
The 1904-O Morgan Dollar is the cheapest coin for the year in all grades. Both the 1904 and 1904-S are highly expensive as collectors get into the Mint State grades. Expect to pay at least $100 for a Mint State 60 example of the Philadelphia issue on the Sheldon Coin Grading Scale and $1,500 and up for a low-end uncirculated example of the 1904-S. 1904 was also the last year that any proof Morgan Silver Dollars were minted.