1903-S Morgan Dollar Value
A 1903-S Morgan Dollar is worth roughly $53.00 to $2,470 depending on its condition, and its metal content alone is worth $28.23 as of 2026-06-01 Certified examples in top grades can run far higher.
1903-S Morgan Dollar value by grade
| Grade | Estimated value |
|---|---|
| Melt value floor(metal content, 2026-06-01) | $28.23 |
| Good (G-4) | $53.00 to $77.50 |
| Very Good (VG-8) | $67.00 to $99.00 |
| Fine (F-12) | $86.50 to $127 |
| Very Fine (VF-20) | $120 to $176 |
| Extremely Fine (XF-40) | $180 to $265 |
| About Uncirculated (AU-50) | $264 to $388 |
| Mint State (MS-60) | $408 to $600 |
| Choice Unc (MS-63) | $720 to $1,059 |
| Gem Unc (MS-65) | $1,680 to $2,470 |
Estimated retail range, updated 2026-06-15. Estimates are modeled from mintage rarity and metal content, not auction records. Actual sale prices vary with certification, eye appeal and market timing.
How much is a 1903-S Morgan Dollar worth today?
Start with $53.00 for a heavily circulated 1903-S Morgan Dollar and work upward. Lightly circulated 1903 examples occupy the middle of the range, while true gems approach $2,470. If your coin has no wear on the high points, it deserves a closer look or a professional opinion.
1903-S Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1903
- Mint mark
- S
- Mintage
- 1,241,000
- Composition
- 90% silver, 10% copper
- Weight
- 26.73 g
- Diameter
- 38.1 mm
- Edge
- Reeded
- Designer
- George T. Morgan
- Silver content
- 0.77344 troy oz
Mintage figure: US Mint reports (approximate).
Where is the mint mark on a 1903 Morgan Dollar?
Identifying a 1903-S Morgan Dollar hinges on one small letter: the "S" of San Francisco. On the reverse, just below the wreath bow and above the letters DO in DOLLAR Verify it before pricing the coin, because a 1903 from a different mint can be worth a very different amount.
Where this coin's value comes from
A 1903-S Morgan Dollar is real bullion as well as a collectible: 0.7734 troy ounces of fine silver, or about $28.23 of metal value in every example, regardless of condition.
The mintage of 1,241,000 puts the 1903-S Morgan Dollar among the scarcer issues of its series. It is findable, but nice examples take patience, and the market prices that difficulty in.
Morgan, recruited from the Royal Mint in London, modeled Liberty on Philadelphia schoolteacher Anna Willess Williams rather than the conventional Greek profile. For the 1903-S Morgan Dollar, the enduring popularity of the series translates directly into buyers in every grade and every market cycle.
Summary: the 1903-S Morgan Dollar is valued between $53.00 and $2,470 as of 2026-06-15. Estimates combine mintage rarity, key-date status and metal content; they are editorial guidance, not an offer to buy.