Ron Guth: The 1903-S Morgan Dollar is a scarcer date and one which is tough to locate in all but the lowest grades. Uncirculated examples are scarce but not rare (the PCGS Population Report showed over 600 Mint State examples in November 2011), and the most frequently seen grade is MS-64. The finest 1903-S Silver Dollars certified by PCGS are a trio of MS-67's. Prooflike 1903-S Dollars are rare and Deep Mirror Prooflike examples are either exceedingly rare or may not even exist.
Researchers have identified nine different VAM varieties for this date, the most popular of which is the Micro S variety (created when the engraver uses a mnintmark for a quarter dollar on the silver dollar die).
Purchased from the San Francisco Mint in 10/1903 - John M. Clapp Collection - John H. Clapp Collectiom, sold intact in 1942 - Louis E. Eliasberg, Sr. Collection - Bowers & Merena 4/1997:2321, $30,800 - Jack Lee Collection - Arno Collection - Heritage 1/2009:5067, $86,250 - Sunnywood/Simpson Collection - Legend 10/2014:220, $74,437.50