David Akers (1975/88):
The 1903-S is more scarce as a date than the 1902-S but it is not nearly as difficult to obtain in uncirculated condition. Overall, the 1903-S is relatively common, comparable to such issues as the 1899-S, 1894-S, 1896-S and 1906-S. Average uncirculated specimens (MS-60 coins) are not too difficult to find but choice uncs are moderately scarce and gems are very scarce. Unlike the 1901-S and 1902-S, the 1903-S is seen more often in Unc. than in circulated condition. Unfortunately, however, not many of those uncs are choice or gem quality.