PCGS MS65
PCGS MS65
- PCGS #:
- 9044
- Designer:
- James Barton Longacre
- Edge:
- Reeded
- Diameter:
- 34.00 millimeters
- Weight:
- 33.40 grams
- Mintage:
- 954,000
- Mint:
- San Francisco
- Metal:
- 90% Gold, 10% Copper
- Auction Record:
- $21,150 • MS65 • 12-16-2021 • Legend Rare Coin Auctions
Rarity and Survival Estimates Learn More
| Survival Estimate | |
|---|---|
| All Grades | 23,250 |
| 60 or Better | 9,000 |
| 65 or Better | 15 |
| Numismatic Rarity | |
|---|---|
| All Grades | R-2.7 |
| 60 or Better | R-3.2 |
| 65 or Better | R-9.3 |
| Relative Rarity By Type All Specs in this Type | |
|---|---|
| All Grades | 48 / 73 TIE |
| 60 or Better | 57 / 73 |
| 65 or Better | 25 / 73 TIE |
| Relative Rarity By Series All Specs in this Series | |
|---|---|
| All Grades | 123 / 148 TIE |
| 60 or Better | 128 / 148 |
| 65 or Better | 36 / 148 TIE |
Condition Census What Is This?
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#1 PCGS MS65
Marketed by DLRC in October 2024 for $16,500; "The Schwenk Family Collection of Twenty Dollar Gold Pieces," GreatCollections, September 7, 2025, Lot 1770334 - $10,912.50. A small cluster of light diagonal marks is visible to the left of the nose, with a tiny tick noted behind the mouth. The reverse exhibits several copper spots: one below the left wing, another on the ribbon, and two nestled among the letters of DOLLARS. |
| #1 PCGS MS65 |
#1 PCGS MS65
Heritage Auctions, August 3, 2020, Lot 3620 – $10,800; Legend Rare Coin Auctions, December 16, 2021, Lot 376 – $21,150; “The Oak Creek Collection of Liberty Gold Double Eagles,” GreatCollections, June 16, 2024, Lot 1569654 – $11,208.38. A shallow diagonal mark is noted on Liberty's cheek. Pin-sized copper-orange toning spots are visible on the eagle's left wing, the lower center of the shield, and the arrow fletching. |
|
#1 PCGS MS65
"The Kutasi Collection," Heritage Auctions, January 4, 2007, Lot 3248 - $12,650. Thin arced mark on Liberty's cheek. Contact mark in the glory under the ES in STATES. Toning spot under the eagle's right wing. |
|
#1 PCGS MS65
Heritage Auctions, January 4, 2007, Lot 3748 - $10,062.50. Curved mark to the right of 3. Small tick on chin. Short diagonal scratch to a tick below the jawline. |
|
#1 PCGS MS65
Heritage Auctions, September 5, 2006, Lot 13908 – $10,930. Old Green Holder. Toning spot at the denticles between stars 9 and 10. Toning over OLL in DOLLARS. |
#1 PCGS MS65
As NGC MS65 $266191-005: Heritage Auctions, March 26, 2004, Lot 6503 – $7,475. As PCGS MS65 #81720448. Toning spot on the right edge of star 7 and light slide marks at the tip of the bust truncation. Additionally, a thin scratch is visible between stars 8 and 9. |
#1 PCGS MS65
Small scratch below 1. Coppery-orange toning spot at the top of S in DOLLARS. |
|
#1 PCGS MS65
Rim bump over stars 7 and 8. Toning spot to the imediate left of T in TRUST. |
#1 PCGS MS65
Small tick on Liberty's jaw. Small diagonal mark behind Liberty's head. |
#1 PCGS MS65
Coppery-orange toning spots scattered across the lower-left obverse field. Dark toning spot at the bottom left of star 5. Arced streak of pale gold toning across Liberty's portrait near center mass. Toning spots touch the D and A in UNITED STATES. |
#1 PCGS MS65
Orange toning spots on Liberty's neck, hair (near bottom and bun), and between the R and T in LIBERTY. Separate toning spot below star 6. |
#1 PCGS MS65
Rim hit between stars 5 and 6. Blue toning patch at the denticles between stars 12 and 13. Coppery-orange toning scattered along the left side of the glory on the reverse. |
#1 PCGS MS65
Coppery-orange toning spots at Liberty’s jaw, on the bust truncation above the initials, and in the counter of the 0. Two hits located above and to the left of Liberty’s eye. |
1903-S Liberty Head Double Eagle
In 1903, the San Francisco Mint struck coins in seven denominations. Of these, the 1903-S Liberty Head Double Eagle (#9044) and the 1903-S Morgan Dollar (#7284) are the scarcest in today’s market. Interestingly, the Morgan Dollar maintains roughly the same value as the Double Eagle in grades of About Uncirculated (AU) and finer.
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1903 San Francisco Mint Coin Production |
|||
| 1903-S Barber Dime | 613,300 | ||
| 1903-S Barber Quarter | 1,036,000 | ||
| 1903-S Barber Half Dollar | 1,920,772 | ||
| 1903-S Morgan Dollar | 1,241,000 | ||
| 1903-S Liberty Head Half Eagle | 1,855,000 | ||
| 1903-S Liberty Head Eagle | 538,000 | ||
| 1903-S Liberty Head Double Eagle | 954,000 | ||
Collecting the 1903-S Liberty Head Double Eagle
The 1903-S Liberty Head Double Eagle’s mintage of 954,000 was the lowest output for the San Francisco Mint since 1892. However, this figure remains robust compared to the Philadelphia Mint’s production during the periods of 1901–1903 and 1905–1906.
The overwhelming majority of this mintage was either held by the Treasury Department or returned to it following the Gold Recall of 1933, where the coins were subsequently melted into bullion ingots. The 1903-S remains available to modern collectors primarily because approximately 10,000 to 15,000 Mint State examples were repatriated from overseas hoards after World War II.
In his 1982 analysis, United States Gold Coins: An Analysis of Auction Records, numismatist David W. Akers counted 151 auction appearances for the 1903-S between 1946 and 1981. The PCGS Population Report has since clarified the surviving population. PCGS reports nearly than 7,000 grading events, with PCGS MS62 being the most common grade. While certified populations skew heavily toward Uncirculated coins, it is surmised that a significant number of unrepresented AU coins also exist.
Due to the softness of gold, the coin’s large physical size, and its long-term storage in bags, the 1903-S is a notable condition rarity in PCGS MS65 and none have been graded finer as of May 2026.
Vintage Market Snippets
The Fenn Treasure In 2010, art dealer Forrest Fenn published The Thrill of the Chase, a memoir containing clues to a hidden treasure chest filled with gold nuggets, rare coins, and gemstones buried in the Rocky Mountains. The decade-long search ended in 2020 when adventure-seeker Jack Stuef discovered the bronze chest in Wyoming. Stuef consigned the treasure to Heritage Auctions. Among the hoard were five 1903-S Liberty Head Double Eagles; two in Mint State.
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