1903-S $20 AU55 Certification #47364265, PCGS #9044

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Expert Comments

Charles Morgan

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.

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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PCGS #

9044

Designer

James Barton Longacre

Edge

Reeded

Diameter

34.00 millimeters

Weight

33.40 grams

Mintage

954000

Metal

90% Gold, 10% Copper

Pop Higher

6597

Pop Lower

Region

The United States of America

Price Guide

PCGS Population

Auctions - PCGS Graded

Auctions - NGC Graded

Rarity and Survival Estimates Learn More

Grades	Survival Estimate The Survival Estimate represents an average of one or more experts opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.	Numismatic Rarity Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.	Relative Rarity by Type Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.	Relative Rarity by Series Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
65 or Better	23250	R-2.7	48 / 73 TIE	123 / 148 TIE
All Grades	9000	R-3.2	57 / 73	128 / 148
60 or Better	15	R-9.3	25 / 73 TIE	36 / 148 TIE

Survival Estimate The Survival Estimate represents an average of one or more experts opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.
65 or Better	23250
All Grades	9000
60 or Better	15

Numismatic Rarity Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.
65 or Better	R-2.7
All Grades	R-3.2
60 or Better	R-9.3

Relative Rarity by Type Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.
65 or Better	48 / 73 TIE
All Grades	57 / 73
60 or Better	25 / 73 TIE

Relative Rarity by Series Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
65 or Better	123 / 148 TIE
All Grades	128 / 148
60 or Better	36 / 148 TIE

Condition Census Learn More

Pos	Grade	Pedigree and History
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	Stack's Bowers, March 13, 2013, Lot 2193 - $12,925; "The Mississippi Collection of Double Eagles, Part II," Heritage Auctions, February 27, 2025, Lot 3541 - $11,700. Diagonal mark at the center of Liberty's cheek. Small toning spots scattered above LLARS in DOLLARS. Rim hit above the arrows.
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

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

Stack's Bowers, March 13, 2013, Lot 2193 - $12,925; "The Mississippi Collection of Double Eagles, Part II," Heritage Auctions, February 27, 2025, Lot 3541 - $11,700. Diagonal mark at the center of Liberty's cheek. Small toning spots scattered above LLARS in DOLLARS. Rim hit above the arrows.

#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.