1904 $1 Dollar Morgan PCGS PR66 (CAC)

George T. Morgan’s Liberty Head dollar in its final regular-issue proof striking—1904—closed the original Morgan run (1878–1904) before the one-year 1921 revival. The proof mintage was just 650 pieces, all struck at Philadelphia for collectors. The issue is famous for its lack of contrast: 1904 proofs are almost always found with little to no cameo effect, the vast majority showing reflective, mirror-like fields and devices rather than frosted devices—a tiny number of true cameos exist and command huge premiums. Most survivors grade PR60–PR65 (PR63 is the average certified grade); the issue becomes undeniably rare at PR68, where NGC’s four non-cameo examples, tied for finest, stand alone — PCGS’s finest non-cameo pieces are PR67+s.

Crack-outs and resubmissions inflate the gross counts, so the pops overstate the true surviving pool. PCGS 32 in grade / 15 higher · CAC 14 stickered in grade / 8 higher · NGC 30 at PF66 / 28 finer