1904 Liberty Head Eagle MS63: A Premier Pre-1933 Gold Coin
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The 1904 Liberty Head Eagle MS63 is one of the most compelling pre-1933 gold coins a collector can own – a Philadelphia-struck $10 gold piece graded Mint State 63 by NGC, carrying nearly half a troy ounce of pure gold and over a century of American monetary history. With gold spot prices sitting around $4,836 an ounce today, the melt value alone on this coin clears $2,300, but the numismatic premium for a properly graded MS63 example pushes the real market value considerably higher.
This article breaks down everything you need to know: the coin’s specs, its historical significance, what the MS63 grade actually means in practice, and how to buy, sell, or get one appraised with confidence.
What Is the 1904 Liberty Head $10 Eagle?
The Liberty Head $10 Eagle – also called the Coronet Eagle – is a U.S. gold coin with a $10 face value, struck at the Philadelphia Mint. It contains 0.48375 troy ounces of pure gold in a 90% gold, 10% copper alloy. The coin weighs 16.718 grams, measures 27mm across, and has a reeded edge.
James B. Longacre, the U.S. Mint’s fourth Chief Engraver, designed the Liberty Head motif that ran on the $10 Eagle from 1838 all the way to 1907. The obverse shows Liberty as a young woman wearing a coronet inscribed LIBERTY, with 13 stars circling her portrait and the date 1904 below. The reverse features a spread eagle clutching arrows and an olive branch, with the inscriptions UNITED STATES OF AMERICA, TEN DOLLARS, E PLURIBUS UNUM, and IN GOD WE TRUST – the latter added to U.S. coinage in 1866.
The 1904 Philadelphia issue had a mintage of roughly 95,000 business strikes. That sounds like a lot until you factor in how many were melted after the 1933 Gold Recall. Surviving examples in Mint State condition represent a small fraction of the original production.
Understanding the NGC MS63 Grade
NGC stands for Numismatic Guaranty Company, one of the two leading third-party coin grading services in the United States. When NGC assigns an MS63 grade, it means the coin is fully uncirculated – it never passed through commerce – but carries light contact marks or minor blemishes from being jostled in mint bags during production and storage.
The Sheldon scale runs from 1 to 70. MS60 is the floor for uncirculated coins; MS70 is a perfect specimen. MS63 sits in the middle of the Mint State range and represents a coin with original luster, a sharp strike, and visible but not distracting surface marks. It is the sweet spot for many collectors: better quality than entry-level Mint State, without the steep premium of gem grades like MS65 or MS66.
NGC encapsulates graded coins in a tamper-evident plastic holder, called a slab, with a label showing the grade, coin details, and a certification number you can verify on NGC’s website. For pre-1933 gold coins especially, buying slabbed examples dramatically reduces the risk of purchasing a fake or a cleaned, artificially enhanced piece.
If you want a deeper look at why slabbed coins matter for buyers and sellers alike, our guide on NGC-graded coins and their value walks through the key considerations.
Historical Context: Why the 1904 Liberty Head Eagle MS63 Matters
By 1904, the United States was in the middle of a sustained economic expansion following the Panic of 1893. Gold coins like the $10 Eagle were the backbone of international trade. Banks and governments shipped them across the Atlantic and Pacific to settle debts and balance accounts. Domestic circulation had already started giving way to paper currency, but gold coins remained essential for large commercial transactions.
The 1904 issue came near the end of the Liberty Head Eagle’s long run. Teddy Roosevelt, who took office in 1901, had grown dissatisfied with the look of American coinage. He commissioned sculptor Augustus Saint-Gaudens to redesign the nation’s gold coins, and by 1907, the Liberty Head design was retired. The Indian Head Eagle replaced it, and Saint-Gaudens’ famous double eagle design debuted the same year.
James B. Longacre’s Coronet design introduced on the $10 Eagle
IN GOD WE TRUST added to the reverse
Philadelphia Mint strikes ~95,000 business strikes
Replaced by Indian Head design under Roosevelt’s coinage reform
Executive Order 6102 mandates gold coin surrender; many melted
Private ownership of pre-1933 gold coins fully restored
Most 1904 Eagles were exported or eventually melted. The coins that survived in Mint State did so largely because they were held in bank vaults, shipped overseas, or tucked away before the 1933 recall reached them. That survival story is part of what makes a high-grade example meaningful to collectors today.
For context on the related $20 piece from the same year, see our article on the 1904 Liberty Head Double Eagle, which covers the larger coin’s history and values in detail.
Specifications at a Glance
| Feature | Details |
|---|---|
| Face Value | $10 U.S. legal tender |
| Designer | James B. Longacre |
| Composition | 90% gold, 10% copper |
| Gold Content | 0.48375 troy oz pure gold |
| Total Weight | 16.718 grams |
| Diameter | 27 mm |
| Edge | Reeded |
| Mintmark | None (Philadelphia) |
| 1904 Mintage | ~95,000 business strikes |
| NGC Grade | MS63 (Mint State 63) |
| Melt Value (today) | ~$2,338 at $4,836/oz spot |
What Is the 1904 Liberty Head Eagle Worth in MS63?
At current gold prices, the raw melt value of this coin sits around $2,338. That is the floor – the minimum a coin like this should ever trade for regardless of condition. An NGC MS63 example commands a meaningful premium above that.
In today’s market, a 1904 Liberty Head $10 Eagle graded NGC MS63 typically sells in the $3,500 to $5,000 range at retail. Auction results and dealer pricing vary based on eye appeal, the quality of the luster, and how many marks appear on the key focal areas like Liberty’s cheek and the eagle’s breast.
Several factors push a specific example toward the high or low end of that MS63 range:
- Luster quality. Coins with bright, original cartwheel luster sell faster and for more money than those with dull or hazy surfaces.
- Mark placement. A mark on Liberty’s cheek is far more damaging to value than the same mark on the coin’s rim or field edge.
- Strike sharpness. Well-struck examples show crisp hair detail on Liberty and full feather definition on the eagle.
- Population data. Check NGC and PCGS population reports to understand how many examples exist at MS63 versus higher grades – scarcity at grade level affects demand.
The 1904 date is considered common within the Liberty Head Eagle series, meaning the value comes from the grade, not date rarity. Upgrading from MS63 to MS65 can more than double the price, so condition is everything here.
PCGS & NGC Coin Verification – Accurate Precious Metals Refineries
Buying a 1904 Liberty Head Eagle MS63: What to Look For
Buying pre-1933 gold coins requires more care than picking up a modern bullion coin. Here is what experienced collectors prioritize:
Only purchase examples in NGC or PCGS holders. Verify the certification number on the grading service’s website before completing any transaction.
Ask for high-resolution photos. Look for original luster, minimal marks on Liberty’s portrait, and no signs of cleaning or artificial enhancement.
Look up the NGC or PCGS population report for 1904 $10 MS63. Knowing how many coins grade higher helps you assess whether upgrading makes sense.
Cross-reference recent auction results from major houses. Current retail should reflect today’s spot price, not prices from two or three years ago.
Use established auction houses, NGC Authorized Dealers, or well-reviewed specialty dealers. Avoid raw (ungraded) coins from unknown sellers.
Accurate Precious Metals is an NGC Authorized Dealer, which means we can help with grading submissions and provide expert evaluation on coins like this one. Our team has over 12 years of experience handling pre-1933 gold, and we carry gold coins across a wide range of types, grades, and price points.
Selling Your 1904 Liberty Head Eagle: How to Get Paid Fairly
If you own a 1904 Liberty Head Eagle – graded or raw – and want to sell it, the process matters as much as the price. Dealers typically offer 80 to 90 percent of retail value for a well-graded coin; auction houses can achieve higher prices but charge 10 to 20 percent in seller fees.
At Accurate Precious Metals, we buy pre-1933 gold coins, modern bullion, scrap gold, jewelry, and much more. Our pricing reflects live spot and current numismatic market conditions – not static price lists that lag behind the market.
Local customers in Oregon are welcome to bring coins directly to our Salem location for a same-day evaluation and cash offer. If you are outside the Pacific Northwest, our mail-in service makes the process just as straightforward. We provide a free insured shipping kit, and our team assesses your coin upon arrival with transparent pricing and fast payment. You can start that process through our mail-in gold kit.
We assess coins for metal content using XRF analysis and evaluate numismatic coins against current population data and auction comparables. The process is transparent, and there is no obligation to accept an offer.
How the 1904 Eagle Compares to Other Pre-1933 Gold Coins
The Liberty Head Eagle sits in an interesting position in the pre-1933 gold market. It contains less gold than the $20 Double Eagle but more than the $5 Half Eagle, making it a mid-range option for collectors who want meaningful gold content without the higher price of the larger coin.
| Coin | Gold Content | Typical MS63 Range |
|---|---|---|
| $5 Liberty Head Half Eagle | 0.24187 oz | $1,800-$2,800 |
| $10 Liberty Head Eagle (this coin) | 0.48375 oz | $3,500-$5,000 |
| $20 Liberty Head Double Eagle | 0.96750 oz | $3,800-$5,500 |
The $20 Double Eagle often trades at a surprisingly tight premium over the $10 Eagle despite containing twice the gold, largely because millions more were minted and more survived. The $10 Eagle’s lower mintage in MS63 makes it a strong choice for collectors building a type set or seeking coins with a bit more scarcity at grade.
For those interested in modern gold coins as a comparison, American Gold Eagles offer .9167 fine gold in a current legal tender format with lower premiums and higher liquidity – a different product for a different purpose.
Common Misconceptions About the 1904 Liberty Head Eagle
The $10 Eagle and $20 Double Eagle are the same coin. They share the same Liberty Head design but are entirely different denominations with different gold content, mintages, and values. The $20 is twice the size and far more common in high grades.
Pre-1933 gold coins are all rare. Rarity varies enormously by date, mintmark, and grade. The 1904 Philadelphia $10 Eagle is a common date. Its value in MS63 comes from condition, not scarcity of the date itself.
A higher price always means a better coin. An overpriced MS63 is still an MS63. Compare auction records and population data before paying a premium a coin does not justify.
Raw coins are fine if they look good. Ungraded pre-1933 gold carries real risk. Counterfeits exist, and cleaned or damaged coins can look deceptively attractive in hand. Slabbed coins from NGC or PCGS eliminate that guesswork.
NGC and PCGS grades are interchangeable. Both services are highly respected, but their populations differ and some collectors have preferences. An NGC MS63 and a PCGS MS63 are broadly equivalent, but check which service is more represented in auction records for this specific coin.
Why Accurate Precious Metals Is the Right Place to Start
Whether you are buying a 1904 Liberty Head Eagle MS63 for the first time or selling one you have held for years, working with a dealer who understands both the bullion and numismatic sides of pre-1933 gold makes a real difference.
Accurate Precious Metals has been operating for over 12 years out of Salem, Oregon, with more than 1,000 five-star reviews from customers across the country. We are a specialized precious metals dealer – not a pawn shop – and our inventory spans gold, silver, platinum, palladium, and collector coins in a wide range of grades and formats. As an NGC Authorized Dealer, we can assist with grading submissions and provide informed evaluations on coins like the 1904 Liberty Head Eagle.
We ship nationwide with insured delivery, and our pricing reflects live spot prices rather than outdated catalogs. For retirement-focused buyers, we also offer Gold and Silver IRA services for those looking to hold pre-1933 or modern gold in a tax-advantaged account.
If you are ready to buy, browse our gold coin inventory or call us at (503) 400-5608. If you have a coin to sell or want an appraisal, visit us in Salem or use our mail-in service from anywhere in the United States. Our team will evaluate your coin, explain the offer clearly, and process payment quickly.
Frequently Asked Questions
What does NGC MS63 mean for a 1904 Liberty Head Eagle?
MS63 means the coin is fully uncirculated – it was never used in commerce – but has light contact marks from mint bag handling. It retains original luster and sharp detail. NGC’s tamper-evident holder confirms the grade and protects the coin.
How much is a 1904 Liberty Head $10 Eagle worth today?
At current gold spot prices around $4,836 an ounce, the melt value is roughly $2,338. An NGC MS63 example typically sells in the $3,500 to $5,000 range at retail, depending on eye appeal and market conditions.
Is the 1904 $10 Eagle the same as the 1904 $20 Double Eagle?
No. Both use the Liberty Head design by James B. Longacre, but the $10 Eagle contains 0.48375 oz of pure gold while the $20 Double Eagle contains 0.9675 oz. They are different denominations with different mintages and values.
Is it legal to own a 1904 Liberty Head Eagle?
Yes. Pre-1933 U.S. gold coins are fully legal to own. The 1974 and 1975 laws restored private ownership of gold, and pre-1933 coins have no special restrictions.
Should I buy a raw or slabbed 1904 Liberty Head Eagle?
A slabbed coin from NGC or PCGS is strongly preferred. Counterfeits and cleaned examples are real risks in the pre-1933 gold market. A slab confirms the grade and protects the coin’s surfaces.
Can I sell my 1904 Liberty Head Eagle to Accurate Precious Metals?
Yes. We buy pre-1933 gold coins, modern bullion, scrap gold, jewelry, and more. Local customers can visit our Salem, Oregon location. Customers anywhere in the U.S. can use our insured mail-in service to send in coins for evaluation and payment.
How does the 1904 $10 Eagle compare to modern gold coins for investment?
Modern bullion coins like the American Gold Eagle offer higher liquidity and lower premiums over spot. The 1904 Liberty Head Eagle carries a numismatic premium that reflects its age, history, and grade scarcity – it is a collector coin first and a bullion holding second.
What is the mintage of the 1904 Philadelphia $10 Eagle?
Approximately 95,000 business strikes were produced at the Philadelphia Mint in 1904. A small number of proof coins – around 155 – were also struck for collectors.
