The value of a 1904 $20 gold coin, also known as a Liberty Head Double Eagle, can vary significantly depending on several factors, especially its condition and whether it was minted for circulation or as a proof coin.
Here’s a breakdown of the value range:
- Melt Value: Regardless of condition, a 1904 Liberty Head double eagle contains 0.9675 troy ounces of pure gold. As of August 12, 2025, the approximate melt value is $3246.49 (San Francisco Mint) and $3242.66 (Philadelphia Mint).
- Circulated Condition: According to the NGC Price Guide, a 1904 Liberty Head double eagle in circulated condition (grades such as VF, XF, AU) is worth between $3400 and $3475.
- Mint State (Uncirculated): For coins in Mint State (MS), the value increases considerably.
– An MS-60 graded coin could be valued around $3525.
– As the grade increases, so does the value. For example, an MS-64 graded coin could fetch around $3950 (Philadelphia Mint).
– Higher grades like MS-65 can reach values like $4750 (Philadelphia Mint) or $5250 (San Francisco Mint).
– High-grade examples (MS-66 and above) can command significantly higher prices. A 1904 Liberty Head double eagle graded MS-66 can sell for $10,000 (Philadelphia Mint) or $25,000 (San Francisco Mint). Exceptional pieces graded MS-67 have been valued at as much as $80,000.
- Proof Coins: Proof coins, which were specially struck for collectors and not intended for circulation, have significantly lower mintages and are therefore rarer and more valuable. Only 98 proofs were struck in 1904. Their value is about $3,000 to $5,850 for proof-like examples in the current market.
- Additional factors affecting value:
– Mint mark: A 1904 coin from the San Francisco Mint (“S” mint mark) can be rarer in gem condition compared to those from the Philadelphia Mint (no mint mark), potentially leading to higher values for high-grade examples.
– Certifications: Coins graded by reputable third-party certification services like PCGS or NGC often command higher prices due to the assurance of authenticity and condition.
It is important to note that these are estimates, and the actual value of a particular coin can fluctuate based on market demand and the specific characteristics of the coin. Consulting with a professional numismatist or referencing up-to-date price guides for accurate valuation is recommended.
