Owner Comments:
Lyman Allen #16.04 (KM #168) - Mintage: 6,600,000
Total Mintage: 6,600,000
Reserved for Assay: 3,301
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Net available for circulation: 6,596,699
Estimated Recoined: ...........6,242,626
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Maximum possible surviving 357,195
Estimated Privately Melted: 25,000
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Estimated Surviving: 332,195 (5% of total minted)
In 1906, the price of silver had risen so significantly that the bullion value of the U.S. Philippine Peso exceeded the face value of One Peso. The weight, silver content, and size of all of the silver coin denominations were reduced by law and a massive recoining effort began in 1907. All of the silver coins held in the Philippine Treasury vaults were shipped back to San Francisco for melting and recoining into the new smaller, lower silver content coins. Over the next 6 years, the bulk of the higher silver content coins were removed from circulation and sent to San Francisco for recoining. These coins were still being removed from circulation even into the 1930, although the numbers were relatively small. The calculations below are based on the totals of all 1903-1905 pesos that were melted and recoined and are, at best, an estimate. Of all of the 6.6 million 1904-S pesos struck, it is estimated that only approximately 5% may still exist today.
This particular coin shows very little circulation and would likely have graded AU58 if not of the existence of some visible surface hairlines. It is a very appealing coin in hand with reflective field and subdued cartwheel luster.
Date acquired: 7/19/2008 (raw coin)
Date graded: 5/24/2010 (self submitted to NGC)
Rev. 3/15/2023