Owner Comments:
Lyman Allen #7.04 (KM #169) - Mintage: 5,040,000 (maximum surviving 1,038,400)
General
Total Mintage: ............................ 5,040,000
Reserved for Assay: ..........................2,521
Estimated Recoined: ................3,999,079
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Maximum possible surviving ...1,038,400 (20.6% of total minted)
In 1904, the San Francisco mint had effectively taken over the production of all circulating silver coinage for the Philippine Islands. By law, the base metal coinage could not be produced at the U.S. branch mints so the bronze half centavos, centavos, and five centavos still had to be struck in Philadelphia until the law was revised in 1906. Uncirculated 1904-S 10 centavo specimens are still relatively plentiful even though the 10 and 20 Centavos coins were readily accepted by the Filipino population and consequently circulated well. Treasury records for 1903 and 1904 do not indicate how many 10 centavo coins were retained by the treasury, however the 1905 records indicate that roughly 18% of all 10 centavos that had been struck for circulation remained in the treasury vaults. These were most likely among the first to be sent back to San Francisco in 1906 for recoinage. It is possible that these coins were hoarded since no 10 centavo coins were minted for circulation in 1905 and silver prices were rising in1904 and 1905 to the point where the bullion value of the 10 centavo coin exceeded its face value in November of 1905. Some melting and export of 10 centavo coins may have taken place by the general public, but based on government figures, the number would not have been significant.
This Coin
This particular coin is reasonably well struck on the obverse and very well struck on the reverse. It is apparent though that the reverse die was coming to the end of its life by the die cracks that can be seen running from the D in UNITED to the tip of the eagles wing and through the letters TE in STATES, The coin exhibits light peripheral toning and has good eye appeal.
Varieties
ALLEN-7.04a - 1904-S/S - The original S was punched slightly to the left of the second dominant S.
Date acquired: 2/27/2008 (raw coin)
Date graded: 8/7/2013 (self submitted to NGC)
References
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 10/28/2019