This is a very common issue despite having a relatively low original mintage. It is just one of two Philadelphia double eagles of this type (along with the 1904) which is seen with any degree of regularity in MS65.

Expert’s Corner: 1903 Double Eagle

The 1903 is proof that you can’t judge the scarcity of a Liberty Head double eagle based on its mintage. This is one of the most common dates in the series in gem, and it is a nice alternative to a 1904 for the type collector looking for a high grade example. It is 11 times rarer by population than the 1904 in MS65.

This is one of the best struck dates of this design. Most 1903 double eagles show complete definition on the obverse and the reverse. As with all dates of this type, the surfaces are generally abraded. It is possible, however, to locate an example with fewer detracting marks than normal. Some show mint-made spotting, more on the obverse than on the reverse. The luster is very frosty with a smaller number having reflective, semi-proof-like fields. 

1903 Double Eagle – Color, Proof Rarity & High-Grade Survivors

The natural coloration ranges from orange-gold to rose to greenish-gold. Uncleaned, original pieces can show very pleasing coloration. The level of eye appeal for the 1903 double eagle is very good. This is due to the fact that many are well struck, lustrous and show fewer abrasions than usual for this type.

There were 158 proofs struck, which is the highest mintage figure for any Liberty Head double eagle. There are an estimated four to five dozen known. For some reason, this date is almost never found in gem proof, unlike some of the other double eagles from this era. There are probably no more than eight true PR65 pieces known.

About thirty examples grade MS66 and slightly over 1,300 grade MS65. One PCGS coin is graded MS66+