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1896 again saw a low mintage of 950,000 at Philadelphia. The uneven nature of supplies in circulated grades is seen in the fact that the 1896 is just $20 in G-4, less than the higher mintage 1894. With so much time in circulation, it is possible that greater numbers of the 1894 were destroyed, making it the tougher date today. In MS-60 the 1896 is at $565, an MS-65 $6,000, that price justified with only 14 examples having been graded in MS-65 or better today.
The final Philadelphia Barber half dollars of the 1890s showed significanty higher mintages. The 1897 was near 2.5 million while the 1898 was over 2.9 million and the 1899 was at over 5.5 million. The three are between $12 and $15 in G-4 with each being $485 in MS60. In MS-65 the three are between $3,800 and $4,800 with the 1899 being he most expensive at $4,800 where CGS has only graded 14 examples.
What happens in the case of the Philadelphia Barber half dollar is that a pattern does not last long. The 1900-1902 dates all had mintages between four million and five million. Generally speaking, all three are equally priced equally available.
Just when the pattern seems to be established, there is the 1903, which had a decent mintage of 2,278,755. That is not a low total, so the 1903 is just $13.50 in G-4, which is basically the same as the dates from 1900-1902. In MS-60 it is also similar to the three earlier years at $500, but then suddenly as opposed to roughly $4,250 like the other dates it is listed for $11,000. That immediately raises the question as to whether it is that much tougher and in fact it is as PCGS has only seen five examples in MS65 or better while the three earlier dates are usually at a dozen or more pieces seen in top grade.
The 1904, mintage 2,992,670, was similar although not as extreme. Available in circulated grades, the 1904 is $1,300 in MS-60 and $6,600 in MS65, both premium prices. The question becomes, do the numbers support the prices? Once again they do. PCGS reports just seven examples in MS-65 and higher grades. With a number just two coins lower than the 1903 but a price at about 50 percent of the 1903 level in MS-65, the question might well be why the 1904 is not more expensive. There could be a few factors explaining that - with limited demand and a very limited supply, you have the elements of a volatile situation in terms of price. There is another factor to be remembered, and that is the presence of proofs. These are cases where the proofs can potentially be substituted for MS-65 examples by some type collectors.
The proofs are a very real consideration as today the 1904 in Proof-65 is $4,100, about $2,500 below the MS-65 price. In the case of the 1903, with a Proof-65 at $3,825 while an MS-65 is $11,000, there is a very real financial incentive to consider using a proof in a collection. PCGS shows safely over 20 examples of both the 1903 and 1904 in Proof-65 and many more in lower grades. This makes the proof not only much less expensive but also far easier to find offered.
The proof situation might surprise some, but we have to consider the times. The proof sales in 1903 and 1904 might have been around 700, down from over 1,200 in 1892. Even though the numbers moved up and down, the proofs sold each year had a very real advantage when it came to survival as the only people acquiring proofs were serious collectors, and that means much better care. We can see that in the famous 1895 Morgan dollar that was part of a set with an 1895 Barber half dollar. The total mintage of that set is put at 880 pieces, which was about average for 1895, yet the belief is that perhaps 600 examples of the 1895 proof-only dollar still exist. While the numbers are lower for the 1895 half dollar, the fact remains there are significantly more proofs available today despite the much lower mintage than there are examples in a grade like MS-65, and this trend runs throughout the entire period when Barber half dollars were produced - but only in the case of coins produced at Philadelphia.
In 1905 the Philadelphia Barber half dollar mintage suddenly dropped to just 662,727 pieces. We are not certain of any specific reason for the decline although Philadelphia throughout had other responsibilities that would cause its mintages to rise and fall sometimes for no apparent reason. The lower mintage makes the 1905 a $22.50 coin in G-4, and that has to be seen as a very good deal when you consider the low mintage. Perhaps the 1905 did survive in circulated grades, but it is also possible that being from Philadelphia it is simply overlooked. The 1905 is better in Mint State at $575 in MS-60 and $8,250 in MS-65 where the PCGS total is just 13 coins seen. Once again the Proof-65 is an option at $3,900 and the supply there is better as well, with more than 30 examples graded Proof-65 or better.