The 1904 proof Morgan dollars are almost always found with little to no cameo contrast, with the vast majority showcasing reflective surfaces and reflective to mirror-like fields and devices. A rare, tiny number of cameo 1904 proof Morgan dollars exist, and these command huge premiums. The 1904 proof Morgan dollars represent the last of the regular-issue proof coinage for this series. However, a very small number of Morgan dollars issued for special purposes and numismatically classified as proofs were issued after the series resumed for one year only in 1921 after a 17-year hiatus.
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