1903-S VAM-2 Micro S

Discovered by Melvin Carmichael, August 1951.
This coin is a Top 100 Morgan VAM.

2 III2 1 C4b (Small S) (189) I-4 R-4
Reverse C4b - Normal die with small II S mint mark centered and upright.

Comments: 1903-S VAM-2 Micro S. This rare coin uses a small mint mark on the lower reverse. The 1903-S is a costly coin to begin with, but add this micro S and the price jumps considerably. In addition, condition plays a part in the rarity. VAM-2 coins are very hard to find in XF and above.

No LVA Plate Photo:

Additional photos:
1903s_vam2.jpg

Here is a comparison photo of the type II Micro S pictured above with a common type V 1903 S mintmark.
1903s_vam2microS.jpg 1903s1e.jpg
There is also a clashed die state with no apparent letter transfer. An example was sent to Leroy for examination in April 2009 but was not given a subvariety designation. See 1903-S VNA varieties for more details. We show it here because it's interesting and noteworthy. A very unscientific VAMworld.com poll indicated that between 1 in 25 and 1 in 50 of 03-S micro "s" Morgans has this clashing.
"Deep" clashing and/or gouges on the left wreath on the LDS clashed variety:
1903-S_VAM-2_clashed_stage_photo3.jpg

The generally accepted theory is that the mint mark for the 1903-S VAM-2 was the one designed for use on 1903-S quarters. Here is a comparison using a piece of newsprint to help establish perspective. Both coins are slabbed and newsprint is on top, hence out of focus:
1903-S VAM-2 Morgan:
1903-S_quarter_vs_Morgan_micro_s_photo2.jpg
1903-S Quarter:
1903-S_quarter_vs_Morgan_micro_s_photo1.jpg
1903-S_micro_S_copy2_copy.jpg

Large Full Coin Copyrighted© VAM-2 Images© on loan to VAMworld courtesy SB_18_logo.png® ATTRIBUTED BY ANACS ANACS_LOGO3.jpg
1903-S_RonH_VAM-2_OBV_SB_04142011.jpg
1903-S_RonH_VAM-2_REV_SB_04142011.jpg




Price History:


Heritage Auction Archives 2013
1903-S VAM-2 PCGS XF40 eBay $2500 2/11/12
1903-S VAM-2 PCGS XF40 eBay $1825 1/19/2007
1903-S VAM-2 Raw XF40/VF35 sold for $1200 - Private Party sale July, 2006.
1903-S VAM-2 PCGS F15 sold for $417 on eBay in July, 2006.
1903-S VAM-2 PCGS G8 sold for $150 on teletrade auction 2308 Lot 1548 Jan 3, 2007
1903-S VAM-2 PCGS AG03 eBay $120 2/11/12

Here are many more recent sales:
1903-S
2
55
PCGS
Sep-10
H
$12,650
1903-S
2
55
ANACS
May-10
H
$9,775
1903-S
2
53
PCGS
Jan-13
H
$12,338
1903-S
2
53
PCGS
Aug-12
H
$11,781
1903-S
2
53
ANACS
Mar-09
TT
$2,990
1903-S
2
50
PCGS
Aug-10
H
$6,325
1903-S
2
45
PCGS
Apr-11
H
$4,635
1903-S
2
45
PCGS
Mar-09
E
$3,424
1903-S
2
45
PCGS
Nov-11
E
$3,388
1903-S
2
45
PCGS
Oct-11
E
$3,000
1903-S
2
45
PCGS
Aug-10
E
$3,000
1903-S
2
45
PCGS
Mar-11
H
$2,645
1903-S
2
45
PCGS
Nov-10
PP
$2,400
1903-S
2
45
PCGS
Oct-10
E
$2,351
1903-S
2
45
PCGS
Sep-10
E
$1,675
1903-S
2
40
ANACS
Jul-11
CS
$3,000
1903-S
2
40
PCGS
Feb-12
E
$2,500
1903-S
2
40
PCGS
Mar-09
E
$2,175
1903-S
2
40
PCGS
Jan-09
E
$1,980
1903-S
2
40
PCGS
Jul-09
H
$1,955
1903-S
2
40
PCGS
Jan-12
E
$1,950
1903-S
2
40
PCGS
Nov-12
E
$1,750
1903-S
2
40
PCGS
Dec-10
PP
$1,650
1903-S
2
40
PCGS
Apr-12
PP
$1,550
1903-S
2
40
PCGS
Oct-11
H
$1,495
1903-S
2
40
ANACS
Apr-11
TT
$949
1903-S
2
40
ANACS
May-09
H
$805
1903-S
2
40
raw
Jul-10
E
$609
1903-S
2
40
PCI
Mar-12
PP
$500
1903-S
2
35
PCGS
Oct-09
E
$2,200
1903-S
2
35
PCGS
Aug-11
H
$1,610
1903-S
2
35
PCGS
Aug-09
E
$1,600
1903-S
2
35
PCGS
Dec-11
E
$1,450
1903-S
2
35
NGC
Feb-11
H
$760
1903-S
2
35
PCGS
Jan-12
H
$748
1903-S
2
35
PCGS
Oct-12
H
$705
1903-S
2
35
NGC
Feb-11
H
$690
1903-S
2
35
NGC
Mar-12
H
$661
1903-S
2
35
PCGS
Apr-12
H
$633
1903-S
2
35
NGC
Jan-11
E
$550
1903-S
2
35
ANACS
Feb-10
E
$416
1903-S
2
30
PCGS
Jul-09
E
$1,025
1903-S
2
30
PCGS
Feb-11
TT
$748
1903-S
2
30
PCGS
Oct-12
TT
$690
1903-S
2
30
PCGS
Mar-11
TT
$683
1903-S
2
30
PCGS
Oct-11
H
$633
1903-S
2
30
PCGS
Apr-13
H
$588
1903-S
2
25
PCGS
Mar-09
E
$1,000
1903-S
2
25
PCGS
Oct-10
H
$690
1903-S
2
25
PCGS
Jan-11
E
$527
1903-S
2
25
raw
Dec-08
E
$433
1903-S
2
20
ANACS
Dec-10
CS
$900
1903-S
2
20
PCGS
Jan-09
E
$660
1903-S
2
20
PCGS
Jun-09
TT
$546
1903-S
2
20
PCGS
Jan-10
H
$518
1903-S
2
15
PCGS
Jun-09
E
$370
1903-S
2
15
ANACS
Oct-12
H
$141
1903-S
2
12
PCGS
Dec-11
E
$450
1903-S
2
12
PCGS
Feb-11
E
$325
1903-S
2
12
PCGS
Dec-08
PP
$325
1903-S
2
12
PCGS
Jul-09
E
$300
1903-S
2
12
NGC
Oct-10
H
$299
1903-S
2
12
ANACS
Jun-08
H
$299
1903-S
2
12
PCGS
Jan-10
E
$215
1903-S
2
12
PCGS
Jan-11
TT
$196
1903-S
2
12
raw
Apr-09
E
$149
1903-S
2
10
PCGS
Jul-09
E
$301
1903-S
2
10
PCGS
Dec-09
store
$295
1903-S
2
10
PCGS
Mar-09
E
$262
1903-S
2
10
ANACS
Aug-08
H
$253
1903-S
2
10
PCGS
Dec-11
E
$250
1903-S
2
10
PCGS
May-13
E
$229
1903-S
2
10
PCGS
Oct-10
E
$139
1903-S
2
10
ANACS
Sep-09
E
$115
1903-S
2
10
PCGS
May-13
H
$103
1903-S
2
8
ANACS
Jul-11
CS
$350
1903-S
2
8
PCGS
Mar-09
E
$281
1903-S
2
8
PCGS
Jul-10
E
$202
1903-S
2
8
PCGS
Apr-09
E
$149
1903-S
2
8
PCGS
Dec-12
GC
$132
1903-S
2
6
PCGS
Jan-09
PP
$260
1903-S
2
6
PCGS
Apr-09
E
$200
1903-S
2
6
PCGS
Nov-12
E
$200
1903-S
2
6
PCGS
Dec-10
E
$195
1903-S
2
6
ANACS
Jul-09
TT
$127
1903-S
2
6
NGC
Jun-12
H
$109
1903-S
2
6
NGC
Sep-12
H
$89
1903-S
2
6
PCGS
Dec-10
E
$89
1903-S
2
4
NGC
Dec-10
CS
$350
1903-S
2
4
PCGS
Apr-12
TT
$104
1903-S
2
4
raw
Jan-10
E
$104
1903-S
2
4
NGC
Jan-12
H
$79
1903-S
2
4
NGC
Sep-12
H
$53
1903-S
2
3
NGC
Jan-11
H
$84
1903-S
2
3
PCGS
May-13
E
$76
1903-S
2
3
raw
Jan-09
E
$57


Condition Census:

1/2016
TPG
Variety
Designation
Total
1-3
4-6
8-10
12-15
20-35
40
45
50
53
55
58
60
61
62
63
64
65
66
67
68
69
70
PCGS
VAM-2
MS
492
24
74
88
58
137
48
46
7
7
4
2
0
0
1
0
0
1
0
0
0
0
0
ANACS
VAM-2
MS

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
SEGS
VAM-
MS

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
ICG
VAM-
MS

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
VSS
VAM-
MS

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
PCI
VAM-
MS

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NGC
VAM-2
MS
135
6
25
10
21
41
4
12
5
4
3
3
0
0
1
0
0
0
0
0
0
0
0


Total


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