With the exception of four 1890s key dates, fewer 1903 Morgans survive than any other date. This Philadelphia Mint issue is the most affordable 1903 BU by far. (The New Orleans issue sells for over $800 and the San Francisco issue retails in the five figures.) Experts estimate that only about 375,000 mint-state 1903 Philadelphia Morgans remain today. That's just 5% of the original production number. The vast majority were lost in government melts during World War I and World War II. Some earlier Morgan BUs are ten times as plentiful as the 1903 BU.