The 1904 Morgan Dollar is worth anywhere from $35 in heavily circulated condition to over $1,500 in high-grade mint state. As one of the final issues of the original Morgan series, this silver dollar carries significant historical weight for collectors and casual hobbyists alike who discover them in family caches.
| Condition / Grade | Philadelphia (No Mint Mark) | New Orleans (O) | San Francisco (S) |
|---|---|---|---|
| Good (G4) | $35 | $35 | $45 |
| Fine (F12) | $45 | $45 | $80 |
| Extremely Fine (EF40) | $60 | $60 | $250 |
| Uncirculated (MS63) | $150 | $85 | $1,600 |
Understanding the History of the 1904 Silver Dollar
The 1904 Morgan Dollar holds a special place in American numismatics because it was meant to be the last year of the series. Due to the exhaustion of silver bullion authorized by the Sherman Silver Purchase Act, the U.S. Mint ceased production of silver dollars after 1904, a hiatus that lasted until the brief revival in 1921.
If you have stumbled upon one of these coins in an old jewelry box or a handed-down collection, you might be curious about its authenticity. You can use the best coin identifier app to quickly confirm the date and mint mark of your specimen before diving deeper into its market value.
Because 1904 was a transition year, the coins were struck in Philadelphia, New Orleans, and San Francisco. Each location produced a different quantity, which directly impacts the rarity and price today. While millions were minted, many were melted down under the Pittman Act of 1918, making surviving high-grade examples quite desirable.
Using a tool like CoinHix can help you track these historical context clues. The 1904 Morgan Dollar is composed of 90% silver and 10% copper, containing approximately 0.77344 troy ounces of pure silver. This means even a badly damaged coin still has a “melt value” based on the current price of silver, though most 1904 dollars fetch a premium above their metal content.
Grading and 1904 Morgan Silver Dollar Values
When determining the price of a 1904 Morgan Silver Dollar, professional grading is everything. A coin that looks “shiny” to a beginner might actually be cleaned, which lowers value, while a coin with a dull grey patina might be a pristine “Uncirculated” specimen worth hundreds.
Collectors use a 70-point scale to determine condition. For 1904 dollars, the most common grades found by non-collectors are “Good,” “Fine,” and “Extra Fine.” In these conditions, the lady Liberty’s hair across her forehead and the feathers on the eagle’s breast will show varying degrees of wear.
If your coin shows no wear at all and retains its original mint luster, it is considered “Mint State” (MS). The 1904 Morgan Dollar MS price data shows a massive jump in value between MS60 and MS65. For example, a common New Orleans mint dollar might be worth $85 in MS63 but could skyrocket to several thousand dollars in MS65 or higher.
To accurately gauge where your coin sits, download CoinHix. The app allows you to compare your coin against high-resolution photos of graded specimens, helping you decide if it is worth the fee to have it professionally certified by services like PCGS or NGC.
| Condition Grade | Visual Description | Estimated Value Range |
|---|---|---|
| Good (G) | Heavily worn; outlines are clear but details are flat. | $35 – $40 |
| Fine (F) | Moderate wear; hair lines and leaf edges are visible. | $45 – $55 |
| Mint State (MS60+) | No wear; full luster, though some bag marks may exist. | $85 – $2,000+ |
1904-S Morgan Dollar: The Key Mint Mark
The San Francisco mint (identified by the “S” mint mark on the reverse) is the star of this year. While the Philadelphia and New Orleans mints produced millions of coins, San Francisco produced only 2,304,000. While this isn’t the lowest mintage in the series, the survival rate of 1904-S dollars in high grades is exceptionally low.
In circulated grades, the 1904-S is affordable for most collectors, typically starting around $45 for a coin in Good condition. However, as the grade improves, the price curve becomes exponential. Many of these coins were put into circulation immediately, meaning finding an uncirculated survivor is a rare feat.
A 1904-S in About Uncirculated (AU) condition can easily fetch $500. If you are lucky enough to own a 1904-S in Mint State 63, you are looking at a coin worth roughly $1,500 to $1,800. In even higher grades like MS65, these coins have sold at auction for over $10,000.
Always check the reverse of your coin, just above the “DO” in “DOLLAR.” If you see that small “S,” you have a coin that warrants a closer look by an expert. You can find more detailed 1904 silver dollar value information to see how the “S” mint mark compares to the others found in 1904 collections.
1904-O and Philadelphia Mint Differences
The 1904-O (New Orleans) and the 1904 Philadelphia (no mint mark) are much more common. In fact, the New Orleans mint produced 3,720,000 coins that year. For decades, the 1904-O was considered a rarity until large bags of uncirculated coins were discovered in Treasury vaults in the 1960s.
This sudden influx of supply made the 1904-O one of the most affordable Morgan Dollars for collectors wanting a high-grade specimen without spending a fortune. You can often find a brilliant, shiny 1904-O for under $100. This makes it a great “entry-level” coin for new hobbyists.
The Philadelphia mint struck 2,788,650 coins. Despite having a lower mintage than the New Orleans version, the 1904 Philadelphia is generally more expensive in uncirculated grades. This is because fewer “bags” were discovered later on, leading to a tighter supply of pristine coins.
Before selling your coin to a local pawn shop, it is wise to use CoinHix to check the current market trends. Pawn shops often offer “melt value” for silver coins, but a 1904 Philadelphia or New Orleans dollar in good condition is worth significantly more than just its silver weight.
| Mint Mark | Location | Mintage | Rarity Factor |
|---|---|---|---|
| None | Philadelphia | 2,788,650 | Medium |
| O | New Orleans | 3,720,000 | Common |
| S | San Francisco | 2,304,000 | Scarce (in High Grade) |
Identifying Rare 1904 Morgan Dollar Varieties
Beyond the standard mint marks, collectors also look for VAM varieties. “VAM” stands for Van Allen-Mallis, the researchers who cataloged every known die variety for Morgan and Peace dollars. These varieties are caused by cracks in the coin dies, doubled dies, or other striking irregularities.
One popular variety for this year is the 1904-O “Doubled Die Obverse.” On these coins, you might see slight doubling in the stars or the letters of the word “LIBERTY.” While not as famous as the 1955 Lincoln Penny doubling, these subtle differences can add a 20% to 50% premium to the value of the coin.
Another thing to look for is the “Micro O” variety. While more famous for the 1899 mint year, collectors always examine New Orleans mint marks to see if the “O” is unusually small. While most 1904 coins are standard, finding a unique die break can turn a $50 coin into a $200 treasure for a specialist.
If you aren’t sure what you’re looking at, don’t clean the coin! Cleaning a coin with polish or even soap and water can microscopic scratches that ruin its numismatic value. Instead, use a magnifying glass and a guide to identify these small features.
Summary of 1904 Morgan Dollar Market Trends
The market for Morgan Dollars has remained incredibly stable over the last decade. Because they are iconic symbols of the American Wild West, demand is always high. For the 1904 dates, we have seen a steady increase in the value of mid-grade (EF45 to AU55) coins.
Collectors are increasingly moving away from “perfect” coins that cost tens of thousands and are focusing on coins that show a little bit of history. A 1904 Morgan with a beautiful “rainbow” tone—caused by the sulfur in old canvas coin bags reacting with the silver—can sometimes sell for two or three times the price of a standard white coin.
If you are looking to sell, the best way to get a fair price is to know your coin’s grade. Check online auction sold listings rather than just asking prices. People can ask whatever they want, but the “sold” price tells you what the market is actually willing to pay.
With silver prices fluctuating, the baseline value of these coins changes daily. However, the collector value (the “numismatic” value) is where the real money is. Keeping a 1904 Morgan Dollar as a long-term investment is a popular choice for many American families.
FAQ
Q: Where is the mint mark on a 1904 Morgan Dollar?
A: The mint mark is located on the reverse (tails) side of the coin. Look at the bottom, just above the letters “D” and “O” in the word “DOLLAR.” You will see an “S,” an “O,” or no letter at all. If there is no letter, the coin was minted in Philadelphia.
Q: Is a 1904 silver dollar made of real silver?
A: Yes, all Morgan Dollars minted in 1904 consist of 90% silver and 10% copper. They contain roughly 0.77 ounces of pure silver. This means the coin will always be worth at least its weight in silver, even if it is in poor condition.
Q: Should I clean my 1904 Morgan Dollar to make it worth more?
A: Absolutely not! Cleaning a vintage coin is the fastest way to lower its value. Collectors prefer “original” surfaces, even if they are dark or toned. A cleaned coin usually sells for significantly less than an uncleaned one in the same condition.
Q: What is the most expensive 1904 Morgan Dollar ever sold?
A: High-grade specimens from the San Francisco mint (1904-S) are the most expensive. A 1904-S graded MS67 has sold at auction for over $150,000 in the past. However, most 1904 dollars found today are worth between $35 and $100.