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The 1904 Morgan Dollar is worth anywhere from $35 in worn condition to over $30,000 for rare proof specimens. This classic American silver dollar marks a significant moment in history, as it was originally intended to be the final year of the Morgan series before a long hiatus.
| Condition / Grade | 1904 (Philadelphia) | 1904-O (New Orleans) | 1904-S (San Francisco) |
|---|---|---|---|
| Good (G4) | $35 | $35 | $45 |
| Extremely Fine (XF40) | $55 | $55 | $350 |
| Uncirculated (MS60) | $150 | $75 | $3,250 |
| Choice Mint State (MS65) | $2,400 | $250 | $25,000+ |
History and Significance of the 1904 Silver Dollar
Finding a large, heavy silver coin in an old drawer is an exciting moment for any American. The 1904 Morgan silver dollar is particularly special because it represented the “end of an era.” In 1904, the silver bullion supply authorized by the Sherman Silver Purchase Act was finally exhausted.
As a result, the Philadelphia, New Orleans, and San Francisco mints ceased production of these iconic coins that year. They wouldn’t be minted again until a brief return in 1921. If you are struggling to identify your coin’s condition, using a top coin identifier app can help you distinguish between a common pocket-worn piece and a valuable collector’s item.
Because 1904 was a “final” year for nearly two decades, many people saved these coins. However, the vast majority were used in daily commerce or later melted down. Today, the 1904 Morgan dollar value depends heavily on which mint it came from and how much detail remains on Lady Liberty’s hair and the eagle’s breast feathers. Using the CoinKnow app can help you photograph your coin and get an instant idea of its historical context.
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The Rare 1904-S Morgan Dollar Variation
While most 1904 silver dollars found in circulation are relatively affordable, the San Francisco (S) mint mark is the “treasure” of the year. The San Francisco mint produced only 2.3 million coins in 1904, which is a low mintage compared to other years.
What makes the 1904-S so valuable today is that most of them were heavily circulated in the Wild West or melted under the Pittman Act of 1918. Finding a 1904-S in “Mint State” (uncirculated) condition is incredibly rare. If you have one that looks shiny and sharp, you might be looking at a five-figure payday.
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To see how condition affects the price, you can view the detailed 1904 Morgan dollar price guide by grade. This helps explain why a coin that looks “almost the same” as another can be worth thousands more.
| Mint Mark | Mintage Quantity | Rarity Level |
|---|---|---|
| None (Philadelphia) | 2,788,000 | Scarce in High Grades |
| “O” (New Orleans) | 3,720,000 | Common |
| “S” (San Francisco) | 2,304,000 | Very Rare in Mint State |
Determining the Grade of Your 1904 Silver Dollar
Before you take your coin to a dealer, you need to “grade” it yourself. Professional grading is done on a scale of 1 to 70. For everyday Americans, we usually focus on four main categories: Good, Fine, Extremely Fine, and Mint State.
A “Good” coin will be very flat with almost no detail in Liberty’s hair. A “Fine” coin will show some lines in the hair and some feathers on the eagle. An “Extremely Fine” coin looks nearly new but has slight dullness on the highest points from being touched.
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The current market value for 1904 silver dollars varies significantly based on these subtle differences. If you aren’t sure where your coin falls, the CoinKnow app uses AI to compare your coin against thousands of graded examples to give you an estimate.
The New Orleans 1904-O “Common” Treasure
The 1904-O Morgan silver dollar is the most common version found in high-quality condition. Why? For decades, millions of these coins sat in sealed canvas bags in Treasury vaults. In the 1960s, the government released these bags to the public.
Because they were protected in bags for 60 years, many 1904-O dollars are “brilliant uncirculated.” While this means they are beautiful to look at, it also means they are not as rare as the 1904-S. However, they are still worth significantly more than their silver weight.
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Collectors love the 1904-O because it allows them to own a piece of history in perfect condition without spending thousands of dollars. It serves as a great entry point for new hobbyists.
| Key Features to Check | What to Look For |
|---|---|
| Mint Mark | Located on the reverse, above the “DO” in DOLLAR. |
| Luster | Does it have a “cartwheel” shimmer when spun in light? |
| The Eagle’s Breast | High-value coins have distinct, individual feathers visible. |
| Hair Details | Check for wear above Lady Liberty’s ear. |
Identifying 1904 Morgan Dollar Errors and Varieties
Sometimes, a mistake at the mint can make a coin worth a fortune. While the 1904 series doesn’t have as many famous errors as the 1888-O “Scarface” or the 1879-CC, collectors still look for “VAM” varieties. VAM refers to researchers Leroy Van Allen and A. George Mallis, who cataloged every tiny die crack and variation.
Some 1904-O dollars feature “doubled dies” where the lettering looks slightly blurry or doubled. Others might have “clashed dies” where part of the reverse image is faintly stamped onto the front.
While these errors might not be obvious to the naked eye, they can double or triple the coin’s value to a specialist. Tools like CoinKnow can help you zoom in on high-quality photos to spot these minute details that the average person might miss.
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Should You Clean Your 1904 Morgan Dollar?
One of the biggest mistakes a beginner can make is cleaning an old coin. If you find a 1904 Morgan dollar that looks dark, dirty, or toned, do not scrub it! Collectors prefer “original skin” or natural patina.
Cleaning a coin with chemicals or cloth creates microscopic scratches called “hairlines.” Once a coin is cleaned, its numismatic value can drop by 50% to 80% instantly. A dirty 1904-S might be worth $400, but a cleaned one might only bring $50.
If your coin has a dark rainbow color, this is called “toning.” Beautifully toned Morgan dollars are actually highly sought after and can sell for a premium. Always keep your coin in a soft plastic flip or a specialized coin holder to preserve its current state.
FAQ
Q: Where is the mint mark on a 1904 Morgan Dollar?
A: Flip the coin to the back (the side with the eagle). Look at the bottom, just above the “D” and “O” in the word “DOLLAR.” If there is an “O,” it was made in New Orleans. If there is an “S,” it was made in San Francisco. If there is no letter, it was made in Philadelphia.
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Q: Is the 1904 Silver Dollar made of real silver?
A: Yes, it is made of 90% silver and 10% copper. Each coin contains about 0.7734 ounces of pure silver. This means even if the coin is in terrible condition, it is always worth at least its weight in silver.
Q: How much is a 1904-S Morgan Dollar worth in average condition?
A: In “Very Fine” condition (worn but with clear details), a 1904-S is typically worth between $150 and $250. This is much higher than the Philadelphia or New Orleans versions because of its lower survival rate.
Q: Can I sell my 1904 Morgan Dollar at a bank?
A: You can deposit it for $1, but you should never do this! A bank will only give you the face value of one dollar. Even the most worn 1904 Morgan dollar is worth at least $30 to $35 at a local coin shop or to a private collector.