Skip to Content

1904 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

1904 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

Do you have a 1904 silver dollar, or are you interested in collecting this coin?

You might be happy to learn that Morgan silver dollars are among the most popular in U.S. history. It isn’t any wonder that the coin is referred to as the King of America’s Coins.

The silver dollars are a valuable and coveted part of the country’s history and are an excellent addition to your coin collection.

With such an important coin, you might be curious about your 1904 silver dollar, especially given that this was the last year the coin was struck before production resumed nearly two decades later.

Well, you’ve come to the right place! In this article, you will find out everything you need to know about your 1904 silver dollar. You will learn about the coin’s intriguing history, design features, and errors that might be worth more than face value.

So, let’s jump in!

1904 Silver Dollar Value Chart

Mintmark Good Fine Extremely Fine Uncirculated
1904 No mint mark Silver Dollar Value $31.50 $32.50 $36.50 $17,500
1904 O Silver Dollar Value $36.50 $38.50 $50 $5400
1904 S Silver Dollar Value $48 $65 $260 $81,500
1904 Proof Silver Dollar Value $34,000

 

History of the 1904 Silver Dollar

The silver dollar, also known as the Morgan dollar, was first minted in 1878, with production continuing until 1904 when mints stopped issuing the coin.

Five mints were responsible for producing the silver dollar. These were located in Carson City, San Francisco, Philadelphia, Denver, and New Orleans. Coin production began soon after the 1859 Comstock silver strike, the largest in the world.

The strike, named after the property owner where the massive deposits of silver were found, flooded the market with silver. In 1878, the Bland-Allison Act raised a ban on the use of silver for coin production. The new Act stipulated that the U.S. Treasury would buy a certain amount of the precious metal and mint 2 million silver dollars each month. These regulations marked the beginning of the minting of Morgan silver dollars.

The minting of the silver dollar stopped in 1904 when the supply of silver began to decrease. Production of the silver dollars resumed in 1921 and then again in 2021.

The attractive Morgan dollars borrowed their name from George T. Morgan. In 1876, United States Mint Director Hendry Linderman held a competition between the new engraver George T. Morgan and the more seasoned Chief Engraver William Barber. Linderman preferred Morgan’s design inspired by the image of Anna Williams, a school teacher from Philadelphia.

Although five mints were involved in producing Morgan silver dollars, only the Philadelphia, New Orleans, and San Francisco facilities minted the 1904 silver dollars.

 

Features of the 1904 Silver Dollar

Let’s now look at the physical features of the 1904 silver dollar. Knowing the attributes to look for can help determine if you have a valuable Morgan dollar.

The Obverse of the 1904 Silver Dollar

The obverse is the top side of a coin and is also known as the head. The left-facing profile of Lady Liberty appears prominently on the 1904 Morgan dollar.

Lady Liberty spots a Phrygian cap over her flowing hair in the portrait. A ribbon tied around the cap has the words LIBERTY inscribed on it.

In addition to the cap, she adorns a crown at the top of her head. The crown is made from wheat and cotton, some of the most important cash crops in American history.

The motto E PLURIBUS UNUM appears around the top edge of the coin with a dot separating each of the three words of the famous motto. The date 1904 is inscribed around the coin’s lower edge.

Thirteen stars flank the bottom half of the coins, with seven stars on the left side and six on the left side. The date is nestled in the middle, separating each set of stars. The thirteen stars represent the initial 13 colonies of the Union.

The Reverse of the 1904 Silver Dollar

The Reverse of the 1904 Silver Dollar

The reverse is the back side of a coin, also known as the tail. On the reverse of the 1904 silver dollar is the image of a left-facing bald eagle with outstretched wings.

The bald eagle holds three arrows on its left talon and an olive branch on its right. The arrows represent readiness to defend the Union, while the olive branch symbolizes peace. A laurel wreath flanks the bottom half of the eagle’s image.

The words UNITED STATES OF AMERICA are inscribed on the upper half of the coin, and the coin’s denomination, ONE DOLLAR, appears around the coin’s bottom. The two words on the upper and lower edges of the coin are separated by two stars on the right and left sides.

The motto IN GOD WE TRUST appears horizontally above the eagle’s head.

Other Features of the 1904 Silver Dollars

A total of 8,812,650 silver dollars were minted in 1904.

These coins are composed of 90% silver and 10% copper. Each silver dollar measures 38.10 mm in diameter, weighs 26.73 grams and has a reeded edge.

1904 Morgan dollars from the Philadelphia mint do not have a mintmark. But coins from the New Orleans and San Francisco mints have mintmarks ‘O’ and ‘S’ respectively, which you can spot on the reverse underneath the center of the laurel where the right and left branches meet.

 

1904 Silver Dollar Value Guide

Now, let’s take a deep dive and find out the real value of your 1904 silver dollar. How much your Morgan dollar is worth depends on factors such as the coin’s condition, grading, and mintmark.

Four varieties of 1904 silver dollars were minted in 1904. These are:

  • The 1904 No-mint mark Silver Dollar
  • The 1904 Proof Silver Dollar
  • The 1904 0 Silver Dollar
  • The 1904 S Silver Dollar

Let’s look at each coin and determine whether it is worth thousands of dollars or just a little more than face value.

The 1904 No-mint mark Silver Dollar Value

An estimated 2,788,000 silver dollars were minted in 1904 at the Philadelphia mint. This year, the coins minted at the Philly facility were generally of poor quality, with most coming with a grey, unappealing luster.

Circulated 1904 silver dollars are fairly common, although not as common as other Morgan dollars. These coins are also plentiful in lower-level mint states, i.e., MS60 to 63, and scarce in grades MS64 to 65. 1904-P is rare in grades MS66 and higher.

When collecting 1904 No-mintmark silver dollars, the main challenge is finding one of good quality.

In circulated grades, the 1904 P silver dollar is worth between $35 and $100, which is pretty good considering the poor state these coins are usually in. So, even in a poor quality state, your 1904 silver dollar is worth at least thirty-five times more than face value!

These coins are difficult to find in an uncirculated gem state. In mint state, the Morgan silvers from 1904 are worth as much as $19000.

The 1904 Proof Silver Dollar Value

The 1904 Proof Silver Dollar Value

Image: pcgs

In addition to the regular strike silver dollars, the Philadelphia mint also produced proofs in 1904.

Because of the generally poor quality of coins this year, gem 1904-proof silver dollars are extremely scarce, while deep mirror-like proofs are rare.

Graded specimens of proof silver dollars from 1904 can fetch up to $34,000 or more depending on the coin’s grade.

1904 O Silver Dollar Value

1904 O Silver Dollar Value

The New Orleans mint produced about 3,720,000 silver dollars in 1904. With such a high mintage, the 1904 0 silver dollar is one of the most common in the Morgan dollar series in both circulated and uncirculated conditions.

The coins from this year were once some of the rarest in the Morgan series until the 1960s when numerous bags of uncirculated 1904 O silvers dollars were discovered, making higher-grade 1904 Morgans plentiful.

In circulated condition, your 1904 O silver dollar is worth between $34.50 and $63 but can fetch up to $5,400 in uncirculated condition.

According to the Professional Coin Grading Service (PCGS) records, the most expensive 1904 O-graded MS67 sold for $39,950 in 2017.

1904 S Silver Dollar Value

1904 S Silver Dollar Value

An estimated 2,304,000 1904 silver dollars were minted at the San Francisco mint. The coins from this mint location were lightly struck, coming out with a dullish luster and some with lightly frosted lines.

But most 1904-S have significant abrasion, and the majority you will find in circulation are lower grades. Mint state or gem-quality coins are quite rare.

Circulated grades of the 1904 Morgan silver dollar are abundant, but as mentioned, many of these are available in lower grades, with extremely fine but uncirculated coins being generally scarce.

As soon as the 1904-S silver dollar was minted, many bags of these coins were hoarded, making the silver dollars scarce in mint state. In the 1940s, some of these bags were released, making mint state-grade 1904 silver dollars relatively accessible.

That said, mint state coins are still quite scarce compared to others in the Morgan series minted in San Francisco. Most are available in grades MS60 to MS63, while anything above MS65 is rare.

In circulated condition, a 1904-S Morgan silver dollar is worth between $40 and $2,000, depending on the coin’s condition.

In mint, uncirculated state, your 1904 S can fetch up to $70,500, given that these coins are rare. According to PCGS records, the most expensive 1904-S silver dollar, graded MS67, sold for $81,500 in 2015.

 

1904 Silver Dollar Errors

Mint-made errors can result in unique-looking coins that can be quite valuable.

Errors appear on a handful of coins before the mint realizes and corrects the errors. These coins can be rare and sometimes worth thousands of dollars.

As mentioned, 1904 silver dollars were generally poorly struck, but these coins are not considered errors because they result from worn or poor-quality punching presses.

That said, there are a few mint-made errors

 in this coins series. The most notable error is the obverse stuck through appearing on the 1904 O silver dollar. The error prominently appears on Lady Liberty’s left temple. 

Struck-through errors happen when a wayward foreign object such as debris, grease, or a piece of thread comes between the planchet and die during the striking process. This occurrence causes the foreign material to leave an impression on the coin’s surface.

 

FAQS

Here are answers to common questions collectors have about the 1904 silver dollar:

How do I know if my 1904 silver dollar is worth money?

Generally, 1904 silver dollars are worth more than face value, which is a good start. But your coin will be worth much more if uncirculated with a brilliant luster, frosty finish, and well-struck design like when it was first minted. These rare coins are rare; if you find one, they will probably be worth thousands of dollars.

What makes a 1904 Morgan silver dollar rare?

Millions of Morgan silver dollars were minted in 1904, and most were released into circulation. These coins are generally abundant in circulated condition. That said, mint state and gem condition 1904 silver dollars are rare mainly for two reasons: bags of uncirculated silver dollars were hoarded in 1904, and many of the coins minted that year were generally poorly struck, so finding a silver dollar in mint state can be hard. As expected, 1904 Morgan silver dollars in mint state can be very expensive.

Where is the mintmark on the 1904 Morgan silver dollar?

Some 1904 Morgan silver dollars do not have a mintmark, specifically those minted in Philadelphia. Silver dollars from New Orleans and San Francisco mints have mintmarks ‘O’ and ‘S’ respectively on the reverse right below the laurel where the right and left olive branches join together.