Check your pocket or that old jar on the dresser. If you see the date 1904 on a big, heavy silver coin, you aren't just looking at old money. You’re holding a piece of a dying era. In 1904, the United States Mint actually stopped striking the Morgan Silver Dollar because the silver bullion supply mandated by previous acts of Congress finally ran dry. It was supposed to be the end of the line. Because of that, the 1904 dollar coin worth today is a topic that fluctuates wildly depending on one tiny letter—or the total absence of one.
Most people think old equals expensive. That’s a trap. A beat-up 1904 Morgan dollar might only be worth its weight in silver, which hovers around $25 to $30 depending on the daily market. But if you find one with an "S" on the back? Now we’re talking thousands of dollars. It's all about the mint mark and the state of preservation.
The Philly, the Big Easy, and the San Francisco treat
There were three places making these coins in 1904. Philadelphia, New Orleans, and San Francisco. If there is no letter on the back, just above the "D" and "O" in "DOLLAR," it’s from Philadelphia. These are common. Philadelphia churned out millions. You can grab a decent-looking one for $40 or $60 at most local coin shops.
Then there’s the New Orleans Mint, marked with an "O." For decades, these were considered rare. Then, in the 1960s, the Treasury opened up some old vaults and found bags—literal canvas bags—filled with uncirculated 1904-O dollars. The market crashed for that specific date. Today, an "O" mint mark is actually the most affordable way to get a "mint condition" 1904 dollar. You can get a beautiful, shiny one for under $100. It’s kinda ironic how finding more of something makes it less special, but that’s numismatics for you.
San Francisco is the real heavy hitter. The 1904-S is a monster. Only 2,304,000 were minted. That sounds like a lot, but most were thrown into circulation and worn down to smooth discs. A 1904-S in "About Uncirculated" condition can easily fetch $500. If you have one that looks like it just rolled off the press, you're looking at $5,000 or even $20,000. I once saw a high-grade 1904-S sell for over $40,000 at auction.
Understanding the "Proof" trap
Sometimes you'll see a 1904 dollar that looks like a mirror. It's insanely shiny. These are Proof coins. They weren't meant for buying bread or paying taxes. They were made for collectors. Only 656 were made in Philadelphia.
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If you actually have a real 1904 Proof Morgan, the 1904 dollar coin worth shoots into the stratosphere, often starting at $3,000 and climbing past $10,000. But be careful. Scammers love to polish regular coins to make them look like proofs. A polished coin is actually worth less than an unpolished one. It’s considered "damaged" by serious collectors. Never, ever clean your coins. You'll literally rub the value right off the surface.
Why the 1904 Morgan is a historical survivor
The Pittman Act of 1918 was a disaster for silver dollars. The government needed silver to help the British during World War I, so they melted down over 270 million Morgan dollars. That’s nearly half of all Morgans ever minted. We don't know exactly how many 1904 dollars went into the furnace, but it was a lot.
This is why the "mintage" numbers you see in history books are basically lies. Or, at least, they're misleading. The book might say 4 million were made, but maybe only 1 million survived the melting pots. This "survival rate" is what actually determines the price. Professional graders like PCGS and NGC keep "population reports" that track how many of each coin they've seen. For the 1904-S, the number of high-quality survivors is tiny.
Grading is everything
If you want to know what your coin is really worth, you have to understand the 70-point scale.
- VG-8 (Very Good): The coin is heavily worn. Liberty’s hair is a blob. Value: $35.
- AU-50 (About Uncirculated): Only slight wear on the high points (like the eagle's breast feathers). Value: $50 - $400 (if it's an S).
- MS-63 (Mint State): No wear at all, but maybe some scratches from clinking against other coins in a bag. Value: $70 (Philly) to $3,000 (San Francisco).
- MS-65 (Gem Mint State): Stunning. Original luster. Almost no marks. Value: $200 (Philly) to $15,000+ (San Francisco).
Honestly, grading is subjective. Two experts might look at the same 1904 dollar and argue for an hour about whether it’s a 63 or a 64. But that one point can mean a difference of hundreds of dollars.
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The counterfeiting problem
Since the 1904-S is so valuable, the market is flooded with fakes. Some are "added mint marks." Someone takes a cheap Philadelphia coin and glues a tiny "S" onto it. Others are total fakes made of base metal and plated in silver.
How can you tell? Get a magnet. Silver isn't magnetic. If your dollar sticks to a magnet, it’s a fake. Also, weigh it. A real Morgan dollar should weigh 26.73 grams. If it weighs 24 grams, it's a counterfeit. If you're serious about the 1904 dollar coin worth, you need to buy coins that are already "slabbed" (certified) by PCGS or NGC. It's the only way to sleep at night.
Peace Dollars vs. Morgan Dollars in 1904?
Wait. There are no 1904 Peace Dollars. The Peace Dollar didn't start until 1921. If you see a coin that looks like a 1904 Peace Dollar, it is 100% a fake or a "fantasy piece" made by a private mint. Stick to the Morgans. They are the only legitimate US silver dollars from that year.
The 1904 Morgan is the "final" year of the original run. The mint stopped making them after that until a brief, final hurrah in 1921. This makes 1904 a "key date" for people trying to complete a set. Collectors want the first year (1878) and the last year (1904) most of all.
Finding the value in the details
Look at the eagle on the back. Are the breast feathers crisp? Or is it a smooth silver mountain? Look at the "L" in LIBERTY on the headband on the front. Is it sharp? These tiny details are what separate a $30 coin from a $300 coin.
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If you find a 1904-O, check for "PL" or "DMPL." This stands for Proof-Like or Deep Mirror Proof-Like. Even though it was a regular circulation coin, sometimes the dies were so fresh that the coin came out looking like a mirror. These are highly prized. A 1904-O in MS-65 DMPL is a rare beauty that can break the $1,000 barrier easily, even though a regular 1904-O is common.
What to do with your 1904 dollar now
Don't just run to a pawn shop. Pawn shops will usually offer you "melt value," which is just the price of the silver. That’s a raw deal.
First, identify the mint mark. Use a magnifying glass.
Second, check the condition. Is it shiny or dull?
Third, look for "PVC damage." If the coin was stored in a cheap plastic flip, it might have green goo on it. This is acid that eats the silver. You need to get it into an archival-safe holder immediately.
If you think you have a high-grade San Francisco mint coin, your best bet is to send it to a professional grading service. It costs about $30-$50, but it can turn a "maybe" into a certified paycheck.
The market for silver dollars is weirdly resilient. Even when the economy hits the skids, people flock to "hard assets." The 1904 Morgan is a hard asset with a finite supply. They aren't making any more of them. Every time one gets lost, melted, or ruined, yours becomes a little more valuable.
Actionable steps for your 1904 silver dollar
- Magnify the Mint Mark: Use a 10x jeweler's loupe to check the reverse. "S" is your jackpot. "O" is common. No mark is standard.
- Perform the Weight Test: Use a digital scale. It must be near 26.73g. Anything under 26g is a red flag.
- Check for Cleaning: Look for tiny parallel scratches. If they exist, the coin was scrubbed. Do not send it for grading; just keep it for the silver value.
- Consult the Greysheet: This is the "wholesale" price list dealers use. You can find recent realized auction prices on websites like Heritage Auctions or Stacks Bowers to see what people actually paid last month, not what they are asking for on eBay.
- Archive Properly: Place the coin in a PVC-free "non-plasticized" flip or a hard plastic capsule to prevent toning or environmental damage.
The 1904 dollar coin worth is ultimately what someone else is willing to pay, but by knowing your mint marks and grading basics, you'll never get lowballed at a coin show.