1904-S Morgan Dollar Value: History, Grades, and Prices
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The 1904-S Morgan Dollar is worth anywhere from $35 in worn condition to over $15,000 for specimens in high-grade mint state. Whether you found one in an old family chest or inherited a small collection, this coin is a significant piece of American history that carries a premium due to its low mintage.
| Condition / Grade | Estimated Value (USD) |
|---|---|
| Good (G4) – Very Good (VG8) | $35 – $45 |
| Fine (F12) – Very Fine (VF20) | $55 – $75 |
| Extremely Fine (EF40) | $125 – $160 |
| About Uncirculated (AU50) | $350 – $450 |
| Mint State (MS63) | $2,400 – $3,000 |
| Gem Mint State (MS65+) | $15,000+ |
Understanding the Scarcity of the 1904-S Morgan Silver Dollar
If you have discovered a shiny silver coin featuring a profile of Lady Liberty, you might be holding a treasure. For non-collectors, identifying the specific mint mark is the first step. If there is a small “S” on the back above the “DOLLAR” lettering, it was struck at the San Francisco Mint. If you are unsure about the authenticity or details of your find, using a top coin identifier and value app can help you confirm the year and mint mark instantly.
The year 1904 is particularly important because it marked the end of the original Morgan Dollar production run. Due to the depletion of the silver bullion purchased under the Sherman Silver Purchase Act, the minting of silver dollars was halted after 1904 and did not resume until 1921. Only 2,304,000 of these coins were struck in San Francisco, which might sound like a lot, but many were melted down or lost to circulation over the last century.
For modern-day finders, the CoinKnow app provides a quick way to cross-reference historical mintage figures with current demand. Because the 1904-S was issued right before a long hiatus in silver dollar production, it has always held a special place in the hearts of numismatists. Even in heavily circulated grades, the silver content alone gives it a base price, but the “S” mint mark is what truly pushes the price into the hundreds or thousands of dollars for better-preserved examples.
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Determining the Grade and the 1904-S Morgan Dollar Price
The value of your 1904-S Morgan Dollar depends almost entirely on its physical condition, also known as its “grade.” Professionals use a 70-point scale where 1 is barely recognizable and 70 is perfect. For a “San Francisco” dollar from 1904, the leap in price between an “About Uncirculated” (AU) coin and a “Mint State” (MS) coin is massive.
When you check the 1904-S Morgan Dollar market data, you will notice that coins with no signs of wear—meaning the eagle’s breast feathers and Liberty’s hair are fully detailed—command high premiums. Most 1904-S dollars found by everyday Americans are in “Good” to “Very Fine” condition. These coins have spent years in pockets and registers, resulting in smoothed-out details.
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However, even a worn 1904-S is significantly more valuable than a common 1921 Morgan. Collectors are constantly searching for “survivors” that haven’t been cleaned. A common mistake beginners make is trying to polish an old coin to make it look “better.” Never clean your coin! Cleaning causes microscopic scratches that can slash the value of your 1904-S Morgan Dollar by 50% or more instantly. Instead, use the CoinKnow app to photograph the coin and get a sense of its uncleaned market value first.
| Condition Category | Key Features to Look For | Est. Value |
|---|---|---|
| Circulated (G to F) | Heavy wear; Liberty’s hair is a flat blob. | $35 – $60 |
| Mid-Grade (VF to EF) | Some hair lines visible; eagle’s wing tips clear. | $70 – $150 |
| Very High Grade (AU) | Traces of original mint luster; very light wear. | $300 – $700 |
| Uncirculated (MS60+) | No wear at all; frosty or mirror-like surface. | $1,800+ |
The “S” Mint Mark: Why San Francisco Matters
In 1904, the U.S. Mint produced Morgan Dollars in three locations: Philadelphia (no mint mark), New Orleans (O), and San Francisco (S). While the Philadelphia and New Orleans versions are relatively common in mid-range conditions, the San Francisco 1904-S is a much tougher find. This is because fewer were made, and even fewer were saved in pristine condition.
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The 1904-S Morgan Dollar valuation guide highlights that this coin is considered a “semi-key date” in the series. During the early 20th century, Western commerce used silver dollars much more frequently than the East Coast did. As a result, the 1904-S coins were put into heavy circulation immediately.
While millions of New Orleans (O) Morgans were found in treasury bags in the 1960s—keeping their prices low—the 1904-S did not see such a massive “bag find.” This scarcity of uncirculated bags makes any “Mint State” 1904-S extremely desirable. If you possess a version that still looks like it just came from the mint, you are likely looking at a multi-thousand dollar coin. The CoinKnow tool can help you compare high-resolution images of your coin to professional grades to see where it fits in the hierarchy.
Market Trends and Investment Potential for 1904-S Dollars
The market for Morgan Dollars has remained robust for decades because they are the quintessential American collectible. The 1904-S is often targeted by investors who want a coin that bridges the gap between affordable common dates and the ultra-expensive “key dates” like the 1893-S.
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Over the last five years, prices for mid-grade 1904-S coins have shown steady appreciation. When inflation rises and the price of silver goes up, these coins benefit from both their precious metal content and their numismatic rarity. While the silver value (the “melt value”) is currently around $18-$25 depending on the spot price, the 1904-S is always worth much more than its silver content.
If you are looking to sell, it is wise to monitor auction results. High-end 1904-S dollars are usually sold through major auction houses like Heritage Auctions or Stack’s Bowers. For lower-grade coins, local coin shops or reputable online dealers are the most common outlets. Using CoinKnow allows you to track these trends so you don’t undersell a potentially valuable piece of history.
| Year of Sale | Grade | Winning Bid |
|---|---|---|
| 2021 | MS67 (Exceptional) | $150,000+ |
| 2022 | MS63 | $2,800 |
| 2023 | AU58 (Borderline Unc) | $650 |
How to Identify a Genuine 1904-S Morgan Silver Dollar
Whenever a coin has a high value, counterfeits become a concern. The 1904-S is a frequent target for fakes, especially those coming from overseas. A genuine 1904-S should be made of 90% silver and 10% copper. It should weigh exactly 26.73 grams and have a diameter of 38.1 millimeters.
One quick test you can do at home is the “magnet test.” Silver is not magnetic. If your coin sticks to a magnet, it is a fake made of steel or nickel. Another test is the “ping test”—if you gently tap a silver dollar with another coin, it should produce a high-pitched, long-lasting ring. A dull “thud” often indicates a base-metal counterfeit.
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Beyond physical tests, you should look closely at the mint mark. On the 1904-S, the “S” should be crisp and integrated into the coin’s surface. Sometimes, fraudsters take a common 1904 Philadelphia dollar and glue a fake “S” onto it. If the area around the mint mark looks discolored or has a “lip,” be suspicious. For a definitive answer, professional grading services like PCGS or NGC are the gold standard for authentication.
| Feature | Authentic Specification |
|---|---|
| Weight | 26.73 grams |
| Composition | 90% Silver, 10% Copper |
| Edge | Reeded (contains ridges) |
Final Tips for New Coin Owners
Finding a 1904-S Morgan Dollar is an exciting experience. It is a tangible link to the American Frontier and the era of “hard money.” If you decide to keep the coin as an heirloom, store it in a PVC-free plastic flip or a specialized coin album. Humidity and oils from your fingers can cause “toning” or corrosion over time, which may affect the future value.
If you are curious about other coins in your possession, keep using digital tools to educate yourself. The numismatic world is vast, but with a bit of research and the right apps, you can navigate it like a pro. Whether your coin is worth $40 or $4,000, it represents a fascinating chapter of the San Francisco Mint’s legacy.
FAQ
Q: Where is the mint mark on a 1904-S Morgan Dollar?
A: The mint mark is located on the reverse (back) side of the coin. Look at the bottom, just above the letters “D” and “O” in the word “DOLLAR.” You will see a small “S” there if it was minted in San Francisco.
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Q: Why is the 1904-S more expensive than other years?
A: The 1904-S is valuable because it has a relatively low mintage compared to common years like 1881-S or 1921. Additionally, most 1904-S coins were used in daily commerce, making uncirculated (unused) examples very rare and expensive.
Q: Is it worth getting my 1904-S Morgan Dollar professionally graded?
A: If your coin looks like it has no wear (Mint State) or very little wear (AU), it is definitely worth grading. Grading can cost $30-$60, but it can increase the resale value of a high-grade 1904-S by hundreds or even thousands of dollars.
Q: What is the silver content of a 1904-S dollar?
A: All Morgan Dollars contain 0.77344 troy ounces of pure silver. While this gives the coin a “melt value,” the collector value of a 1904-S is almost always much higher than the price of the silver alone.
