1904 Silver Dollar value ranges from $1.00 face value to $70,500. That record belongs to a 1904-S graded MS-67, sold at Legend Rare Coin Auctions in May 2018 — one of the finest known examples of this scarce San Francisco issue. Not sure what yours is worth? Upload a photo of your coin below and get a quick value range in seconds. Then scroll down to see what 1904 Silver Dollars are actually selling for on eBay right now.

 

1904 Silver Dollar Value By Variety

The table below breaks down the 1904 Silver Dollar value by type, mint mark, and grade — from well-worn circulated coins all the way up to rare proof specimens.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Rarest Silver Dollar Coins Worth Money (Most Expensive)

 

Top 10 Most Valuable 1904 Silver Dollar Worth Money

The chart tracks the top 10 auction results for 1904 Silver Dollars since 2001, with realized prices ranging from $22,325 to $70,500. The record holder is a 1904-S graded MS67, which sold for $70,500 at Legend Rare Coin Auctions in 2015.

The 1904-S is the scarcest business-strike issue of the year, and its rarity is primarily conditional — meaning the price gap between it and other 1904 varieties becomes most pronounced in Mint State grades. The population thins sharply at MS-63 and above, which drives the coin’s market value into four figures for any Mint State specimen. The combination of low surviving high-grade population and consistent collector demand explains why the 1904-S dominates the upper end of this chart.

The Philadelphia issues (1904 MS64, MS65, MS67) also appear prominently, fetching up to $54,625. Fewer than 10,000 Philadelphia-mint examples have been certified by PCGS, and the coin is conditionally scarce at MS65, becoming remarkably rare in MS66 and above. Strike quality on the Philadelphia issue was generally poor, as production was winding down with dies and hubs soon to be retired — making well-struck, high-luster survivors particularly desirable.

Proof coins round out the chart at the lower end. Only 650 proof Morgan dollars were struck in Philadelphia in 1904, limiting supply to a narrow collector base. A PR67 realized $34,075, reflecting sustained demand from specialists pursuing high-grade proof sets.

Taken together, the chart illustrates a consistent principle across all 1904 varieties: value escalates steeply once a coin crosses into gem Mint State or Proof territory, where surviving populations become genuinely scarce and competition among registry collectors intensifies significantly.

 

History of the 1904 Silver Dollar

The 1904 Silver Dollar, part of the Morgan Dollar series, carries significant historical weight as the last regular-issue silver dollar struck under the original authorization. The Morgan Dollar was first minted in 1878 under the Bland–Allison Act, which required the U.S. Treasury to purchase set quantities of silver and coin them into dollars. Production continued for over two decades until the silver reserves mandated by Congress were fully exhausted. When those reserves ran out in 1904, the Mint ceased striking the Morgan Dollar entirely.

The end of the 1904 Silver Dollar did not simply mark a pause in production — it reflected broader economic and monetary shifts. Demand for large silver dollars had been declining since the 1890s, and the coins were piling up unused in Treasury vaults rather than circulating in commerce. Millions more Morgan Silver Dollars were struck than were needed for circulation, and the coins sat unused in bank vaults and Treasury Department facilities for years.

The situation changed dramatically in 1918. Congress passed the Pittman Act, which authorized the melting of up to 350,000,000 silver dollars and the sale of the resulting silver to Britain, whose monetary regime in India was under pressure. A massive percentage of the 1904 mintage was destroyed under these terms, and unlike other dates that re-emerged in large quantities during Treasury dispersals in the 1960s, only a small number of 1904 dollars ever surfaced. This history of attrition is what makes surviving examples — especially in high grades — both scarce and historically significant today.

Also Read: Top 100 Most Valuable Morgan Silver Dollar Coins Worth Money List

 

Is Your 1904 Silver Dollar Rare?

Not all 1904 Silver Dollars are created equal — rarity depends on mint mark, grade, and surface quality. To find out exactly where your coin stands, the Coin Identifier and Value App gives you instant access to rarity rankings, certified population data, and up-to-date values, so you know precisely what you have before buying or selling.

 

Key Features of the 1904 Silver Dollar

The 1904 Silver Dollar is a Morgan Dollar, designed by George T. Morgan and struck at three mint facilities — Philadelphia (no mint mark), New Orleans (“O”), and San Francisco (“S”).

As the final year of regular Morgan Dollar production, the coin holds particular significance in American numismatic history, valued for its silver content, historical context, and the distinct surface characteristics — including Prooflike and Deep Mirror Prooflike specimens — that vary across the three mints.

The Obverse of the 1904 Silver Dollar

The obverse features a profile of Lady Liberty facing left, designed by George T. Morgan, modeled after Philadelphia schoolteacher Anna Willess Williams.

She wears a Phrygian cap symbolizing freedom, with “LIBERTY” inscribed on a ribbon and adorned with agricultural elements including wheat and cotton, representing national unity.

Seven stars appear to the left of the portrait and six to the right, with “E PLURIBUS UNUM” arcing above and the date 1904 at the bottom. Morgan’s initial “M” is present at the truncation of the neck.

The Reverse of the 1904 Silver Dollar

The reverse displays a heraldic eagle with outstretched wings, holding arrows and an olive branch in its talons, symbolizing strength and peace.

The eagle is framed by a laurel wreath, and above its head is the national motto “IN GOD WE TRUST,” with “UNITED STATES OF AMERICA” and “ONE DOLLAR” surrounding the design. The mint mark, when present, appears above the “DO” in “DOLLAR.”

Other Features of the 1904 Silver Dollar

The 1904 Silver Dollar measures 38.1mm in diameter, weighs 26.73 grams, and is composed of 90% silver and 10% copper, containing 0.7734 troy ounces of pure silver, with a reeded edge. Strike quality on the Philadelphia issue was generally below average, with most examples displaying shallow, unremarkable luster — a consequence of aging dies and winding-down production.

Prooflike examples from New Orleans are relatively plentiful, with an adequate supply of DMPLs available to meet collector demand, while high-grade DMPL coins from Philadelphia and San Francisco remain considerably scarcer.

Also Read: Top 80+ Most Valuable Sacagawea Dollar Worth Money (2000-P to Present)

 

1904 Silver Dollar Mintage & Survival Data

The 1904 Silver Dollar was produced across three mints, with a combined business-strike output of approximately 8,812,000 coins. New Orleans led production at 3,720,000, followed by Philadelphia at 2,788,000 and San Francisco at 2,304,000. Philadelphia also struck 650 Proof coins exclusively for collectors.

The survival data diverges sharply by type. All three business-strike issues retained roughly 10% of their original mintage — a direct consequence of the Pittman Act of 1918. A massive percentage of the mintage was melted under the terms of the Pittman Act, which converted up to 350 million silver dollars into bullion for sale, with over 270 million coins sent to the melting pots. This process was carried out without regard for date or mint, reducing surviving populations across all three business-strike varieties in roughly equal measure.

Standard Proof coins tell a different story, with an estimated 545 survivors from a mintage of 650 — a survival rate of over 83%, reflecting deliberate collector preservation from the outset. The Proof CAM stands at the opposite extreme: of the same 650-coin mintage, only approximately 5 are estimated to survive, a rate below 1%, making it by far the rarest 1904 issue represented in the data.

Also Read: Top 40+ Most Valuable Presidential Dollar Coins Worth Money

 

The Easy Way to Know Your 1904 Silver Dollar Value

Knowing your 1904 Silver Dollar’s value comes down to three things: the mint mark (No Mint, O, or S), the grade, and the coin’s surface quality. By closely examining the surface and judging the amount of wear, you can determine the coin’s grade — and that grade directly determines its value. A coin in Good condition may be worth little more than its silver content, while the same coin in Mint State can be worth thousands.

Getting this right matters — the difference between grades can mean hundreds or even thousands of dollars. The Coin Identifier and Value App gives you instant grade detection, population data, and up-to-date values for your 1904 Silver Dollar, so you always know exactly what you have.

 

1904 Silver Dollar Value Guides

The 1904 Silver Dollar was struck across three mints and in two distinct formats, producing five collectible types with meaningfully different values and rarity levels. Philadelphia struck both circulating business strikes and special Proof coins, while New Orleans and San Francisco produced circulating coins only. Identifying which type you have is the essential first step in determining what your coin is worth.

The five types are:

• 1904 No Mint Mark Silver Dollar — Philadelphia business strike; the most conditionally scarce of the three regular issues in high grades
• 1904-O Silver Dollar — New Orleans strike; the most common 1904 variety, widely available in both circulated and uncirculated grades
• 1904-S Silver Dollar — San Francisco strike; the rarest and most valuable business-strike issue, with high-grade examples commanding significant premiums
• 1904 Proof Silver Dollar — Philadelphia special issue struck for collectors; only 650 produced, with a survival rate exceeding 83%
• 1904 Proof CAM Silver Dollar — Philadelphia Proof with cameo contrast; cameo Proof Morgan dollars are considerably more challenging to find than standard Proof examples, with fewer than 5 known to survive

 

1904 No Mint Mark Silver Dollar Valve

The 1904 No Mint Mark Silver Dollar was struck at the Philadelphia Mint — the last time the facility would produce Morgan Dollars before a 17-year gap. While circulated examples are accessible and worth at least their silver content, this coin’s real story is in the upper grades.

Most Philadelphia examples display average strike quality and subdued luster, which makes well-preserved specimens genuinely difficult to find. The coin is conditionally scarce at MS65 and remarkably rare in MS66 and above, with only a single known example grading PCGS MS67.

That scarcity drives value quickly as grade rises. A circulated example in Good condition starts around $8–$30, while an MS63 typically trades for around $190. The auction record stands at $17,625 for an MS66 example — a price that reflects just how few survive in top condition.

PL and DMPL examples remain exceedingly rare and are virtually unknown in grades higher than MS65, making any high-grade specimen with reflective surfaces a particularly noteworthy find.

The chart below tracks how realized auction prices for this coin have moved over time — a clear picture of where the market has rewarded condition and rarity.

For a broader view of how actively this coin trades today, the Market Activity section shows current demand and recent transaction volume across grade levels.

 

1904-O Silver Dollar Valve

The 1904-O Silver Dollar holds a distinctive place in American numismatic history as the last Morgan Dollar ever struck at the New Orleans Mint — a facility that had been reactivated in 1879 solely to produce Morgan Dollars and would close its doors for good just five years later in 1909. That historical significance alone makes it a meaningful coin to own.

In terms of value, the 1904-O is the most accessible of the three 1904 business-strike issues. Circulated examples start around $84 in Good condition, and MS65 examples routinely sell at auction for between $100 and $200 — making gem-grade coins genuinely within reach for most collectors. The date becomes a different story, however, once you reach MS67. The auction record stands at $39,950 for an MS67 example sold at Legend Rare Coin Auctions in July 2017, a price that underscores just how scarce the coin becomes at the top of the grade scale.

What makes the 1904-O particularly interesting is its complex market history. Once counted among the rarities of the Morgan dollar series, 1904-O dollars were released in roll and bag quantities during the 1960s, transforming what collectors once considered a rare coin into one of the most available Morgan issues in Mint State today. PCGS estimates approximately 372,000 surviving examples, with around 100,000 grading MS60 or better.

The Auction Record Chart below shows how prices for this coin have shifted over time — particularly the sharp premium that appears once examples cross into MS67 territory.

The Market Activity section gives you a real-time picture of how frequently this coin changes hands and where collector demand currently sits across grade levels.

 

1904-S Silver Dollar Valve

The 1904-S Silver Dollar is the most desirable and valuable of the three 1904 business-strike issues — and for good reason. Struck at the San Francisco Mint as part of the final year of original Morgan Dollar production, it never benefited from the large-scale Treasury releases that made the 1904-O so widely available in the 1960s. No bags of 1904-S dollars materialized during the 1962–1964 Treasury dispersal, and none appeared in the Redfield estate in 1976, leaving the Mint State supply permanently thin.

The price reflects that scarcity at every step up the grade scale. A circulated example in Good condition starts around $51, but values climb sharply from there. While small supplies exist in the MS60–64 range, at the Gem level of MS65 or higher this issue is for all intents and purposes a rarity. An MS65 example can command around $8,870, and the all-time auction record stands at $70,500 for a PCGS MS67, sold at Legend Rare Coin Auctions in October 2015 — the highest realized price of any 1904 business-strike dollar.

What sets the 1904-S apart is that its rarity is genuinely conditional rather than absolute. Most specimens seen today fall in the lower grade ranges from MS60 to MS63, and MS65 coins are rare, with only an estimated 200 to 400 examples surviving at that level or above. For collectors building a complete 1904 set, the S-mint issue is the one that requires the most patience — and the largest budget.

The Auction Record Chart below traces how realized prices for this coin have evolved, showing the dramatic premium that kicks in once examples approach gem condition.

The Market Activity section gives you a current snapshot of how actively this coin is trading today and where collector competition is most concentrated.

 

1904 Proof Silver Dollar Valve

The 1904 Proof Silver Dollar is a different class of coin entirely. Struck at the Philadelphia Mint using specially prepared dies and polished planchets, it was made exclusively for collectors — never intended for circulation. With only 650 produced, it represents one of the more accessible proof Morgan issues in terms of survival, with an estimated 545 examples still in existence today. That said, high-grade survivors with strong eye appeal are far from easy to find.

Proof examples from this period show some lightness at the centers with an undesirable “chrome” look to the motifs and fields, which means finding an example with crisp detail and attractive surfaces requires some selectivity. Values reflect both the coin’s absolute scarcity and the difficulty of locating quality specimens. A 1904 Proof Morgan Dollar in PR63 is valued around $4,500, while examples in PR65 command considerably more. The auction record stands at $34,075 for a PR67+ example sold at Legend Rare Coin Auctions in December 2016 — a result that reflects just how sharply demand intensifies at the top of the grade scale.

The proof issue is actively pursued by only a small number of Morgan Dollar enthusiasts, due to its limited supply of survivors and subsequently high retail prices. For collectors focused on completing a full 1904 set or assembling a proof Morgan Dollar run, this coin is an essential — and rewarding — addition.

The Auction Record Chart below shows how realized prices for this coin have held and moved over time across grade levels.

The Market Activity section gives you a current look at how frequently this coin changes hands and where collector interest is strongest today.

 

1904 Proof CAM Silver Dollar Valve

The 1904 Proof CAM Silver Dollar is the rarest of all five 1904 issues — and one of the most elusive Proof Cameo Morgan Dollars in the entire series. While the standard Proof shares the same 650-coin mintage, the CAM designation is awarded only to examples where the frosted devices contrast visibly against the mirror-like fields, an effect produced exclusively from the very first strikes off freshly prepared dies. Only an estimated 5 examples are believed to survive, giving this coin a survival rate below 1%.

The scarcity is no accident. By the early 1900s, the Philadelphia Mint had changed its die preparation practices — polishing the portrait devices rather than keeping them frosty — which largely eliminated the cameo contrast seen on earlier proof Morgan dollars. As a result, cameo and deep cameo proof Morgan dollars are considerably more challenging to find than standard proofs with dull surfaces, and for a late-date issue like 1904, finding one with certified cameo contrast is genuinely exceptional.

Values reflect that extreme rarity directly. The current estimated value sits around $22,950, making it the highest-priced of any 1904 issue in standard reference guides. When examples do appear — which is rare — they attract serious interest from advanced proof Morgan specialists and registry set collectors.

The Auction Record Chart below captures the handful of known sales for this coin, offering a rare window into how this issue is valued when it does come to market.

The Market Activity section reflects just how infrequently this coin trades, underscoring why any certified example commands immediate collector attention.

Also Read: 17 Rare Dollar Coin Errors List with Pictures (By Year)

 

Rare 1904 Silver Dollar Error List

Most 1904 Silver Dollars you encounter will be standard strikes, but a small number escaped the mint with production anomalies that make them considerably more interesting — and more valuable — to collectors. Whether you’re drawn to die varieties or mechanical errors, the 1904 issue has a handful of documented examples worth knowing about.

1. 1904-O VAM 4B Fishhook

The VAM 4B Fishhook is the most prominent collectible variety of the entire 1904 issue and holds a place on the official Hit List 40 — a curated list of the most desirable Morgan Dollar die varieties. This variety displays strong die clash marks around the lips of Liberty, along with a doubled date and pitting in the “OL” of “DOLLAR” on the reverse.

Its nickname comes from the distinctive curved die mark visible under magnification. The PCGS population for MS65 examples is limited, with fewer than 35 known in that grade, making high-grade specimens genuinely scarce despite the 1904-O’s otherwise abundant availability.

2. 1904 Silver Dollar Struck Through Error

A struck-through error occurs when a foreign object — cloth, wire, grease, or debris — falls between the die and the planchet during striking, leaving a void or distorted area in the finished coin. The more unusual, large, and dramatic the struck-through, the more valuable it is.

On the 1904 issue, struck-through examples have appeared with foreign material leaving impressions in the fields or devices. These coins escaped quality control before entering circulation and are now collected as rare production anomalies that offer a direct window into 19th-century mint operations.

3. 1904 Silver Dollar Rotated Dies Error

A rotation error occurs when one die is misaligned — for example at 170° instead of the standard 180° — causing the coin to appear skewed when flipped vertically. On a normal coin, flipping vertically keeps both sides upright.

A rotated die coin shows one side out of alignment with the other, with the degree of rotation determining both the visual impact and the collector premium. A 1904-O with this error sold for $215, and more dramatically rotated examples command higher prices depending on how far the misalignment deviates from standard.

4. 1904 Silver Dollar Lamination Error

Lamination errors originate in the planchet before striking. Contaminants such as gas pockets, slag inclusions, or foreign metal particles in the 90% silver alloy, or improper annealing, cause layers of the metal to separate and peel.

On the 1904 Silver Dollar, documented examples include a lamination above “ME” in “AMERICA,” where the outer silver layer peeled away to expose the copper beneath. Laminations are rather rare on 90% silver coinage, making any confirmed example on a 1904 Morgan an unusual find. A graded MS63 example with this error sold for $90.

 

Where to Sell Your 1904 Silver Dollar?

After determining what your coins are worth, you’re probably wondering about convenient online selling options. I’ve researched and compiled a guide to the best platforms, outlining their services, pros, and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1904 Silver Dollar Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1904 Silver Dollar

1. What is a 1904 Silver Dollar?

The 1904 Silver Dollar is a Morgan Dollar — a 90% silver coin designed by U.S. Mint Assistant Engraver George T. Morgan. It was the final year of regular Morgan Dollar production before a 17-year hiatus, with silver bullion reserves mandated by Congress fully exhausted by that point. The coin was struck at three mints: Philadelphia (no mint mark), New Orleans (“O”), and San Francisco (“S”), with Philadelphia also producing a small number of Proof coins for collectors.

2. How much is a 1904 Silver Dollar worth?

Value depends primarily on mint mark, grade, and surface quality. Any 1904 dollar is worth at least its silver content, which at current silver prices sits around $60–$70. Circulated examples typically range from $84 to $170 depending on mint mark, while Mint State coins can range from a few hundred dollars up to $8,870 for a high-grade 1904-S. The all-time auction record for the series is $70,500 for a PCGS MS67 1904-S, sold at Legend Rare Coin Auctions in 2015.

3. Where is the mint mark on a 1904 Silver Dollar?

The mint mark is located on the reverse of the coin, above the letters “DO” in “DOLLAR,” just below the wreath. A coin with no mint mark was struck in Philadelphia. The New Orleans Mint used an “O” and the San Francisco Mint an “S.” Identifying your mint mark is the first and most important step in determining your coin’s value, as the three issues carry significantly different price levels — especially in higher grades.

4. Which 1904 Silver Dollar is the most valuable?

Among the business-strike issues, the 1904-S is the scarcest by far, and its rarity becomes most pronounced in Mint State grades. A well-preserved 1904-S in MS65 is worth around $8,870, far above comparable grades of the Philadelphia or New Orleans issues. Among all 1904 types, the Proof CAM is the rarest, with only approximately 5 known survivors from the 650-coin Proof mintage, and an auction record of $51,700.

5. Was 1904 the last year Morgan Dollars were made?

Technically speaking, 1904 was the final year of the original Morgan Silver Dollar series. Production halted because the silver bullion reserves mandated by Congress had been fully used up. The Pittman Act of 1918 later authorized the melting and recoining of millions of silver dollars, and pursuant to the act, Morgan Dollar production resumed for one final year in 1921, after which the design was replaced by the Peace Dollar.

6. How do I know if my 1904 Silver Dollar is genuine?

Counterfeiting is a real concern with Morgan Dollars. The most reliable approach is third-party certification from PCGS or NGC, which authenticates the coin and assigns an objective grade. Raw, ungraded 1904 Morgan dollars sell for 20–40% less than identical certified coins, reflecting buyer uncertainty about authenticity and actual grade. Basic checks include verifying the coin weighs 26.73 grams, measures 38.1mm in diameter, and has 189 reeded edge segments.

7. Does condition really affect the value that much?

Significantly. The difference between grades can mean hundreds — or thousands — of dollars. The 1904-O is the most affordable of the three 1904 issues at every grade level, while both the 1904 Philadelphia and 1904-S become highly expensive once collectors move into Mint State grades. For example, a 1904-S in Good condition starts around $51, but the same coin in MS65 commands around $8,870 — a difference driven entirely by preservation.

8. What happened to most 1904 Silver Dollars?

Millions more Morgan Silver Dollars were struck than were needed for circulation, and the coins sat unused in bank vaults and Treasury Department facilities for years until 1918, when Congress passed the Pittman Act.

The U.S. Mint eventually melted 270 million Morgan Dollars under the Pittman Act — many of which had never circulated to begin with. This mass destruction is why high-grade survivors, particularly of the Philadelphia and San Francisco issues, are relatively scarce today despite the original mintages running into the millions.

9. Are there any rare errors on the 1904 Silver Dollar?

Yes. The most notable is the 1904-O VAM 4B “Fishhook,” an official Hit List 40 variety featuring strong die clash marks and a doubled date, with certified high-grade examples being genuinely scarce.

Other documented errors include lamination errors — where a layer of silver peels away exposing copper — rotated die errors, struck-through errors, and the 1904-O VAM 28A “Clashed G,” known for ghost impressions of reverse lettering appearing on the obverse. A Morgan Dollar that combines a high grade and a recognizable VAM will be priced significantly higher than a standard-die coin of the same date and grade.

10. Should I clean my 1904 Silver Dollar before selling it?

No — cleaning a coin almost always reduces its value, sometimes significantly. Retail pricing for Morgan Dollars considers market rates, historical sales data, and expert evaluation by trained numismatists, and experienced buyers can easily identify cleaned surfaces.

Natural toning and original luster are viewed positively by the market, while cleaning leaves microscopic hairlines that lower the grade assigned by professional services. If you’re considering selling, the best first step is to have the coin evaluated by a reputable dealer or submitted to PCGS or NGC for certification.