The 1904-S Morgan Silver Dollar is worth anywhere from $35 in heavily worn condition to over $15,000 for high-level uncirculated specimens. Finding one of these coins in an old collection is an exciting discovery because the “S” mint mark signifies a San Francisco mintage, which is highly coveted by serious collectors.

Condition / Grade	Estimated Market Value
Good (G-4) to Very Good (VG-8)	$35 – $45
Fine (F-12) to Very Fine (VF-20)	$55 – $85
Extremely Fine (XF-40)	$150 – $220
About Uncirculated (AU-50+)	$350 – $950
Uncirculated (MS-60 to MS-63)	$2,400 – $4,500
Gem Uncirculated (MS-65+)	$15,000 – $35,000+

What Makes the 1904-S Morgan Silver Dollar Special?

The year 1904 was a significant turning point for American coinage. It marked the final year of the original Morgan Silver Dollar production before the series was halted for nearly two decades. Because the San Francisco Mint struck only 2,304,000 of these coins, the 1904-S is considered a “semi-key date.” For everyday Americans who stumble upon these coins, identifying the “S” on the reverse is the first step toward finding a potential windfall. If you aren’t sure how to identify your coin’s specifics, using a top coin identifier app can provide instant clarity.

The scarcity of the 1904-S becomes even more apparent in higher grades. While many were released into circulation and show heavy wear, very few were preserved in mint condition. This creates a massive price gap between a coin that spent time in a pocket and one that was kept in a vault. CoinKnow helps users understand these nuances by providing real-time data on auction trends and grading standards.

When evaluating your silver dollar, look at the luster. A genuine 1904-S Morgan will have a satin-like sheen if it is uncirculated. Most found today are “circulated,” meaning they have lost that frostiness. However, even a worn 1904-S carries a premium because its silver content and historical rarity ensure it is always in demand by investors and hobbyists alike.

Determining the Grade and 1904-S Silver Dollar Price

The value of your coin is dictated entirely by its “grade,” or its state of preservation. In the world of numismatics, we use a 70-point scale. A coin graded 1 is essentially a flat disc of silver, while a 70 is perfect. For the 1904-S, the jump from an “About Uncirculated” (AU) grade to a “Mint State” (MS) grade can mean thousands of dollars. You can check the latest 1904-S Morgan Dollar auction prices to see how dramatic these price shifts can be.

Collectors look at specific focal points to determine wear. On the obverse (the front with Lady Liberty), look at the hair above her ear and the folds in her cap. If these areas are smooth, the coin is circulated. On the reverse, look at the eagle’s breast feathers. If the feathers are crisp and visible, you likely have a high-value specimen. CoinKnow allows you to upload high-resolution photos to compare your coin against graded examples.

Historical records show that many 1904-S dollars were melted down under the Pittman Act of 1918. This act authorized the melting of millions of silver dollars to support the British war effort. This event turned a moderately common coin into a rare treasure, especially for those seeking “White” (not toned) uncirculated examples.

Grade Detail	Key Visual Indicators
Very Fine (VF)	Liberty’s hair is worn but hair lines are visible; Eagle’s wing feathers show wear.
Extremely Fine (XF)	Nearly all details present; slight wear on the highest points of the design.
About Uncirculated (AU)	Trace of wear only on Liberty’s cheek and the eagle’s breast. Mint luster remains.
Mint State (MS-63)	No wear at all; numerous small scratches (bag marks) allowed. Brilliant luster.

Identifying the S Mint Mark and Varieties

Location is everything. For Morgan Dollars, the mint mark is found on the reverse side, just above the “DO” in “DOLLAR.” If you see a small “S,” your coin was struck in San Francisco. If there is no letter at all, it was struck in Philadelphia. The 1904-P (no mint mark) is much more common in lower grades than the 1904-S, though it is surprisingly rare in top-tier uncirculated conditions.

While the 1904-S doesn’t have as many famous “VAM” varieties (a system used to categorize die cracks and variations) as some other years, collectors still hunt for specific die states. Some 1904-S dollars show “doubled dies” on the reverse, though these are subtle and usually require a magnifying glass or a high-quality digital scan using CoinKnow.

To understand the full context of what makes these coins valuable, you should research the 1904 silver dollar value and mintage facts. This helps distinguish between the common Philadelphia issue, the scarce San Francisco issue, and the extremely rare New Orleans (1904-O) issue, which was released in massive quantities from Treasury bags in the 1960s.

The “Great Melting” and Market Scarcity

Why is a 1904-S so much more expensive than a 1904-O or 1881-S? The answer lies in the survival rate. Although over 2.3 million were minted, it is estimated that only about 10% of that population exists today in any condition. Even fewer exist in Mint State. During the early 20th century, these coins weren’t seen as collectibles; they were simply heavy chunks of silver used for commerce in the Wild West.

San Francisco coins typically had a better “strike” than those from other mints, meaning the details were pressed more deeply into the metal. However, because they were shipped in bags and moved through the banking system, they often suffered “bag marks.” Finding a 1904-S without scratches on Lady Liberty’s cheek is like finding a needle in a haystack.

The market for these coins remains incredibly stable. Silver prices fluctuate daily, but the “numismatic premium” (the value based on rarity) of a 1904-S protects it from falling as far as common silver bullion might. This makes it a favorite for “buy and hold” collectors.

Value Comparison: 1904 Philadelphia vs. San Francisco vs. New Orleans

To give you a better idea of where your coin sits in the hierarchy of the 1904 series, compare the values across the three mints that produced them. Note how the San Francisco (S) mint mark consistently commands a higher price in almost every grade.

Mint Mark	Mintage	Value (Good-4)	Value (MS-60)
1904-P (No Mint Mark)	2,788,000	$32	$2,000
1904-S (San Francisco)	2,304,000	$35	$2,400
1904-O (New Orleans)	3,720,000	$32	$65

As you can see, the New Orleans mint (1904-O) is the most common by far in uncirculated condition because a massive hoard was discovered in the 1960s. The 1904-S did not have such a hoard, which is why it remains priced in the thousands for mint-state examples.

Tips for Selling Your 1904-S Morgan Dollar

If you believe you have a high-grade 1904-S, do not clean it! Cleaning a coin with chemicals or even a soft cloth can destroy its “original skin” and slash its value by 50% or more. Collectors prefer a tarnished, dark, or “toned” coin over one that has been artificially polished to look shiny.

Before selling, consider getting the coin “slabbed” or authenticated by a service like PCGS or NGC. Because the 1904-S is a valuable coin, there are many counterfeits in the market. A certified grade ensures you receive the maximum market value. If you’re looking for a quick appraisal or want to know if it’s worth the grading fee, checking your coin on CoinKnow is a great first step.

The most common places to sell are local coin shops, reputable auction houses (for higher-grade coins), or online marketplaces. However, for a 1904-S Morgan Silver Dollar worth several hundred or thousand dollars, a professional auction is often the best way to ensure competitive bidding.

FAQ

Q: Where is the mint mark on a 1904-S Morgan Dollar?

A: Flip the coin to the back (the reverse). Look at the bottom, just above the letters “DO” in “DOLLAR.” If you see a small “S,” it was minted in San Francisco.

Q: Is every 1904 Silver Dollar worth a lot of money?

A: Not necessarily. While all are worth at least their silver weight (about $20-$25 depending on market rates), the 1904-O is very common and usually sells for under $100 unless it is in perfect condition. The 1904-S is the one that is generally considered rare and valuable.

Q: What is the silver content of this coin?

A: The 1904-S Morgan Dollar is composed of 90% silver and 10% copper. It contains approximately 0.7734 troy ounces of pure silver.

Q: Should I have my 1904-S graded?

A: If the coin appears to be in “About Uncirculated” or “Mint State” condition, yes. If the coin is very worn and only worth $35-$50, the grading fees (which can be $50+) may exceed the value of the coin.

Q: How can I tell if my 1904-S is real?

A: Genuine Morgan dollars should weigh approximately 26.73 grams and have a diameter of 38.1 mm. They are also non-magnetic. If a magnet sticks to your coin, it is a fake. Using an app like CoinKnow can also help you compare your coin’s details to known authentic examples.