1904-S Morgan Dollar Value
A 1904-S Morgan Dollar is worth roughly $31.00 to $706 depending on its condition, and its metal content alone is worth $28.23 as of 2026-06-01 Exceptional, certified pieces regularly exceed the top of that range.
1904-S Morgan Dollar value by grade
| Grade | Estimated value |
|---|---|
| Melt value floor(metal content, 2026-06-01) | $28.23 |
| Good (G-4) | $31.00 to $46.00 |
| Very Good (VG-8) | $35.00 to $51.00 |
| Fine (F-12) | $39.50 to $58.00 |
| Very Fine (VF-20) | $47.00 to $69.00 |
| Extremely Fine (XF-40) | $60.00 to $88.00 |
| About Uncirculated (AU-50) | $81.50 to $120 |
| Mint State (MS-60) | $120 to $176 |
| Choice Unc (MS-63) | $192 to $282 |
| Gem Unc (MS-65) | $480 to $706 |
Estimated retail range, updated 2026-06-15. Estimates are modeled from mintage rarity and metal content, not auction records. Actual sale prices vary with certification, eye appeal and market timing.
How much is a 1904-S Morgan Dollar worth today?
In worn but collectible condition (Good-4), a 1904-S Morgan Dollar starts around $31.00. From there, value climbs with every grade step: a gem Mint State example (MS-65) can reach $706. Most coins found in old collections fall somewhere between Very Fine and About Uncirculated, the middle rows of the table above.
1904-S Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1904
- Mint mark
- S
- Mintage
- 2,304,000
- Composition
- 90% silver, 10% copper
- Weight
- 26.73 g
- Diameter
- 38.1 mm
- Edge
- Reeded
- Designer
- George T. Morgan
- Silver content
- 0.77344 troy oz
Mintage figure: US Mint reports (approximate).
How to find the S mint mark
On a 1904-S Morgan Dollar, the "S" mint mark of the San Francisco Mint sits on the reverse, just below the wreath bow and above the letters DO in DOLLAR. A loupe helps: on worn examples the letter can fade into the surrounding devices.
Why the 1904-S Morgan Dollar is worth money
Every 1904-S Morgan Dollar contains 0.7734 troy ounces of pure silver, currently worth $28.23. That intrinsic value is a hard floor under the price: no matter how worn the coin, the silver inside cannot be graded away.
At 2,304,000 pieces, availability is fair. The premium picture is mostly about condition: common when worn, increasingly scarce as grades climb.
Context adds the final layer to the 1904-S Morgan Dollar. It owes its existence to the Bland-Allison Act of 1878, which required the Treasury to purchase millions of ounces of silver each month from Western mining interests and coin it into dollars. Owning this date means owning a piece of that story, and demand for the series as a whole sustains liquidity for every issue in it.
Summary: the 1904-S Morgan Dollar is valued between $31.00 and $706 as of 2026-06-15. Estimates combine mintage rarity, key-date status and metal content; they are editorial guidance, not an offer to buy.