1904 Morgan Dollar Value
A 1904 Morgan Dollar is worth roughly $31.00 to $706 depending on its condition. Its intrinsic melt value stands at $28.23 based on spot prices from 2026-06-01 Certified examples in top grades can run far higher.
Public domain image (struck or printed before 1926). Click to enlarge.
1904 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 Morgan Dollar worth today?
At the entry level, well-worn examples bring about $31.00. The same coin in gem uncirculated condition is a $706 coin. Grade is everything: two examples of the 1904 Morgan Dollar can differ in price by an order of magnitude based purely on preservation.
1904 Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1904
- Mint mark
- None (Philadelphia)
- Mintage
- 2,788,000
- 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).
Why this coin has no mint mark
The 1904 Morgan Dollar was struck at the Philadelphia Mint, which used no mint mark in this era. If you find no letter where branch-mint coins carry one (On the reverse, just below the wreath bow and above the letters DO in DOLLAR), you are holding a Philadelphia issue.
The value drivers behind this coin
A mintage of 2,788,000 makes the 1904 Morgan Dollar moderately available, though it is noticeably tougher than the bulk dates of the series, particularly in higher grades.
Silver content matters for the 1904 Morgan Dollar: 0.7734 oz per coin, valued at $28.23 right now. The melt floor moves daily with the metals market and sets the minimum any dealer will pay.
The series itself does some of the lifting for the 1904 Morgan Dollar: For collectors today, the series is a study in mint marks and condition: a common 1921 in worn grades trades near its silver melt value, while key dates in Mint State command five and six figures. Broad, multigenerational demand for the design gives every date, including this one, a deep and liquid market.
1904 Morgan Dollar inscriptions & design
Obverse
******* E.PLURIBUS.UNUM ****** 1904
Liberty, head l.
Reverse
UNITED STATES OF AMERICA/* ONE DOLLAR *
eagle standing. on arrows and laurel sprig., within wreath. motto above
Measured 1904 Morgan Dollar specimens
6 physically measured 1904 Morgan Dollar examples in our reference database. Real measured weights and die axes let you authenticate a coin against the 26.73 g, 38.1 mm minting standard.
| Specimen | Weight | Diameter | Die axis | References |
|---|---|---|---|---|
| 1904 Morgan Dollar #1 | 26.7588 g | 38 mm | 6 h | - |
| 1904 Morgan Dollar #2 | 26.71 g | 38 mm | - | KM.110 |
| 1904 Morgan Dollar #3 | - | - | - | Breen.5700 |
| 1904 Morgan Dollar #4 | - | - | - | Breen.5701 |
| 1904 Morgan Dollar #5 | - | - | - | Breen.5702 |
| 1904 Morgan Dollar #6 | - | - | - | Breen.5700 |
Specifications compiled from documented museum specimens. See our data & methodology page.
Summary: the 1904 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.