If you own one or more Morgan silver dollars, you may have coins worth a lot of money. This includes the 1904 silver dollar. There is a reason Morgan dollars are called the king of America’s coins, and it is not only because of the rich history they embody.
Collectors like adding the Morgan silver dollars to their collection because of the value, beauty, and what they represent for the country. But what makes this coin special out of all the Morgan silver dollars in the same series is that it is the final year of mintage before production for silver dollars resumes after the first world war.
So, what is the 1904 silver dollar value? We will look at the mint marks, mintage, errors, and coin grade, and how they affect the coin’s value. Note that since this particular year marked the end of Morgan silver dollars, the value of the coin increased based on this fact.
1904 Silver Dollar Value Chart
|1904 No Mint Mark Silver Dollar Value
|1904 ‘O’ Silver Dollar Value
|1904 ‘S’ Silver Dollar Value
Three mints struck the 1904 silver dollars: Philadelphia, New Orleans, and San Francisco. New Orleans struck the highest number of coins, followed by the Philadelphia mint, and San Francisco is last with the lowest mintage for 1904 silver dollars.
From the chart, it is clear that the silver dollars from the San Francisco branch of the U.S. Mint have the highest value. But the overall mintage of the coin is high, which affects its value. In other words, the silver dollars may have a higher value than what you see in the chart except that most of them are in a circulated condition.
Nevertheless, some buyers may place a sentimental value on the coin, which significantly increases its value. Also, rare or Proof coins are highly valuable, and collectors look for them, which affects their value. This is why you may find a Proof coin selling for thousands of dollars.
The 1904 silver dollar was not the first of its kind to be minted in the history of the United States. The Morgan dollars were first minted in 1878, and the coin would continue to be minted until 1904, which is part of the reason for the high value of this silver dollar.
Initially, five mints made the coins, although only three of them minted the 1904 series. Philadelphia, San Francisco, Carson City, New Orleans, and Denver struck them, and this began when there was a huge silver strike, the Comstock strike of 1859.
This strike led to silver flooding the market, more silver than the country knew how to use. So, the Bland-Alison Act of 1878 led to the lifting of the ban on the use of silver for the production of coins. The Act went a step further to stipulate that the Treasury of the United States must strike 2 million silver dollars per month after buying a specific amount of silver.
And that was how the Mint began production of the Morgan silver dollars. This continued from that year until 1904 when production dwindled because the silver supply dropped. When this happened, people began to hoard the available silver dollars because of the silver melt value, further reducing the number in circulation.
Close to the first world war, America had to provide support for the British army, so it used up most of the Morgan silver dollars, melting them to supply silver to the British. By the end of the first world war in 1918, there were only a few of those dollars available.
But production for new silver dollars did not begin again until 1921, and this time, they were called Peace dollars. This was in commemoration of the end of the war. George T. Morgan designed the Morgan dollars and drew his inspiration from the image of a Philadelphia school teacher named Anna Williams.
You cannot know the true value of the 1904 silver dollar without considering the condition of the coin. It is usually one of the first things any buyer or grader checks before placing a value on it. A coin can be in good condition, but that is the lowest condition. It means the coin is degraded and worn out, with only the outline of the images showing in most cases.
A step up from that is the fine condition. This means the coin is slightly better than good; you will find more details on it than on a coin in good condition. Coins in fine condition are usually of better value than the former, as the chart shows.
Where you are likely to get good money from coins in extremely fine or uncirculated mint state. Extremely fine coins are not the best, but they are close to it. Some of their shine is still there and the details are visible. Many coins you will find on the open market are in this condition.
Uncirculated coins are the rarest and most valuable. Some have never been used, so they are still in the state when first struck in the mints. While it is difficult to find one without any damage, most of them are quite expensive, especially coins like the 1904 silver dollars, which can fetch up to $80,000.
1904 No Mint Mark Silver Dollar Value
A total of 8,812,650 silver dollars were minted in 1904, and out of that number, the Philadelphia mint struck 2,788,650 coins. This is a significant number, although it is not the highest mintage from the mints for that year. But this number and the absence of a mint mark affect the coin’s value.
From the chart, the coins from the Philly mint have the lowest value. Compared to other coins, the Philadelphia silver dollars are highly valuable, but placed side by side with the coins from the other mints, they are not very valuable.
You can get between $30 and $100 for a no-mint-mark silver dollar in a circulated condition. This is a fairly good price for a coin in worn-out conditions, much more than most other coins in the same Morgan dollars series can fetch and higher than its face value.
However, it is challenging to find a 1904 no-mint mark silver dollar in uncirculated conditions. In gem condition or mint state, this coin can be worth as much as $19,000.
1904 Proof Silver Dollar Value
The Philadelphia mint also struck a few Proof coins, about 650 of them. Proof coins are specially made to be finer and more detailed than regular strike coins. The details on the images are usually in sharper relief than on the other coins. And the planchet has a mirror-like look and feel.
However, there is hardly any Proof coin available today. Most of them have been collected or put in private places. The few that were ever graded were worth about $34,000 and can be worth more if the coin is in a higher grade.
1904 ‘O’ Silver Dollar Value
New Orleans is not a regular mint, but it struck about 3,720,000 silver dollars in 1904. These coins have a distinguishing mint mark O to help collectors tell them apart from the coins from the other mints. The mintage shows that this mint struck the highest number of silver dollars for that year.
It also means that you will find O coins more in circulation than any other from that year. However, the availability of the mint mark makes the coins more valuable in the eyes of collectors than those without a mint mark.
You will find O coins selling for about $60 in circulated conditions, and the mint-state coins can sell for as much as $5,000. Highly graded or gem-state O silver dollars from 1904 may be worth as much as $40,000.
The obverse or the ‘heads’ side of the silver dollar features the head and neck of Lady Liberty facing left. The image has a Phrygian cap on its head with a ribbon tied around it. On the ribbon, you will see the legend LIBERTY written on it.
Liberty’s hair is an intricate design and pattern, which may explain the weak strikes of the 1904 silver dollar. Most of the designs appear weak and wear off easily, making it difficult to find coins in pristine condition. The crown of cotton and wheat on Liberty’s head makes it even more complex.
The words E PLURIBUS UNUM appear at the top of the coin, around the image’s head. At the bottom of the obverse is the mint date 1904. Thirteen stars run between the date and the Latin words, seven to the left and six to the right, and they represent the thirteen Union colonies.
The reverse or the back of the coin has an eagle with its wings slightly spread and lifted. The bald eagle faces left and clutches an olive branch in one of its claws. The other claw clutches arrows, which cross with the olive branch. A wreath of laurels brackets the bottom half of the image.
The denomination ONE DOLLAR is struck at the bottom of the reverse, and the UNITED STATES OF AMERICA appears around the top part. These words are separated by two stars; one star to the left and the other to the right. Just above the eagle’s head is the motto IN GOD WE TRUST.
1904 ‘S’ Silver Dollar Value
Of all the silver dollars minted in 1904, the San Francisco mint struck the lowest number at 2,304,000. Compared to the rest of the other coins, however, there is not much difference in number, but there is a considerable difference in the value of the coins.
1904-S silver dollars have the highest value according to the chart above. This is despite the slightly dull luster and the light striking of the designs, making them appear weak. Some coins even have lightly frosted lines.
The mint mark is on the reverse, under the wreath. You will find it on top of the Do and O in the word DOLLAR; the mint mark balances in the space between the two letters. It is difficult to miss once you know where to look.
While S silver dollars have noticeable abrasions, they still have amazing value for collectors. Most of these coins are in circulation and it is difficult to find S coins in gem state or mint condition. In circulated conditions, S silver dollars may fetch s much as $2,000. However, be ready to pocket as much as $81,000 if you can find an S silver dollar in mint state.
1904 Silver Dollar Grading
While there are four main categories of conditions in which you may find a coin, that is not where it ends. The Sheldon scale divides the categories into smaller levels to make coin grading easier. The scale goes from 1, which is poor, to 70, which is completely uncirculated.
Only a few coins in the history of the country have ever been graded 70, but you will find coins in slightly lower grades at good prices. The video below explains coin grading using Morgan silver dollars.
Rare 1904 Silver Dollar Error List
As mentioned, rare errors can change the value of the silver dollar or any coin. Most collectors like seeing errors that do not significantly mar the coins but give them a uniqueness that nothing else has. Coins in excellent condition with errors are the most valuable ones.
1904 Silver Dollar Planchet Lamination Error
This error refers to debris or dirt on the planchet before the die strikes it. When this happens, the dirt causes a raised part or mars the surface of the coin. In a high-grade and mint condition, a silver dollar with this error can fetch thousands of dollars.
1904 Silver Dollar Rotated Die Error
Typically, when you place a coin straight and flip it over, the image on both sides should be at the same angle. For the 1904 silver dollar, the mint date is that bottom when placed straight. So, you should see the eagle on the reverse completely vertical when you flip the coin over at that angle.
However, a few coins have a rotated die error where the eagle on the reverse is not at the same angle as the Liberty head on the obverse. The image of the eagle is slightly planted at an angle instead of being vertical.
1904 Silver Dollar FAQs
How much silver is in a 1904 silver dollar?
A 1904 silver dollar has a metal composition of 90% silver and 10% copper. That means it has .900 purity. The rest of it is copper alloy.
How much is a 1904 silver dollar worth today?
A 1904 Morgan silver dollar has a value between $35 and $100 in circulated condition, which is the condition you will find most of the silver dollars of that year. However, you must consider the available mint mark, coin grade, and rare errors before knowing the actual worth.