Coin Value Finder » 1904 Silver Dollar Value: are “O”, “S”, No mint mark worth money?

1904 Silver Dollar Value: are “O”, “S”, No mint mark worth money?

Is the $1 face value of the 1904 silver dollar equal to its value in the collectors market, or is it more?

The value of the 1904 silver dollar is often worth more than its face value. Like other coins minted in the 20th century, the presence or absence of a mint mark, the grade of the coin, and its rarity play a crucial role in determining its value.

We implore you to study this guide to valuing the 1904 silver dollar, it contains all bits of information you’ll need when appraising the 1904 morgan dollar.

1904 Silver Dollar Details

1904 Silver Dollar Details

  • Category: Morgan Silver Dollar
  • Mints: Philadelphia, San Francisco, New Orleans
  • Total Mintage: 8,812,650
  • Obverse Designer: George T. Morgan
  • Reverse Designer: George T. Morgan
  • Composition: 90%Silver 10% copper
  • Fineness: 0.9
  • Weight: 26.73 grams
  • ASW: 0.7734oz
  • Diameter: 38.10 mm
  • Thickness: 3.1 mm
  • Edge: Reeded

Acquainting yourself with the details of the 1904 morgan silver dollar is useful; this will help you quickly identify one when you come across it. Here, we will examine the different physical attributes of this coin. To simplify this process, we’ve divided this section into the coins’ obverse and reverse sides.

The Obverse

The obverse of this silver dollar is also known as its head, as it primarily features a bust of Lady Liberty. Here she faces the left, and the lower part of her hair flows backward to touch her neck. In this portrait, she also wears the Phrygian cap over her head. The cap on her head spots a ribbon, and the word “LIBERTY” is on it.

In addition to the cap on Lady Liberty’s head, she’s also wearing a crown made from wheat and cotton. These crops symbolize some of the most valued cash crops in American records.

Moving your attention from Liberty to the upper outer edge of the coin, you will find the famous E PLURIBUS UNUM motto with each word separated by dots, and on the lower edge is the year 1904 inscribed on the coin.

A total of thirteen stars occupy each side of this coin; they symbolize the former 13 colonies of this union, and of these 13 stars, seven stars spread from just beneath the “E” in “E PLURIBUS UNUM” to the lower left side of the coin; the date “1904” between them while the other six are to the right.

The Reverse

On the coin’s reverse is the popular bald eagle facing leftwards with wings open. Here, the eagle is grasping three arrows with its left claw and an olive branch on the right side.

The three arrows on the left talon of the eagle depict the union’s willingness to defend the matters of the union when necessary, while the olive branch depicts the option for peace from the union. A laurel wreath covers the part of the base of the eagle’s image on the reverse.

Still, on the reverse, you will find the inscription “UNITED STATES OF AMERICA” at the outermost part of the coin, while on the lower section is an inscription of the coin’s face value, ONE DOLLAR; this inscription sits between two stars.

The final touch to this reverse design is a straight line “IN GOD WE TRUST” inscription over the head of the eagle.

1904 Silver Dollar Value

Mint Mark Good Fine Extremely Fine Uncirculated
1904 Silver Dollar $40 $51 $73 $1977
1904 Silver Dollar(O) $40 $51 $57 $256
1904 Silver Dollar (S) $69 $99 $395 $8,722

1904 Silver Dollar Value and Varieties Guides

When determining the value of the morgan silver dollar, knowledge of the different varieties created by the other mints available in circulation is crucial. Here, we will discuss the types available and how they affect these coins’ value.

1904 No Mint Mark Silver Dollar Value

1904 No Mint Mark Silver Dollar

  • Category: Morgan Silver Dollar
  • Edge: Reeded
  • Mint Mark: None
  • Place of Minting: Philadelphia
  • Year of Minting: 1904
  • Face Value: 1 Dollar
  • Melt Value: $16.45
  • Dollar Price: $40 – $4,368
  • Quantity Produced: 2,788,650
  • Designer: George T. Morgan

A prominent feature of the coins churned from the Philadelphia mint is their gray and unappealing luster, ranking them as poor quality.

Finding someone willing to pay more than $1,977 for coins from this mint is rare. Furthermore, finding these coins in mint state is even more challenging, but if you do, you may be looking at a $19,000 valuation.

The Philadelphia mint also brought out proof silver dollar coins, but due to the general quality of coins from this period, these coins became scarce. This could be one of the reasons why DMPL regular strike Philadelphia mint MS64 grade morgan silver dollar sold for as high as $54,625 in august 2008.

1904 “O” Mint Mark Silver Dollar Value

1904 “O” Mint Mark Silver Dollar

  • Type: Morgan Silver Dollar
  • Edge: Reeded
  • Mint Mark: O
  • Place of Minting: New Orleans
  • Year of Minting: 1904
  • Face Value: 1 Dollar
  • Melt Value: $16.45
  • Dollar Price: $21 – $39,950
  • Quantity Produced: 3,720,000
  • Designer: George T. Morgan

Due to the large number of morgan silver dollars churned from the New Orleans mint in 1904,  morgan silver dollar coins with “O” mint marks remain the most common 1904 silver dollar variety. It is available in circulated and uncirculated forms, as approximately 3,720,000 silver dollars came from the New Orleans mint alone.

A 1904 O mark silver coin is worth as much as $40 in good condition and around $51 in fine condition. The uncirculated grade, however, remains the most expensive from this series, going as high as $256 per piece. However, an auction record shows that an MS67 grade morgan silver coin sold for as high as $39,950, making it the most expensive 1904 silver coin from New Orleans.

1904 “S” Mark Silver Dollar Value

1904 “S” Mark Silver Dollar

  • Type: Morgan Silver Dollar
  • Edge: Reeded
  • Mint Mark: S
  • Place of Minting: San Francisco
  • Year of Minting: 1904
  • Face Value: 1 Dollar
  • Melt Value: $16.45
  • Dollar Price: $69 – $81,500
  • Quantity Produced: 2,304,000
  • Designer: George T. Morgan

Coins from the San Francisco mint were not struck any better than those from other mints. The end product was a dull luster coin, with some even having distracting frosty lines.

Circulated coins in this mint are pretty popular, so if you are searching for one in “good or “fine” condition, finding one shouldn’t be difficult. The difficulty, however, increases when you search for one in extremely fine condition; this is owed mainly to the poor quality of these coins.

The San Francisco mint produced 2,304.000  1904 silver dollar coins; the most popular ones in circulation are valued between $69 and $395. Uncirculated S mint coins can go as high as $8,722. This could be one of the reasons why in 2015 an MS67 S mint silver coin sold for a record-breaking sum of $81,500 during an auction.

Also Read: Top 21 Most Valuable 2000 P Sacagawea Dollar Coin Worth Money

1904 Silver Dollar History

We trace the history of the 1904 morgan silver dollar to 1878 (the year when mints in the U.S. created the first set of coins in the series). Production continued until 1904 when mints discontinued issuing these coins; making the 1904 mints the last from the original mints until the re-issue in the 1920s.

The story began in 1876 when Mint chief engraver George T. Morgan emerged victorious in a competition held by Henry Linderman, the director of the United States mints. He needed to determine who would design new silver dollar coins.

Morgan drew his design’s inspiration from the image of Anna Williams, a school teacher in Philadelphia at that period, an inspiration Henry Linderman preferred; hence marking the beginning of the morgan silver dollar.

Initially, five mints were responsible for producing the morgan silver dollars when production began in 1878. These include Carson City, San Francisco, Philadelphia, Denver, and New Orleans mints. However, for the 1904 series, only three locations out of the five (Philadelphia, New Orleans, and San Francisco) had the opportunity of minting these coins.

What prompted the use of silver to create the morgan silver dollar series? Regulations like the Bland-Allison Act required the U.S. treasury to purchase silver and use it to mint around 2 million silver coins. However, by 1904, the silver supply had depreciated, which led to the discontinuation of these mintages.

Notwithstanding, the production of the silver dollar resumed again by 1924 and even more recently in 2021. These silver dollars are also called the Morgan dollars, a borrowed name from the designer of this coin, George T. Morgan.

Furthermore, these 1904 sets of silver dollars were the last silver dollar coins produced at the New Orleans mint until the re-issue, and although minor silver coins still circulated here until 1909, only a few of these O mint marks were circulated. It is often debated that the remaining coins went through melting due to the Pitman act of 1918.

Until the 1960s, these mintages were among some of the rarest coins adopted from the morgan series until the authorities discovered several bags of these silver dollar coins. This discovery also led to plenty of the higher-grade 1904 silver dollar in circulation.

Also Read: Top 19 Most Valuable Morgan Dollars Worth Money

1904 Silver Dollar Grading

Grading a 1904 silver dollar is necessary to determine its value. Here are four significant gradings to consider.

First is the “uncirculated,” the most valuable. Next is the “extremely fine”; spending a short time in circulation. Third is the “fine” with time spent in circulation but still in good form. The final grade is the “good” with damages on them.

Also Read: Top 19 Most Valuable Silver Eagles Worth Money

1904 Silver Dollar Error

Mint errors are common during coin production. Several of these errors have been known to increase the overall value of a coin. Coin collectors covet them, and there is no abundance of them in circulation.

Here are some error coins from the 1904 silver dollar series

1. 1904 “O” Silver Dollar Obverse Struck Through Error

1904 “O” Silver Dollar Obverse Struck Through

This error is one of the most common errors from this series, appearing right at the reverse of the coin by lady liberty’s left temple, making each coin with this error unique and highly valuable.

The struck-through error occurs when an external body gets in between the planchet and die during production while striking, causing that item to imprint on the coin’s exterior. In some cases, can go higher depending on the location and severity of the mark.

2. 1904 “O” Silver Dollar Reverse Struck Through Error

1904 "O" Silver Dollar Reverse Struck Through

This mint error in an MS63 grade is another significant error from this series. It features a struck-through mistake at the heart of the bald eagle on the reverse, making this coin variety quite rare.


Is the 1904 silver dollar the same as the 1904 morgan dollar?

The 1904 silver dollar is the same as the 1904 morgan dollar. It is commonly known as the 1904 Morgan dollar to recognize the designer of this brilliant piece, George T. Morgan.

Do all 1904 Silver Dollars have a mint mark?

Not all 1904 silver dollar coins have a mint mark, especially those minted in Philadelphia. Coins from San Francisco and New Orleans have the marks S and O on the reverse beneath the laurel, where the right and left olive branches meet.

Is the 1904 silver dollar a rare coin?

Before the 1960s, the 1904 silver dollar was considered to be one of the rarest coins. It was later discovered that authorities hoarded several bags of these coins and once these newly discovered coins circulated, these silver dollars became a common piece.

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