1904-S Morgan Dollar: Closing the Classic Series

Two million three hundred four thousand. The 1904-S Morgan dollar was the last Morgan dollar San Francisco struck in the classic run — the series paused after 1904 and did not return until the one-year restrike of 1921 — and it carries that closing status in every grade our guide has researched: F-12 runs $94 to $124, XF-40 runs $403 to $537, and AU-50 runs $1,403 to $2,461. The G-4, MS-60, and MS-65 rows are dashes. A coin that closes a series is worth a second look, and this one rewards it.

What makes the 1904-S interesting is the shape of its curve. The worn grades are affordable — an F-12 example sits near a hundred — but the figures climb steeply with condition, and the AU-50 range already reaches into four figures. That climb is decided by survival: San Francisco's 1904 dollars circulated hard across the West, and few escaped with their lustre intact.

What a 1904-S is worth by grade

Three grades carry researched figures: F-12 at $94 to $124, XF-40 at $403 to $537, and AU-50 at $1,403 to $2,461. The jump from XF-40 to AU-50 — roughly threefold — is the steepest step, and it is decided by wear alone: an AU coin keeps most of its lustre with just a whisper of flattening on the high points, while an XF coin has lost much of it to circulation. The G-4, MS-60, and MS-65 rows are dashes in our guide — no researched figure yet, and none invented.

A dash (—) means our November 2026 review holds no researched figure for that grade yet — it is a gap in our data, not a zero. Figures are collector estimates, reviewed November 5, 2026.

Two numbers matter most in that table: the lowest figure, which is roughly what any worn example is worth, and the highest, which shows what condition can do. Between them sit 3 researched grades for this date. At F-12 the range runs $94 to $124, and at the top end, AU-50 runs $1,403 to $2,461. The G-4, MS-60, MS-65 rows are still a dash in our guide — no researched figure yet, and none invented to fill the space.

San Francisco in 1904: the classic run ends

The San Francisco Mint struck Morgans for the whole life of the series, and its coins are known for strong strikes and clean, frosty surfaces — the mint's presses and the quality of its dies gave its dollars a look collectors still recognise at a glance. San Francisco dollars circulated heavily in the West, so worn examples are common, but the mint also stored large quantities in Treasury vaults, and the great Treasury releases of the 1960s put many uncirculated S-mint dollars into circulation among collectors for the first time.

For the 1904-S, that reputation for quality is the whole point. The mint's strikes were usually sharp, its planchets clean, and its lustre deep and frosty — so a well-struck 1904-S is not unusual. What is unusual is finding one that escaped circulation with its lustre intact, because the coins of that final classic year were working money in the West, and working money wears down.

Grading a 1904-S: lustre is the tell

To grade a Morgan, look at Liberty's cheek first, then the curls of hair above the ear, then the eagle's breast on the reverse. Those are the high points, so they are where wear lands first: a mint-state coin keeps them sharp and lustrous, while a circulated coin shows them flattened and grey. Bag marks — the small nicks and ticks coins pick up knocking against each other in mint bags — decide most of the difference between MS60 and MS65. Strong strikes with clean fields are the coins that climb.

On this date, lustre separates the grades more than wear does. An AU-50 coin has a trace of wear on the cheek but keeps most of its shine; an MS-60 coin has no wear at all but may be heavily marked or dull; an MS-65 coin has full, rolling lustre and only the lightest ticks. Hold the coin under a single light and tilt it slowly — the cartwheel should sweep across the fields without stopping.

Specs and the silver floor

The specifications never change across the Morgan series, which is part of why the series is so easy to learn and so hard to master. A genuine Morgan weighs 26.73 grams, measures 38.1 millimetres, and carries 0.7734 troy ounces of pure silver at 90% fineness, with a reeded edge. The metal alone puts a floor of $40.27 under every genuine example. George T. Morgan's Liberty faces left in a Phrygian cap; the reverse eagle spreads its wings inside a wreath, with the mint mark below the wreath when the coin was not struck at Philadelphia.

Metal floor updates live from our Worker — last updated November 7, 2026.

The metal floor is the least interesting number on this page. At 2,304,000 struck, closing the classic run at San Francisco, the 1904-S is worth its mint mark, its final-year status, and its grade — not its metal.

Is your 1904-S genuine?

The first test costs nothing: weigh the coin. A genuine silver dollar weighs 26.73 grams and measures 38.1 millimetres, and fakes are usually light, or the wrong diameter, or both. Silver is not magnetic, so a coin that sticks to a magnet is not silver. Then look at the lettering with a loupe — genuine letters are sharp and even, while cast copies show mushy edges, pitted fields, and soft stars. A scale, a calliper, and a magnet settle most questions in a minute; anything still in doubt goes to a professional grading service.

The AU figures make this date a target, so a coin claimed as about uncirculated or better deserves the full check — weight, diameter, magnet, and loupe — and certification before any serious money changes hands. Under a loupe, study the S itself: a genuine mint mark is struck cleanly below the wreath at the same depth as the rest of the design, never added afterwards.

Latest reported results for this coin

1904-S Morgan dollar: the questions collectors ask

How much is a 1904-S Morgan dollar worth?

Researched figures run $94 to $124 at F-12, $403 to $537 at XF-40, and $1,403 to $2,461 at AU-50. The G-4, MS-60, and MS-65 rows are dashes in our guide — no researched figure yet. Worn examples sit above the live metal floor in the specs section.

What is the mintage of the 1904-S Morgan dollar?

San Francisco struck 2,304,000 Morgan dollars in 1904 — the last Morgan dollars of the classic run at that mint. The series paused after 1904 and did not return until the one-year restrike of 1921.

Why did Morgan dollar production stop after 1904?

The series had run since 1878, and by 1904 the Mint's attention had moved on — the Morgan returned only once, in 1921, when the Pittman Act required replacement of silver dollars melted during the First World War. The 1904-S is therefore the last classic San Francisco Morgan.

How do I tell a 1904-S from a 1904-O Morgan?

Look at the mint mark below the wreath on the reverse. An S means San Francisco, an O means New Orleans, and no mark means Philadelphia. The 1904-O was struck in far larger numbers, so the mint mark is the whole difference.

Is the 1904-S Morgan dollar a key date?

It is a recognised better date among San Francisco Morgans — the closing date of the classic run, with a steep grade curve that rewards condition. It is not the scarcest date in the series, but it is one collectors chase because of its final-year status.

Should I get my 1904-S Morgan graded?

Consider it when the coin looks about uncirculated or better with full lustre, because the figures climb steeply with condition. Certification also settles whether the S mint mark is genuine, which matters for every closing-year San Francisco date.

The classic Morgan run ends here, at San Francisco — learn the mint mark, learn the grade, and keep the history close. Shared for education only.