1904 O Morgan Silver Dollar Value: How Much Is It Worth?
The 1904 O Morgan silver dollar value can range from around $60 for a circulated example to several thousand dollars for an exceptionally high-grade coin. The exact value depends heavily on the coin’s condition, grade, luster, strike quality, and whether it has special characteristics such as a prooflike finish or an important variety. 1904 $20 Liberty Head MS62 Prooflike
The 1904-O Morgan dollar was struck at the New Orleans Mint and had a mintage of 3,720,000 coins. Although that production figure may sound relatively modest today, large quantities of uncirculated 1904-O Morgan dollars were released from government holdings during the 1960s. As a result, the date is relatively available in Mint State compared with some other Morgan dollar issues. 1904 o morgan silver dollar value 1904-O Morgan Silver Dollar PCGS MS64
1904 O Morgan Silver Dollar Value Chart
As of September 2026, NGC’s price guide lists the following approximate values for the 1904-O Morgan dollar by grade:
| Grade | Approximate Value |
|---|---|
| Good (G) | $61 |
| Very Good (VG) | $62 |
| Fine (F) | $64 |
| Very Fine (VF) | $65 |
| Extremely Fine (XF) | $67 |
| About Uncirculated (AU) | $70–$80 |
| MS60 | $100 |
| MS61 | $110 |
| MS62 | $120–$130 |
| MS63 | $150–$175 |
| MS64 | $215–$260 |
| MS65 | $360–$650 |
| MS66 | Around $3,500 |
| MS67 | Around $5,400 |
1904 o morgan silver dollar value, These are guide values rather than guaranteed selling prices. Actual transactions can vary according to the coin’s appearance, certification, market conditions, and buyer demand. 1880 morgan silver dollar value
What Is a 1904-O Morgan Silver Dollar?
The 1904-O Morgan dollar is a United States silver dollar bearing the 1904 date and an “O” mintmark, indicating production at the New Orleans Mint.
The coin is part of the famous Morgan dollar series, designed by George T. Morgan. Like other Morgan dollars, it contains 90% silver and 10% copper, weighs approximately 26.73 grams, and has a diameter of about 38.1 millimeters. 1904 o morgan silver dollar value 1880-S $1 PCGS MS67 – CAC Sticker
The 1904-O was one of the final Morgan dollars struck before regular production stopped for two decades. Morgan dollars were not produced from 1905 through 1920, making the 1904 issues the last Morgan dollars struck before that lengthy interruption. 1904 o morgan silver dollar value ARC Gold Britannia 1oz BU
1904-O Morgan Dollar Mintage
The New Orleans Mint produced 3,720,000 Morgan dollars in 1904.
For comparison, the other regular 1904 Morgan dollar issues were:
- 1904 Philadelphia: 2,788,000
- 1904-O New Orleans: 3,720,000
- 1904-S San Francisco: 2,304,000
There were also 650 Philadelphia proof Morgan dollars struck in 1904.
The mintage alone, however, doesn’t tell the entire story when determining a coin’s rarity.
Why Is the 1904-O Morgan Dollar Relatively Common in High Grades?
The 1904-O has an unusual history.
Before the 1960s, the coin was considered quite scarce in uncirculated condition. That changed when large quantities of previously stored Morgan dollars were released.
According to NGC, many uncirculated bags of 1904-O Morgan dollars were discovered during the 1960s, significantly increasing the available supply. PCGS likewise records that many bags were distributed between 1962 and 1964, possibly totaling more than one million coins.
This explains an important point for collectors:
A 1904-O Morgan dollar can have a relatively low mintage while still being comparatively common in Mint State.
That is why an ordinary uncirculated 1904-O isn’t automatically worth hundreds or thousands of dollars. 1904 o morgan silver dollar value ARC Gold Austrian Philharmonic 1oz BU
1904-O Morgan Silver Dollar Value by Condition
Circulated 1904-O Morgan Dollars
Circulated examples generally have noticeable wear on Liberty’s cheek, hair, eagle’s breast, and other high points.
NGC’s September 2026 guide places circulated 1904-O Morgan dollars approximately in the $60–$82 range, depending on grade.
Coins toward the upper end of the circulated-grade range can have stronger eye appeal and less wear. 1904 o morgan silver dollar value 1880 s morgan silver dollar value
About Uncirculated (AU)
An AU coin has only slight evidence of circulation. Much of the original detail and luster remains, but a small amount of wear can be found on the highest points.
Because the difference between an AU coin and an uncirculated coin can have a meaningful effect on price, accurate grading is particularly important in this range.
Mint State (MS60–MS64)
Mint State coins have no wear from circulation, although they can have contact marks, abrasions, weak strikes, or other imperfections.
Recent PCGS-listed auction results illustrate how prices can vary within this range. For example, a certified MS63 1904-O sold for $94 in June 2026, while a PCGS MS64 sold for $119 in the same auction. Another MS64 example sold for $145 in December 2025.
This demonstrates why a price guide should be treated as an indication rather than a guaranteed selling price.
MS65 and Higher
At MS65 and above, the coin becomes considerably more interesting to collectors.
A PCGS MS65 example sold for $192 in January 2026, while another NGC MS65 sold for $183 in June 2026.
At MS66, prices can rise substantially. An NGC MS66 example sold for $360 in December 2025.
The jump at the very top of the grading scale is even more dramatic. An NGC MS67 1904-O sold for $2,880 in a 2023 Stack’s Bowers auction.
Why Does Coin Grade Matter So Much?
Two 1904-O Morgan dollars can look similar to an inexperienced collector but have very different values.
Professional grading considers factors such as:
- Amount of wear
- Contact marks
- Scratches and abrasions
- Original mint luster
- Strike quality
- Surface preservation
- Eye appeal
- Overall condition
For example, an MS64 coin and an MS65 coin are both technically uncirculated, but the MS65 generally has fewer significant marks and stronger overall preservation.
1904 o morgan silver dollar value, At the highest grades, even small differences in condition can produce large differences in market value. 1889-CC $1 Morgan Dollar PCGS VF25
Prooflike 1904-O Morgan Dollars
Some 1904-O Morgan dollars have reflective fields that qualify them as Prooflike (PL) or Deep Mirror Prooflike (DMPL).
These coins can command premiums over ordinary examples of the same grade.
PCGS lists a 1904-O MS63 Prooflike example that sold for $195.20 in June 2026.
Prooflike coins should not be confused with actual proof coins. A prooflike Morgan dollar is generally a circulation strike with unusually reflective surfaces, whereas a proof is a specially manufactured coin intended primarily for collectors. 1904 o morgan silver dollar value Morgan Silver coins
Is the 1904-O Morgan Dollar Rare?
The answer depends on what you mean by “rare.”
The 1904-O is not particularly rare in circulated condition, and large numbers survived in Mint State because of the Treasury releases.
However, high-quality examples become progressively scarcer as the grade increases.
PCGS estimates substantial numbers survive in grades MS63 and above, while the population becomes much smaller at the finest grades.
So rather than simply asking whether a 1904-O is rare, collectors should ask:
How rare is my particular 1904-O in this grade and condition?
That distinction is important when estimating value. 1904 o morgan silver dollar value 1945–46 Saudi Arabia 4-Pound Gold Coin
What Makes a 1904-O Morgan Dollar Valuable?
Several factors can increase the value of a 1904-O Morgan dollar.
1. High Grade
Grade is usually one of the biggest factors. A heavily circulated coin can be worth only modestly more than its silver-related value, while a superb Mint State example can be worth thousands.
2. Attractive Original Luster
Original, undisturbed luster can make a coin more desirable.
Coins that have been harshly cleaned may be worth substantially less than comparable coins with original surfaces.
3. Strong Strike
Some Morgan dollars show weakness in certain design areas. A sharply struck example with good definition can have greater collector appeal.
4. Prooflike Surfaces
PL and DMPL examples can bring premiums, particularly when combined with a high grade.
5. Important Varieties
Morgan dollar collectors often study VAM varieties, which identify specific die varieties within the series.
Some 1904-O varieties are collected as specialized issues, although not every VAM variety carries a large premium.
How to Tell If Your 1904-O Morgan Dollar Is Valuable
Start by confirming the basic identification.
Look for:
Date: 1904
Mintmark: O
Denomination: $1
The “O” mintmark appears on the reverse below the wreath and above the denomination.
Next, examine the coin for wear, scratches, cleaning, unusual toning, and original luster.
Avoid cleaning the coin to make it look better. Cleaning can damage the original surface and may reduce its desirability to collectors.
1904 o morgan silver dollar value, If the coin appears to be in exceptionally high condition, professional authentication and grading may be worth considering.
Should You Get a 1904-O Morgan Dollar Graded?
Professional grading can make sense when a coin appears valuable enough to justify the grading and authentication costs.
It is particularly worth investigating when:
- The coin appears uncirculated.
- It has unusually strong luster.
- There are few noticeable contact marks.
- The surfaces appear original.
- The coin may qualify as PL or DMPL.
- You suspect it could be MS65 or higher.
- You believe it may be a collectible variety.
For a heavily worn example worth around the lower end of the market, professional grading may not provide the same economic benefit. 1904 o morgan silver dollar value ARC Gold Liberty Eagle
Recent 1904-O Morgan Dollar Sales
Actual auction results are useful because they show what buyers have paid for specific coins.
Recent examples include:
- MS63: $94 in June 2026
- MS64: $119 in June 2026
- MS65: $192 in January 2026
- MS66: $360 in December 2025
- MS67: $2,880 in a 2023 Stack’s Bowers auction
These sales demonstrate the effect that grade and individual coin quality can have on the value of the 1904-O Morgan dollar.
An especially important point is that auction prices can differ from published price guides. A guide provides an estimate or market reference, while an auction result reflects the price achieved for one particular coin at one particular time. 1904 o morgan silver dollar value 1872 Philadelphia Liberty Head $5 Gold Half Eagle – NGC AU55
1904-O Morgan Silver Dollar Value vs. Silver Value
A Morgan dollar contains approximately 0.77344 troy ounces of pure silver because it was struck in a 90% silver alloy.
However, its collectible value can be considerably higher than its bullion value.
For common circulated 1904-O examples, the coin’s condition and collector demand are important. For high-grade examples, numismatic value can greatly exceed the value of the metal itself. 1904 o morgan silver dollar value 1881 cc morgan silver dollar value
Therefore, don’t automatically value a 1904-O solely according to its silver content. 1904 o morgan silver dollar value 1881-CC Morgan Silver Dollar PCGS MS67
