The 1904-O Morgan Dollar is worth anywhere from $30 in heavily worn condition to well over $1,000 or more in higher mint state grades. If you’ve stumbled across one of these old silver dollars in a drawer, coin jar, or inherited collection, you’re in luck — this is one of the more popular and collectible Morgan dollars out there, and even a worn example carries real value.
What Is the 1904-O Morgan Dollar?
The 1904-O Morgan Dollar was struck at the New Orleans Mint, which is why it carries the “O” mintmark on the reverse, just below the eagle. This was actually one of the last years the New Orleans Mint produced Morgan dollars before it stopped coining them entirely.
The coin contains 90% silver, giving it an intrinsic metal value regardless of condition. But for collectors, the numismatic value — what people actually pay for it based on rarity and grade — is what makes this coin special.
If you’re not sure what mint mark or date your coin has, a coin identifier and value app can help you figure it out quickly just by taking a photo with your phone. Tools like CoinHix are especially handy for beginners trying to identify old coins without needing expert knowledge.
How Much Is the 1904-O Morgan Dollar Worth by Grade?
The value of your 1904-O Morgan Dollar depends heavily on its condition, also called its grade. Coins that show heavy wear from years of circulation are worth less than coins that were saved early and kept in near-original condition.
Here’s a general value breakdown:
| Grade / Condition | Estimated Value |
|---|---|
| Good (G-4) | $30 – $35 |
| Very Fine (VF-20) | $38 – $50 |
| Extremely Fine (EF-40) | $55 – $75 |
| About Uncirculated (AU-50) | $80 – $120 |
| Mint State (MS-60) | $150 – $200 |
| Mint State (MS-63) | $250 – $400 |
| Mint State (MS-65) | $1,000 – $2,500+ |
For the most up-to-date market prices, you can check 1904-O Morgan Dollar price data across mint state grades to see exactly how the market is moving right now.
What Makes the 1904-O Special Among Morgan Dollars?
The 1904-O had a mintage of about 3.72 million coins, which is relatively moderate for the Morgan dollar series. What makes this date stand out is that high-grade examples — especially MS-64 and above — are significantly harder to find than the mintage numbers might suggest.
Many of these coins were released into circulation and saw heavy use, meaning truly pristine examples are rare. Collectors who want a complete Morgan dollar set often need the 1904-O, which keeps demand strong and prices healthy at the higher grades.
The coin features George T. Morgan’s classic design — Lady Liberty on the obverse with a flowing cap and “E PLURIBUS UNUM” above, and a detailed American eagle on the reverse. It’s a beautiful coin even in circulated condition.
How to Tell If Your 1904-O Morgan Dollar Is the Real Deal
First, check the mintmark. Flip the coin over to the reverse (the eagle side) and look just above the “DO” in DOLLAR — a small “O” should be visible. If there’s no mintmark, you have a Philadelphia issue instead.
Next, weigh the coin if you can. A genuine 1904-O Morgan Dollar weighs 26.73 grams and measures 38.1 mm in diameter. Fakes are common in the coin world, so physical measurements matter.
You’ll also want to check for signs of cleaning or polishing. Cleaned coins lose significant value because the original surface luster is damaged. A coin that looks unnaturally shiny or has fine hairline scratches under a loupe has likely been cleaned.
For a full breakdown of what the 1904 silver dollar is worth in every grade and condition, it’s worth taking a few minutes to research before selling or trading your coin.
How to Get the Best Price for Your 1904-O Morgan Dollar
If you’re thinking about selling, don’t rush. Circulated examples in average condition can be sold to most coin dealers or on eBay easily. But if your coin looks like it has minimal wear or original luster, consider getting it professionally graded by PCGS or NGC before selling — a certified MS-63 or better coin can be worth several times more than a raw (ungraded) one.
Apps like CoinHix can give you a fast ballpark value based on your coin’s visible condition, which helps you know whether it’s worth pursuing professional grading. It’s a smart first step before spending money on grading fees.
You can also bring the coin to a local coin show, where multiple dealers can give you competing offers on the spot.
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FAQ
Q: How do I know if my Morgan dollar is from New Orleans?
A: Look on the reverse side of the coin, just below the eagle and above the word DOLLAR. If you see a small letter “O,” your coin was minted in New Orleans. No mintmark means it’s from Philadelphia.
Q: Is the 1904-O Morgan Dollar made of real silver?
A: Yes. Every Morgan Dollar, including the 1904-O, is made of 90% silver and 10% copper. The coin contains 0.7734 troy ounces of pure silver, so it has melt value even in the worst condition.
Q: Can I use an app to find out what my 1904-O Morgan Dollar is worth?
A: Absolutely. Apps like CoinHix let you scan your coin with your phone camera and get an estimated value based on the coin’s grade and current market data. It’s a great starting point for anyone new to coin collecting or selling.