COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2003

Dec 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-18

Reporting Person: CLARK A BAYARD III (Executive Vice President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-18	Common Stock	M	6202	$16.0749	Acquired	62455	Direct
2003-12-18	Common Stock	S	3000	$48.44	Disposed	59455	Direct
2003-12-18	Common Stock	S	100	$48.431	Disposed	59355	Direct
2003-12-18	Common Stock	S	715	$48.35	Disposed	58640	Direct
2003-12-18	Common Stock	S	1000	$48.36	Disposed	57640	Direct
2003-12-18	Common Stock	S	57	$48.4	Disposed	57583	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-18	Stock Option (right to buy)	$16.0749	M	6202	Disposed	2006-02-07	Common Stock (6202)	Direct