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

Dec 9, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-01

Reporting Person: RAUSCHER ROBERT (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-01	Common Stock	M	775	$12.7899	Acquired	4457	Direct
2003-12-01	Common Stock	F	206	$48	Disposed	4251	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-01	Stock Option (right to buy)	$12.7899	M	775	Disposed	2004-02-04	Common Stock (775)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4912	Indirect

Footnotes

F1: All holdings reported in column 5 of Table 1 of this form have been restated for a 5% stock dividend, ex-date 11/25/2003.