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

Nov 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-11-03

Reporting Person: MATTHEWS ROBERT C JR (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-03	Common Stock	M	15932	$13.4294	Acquired	28510	Direct
2003-11-03	Common Stock	S	200	$48.443	Disposed	28310	Direct
2003-11-03	Common Stock	S	3725	$48.44	Disposed	24585	Direct
2003-11-03	Common Stock	S	300	$48.43	Disposed	24285	Direct
2003-11-03	Common Stock	S	1000	$48.42	Disposed	23285	Direct
2003-11-03	Common Stock	S	100	$48.4	Disposed	23185	Direct
2003-11-03	Common Stock	S	38	$48.35	Disposed	23147	Direct
2003-11-03	Common Stock	S	5007	$48.321	Disposed	18140	Direct
2003-11-03	Common Stock	S	1469	$48.32	Disposed	16671	Direct
2003-11-03	Common Stock	S	200	$48.31	Disposed	16471	Direct
2003-11-03	Common Stock	S	500	$48.3	Disposed	15971	Direct
2003-11-03	Common Stock	S	200	$48.305	Disposed	15771	Direct
2003-11-03	Common Stock	S	3193	$48.24	Disposed	12578	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-03	Stock Option (right to buy)	$13.4294	M	15932	Disposed	2004-02-04	Common Stock (15932)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14702	Indirect