COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2004

Nov 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-11-24

Reporting Person: FOSTER SARA E (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-24	Common Stock	M	4747	$31.8622	Acquired	10885	Direct
2004-11-24	Common Stock	S	3477	$48.75	Disposed	7408	Direct
2004-11-24	Common Stock	S	400	$48.78	Disposed	7008	Direct
2004-11-24	Common Stock	S	900	$48.79	Disposed	6108	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-24	Stock Option (right to buy)	$31.8622	M	4747	Disposed	2008-02-05	Common Stock (4747)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6109	Indirect

Footnotes

F1: All holdings reported in column 5 of this form have been restated for a 5% stock dividend, ex-date 11/24/2004.