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

Feb 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-02-17

Reporting Person: PETRIE MICHAEL J (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-17	Common Stock	M	2469	$24.9381	Acquired	9225	Direct
2004-02-17	Common Stock	M	1149	$29.9699	Acquired	10374	Direct
2004-02-17	Common Stock	S	1400	$49.45	Disposed	8974	Direct
2004-02-17	Common Stock	S	100	$49.44	Disposed	8874	Direct
2004-02-17	Common Stock	S	100	$49.42	Disposed	8774	Direct
2004-02-17	Common Stock	S	100	$49.39	Disposed	8674	Direct
2004-02-17	Common Stock	S	200	$49.37	Disposed	8474	Direct
2004-02-17	Common Stock	S	100	$49.362	Disposed	8374	Direct
2004-02-17	Common Stock	S	1100	$49.35	Disposed	7274	Direct
2004-02-17	Common Stock	S	100	$49.34	Disposed	7174	Direct
2004-02-17	Common Stock	S	100	$49.32	Disposed	7074	Direct
2004-02-17	Common Stock	S	318	$49.31	Disposed	6756	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-17	Stock Option (right to buy)	$24.9381	M	2469	Disposed	2010-02-03	Common Stock (2469)	Direct
2004-02-17	Stock Option (right to buy)	$29.9699	M	1149	Disposed	2009-02-01	Common Stock (1149)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15219	Indirect