It should be worth well over melt, given that the 1903-O is a much better date. In no-problem VG grade it lists for over $300 retail. It may have other issues than just the counterstamp. The color is odd, the 3 in the date appears damaged or misshapen, and the coin appears slightly off-centered with an extra-wide rim from about 2:00 to 7:00.
I'd check the weight and carefully inspect for other damage and/or evidence that it might be a counterfeit. If it is genuine I expect it should still be worth $50 or more.