POWER OF ATTORNEY
	This statement confirms that I have authorized
and designated James L. Chosy,
Sara Gross Methner and Cortney Dawson,
and each of them, as my attorney-in-fact to execute and
file on my behalf all Forms 3 (Initial Statement of
Beneficial Ownership of Securities), Forms 4 (Statement
of Changes in Beneficial Ownership of Securities) and
Forms 5 (Annual Statement of Changes in Beneficial
Ownership), including any and all amendments thereto,
that I may be required to file with the Securities
and Exchange Commission as a result of my ownership
of or transactions in securities of Piper Jaffray
Companies. This power of attorney shall continue in
effect until I am no longer required to file Forms 4
and 5 with regard to my ownership of or transactions
in securities of Piper Jaffray Companies, unless I
earlier revoke this power of attorney in a writing
delivered to the above-named attorneys-in-fact. I
acknowledge that the above-named attorneys-in-fact
are not assuming any of my responsibilities to
comply with Section 16 of the Securities Exchange
Act of 1934.

Dated: December 13, 2003

/s/ Andrew S. Duff
Signature

Andrew S. Duff
Printed Name