-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6Squ+hRmKzIQhePTW7AzOQ==

<SEC-DOCUMENT>0001089355-04-000046.txt : 20040227
<SEC-HEADER>0001089355-04-000046.hdr.sgml : 20040227
<ACCEPTANCE-DATETIME>20040227170958
ACCESSION NUMBER:		0001089355-04-000046
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040225
FILED AS OF DATE:		20040227

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALPEY FISHER CORP
		CENTRAL INDEX KEY:			0000085608
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				060737363
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		75 SOUTH ST
		CITY:			HOPKINTON
		STATE:			MA
		ZIP:			01748
		BUSINESS PHONE:		5084359039

	MAIL ADDRESS:	
		STREET 1:		75 SOUTH STREET
		CITY:			HOPKINTON
		STATE:			MA
		ZIP:			01748

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MATEC CORP/DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RSC INDUSTRIES INC
		DATE OF NAME CHANGE:	19840515

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REEVES INDUSTRIES INC
		DATE OF NAME CHANGE:	19710520

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KROLL MICHAEL J
		CENTRAL INDEX KEY:			0001251448

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04184
		FILM NUMBER:		04636350

	BUSINESS ADDRESS:	
		STREET 1:		75 SOUTH ST
		CITY:			HOPKINTON
		STATE:			MA
		ZIP:			01746
		BUSINESS PHONE:		5084356831

	MAIL ADDRESS:	
		STREET 1:		75 SOUTH ST
		CITY:			HOKINTON
		STATE:			MA
		ZIP:			01748
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>krollform48469_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-02-25</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000085608</issuerCik>
        <issuerName>VALPEY FISHER CORP</issuerName>
        <issuerTradingSymbol>VPF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001251448</rptOwnerCik>
            <rptOwnerName>KROLL MICHAEL J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>75 SOUTH ST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOPKINTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01746</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP, Treasurer and CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock par value $.05 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2004-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.05</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>33450</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>employee stock option to buy</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.05</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-02-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-02-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-03-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>employee stock option to buy</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.05</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-02-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-03-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">20,050 jointly with wife.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael Kroll</signatureName>
        <signatureDate>2004-02-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----