1893-S $1 FR2

PCGS#: 7226

Owner's Comments

Expert Comments

John Love: Many of the mint state examples that survive today come from a group of about 28 originals uncs that were found in an original mint bag of 1894-Ss that came into a bank in Great Falls, Montana in the early 1960's. I ended up acquiring about five pieces from the owner. The first one I paid $2800 for in about 1965 or 1966. The quality of the coins was approximately what we'd now call MS63 or MS64. This was the only find of this extremely important date that I know of. You would have thought that LaVere Redfield would have had some, but he didn't.Q. David Bowers: The 1893-S is the rarest of all Morgan dollars in higher grades. That the 1893-S is not an "impossible" rarity is because thousands of worn specimens survive. I recall being offered a group of 250 circulated pieces in 1987, the average grade being Very Fine.

I have never personally seen a quantity of mint State 1893-S dollars. However, 20 examples of 1893-S are said to have been found mixed in with a bag of 1894-S dollars which came to light in Great Falls, Montana in the early 1950s (as reported by Wayne Miller).

Ron Guth: The 1893-S Silver dollar has the lowest mintage of the series and is the rarest,. regular-issue Morgan dollar. Because of the large number of Silver dollar collectors, this date is always in demand. Even low grade examples bring thousands of dollars. Uncirculated examples are very scarce and only a fraction of the original mintage survives in original condition. The finest example is a superbly toned PCGS MS-67 example from the Vermeule and Jack Lee collections..

Rumors persist that a full or partial bag of 1893-S Silver Dollars was part of the LaVere Redfield hoard of dollars that came on the market in the early 1970s. However, none have ever shown up on the market and those "in the know", or who were involved with the dispersal of the hoard, discount this as nothing more than wishful thinking. There are thousands of collectors who would love to get their hands on a Mint State 1893-S Dollar!

Beware of altered 1893-P Dollars with mintmarks added to the reverse. A genuine 1893-S dollar should have no discoloration around the mintmark (possible evidence of glue or solder). Two reverse dies were used to strike 1893-S dollars: one with an upright mintmark, the other with the mintmark tilted to the right. Authentication of any 1893-S dollar is essential.

Only one obverse die was used to strike all of the 1893-S dollars. A genuine 1893-S Dollar features a raised line inside the T of LIBERTY, running diagonally near the top center. Because this die line is in a protected area, it should be visible even on well worn examples. On a genuine 1893-S Silver Dollar, the 1 of the date is perfectly centered above a denticle. However, this is not diagnostic, as other dates in the Morgan Dollar series show a similar feature and it is possible that the date may have been altered to 1893.

David Hall: The 1893-S is the true "King" of the Morgan dollar series. The PCGS CoinFacts Board of experts estimated survival number for all grades is 9948. Dave Bowers has estimated that 6000 to 12,000 survive and I think those numbers are probably accurate. There are probably as many as 10,000 1893-S dollars in all grades.

In Mint State condition, the 1893-S is absolutely the rarest Morgan dollar. And in Gem MS65 or better it's a super rare coin. CoinFacts survival estimate is 123 Mint State survivors and 18 MS65 or better survivors. I believe that MS65ob number is way too high. I think there may very well be 100 or so MS60ob survivors, but no way is there 18 Gems. I believe the true number of MS65 or better examples is probably 6 to 7 coins.

The finest known example is the fabulous Jack Lee MS67, recently sold for over a million dollars. There are 5 or 6 others that have or would grade MS65 at PCGS. Over the years I have handled several Gems, but if there were truly more than 10 MS65ob coins then they would appear much more often than they do.

Note that this is one Morgan that is virtually unknown in prooflike condition.

Note that there are many counterfeits, usually made by adding an "S" to a 1893 Philadelphia. So authenication is highly recommended.

Diameter: 38.10 millimeters Designer: George T. Morgan Edge: Reeded
Mintage: 100,000 Weight: 26.73 grams Metal Content: 90% Silver, 10% Copper

Rarity and Survival Estimates

Grades Survival Estimate Numismatic Rarity Relative Rarity by Type Relative Rarity by Series
All Grades 9,948 R-3.0 7 / 117 7 / 117
60 or Better 123 R-7.7 4 / 117 4 / 117
65 or Better 18 R-9.2 11 / 117 TIE 11 / 117 TIE

Condition Census

Pos Grade Thumbnail Pedigree and History
1 MS67 PCGS grade

Vermeule – Jack Lee - Legend Numismatics (Laura Sperber) - Coronet Collection of Morgan Silver Dollars (PCGS Set Registry)

2 MS65 PCGS grade

J. Colvin Randall - John M. Clapp Collection - John H. Clapp Collection, sold intact in 1942 - Louis E. Eliasberg, Sr. Collection - Bowers & Merena 4/1997:2294, $198,000 - Stellar Collection - Sunnywood Collection

2 MS65 PCGS grade  
2 MS65 PCGS grade  
2 MS65 PCGS grade