Coins Certified as of 1/19

My Coin #12428456

1893-S $1 MS65

PCGS#: 7226

Owner's Comments

This is the beautiful Eliasberg specimen, plated in "The 100 Greatest U.S. Coins." Believed to be one of a small handful of coins set aside for the Assay Commission, the Eliasberg 1893-S exhibits remarkably clean obverse fields and a flawless reverse, with only a few minor ticks on the portrait that prevent a full superb gem designation. The coin is highlighted by attractive light orginal toning over highly lustrous fields and a good strike. The provenance of this coin is uninterrupted since it left the Mint: ex Philadelphia dealer J. Colvin Randall, as part of a six-coin group comprising all of the branch mint Morgans of 1892 and 1893, which Randall likely obtained from the Assay Commission; to J.M. Clapp in 1894; upon his passing, to his son J.H. Clapp in 1906; to Louis E. Eliasberg, Sr. as part of the Clapp estate purchase in 1942; to his son Richard A. Eliasberg upon the former's passing in 1976; Bowers & Merena, The Eliasberg Collection (4/8/97:2294); purchased by the Stellar Collection at the Eliasberg Sale; to the Sunnywood Collection privately in January 2008. This example is universally considered to be among the top three survivors of this famous key issue. While the Vermeule (PCGS MS67) and Norweb (NGC MS67) specimens carry higher slab grades, the Eliasberg coin is considered by many to be the most attractive example, also well ahead of the Amon Carter PCGS MS65 and all other MS65's. Sadly, the Norweb coin, once considered the finest known, was dipped after the Norweb sale, and was recently "conserved" yet again.

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 Eliasberg 1893-S $1 in PCGS MS65 sold in a Legend Rare Coin Auction in October 2014 for a new record price of $646,250, surpassing the previous record held by the Norweb NGC MS67.  The big question is how this new record price will affect the value of the spectacularly toned PCGS MS67 Vermeule/Lee/Coronet Collection example, which was acquired by the owner of the Coronet Collection in October 2008 for a price reported to be in excess of $1 million.

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
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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 Collection - John M. Clapp Collection - John H. Clapp Collection, sold intact in 1942 - Louis E. Eliasberg, Sr. Collection - Bowers & Merena 4/1997:2294 (as Raw MS65/67), $198,000 - Stellar Collection - Sunnywood/Simpson Collection - Legend 10/2014:190, $646,250

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