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.
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.