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Lot
1410

1893-S $1 AU58 NGC....

2008 October Dallas, TX Signature US Coin Auction #1117

 
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Offers to date: $58,000 on March 10, 2011
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Auction Ended On: Oct 24, 2008
Item Activity: 7 Internet/mail/phone bidders
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Heritage Auctions
3500 Maple Avenue
Dallas, TX 75219

Description:
Brilliant 1893-S Dollar, AU58
1893-S $1 AU58 NGC. An amazing example of the key 1893-S Morgan silver dollar, surviving from a mintage of 100,000 or fewer coins. Historically, the mintage has always been listed as 100,000 pieces, the entire production occurring in January according to Mint records. Recent research suggests that the actual mintage or distribution figure was a mere 77,000 coins, and that is the figure used in the current Guide Book on page 220.
Regardless of the mintage figure one uses, it is the single lowest production business strike Morgan dollar in the entire series (among those issues that are actually known, discounting the 12,000 reported for 1895), and it is also the rarest Morgan dollar across the entire range of grades from well-worn to Gem Mint State or finer.
The rarity of this issue, compared to other dates with low mintages, is attributed to the Treasury Hoard that was released in the early 1960s, or later by the GSA in the 1970s for Carson City coins. Among all of those millions of silver dollars, there were no 1893-S dollars. Consider another issue, say the 1885-CC, which had a mintage of 228,000 but sells for a fraction of the price in all grades. A gem MS65 example of that date may only be worth a couple thousand dollars, while an MS65 1893-S dollar is a middle six figure coin. The vast majority of 1885-CC dollars minted were stored in the Treasury for nearly a century. In fact, an 1885-CC dollar is only a rarity in circulated grades.
This specimen is fully brilliant and lustrous with bright, untoned silver surfaces. Both sides have reflective fields that impart a noticeable cameo appearance. The surfaces, both fields and devices, have the usual assortment of tiny nicks and ticks that are consistent with the grade. (Registry values: P10, N4719) (NGC ID# 255U, PCGS# 7226)

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