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Lot
978

1893-S $1 AU58 NGC....

2009 July West Palm Beach, FL (Summer FUN) Signature US Coin Auction #1127

 
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Auction Ended On: Jul 10, 2009
Item Activity: 7 Internet/mail/phone bidders
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Location:

Palm Beach County Convention Center
650 Okeechobee Blvd.
West Palm Beach, FL 33401

Description:
Borderline Uncirculated 1893-S Dollar
1893-S $1 AU58 NGC. The 1893-S is a prominent rarity among Morgan dollars, with an interesting twist: A plurality of known survivors are in Very Fine condition. Such a grade is indicative of a specific, moderate-to-light amount of wear that is inconsistent with the experiences of other issues. Many have concentrations at Fine or lower, while a handful of Treasury and GSA release issues have higher modes. What could have caused the distinctive wear pattern?
Q. David Bowers, in several of his written references, relates the anecdotal evidence supplied by E.S. Thresher, who wrote in the July 1925 The Numismatist that the 1893-S was one of only a handful of Morgan dollar issues he had not encountered in circulation. This led Bowers to speculate that perhaps the late 1920s saw the release of most of the 1893-S dollars to Rocky Mountain states, where coin collectors were scarce, and there they circulated until silver dollars fell out of fashion for general commerce.
The exact reason seems unknowable, yet the Bowers thought-experiment leads to some interesting possibilities. A hard fact, on the other hand, is that the 1893-S dollar is elusive in AU grades and a condition rarity in Mint State. This near-Mint survivor, impressively lustrous beneath layers of gold-orange and silver-gray patina, is well-defined with only a touch of friction across the high points. A few small abrasions on the cheek and wispy marks in the fields have little impact on the eye appeal. Census: 13 in 58, 25 finer (6/09).(Registry values: P10, N4719) (NGC ID# 255U, PCGS# 7226)

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