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Lot
6961

1893-S $1 MS64 NGC. This is the highly desired key-date ...

2004 August Pittsburgh, PA Signature Sale #352

 
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Auction Ended On: Aug 20, 2004
Item Activity: 7 Internet/mail/phone bidders
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Location: Pittsburgh, PA
Description:
Choice Mint State 1893-S Morgan Silver Dollar Rarity
1893-S $1 MS64 NGC. This is the highly desired key-date issue that is on nearly every Morgan dollar want list. Just 100,000 business strikes were coined, the lowest mintage of any Morgan dollar issue except the unknown 1895-P with a recorded mintage of just 12,000 coins. There have never been any significant hoards of 1893-S Morgan dollars located, and none were in the Treasury release of the 1960s. In The Morgan and Peace Dollar Text Book, author Wayne Miller mentioned a small hoard: "Many BU 1893-S dollars can be traced to a hoard of twenty pieces found in a BU bag of 1894-S dollars in Great Falls, Montana in the early 1950s. These dollars were dispersed over a twenty year period, one or two at a time." Even the casual numismatic observer is aware of the importance and rarity of this issue, and is likely aware that few Mint State specimens exist. The specialist will want to consider this opportunity that may not be repeated for a very long time. Nearly all survivors from the limited mintage grade in the Very Fine range. Lower grade and higher grade coins are both seen with less frequency. Mint State examples seldom become available to collectors. Don't miss this opportunity.
This Choice Mint State dollar is a borderline prooflike specimen with satiny luster in the fields on both sides. The reverse, if viewed separately, might qualify as prooflike. The obverse has light champagne color with a crescent of lilac, heather, blue, and amber toning above Liberty. The balance of the obverse has wisps of gold confined to the border. The reverse has bluish-silver color without other toning. Both of the tiny die markers on the obverse are clearly visible on this specimen. A tiny die chip is located in the left base of R and a diagonal die line severs the left arm of T. Both of these are characteristics of genuine '93-S Morgans, and are visible on every known example. The die line in T remains visible on all but the most extensively worn examples of this issue. The combined population of PCGS and NGC, in all Mint State grades totals just 49 coins, certainly with several resubmissions. PCGS has graded three MS64 coins while NGC has graded eight. Each service lists two finer coins, both MS65 on the NGC census, and both MS67 on the PCGS report. It is difficult to imagine that these four listings actually represent four different coins. We would argue that the presently offered 1893-S Morgan dollar is the third or fourth finest known!(#7226) (Registry values: P10, N10218) (NGC ID# 255U, PCGS# 7226)

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