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    1893-S Morgan Dollar, MS61
    Key Absolute and Condition Rarity

    1893-S $1 MS61 PCGS. Ex: JCS Collection. "The 1895 Proof may be popularly referred to as the King of the Morgan Dollars, but it's more steward than heir to the throne. The true king is the Mint State 1893-S." -- Thus begins Michael Standish's description of the 1893-S in Morgan Dollar. The 1893-S is one of just a few Morgan dollar issues that most collectors never acquire in Mint State, another of these being the 1892-S. The '93-S is the series key -- it boasts the lowest mintage (100,000 coins) and it is also the rarest issue in high grade. Only the 1892-S has a similarly small Mint State population, and the '93-S is still twice as rare in those grades. In A Guide Book of Morgan Silver Dollars, fifth edition, Q. David Bowers assigns the 1893-S an Optimal Collecting Grade of just VF20, which is the usual grade encountered for the issue. Finer than that, and the 1893-S pulls away from its peers exponentially on grounds of conditional rarity. Just 38 Uncirculated specimens are reported by PCGS, including a lone Prooflike coin in MS62 (7/19).

    Likely most of the 100,000 pieces struck were released into circulation at the time of issue. If any quantities remained in government control after that point, they were likely melted under the terms of the Pittman Act of 1918 or were released without notice early in the 20th century. Bowers does not recall any quantities of Uncirculated pieces being discovered after the 1950s save for a small group of coins that comprised part of an 1894-S Mint bag in a Montana holding. Standish writes of this find:

    "Dealer John Love bought fives coins out of a group of 28 Uncirculated examples discovered in an 1894-S Mint bag purchased from a Great Falls, Montana bank in the early 1960s. Presumably the bag was packaged in early 1894, so it contained a handful of coins struck from the previous year's dies. Love believes that most extant Mint State pieces from this issue come from that same 'hoard.' "

    Estimates on the number of Uncirculated coins known today vary. Standish pegs the total at less than 100 pieces, which is almost a certainty. PCGS and NGC combined report only 66 submissions in Mint State, which may include duplication. We have seen perhaps half that many pieces at auction in recent decades.

    This coin is quite outstanding for the grade. A tiny mark near Liberty's ear lobe is a reliable pedigree marker and is also the only singular abrasion of note. Satiny luster reveals delicate lavender toning across each side. When tilted beneath a light, there is the faintest hint of reflectivity in the fields. Registry Set collectors should expect intense competition when bidding on this remarkable Mint State 1893-S dollar. Population: 10 in 61, 25 finer (7/19).
    Ex: The Douglas Knight Collection / FUN Signature (Heritage, 1/2018), lot 4946, which realized $204,000.
    From The Shucart Family (JCS) Collection of Morgan Silver Dollars. (Registry values: P10, N7079)

    Coin Index Numbers: (NGC ID# 255U, PCGS# 7226)

    Weight: 26.73 grams

    Metal: 90% Silver, 10% Copper

    View all of [The Shucart Family (JCS) Collection of Morgan Silver Dollars ]

    View Certification Details from PCGS

    Auction Info

    Auction Dates
    September, 2019
    5th-8th Thursday-Sunday
    Bids + Registered Phone Bidders: 34
    Lot Tracking Activity: N/A
    Page Views: 3,152

    Buyer's Premium per Lot:
    20% of the successful bid (minimum $19) per lot.

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