1893-S $1 MS63 PCGS. CAC....

Click the image to load the highest resolution version.

Sold on Jan 11, 2024 for:

$444,000.00 Bid Source: HA.com/Live bidder

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

1893-S Morgan Dollar, MS63
Exceptional High-Grade Registry Candidate
Only Coin at This Level With CAC Approval

1893-S $1 MS63 PCGS. CAC. Ex: DT Miller. The 1893-S Morgan silver dollar holds a distinguished position as the rarest and most sought-after issue within the entire Morgan dollar series. That standing is attributable almost entirely to its extremely low mintage of just 100,000 coins, which was a direct consequence of the economic circumstances prevailing in 1893, as well as its limited survival rate, especially in Mint State.

The year 1893 was marked by a severe economic depression triggered by a series of events that included the collapse of the Philadelphia and Reading Railroad and a subsequent stock market crash. Additionally, the Sherman Silver Purchase Act of 1890 had destabilized the monetary system by requiring the U.S. government to purchase large amounts of silver for coinage, which in turn led to a run on gold reserves. In an attempt to alleviate the economic strain, the government sought to curb silver coinage production. In repealing the Sherman Silver Purchase Act, the U.S. Mint drastically reduced the production of silver dollars in 1893. The San Francisco Mint was particularly affected. Its mintage of Morgan dollars dropped significantly, culminating in the striking of a mere 100,000 pieces, the lowest mintage in the series.

The economic turmoil of 1893 had a direct impact on the availability of silver and the government's approach to silver coinage. This, combined with the already limited capacity and resources of the San Francisco Mint, resulted in the creation of a coin that would later be recognized as the pinnacle of rarity within the Morgan dollar series.

To be sure, the average quality and preservation of existing 1893-S Morgan dollars play a crucial role in its status as a rarity. The issue suffered a high rate of attrition through melting and circulation. While dealer Wayne Miller once reported the finding of 20 pieces in a bag of otherwise 1894-S dollars located in Montana, no other large groupings of 1893-S dollars have been discovered since the 1940s, at the latest, restraining supply as collector demand continues to expand. High-grade examples are especially rare and command premium prices in the numismatic market. The few specimens that have survived in Uncirculated or even near-Mint condition are considered treasures and are fiercely competed for when they appear publicly.

This particular example of the 1893-S is brilliant and sharply struck with frosty luster. Both sides are largely untoned, except for a trace of subliminal gold on the reverse. A few scattered ticks are expected for the grade, but none stand alone. This is an exceptional condition rarity that has held a spot in a top Registry Set and which should find a new home in another fine collection of Morgan dollars. Population: 10 in 63, 10 finer. CAC: 1 in 63, 5 finer (11/23).
Ex: Jackson Hole Collection / Dallas Signature (Heritage, 4/2007), lot 80; DT Miller by Ashmore PCGS Registry Set, currently ranked #16 among Morgan Dollar Basic Set, Circulation Strikes.(Registry values: P10, N10218)
From The David T. Miller #1 PCGS Registry Set of DMPL/PL Morgan Dollars With Varieties.

Coin Index Numbers: (NGC ID# 255U, PCGS# 7226, Greysheet# 7614)

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

View all of [The David T. Miller #1 PCGS Registry Set of DMPL/PL Morgan Dollars With Varieties ]

View Certification Details from PCGS