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    Description

    1893-S Morgan Dollar, MS63
    Monumental Rarity in This Grade
    Lowest Mintage in the Series

    1893-S $1 MS63 NGC. If the 1909-S VDB is the capstone issue the Lincoln cent series and the 1916-D is the key date among Mercury dimes, then the 1893-S Morgan dollar holds a similar standing in its respective series. The date has the lowest mintage in the entire Morgan dollar set, which ran from 1878 to 1904 and was reintroduced for one year in 1921. Merely 100,000 pieces were struck, the reason for which is deeply intertwined with the economic conditions of the period.

    As it is today, the American economy was subject to major boom-and-bust cycles during the 19th century, particularly toward the latter half as it became more interconnected with countries around the world. In late-1892 and 1893, the American financial system began to feel the effects of reduced European investment, exacerbating a host of deeply rooted problems stateside. Eventually, the stock market plummeted in June 1893, causing banks to close, businesses to fail, and farmers' access to credit to dry up. At the same time the government repealed the Sherman Act of 1890, which had mandated the purchase of $4 million in silver from Western miners and its coinage into Morgan dollars each month. All the while the price of silver was plummeting as countries like Germany, Holland, Denmark, and Norway began to demonetize the metal.

    With the economy in the dumps and no legislated requirement to strike inordinate and unnecessary quantities of Morgan dollars, coinage production for the large denomination nearly ground to a halt. Fewer than 1.5 million Morgan dollars were struck at all four branches of the U.S. Mint combined in 1893.

    The 1893-S is an in-demand issue in any grade, but it can be found without trouble through VF and even XF condition. About Uncirculated survivors are elusive and anything in Mint State is scarce. NGC has only graded three submissions at this level, and the service reports 12 higher grading, but that figure is probably inflated by duplications (11/18). Heritage last had the pleasure of handling an MS63 as part of our July 2015 Summer FUN Signature sale, where lot 3230 realized $282,000. This is the finest representative we have offered since.

    This Select example shows pale blushes of gold and reddish-violet color over surfaces that largely maintain their brilliance. The peripheral elements on each side display full strike detail, including the stars and legends. The eagle's breast feathers and talons are similarly strong. Roller marks are noted on Liberty's chin, and a small lamination occurs right below. An abrasion near star 2 and a few more around the eagle are the only overt marks. This is a tremendous condition rarity and a sure highlight in carefully assembled collection.
    From The Woodford Collection of Morgan and Peace Dollars. (Registry values: P10, N10218)

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

    Weight: 26.73 grams

    Metal: 90% Silver, 10% Copper


    Learn more at the Newman Numismatic Portal at Washington University in St. Louis.

    View all of [The Woodford Collection of Morgan and Peace Dollars ]

    Auction Info

    Auction Dates
    January, 2019
    9th-14th Wednesday-Monday
    Bids + Registered Phone Bidders: 32
    Lot Tracking Activity: N/A
    Page Views: 2,024

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