High grade coins, especially in key dates, continue to rock the cash register this year. This MS64 NGC 1893-S Morgan Dollar went for $235,000 in the recent New York auction by Heritage. 1893 saw the smallest mintage of Morgan dollars out of the entire series, and almost none have survived in as good condition as this one.
From the Heritage lot description:
The 1893-S dollar is generally considered to be the most desirable single Morgan dollar issue struck at a branch mint. Specimens are highly desired in all grades, and not just among Morgan dollar date and mintmark collectors. Many others just desire to have an example of this classic rarity in their collection.
Most surviving 1893-S Morgan dollars are in the Good to Very Fine range, with the majority of known pieces in the single grade category of Very Fine. Bowers writes in A Guide Book of Morgan Silver Dollars that most such pieces circulated in the American West, “for an appropriate but apparently restricted time, to bring them to this grade. Mint State coins exist. However, among the great Treasury release coins of 1962 through 1964, no bag or even small group was found.” NGC has certified, to date, just 27 Uncirculated 1893-S dollars, and PCGS 37 Mint State specimens (9/13). A number of these are likely resubmitted or crossover coins.
If you’re a Morgan or Peace dollar collector with a more modest budget, check out our raw and graded 19th century U.S. Silver section at Gainesville Coins.