Coin Specifications

Category: Morgan Dollars (1878-1921)
Mint: San Francisco
Mintage: 100,000
Catalog: KM-110
Composition: Silver
Fineness: 0.9000
Weight: 26.7300g
ASW: 0.7734oz
Melt Value: $15.05 (8/22/2014)
Diameter: 38.1mm
Numismatic specification data provided by Krause Publications NumisMaster.
Link to this coin

1893 S S$1 MS obverse 1893 S S$1 MS reverse


NGC MS66 - Norweb
  
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VarietyPlus®

There are no varieties for this coin.

Description & Analysis

The year 1893 brought several events that ultimately influenced this and related issues. The silver purchase clause of the Act of July 14, 1890 was repealed on November 1, 1893, resulting in a drastically reduced need for silver to be converted into coinage. For the next few years, mintages of silver dollars were substantially smaller than in previous years.

An expanded discussion of the Panic of 1893 provides further background for the scarcity of silver dollars from this year and was provided in the December 31, 2007 issue of Coin World:

'The panic was marked by toppling businesses and failing banks, and the infusion of European investors in American concerns did little to stem the downturn as the depression stretched overseas as well. ... Despite the nationwide loss of more than 4 million jobs, President Grover Cleveland had taken a hands-off approach, believing the struggling business climate was cyclical.

'Cleveland was, however, troubled by the nation's dwindling gold reserves, which had been steadily declining during the waning years of the Benjamin Harrison presidency. 'Cleveland blamed the problems on Congress' lavish spending and the impact of the Sherman Silver Purchase Act of 1890. 'The Sherman Act provided the Treasury with the authority:

--To purchase 4.5 million ounces (or 281,250 pounds) of silver each month at market rates.

--To issue notes redeemable in either gold or silver, these are the Treasury notes, also called coin notes. ...

'The planned government purchases amounted to almost the total monthly output from the mines ...

'The increased supply of silver drove down the price of the metal.

'As the price of silver continued to decline, holders of the government notes understandably redeemed them for gold (whose price wasn't falling) rather than silver.

'The result of the growing disparity between the two metals was the depletion of the U.S. gold reserves.'

It was against this monetary backdrop that silver dollars were produced in 1893. The result was predictably low at not only the San Francisco mint, but also the other three mints at Philadelphia, New Orleans, and Carson City. Only 100,000 dollars were struck in the San Francisco facility. All 100,000 pieces were struck from a single die pairing--the most widely known die characteristic being a diagonal die scratch in the top of the T in LIBERTY.

What happened after these coins were produced remains a mystery. Most likely it is a case of heavy attrition. Most of the production run probably met the same fate as many other silver dollars from this era: They were melted under the terms of the 1918 Pittman Act. Of course, as with many other numismatic rarities, there are always stories about rolls and bags. But these have turned out to be nothing more than numismatic 'old-wives' tales.'

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 2/10/2014

Click on a price to see historical prices, comparison charts and trends.

1893 S S$1 MS
1893 S S$1 MS Prooflike
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - - - - - 180000 - - - - - - - -
$ - - - - - - - 200000 - - - - - -
1893 S S$1 MS Deep Prooflike
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - - - - - - - - - - - - - -
NGC Price and Value Guides Disclaimer

Census

 
NGC GRADE SUMMARY

Total Graded: 2724
Low Grade: PrAg
Average Grade: F
High Grade: 66


Upcoming Auctions

A random selection of NGC coins is shown below.

Images
Date
Grade
Auction House
Sale / Lot
8/26/2014 F 15   Heritage Auctions Internet Coin Auction Session(1), 131434/Lot# 27279
9/6/2014 VG 8   Heritage Auctions 2014 September 4 - 6 Long Beach Expo US Coins Signature Auction - Long Beach Session(3), 1209/Lot# 4819
9/6/2014 G 4   Heritage Auctions 2014 September 4 - 6 Long Beach Expo US Coins Signature Auction - Long Beach Session(3), 1209/Lot# 4816
9/6/2014 F Details  Heritage Auctions 2014 September 4 - 6 Long Beach Expo US Coins Signature Auction - Long Beach Session(3), 1209/Lot# 4820
9/6/2014 F Details  Heritage Auctions 2014 September 4 - 6 Long Beach Expo US Coins Signature Auction - Long Beach Session(3), 1209/Lot# 4821


Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
2/28/2007 PCGS G 6   Teletrade Auction 2334, 2334/Lot# 1816 $2,688.00
9/14/2008 NGC AU 50   Goldberg September 14-16, 2008 Pre-Long Beach Coin Auction, 48/Lot# 1079 $16,675.00
1/30/2012 PCGS XF 40   David Lawrence Rare Coins Monday - Internet Auction # 658, 665/Lot# 1405 $7,764.80
2/28/2012 NGC AU 50   Stack's Bowers The March 2012 Baltimore Auction, 135/Lot# 4147 $6,612.50
5/27/2012 NGC   Goldberg May 27-31, 2012 The May Pre-Long Beach Auction, 69/Lot# 1451 $1,380.00
10/18/2012 PCGS XF 40   Heritage Auctions 2012 October 18-21 ANA US Coins Signature Auction - Dallas Session(3), 1175/Lot# 4933 $7,990.00
1/9/2013 NGC Details XF Details  Heritage Auctions 2013 January 9-13 US Coin FUN Signature Auction - Orlando Session(5), 1181/Lot# 6260 $5,875.00
5/18/2014 PCGS AG 3   GreatCollections GreatCollections Coin Auctions 05/18/2014, 168/Lot# 193580 $1,457.50
8/5/2014 NGC Details VF Details  Heritage Auctions 2014 August 5, 7 & 9 ANA US Coins Signature Auction - Chicago Session(3), 1208/Lot# 4822 $3,093.78


NGC Registry

NGC Registry Score 1893 S S$1 MS
 PrAgGVGFVF4045505355586061626364656667686970
Base234224512860335739784956608968207176780289001235312780137231445017073208592221724441242924043856949
237825873025356443045333633269387384816810051124951309413965153241833521311229582444129674459410
00000063326938738481681005112495130941396515324183352131122958244412967400
00000065767057759385341120212637134081420716198195972176423699244413505600
1893 S S$1 MS Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base2451257229943509415051586324707774418085921112750131871415214896175772144322829250983060493247134561
2491271231653722448655466575719876558460103901289513508144001578918865219052358526933514851070180
00000065757198765584601039012895135081440015789188652190523585269335148500
00000068267319787088351157013041138301464816683201542236724341287687236600
1893 S S$1 MS Deep Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base26142740318337214389543966517431781084769642132971374814743155091827022245236693060434929113484134561
2656288733623943473958436911755780328864108601344714079149981642919595227192598032045611141205090
00000069117557803288641086013447140791499816429195952271925980320456111400
00000071717683825492531207813597144111525317349209202319428292334878729900
Registry Image Gallery
Grade: AU 50
Points: 6820
Owner: L & L Coins
 
Grade: XF 45
Points: 6089
Owner: stOrmbrek
 
View the Registry Image Gallery

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