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: $12.90 (2/26/2015)
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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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 The silver purchase clause of the Act of July 14, 1890 was repealed on November 1, 1893, resulting in a drastically reduced need for silver to be converted into coinage.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.


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Price Guide

Last Updated: 2/9/2015

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

1893 S S$1 MS
Base $ 2300 3000 4100 5700 9250 9250 24000 27000 38000 70000 140000 155000 170000 215000 365000 660000 840000 1250000 - - -
$ 12000 - 29500 45000 - - - - - - - - - -
1893 S S$1 MS Prooflike
Base $ - - - - - - - - - - - - 190000 - - - - - - - -
$ - - - - - - - - - - - - - -
1893 S S$1 MS Deep Prooflike
Base $ - - - - - - - - - - - - - - - - - - - - -

The World Coin Price Guide is independently compiled by Krause Publications’ NumisMaster. NGC makes this information available to its website visitors as a free service, but in no way does the information provided represent NGC’s official opinion or policy. For example, varieties listed in the World Coin Price Guide may not necessarily be recognized by NGC. Please contact NGC Customer Service with any questions.

NGC Price and Value Guides Disclaimer



Total Graded: 2819
Low Grade: PrAg
Average Grade: F
High Grade: 66

Upcoming Auctions

Auction Prices Realized

A random selection of coins is shown below.

Auction House
Sale / Lot
2/11/2007 PCGS XF 45   Goldberg February 11-14, 2007 Pre-Long Beach Coin and Currency Auction, 39/Lot# 1821 $12,650.00
11/25/2007 NGC VG 10   Teletrade Auction 2454, 2454/Lot# 1822 $3,696.00
9/25/2008 NGC XF 45   David Lawrence Rare Coins Thursday - Internet Auction # 286, 292/Lot# 6104 $10,465.00
7/12/2012 NGC AG 3   Heritage Auctions 2012 July 12-15 US Coin Summer FUN Signature Auction - Orlando Session(2), 1172/Lot# 4401 $1,380.00
10/17/2012 PCGS VF 20   Stack's Bowers The November 2012 Baltimore Auction - US and World Lots - Live and Internet Only Sessions, 144/Lot# 2313 $4,700.00
10/21/2012 PCGS Genuine F   GreatCollections GreatCollections Coin Auctions 10/21/2012, 45/Lot# 80272 $1,871.10
4/24/2013 PCGS F 15   Heritage Auctions 2013 April 24 - 28 CSNS US Coin Signature Auction - Chicago Session(6), 1184/Lot# 4930 $3,818.75
6/4/2014 PCGS G 6   Heritage Auctions 2014 June 4 - 8 US Coins Signature Auction - Long Beach Session(4), 1206/Lot# 5220 $1,941.10
1/7/2015 NGC Details VF Details  Heritage Auctions 2015 January 7 - 12 FUN US Coins Signature Auction - Orlando Session(5), 1216/Lot# 6077 $3,290.00

NGC Registry

NGC Registry Score 1893 S S$1 MS
1893 S S$1 MS Prooflike
1893 S S$1 MS Deep Prooflike
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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