Lot 773
1893-S Morgan Dollar. PCGS graded AU-55. Old-time amber-gold toning, mostly on the reverse, over steel-silver luster. Remarkably free from abrasions, showing just the slightest evidence of a gentle circulation back in the Gay Nineties--which were not so "gay" (meaning "happy" back then).
The 1890s was a decade of economic shrinkage, culminating in the Panic of 1893, the year this rare coin was made Out West. Wall Street had speculated in overseas investments, and the Panic was sparked by the dual failures of a railroad and a corporation which had been paying out fraudulent dividends. In the background, the Democrats in power had inflated the currency by valuing silver too high against the gold that backed our circulating paper money. When the gullible public got caught up in these shenanigans, the resulting panic decimated 172 state banks, 177 private banking companies, 47 S&Ls, and a variety of mortgage businesses. The bank panic created a massive drain on the U.S. Treasury's gold reserves, effectively (but of course not in fact) bankrupting the government. What followed was a liquidation of assets, hitting the New York banks worst of all. It indirectly caused silver and gold coin mintage for 1893 to be smaller than was customary, creating some wonderful rarities for today's collectors. The 1893-S Morgan dollar is one of the most-sought of these issues. This one "got loose" for a short time, adding in a way to its historical appeal.
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| Realized $11,500 |
