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Sale 74
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Lot 2965
1893-S Morgan Dollar. PCGS graded MS-60. Well struck and lightly toned. Semi-reflective fields that are also exceptionally smooth and blemish-free. An important key date coin. The 1893-S Morgan Dollar is widely recognized as the foremost rarity in the series, notwithstanding the relatively recent emergence of the Proof-only 1895 as a required issue in order to complete the set. After 15 years of seemingly unlimited production of Silver Dollars, the election of President Grover Cleveland and the financial panic caused by the hoarding of gold during this period marked a shift in government policy toward the minting of these large silver issues. In 1893, Cleveland ordered that the Carson Mint in Nevada be closed as a cost measure. The repeal of the Sherman Act became law in the winter of 1893 following upon which mintages were drastically reduced. Just 100,000 pieces of the 1893-S were struck, a tiny figure by Morgan Dollar benchmarks, and the majority were either extensively circulated or later melted in the great silver dollar coin melt of 1918 (Pittman Act). Today, even About Uncirculated examples can be very difficult and costly to locate. Therefore, the occasional appearance of a Mint State piece never fails to capture a numismatic headline.Pop 2; 34 finer (PCGS # 7226) .
According to a Bowers reference: "To fully understand the limited mintage of the 1893-S Morgan Dollar we also cannot forget the actual and perceived effects of the Panic of 1893. The worsening economic climate in the United States during that year formed a backdrop against which lawmakers viewed the dwindling of the nation's gold reserves, underscoring the crisis and making swift action a virtual certainty. Had the overall economic situation been stronger, in fact, the Sherman Silver Purchase Act may not have been repealed, or at least may not have been repealed in 1893.
"The San Francisco Mint was not the only coinage facility to strike limited numbers of Morgan Dollars in 1893. The Philadelphia Mint contributed only 378,000 business strikes (some sources say 389,000 coins), the New Orleans Mint set a record low for the facility at just 300,000 pieces struck and the Carson City Mint struck its final Silver Dollars that year to the extent of only 677,000 coins. But it is the San Francisco Mint which brought up the rear with a mintage of just 100,000 pieces. Its delivery for that year, in fact, has become the rarest, most expensive and most eagerly sought regular-issue Morgan Dollar in all grades."
Estimated Value $90,000 - 100,000.
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| Realized $115,000 |
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