When it comes to rare Morgan silver dollar coins, at the top of the list is the ultra rare 1893-S Morgan silver dollar. Just like other Morgan silver dollars, the coin is made with 90 percent silver and 10 percent copper. It contains .7735 troy oz or 24.05 grams of silver, but due to circulation, it’s possible your silver dollar weighs less.
The silver Morgan dollar was designed by George T. Mason and was first produced in 1978. Silver Morgan dollars were produced until 1904 but was once again produced for a single year in 1921 before the coin was changed to the silver Peace dollar.
While a 1893-S Morgan silver dollar can fetch $3,000 in worn condition, some of the highest graded coins can br worth as much as $500K or more.
There’s a few reasons why so few 1893-S Morgan silver dollars exist, one of those reasons is due to the Panic of 1893. Around this period, many banks were starting to fail, it created a lot of panic nationwide. Due to this, the mints produced less silver and gold coins.
A few years later, the 1918 Pittman Act called for many silver dollars to be melted. A lot of experts believe many silver Morgan dollar coins were melted then, including 1893-S Morgan dollars.
Numismatic News has estimated that there are less than 100 1893-S Morgan dollars in uncirculated condition. The two largest coin grading companies, PCGS and NGC, have graded 47 in higher grades.
In 2014 the Eliasberg 1893-S Morgan dollar sold for US$646,250 at auction. It is a Professional Coin Grading Service (PCGS) graded coin in MS-65. In 2021, a PCGS graded An 1893-S Morgan dollar in MS-67 sold for US$2,086,875.00. The coin is considered to be the finest known and it is named the Vermeule 1893-S.
In March 2023 an 1893-S graded by Numismatic Guaranty Company (NGC), in a MS-64, grade sold for US$372,000.
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