1893-S $1 MS (PCGS# 7226)

2011 August Chicago Signature US Coin & Platinum Night Auction #1158

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    7332
  • Grade:
    MS67
  • Price:
    $546,250.00
Lot Description
1893-S $1 MS67 NGC. Ex: Norweb-Jack Lee II. The historical background that explains the low mintage of the 1893-S dollar was given in our April 2007 Dallas Auction, where we offered a lower-Mint State grade coin in lot 80: {blockquote}"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 The silver purchase clause of the Act of July 14, 1890, was repealed on November 1, 1893, resulting in a drastically reduced need for silver to be converted into coinage.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. The World's Columbian Exposition, held in Chicago in 1893, brought an issue of commemorative quarters and half dollars that did much to increase the popularity of coin collecting at that time. Finally, in 1893 Augustus Heaton published a little book simply titled Mint Marks. Prior to this publication, little attention was paid to the small identifying marks on the branch mint coins."{/blockquote} 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: {blockquote}"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 ma
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