1893-S $1 MS (PCGS# 7226)

PN Silver Dollar Session

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    Heritage Auctions
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Lot Description
1893-S $1 MS64 PCGS. During The Great Treasury Release of 1962 to 1964, some Morgan dollar issues that were previously considered rarities became common almost overnight. The 1903-O dollar is perhaps the most famous example; barely known in Uncirculated condition prior to the Treasury's release of millions of silver dollars in the early 1960s, the 1903-O plunged from a retail price of $1,500 per Mint State coin to approximately $15 each. Similar scenarios were applicable to other previously scarce dates, although the 1893-S issue was peculiarly absent from the flurry of activity. Dave Bowers, in his Guide Book of Morgan Silver Dollars (2007), recounts the time: "... among the great Treasury release coins of 1962 through 1964, no bag or even small group was found, although many stray pieces were identified ... ." Bowers continues by noting that nearly all of the "strays" were in VF condition. In fact, Morgan dollar researchers unanimously agree that the largest concentration of 1893-S survivors are found in the VF grade range. This opinion is duly illustrated in the NGC Census Report and the PCGS Population Report, where VF examples substantially outnumber pieces in other grade ranges. The reason for the absence of 1893-S dollars in the Treasury hoard, and for their lack of availability in Mint State condition, can only be explained through conjecture and will likely remain an unsolved mystery, considering the monumental research efforts afforded to this series in the past few decades. As the years pass, government archives are scrutinized, overseas hoards repatriated, and more books are written on the subject. And after more than 20 years of third party grading, the combined certified coin population--representing nearly 4 million Morgan dollars--has seemed to stabilize, with little change to the census of key-date issues. It is safe to conclude, therefore, that the 1893-S is--and always will be--the most desirable and elusive of all business strike Morgan dollars.
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