The 1893-S Morgan Dollar (Buy on eBay) is the absolute key date coin of the series and remains perpetually in high demand at all grade levels. The issue boasts the lowest mintage of the series at 100,000 pieces, and no significant hoards have ever appeared on the market. Most surviving examples are found in lower circulated grades, with only a distinct minority in uncirculated condition.
The San Francisco Mint struck and delivered 100,000 silver dollars in January of 1893. Following the repeal of the Sherman Silver Purchase Act, no additional silver dollars would be struck at the facility for the remainder of the year. Without the requirements of the Act, there was no longer a need to produce such large quantities of silver dollars, especially with millions already held in storage across the country.
It is generally believed that the small mintage of 1893-S Morgan Dollars was released and experienced heavy circulation. Some have speculated that a portion of the mintage may have been melted under the Pittman Act of 1918. Whatever the case may have been, as a result of the heavy circulation and possible melting, the total surviving population for the issue is estimated at 10,000 pieces.
Most examples will be encountered in circulated condition, with a high concentration graded Very Fine. A very limited supply of mint state pieces has survived. The finest known example graded MS-67 sold privately for a price in excess of $1 million.
1893-S Morgan Dollar Mintage and Specifications
- Mintage: 100,000
- Mint mark: S (San Francisco)
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm