1891-S

The 1891-S, at 5,296,000 pieces, ran a moderate San Francisco Morgan Dollar output under the Sherman Silver Purchase Act and continued the expanded S-mint production that had begun with the 1890-S. The 1891-S carries the standard Reverse of 1879 hub configuration with no major sub-varieties anchoring the year's specialist collecting. The mintage figure sits between the abundant 1890-S 8.23-million output and the much smaller 1892-S 1.2-million Semi-Key, marking the transition point where S-mint production began declining toward the mid-1890s low.

Strike quality on the 1891-S is generally sharp, with Liberty's hair detail and the eagle's central feathers coming up cleanly on most coins from early die states. Most surviving examples grade MS62 to MS64 from broken Treasury bag releases, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS63 and MS64. MS65 is available and MS66 is condition-scarce. The 1891-S pairs with the 1890-S as the early-1890s S-mint return-to-volume issues that contrast with the late-1880s S-mint scarce-date stretch that culminated in the 1888-S Semi-Key.

The 1891-S is a regular common date and a standard mid-grade S-mint Morgan acquisition. Pricing has held flat for two decades at small premiums above the 1890-S baseline. The 1891-S pairs with the 1890-S and 1892-S at the entry-grade level for the early-1890s S-mint date set, with the 1892-S Semi-Key contrasting sharply against the abundant 1890-S and 1891-S in certified-pop terms. San Francisco Morgan collecting interest has held a stable mid-grade pricing floor across two decades, with PCGS and NGC populations reflecting the Treasury bag-distribution profile of the 1950s and 1960s. Registry-set demand at the top-pop grade tier produces sharp price acceleration relative to the broadly available MS63 through MS65 supply chain. Eye appeal at MS65 typically depends on strike quality and surface preservation, with luster and toning patterns also factoring into the assigned grade. Premium-quality-for-grade examples trade at meaningful uplifts over the certified-pop median. For the Sherman Silver Purchase Act backdrop and the broader S-mint production-pattern story, see the Morgan Dollar series history.