1893-S Morgan Dollar

100,000 Morgan dollars were struck at San Francisco in 1893. The 1893-S is the undisputed key date of the Morgan dollar series, the coin every collector knows by name and the one that defines whether a collection is complete or merely comprehensive. The mintage of 100,000 is the lowest of any regular-issue Morgan dollar, and the survival rate is grimly low: most of the coins entered western circulation during the Panic of 1893 and were used until they wore down to lower grades or disappeared into melting pots.

PCGS has certified roughly 6,000 examples across all grades, though this count includes resubmissions. The true population is estimated at around 5,000 to 8,000 surviving coins. Most grade between Good and Very Fine. About Uncirculated examples are scarce. Mint State coins are rare, and any 1893-S above MS63 is a condition rarity. The finest known are a handful of MS65 and MS66 coins, each worth well into six figures.

The 1893-S's key-date status is compounded by its collectibility. Morgan dollars are the most widely collected American coin series, and every date-and-mintmark collector needs this coin. The constant demand against a fixed and shrinking supply has pushed prices steadily upward for decades. An 1893-S in Good condition trades above $4,000. Very Fine examples reach five figures. Uncirculated coins command $50,000 and above, with gems reaching six figures. Building a complete Morgan dollar set without an 1893-S is like building a house without a roof: structurally possible, but nobody would call it finished.