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Even novice or casual collectors, when asked to name the five rarest issues in the Morgan Dollar series, are almost certain to include the 1893-S on their list. With just 100,000 pieces produced--the lowest business strike mintage for the series, discounting the unknown 1895--the 1893-S enjoys a degree of renown that few other issues in the entire U.S. coinage family can approach. The reason for the limited mintage is almost certainly the shifting political scene in Washington, D.C., the year 1893 witnessing the return of anti-silver Democrat Grover Cleveland to the White House for a second, nonconsecutive term as chief executive. With Cleveland's re-election, Morgan Dollar production was curtailed to such an extent that few pieces were produced in any of the operating Mints during the 1893-1895 era. Lest we placed all of the blame on Cleveland for this situation, it is also important to note that 1893 was a recession year in the United States, so the president's act was justified from the standpoint of preserving the nation's gold reserves instead of spending it all on new silver purchases.
A quick perusal of auction catalogs is sufficient to illustrate that, despite the limited mintage, the 1893-S can be easily had in most circulated grades. Mint State coins are in an entirely different category, however, and such pieces trade only once in a very long while. They are certainly rare, and the few Uncirculated '93-S Dollars that exist also spend most of their time locked away in tightly guarded collections.
Such is the conditionally challenging nature of this issue that we would have been overjoyed to offer a coin that grades even MS-61 or MS-62. Of even further importance to our bidders, as well as the status of this sale, the coin in this lot is a solidly graded MS-65 (!) as certified by NGC. Silky smooth in sheen, both the obverse and the reverse are void of even a single mentionable abrasion. There are actually few bagmarks of even a trivial nature, the Gem grade notwithstanding, and the designation returned by NGC could easily have been MS-66 were the surfaces more vibrant in the luster category. A satiny sheen is still highly desirable, although it is just a tad muted beneath an overlay of light-to-medium, golden-colored patina. Well struck with emerging, if not bold definition in the centers, this coin is sure to see spirited bidding among advanced Morgan Dollar specialists.
Combined PCGS and NGC Population: only 7; with a mere three finer.
PCGS# 7226.
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