1893-S Morgan Silver Dollar - NGC - AU53 PCGS - Low-Mintage Key DateThe Panic of 1893 resulted in the repeal of the Sherman Silver Purchase Act, with its mandated large production of Morgan dollars every year. As a result, silver dollar production declined drastically at all active mints in 1893 and the San Francisco facility struck a series-low business-strike mintage of just 100,000 pieces. Accordingly, the 1893-S is the acknowledged key date to the regular-issue series today. Most of the tiny mintage was desperately needed in circulation, meaning few survived in mint state. Since many of the coins were released into circulation at an early date, and any remaining examples held in government storage were probably melted in 1918, under the provisions of the Pittman Act. Most survivors are in the VF-XF grade range today. In his book Silver Dollars and Trade Dollars of the U.S., David Bowers mentions that tens of thousands of 1893-S Dollars may have been melted under terms of the 1918 Pittman Act (in which more than 259 million Silver Dollars were melted for resale to England at $1 per fine ounce). Bowers estimates that between 4,000 and 8,000 '93-S Dollars are extant in the grade range from VF20 to AU58.
The 1893-S Morgan dollar is the undisputed king of the entire series, the 1895 is called the King of Morgan dollars, the 1893-S rightfully holds its own as the king among business strike Morgan dollars. This is the issue that every collector hopes to acquire to complete the collection. Examples are in high demand regardless of condition, as nearly all collectors have varying budget considerations. This AU53 specimen is a beautiful example of this low mintage Key Date in the series.
Morgan Silver Dollars are America's most collected coin, with a rich history that was born out of the old Wild West. These big, beautiful silver dollars conjure up images of cowboys and salon poker games, outlaws and stage coach robberies, casino slot machines and honkytonks of the past. Born out of the rich silver mines of Nevada that turned small mining camps into large bustling cities full of promise and entrepreneurial enterprise. Today, Morgan Dollars are among the most colorful and treasured relics of the old American West. Morgan dollars were minted from 1878 to 1904, and once again in 1921 before retiring as America's most popular coin.