Key-date San Francisco Mint Morgan Dollars(Con't.)

1892-S

The 1892-S is the bride’s maid of the Morgan Dollar series. Surpassed only in rarity by the 1893-S in uncirculated condition, this is a high-mintage date that apparently suffered it’s demise during the Pittman Act of 1918. Many 1892-S dollars must have been released early on, as low grade specimens are easy to find. In this author’s opinion, coins up to the grade of AU are overrated, and not difficult to locate. However, in uncirculated grades, the 92-S emerges as a major Morgan Dollar rarity. No original bags have ever appeared. Until recently, conventional wisdom had the majority of the very small mint state population listed as near-GEM and GEM. Lower grade mint state pieces were all but impossible to locate. However, that situation has changed in the last several years. A small group of MS-60 through MS-62 coins have found their way to the grading services and into the marketplace. It is hard to say if an original roll or two of this date may have been discovered and trickled their way out. But, from both the appearance and timing of these pieces, it is this author’s opinion that they probably have all come from a similar source. Despite these recent discovery pieces, a great majority of the small number of uncirculated survivors are beautiful coins meriting MS-64 through MS-67 grades. The typical 1892-S is well struck with rich, satiny luster. Their appearance is very similar to mint state 1884-S dollars, although the 92-S seems to come nicer. The most fantastic 1892-S was the Jack Lee specimen which was absolutely mark-free with a beautiful satin sheen. PCGS awarded it the grade of MS-68, and as such, is the single highest graded for the date. Despite the recent price movement for uncirculated 1892-S dollars, this author still believes it to be one of the better overall values in the Morgan Dollar series.

1893-S

Here is the absolute key to the Morgan Dollar series, bar none. Even in circulated grades, the 1893-S is a scarce coin. This is no doubt due to the very low original mintage of only 100,000 pieces. Furthermore, mint state pieces were never saved, and most 93-S survivors grade only VG-VF. Although rumors tell of an original roll of mint state coins in the 1960’s, no quantities of high-grade specimens have ever been substantiated. The interest in this date has always been exceptionally high, and prices have consistently moved up. This does not seem to alter the overall demand for this date, which at present, is also very high. Greysheet shows a “bid” price of $2325.00 for this date in VG condition. Similarly, it is the most valuable business strike Morgan in all other circulated grades. The same holds true for uncirculated specimens, which are rarities at all levels. Greysheet currently shows valuations of $65,000 “bid” in MS-60 up to $300,000.00 “bid” in MS-65, although this author doubts that a PCGS or NGC certified piece could be found at those levels. This is a date that no matter what the published levels report it to be worth, almost always trades in excess of those prices. This is due to the large number of Morgan collectors that need high-grade specimens for their collections, and the minuscule number of pieces that are ever available to them, creating a demand that is unprecedented in the series (with perhaps the 1895-P being an exception). If you collect PL or DMPL dollars, forget about the 1893-S. I am not sure that a truly PL or DMPL example exists. And if it does, this author has never witnessed it firsthand. The finest two 1893-S Morgans are the Norweb specimen and the Stack’s specimen, both of which graded MS-67 at PCGS. Personally, having seen both, I give the edge to the Norweb specimen. It recently was offered to my firm at $1.25 million dollars, making it the single most valuable Morgan Dollar. Despite the high prices that perennially seem to follow this date, I feel that it is still a solid value even at today’s market levels.

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