LOT Old Heritage Auctions  /  2007 (ANA) Signature Coin Auction #444  / 

1754

1893-S $1 AU55 PCGS

Currency:USD Category:Coins & Paper Money Start Price:27,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1893-S $1 AU55 PCGS
<B>1893-S $1 AU55 PCGS.</B></I> The 1893-S dollar has the lowest circulation-strike mintage (100,000 pieces) of any regular-issue Morgan dollar (except for the enigmatic 1895), making it one of the key dates of the series. Paul Gilkes, a <I>Coin World</B></I> staff writer, presents historical background information on this issue in a September 5, 2005 article entitled "1893-S Morgans Hot Market Commodity." Gilkes says: <BR><BR>"The low mintage of the 1893-S Morgan dollar was the result of several factors: the economic situation in the United States (the so-called "Panic of 1893"), an oversupply of silver dollars in Treasury vaults, repeal of the 1890 law that required massive silver purchases every month (and for a time, the mandatory production of silver dollars even if the coins were unneeded in circulation) and the opposition of the new president (Grover Cleveland) to silver interests."<BR><BR> Gilkes goes on to write:<BR><BR>"While the record low production at the San Francisco Mint helps explain the 1893-S Morgan's scarcity today, particularly in Mint State, it is possible they became rarer when thousands of the coins were melted under terms of the 1918 Pittman Act. The Act of April 23, 1918, permitted the melting of up to 350 million silver dollars for conversion into bullion and shipment to Britain during World War I and for the use in the production of subsidiary U.S. coins."<BR><BR> The Choice AU specimen that we offer in this lot possesses bright silvery surfaces that have some prooflike character. Occasional wisps of barely discernible gold-tan color visit each side, and the design elements display a good amount of detail. We note a few minute stray marks, none of which detracts from the coin's overall appeal. This is an excellent example of this popular key date that will fit comfortably into a high-grade Morgan dollar set.<BR><BR><B>Coin Engraver:</B> George T. Morgan<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>\)
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