1893-S Morgan $1 (1893-S $1) PCGS XF40. A bit of mint luster remains within the devices of this key date 1893-S Morgan Dollar. It is predominantly steel grey with touches of russet and blue-grey. Light wear is seen on the hair above Libertys ear and the center of the eagles breast.

This most desirable circulation strike date in the series could have graded several points higher. The 1893 Morgan dollars were the third obverse design for the series. Slight modifications were made for each type. On this one the breast of the eagle is rounded and full. The top arrow feather is not parallel to the others. It slants upward. This design was used for all dollars from 1879 to 1904, except for some 1879-S and 1880-CCs.

The 1893-S is the key to the series because it has the lowest mintage of any date, aside from the 1895 which is only available as a proof coin. In the Morgan dollar series, the 1893-S is rare in all grades because its mintage was limited. Also, as a result of the Pittman Act of 1918, it was heavily melted. In addition there was a lack of numismatic care because in the early days, collectors tended to disregard mintmarks and collected coins by date.

Authentication is required for the 1893-S dollar. Many uncertified examples are seen with altered dates. Some have a mintmark attached to a genuine Philadelphia 1893 issue. (A gem 1893 dollar presently retails for about $7,000, but an 1893-S in the same condition could get as much as $650,000.) On all authentic coins, the upper left edge of T in LIBERTY has a raised line that goes through the crossbar. (All USRCI coins are certified by one of the major grading services.)

When the Treasury Department released its hoard of silver dollars in 1962-63, large numbers of dates considered to be rare suddenly became available. Early 1880s Carson City dates, for example, were now on the market in quantity. However, no 1893-S dollars were in the release. It has remained elusive in all grades and eagerly sought by collectors and investors.