1893-S Morgan Silver Dollar (1893-S Morgan $1) PCGS VF25. This key date Morgan dollar is one of the great rarities of the series. The obverse is light gray with darker toning around the stars and date. There is a touch of blue-green toning on the devices and the field, more so behind Libertys head. The reverse is similarly toned and darker around the rim above ES OF AMERICA. The coin shows even wear, consistent with the grade.

We see about two-thirds of the hair on Libertys forehead, and some of the feathers on the eagles breast. The coin is remarkable free of contact marks for a piece with this much wear. It has been appropriately graded VF25 by PCGS. Many forgeries of this date have been seen because of the ease of placing a mint mark on a Philadelphia coin and the tremendous increase in value. (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.)

The 1893-S is noted for having the second lowest mintage in the Morgan dollar series. Just 100,000 pieces were produced. It is elusive in all grades. Apparently they were stored in Treasury vaults for decades and melted into bullion during World War I.