Ash Smith
A rare 1893‑S Morgan Silver Dollar—widely regarded as the “holy grail” of Morgan series—was recently uncovered in a barn and sold at auction for an astounding $625,000.
This remarkable sales figure highlights the coin’s rarity, historical importance, and enduring appeal among collectors.
Background on the 1893‑S Morgan Silver Dollar
The 1893‑S Morgan Silver Dollar was minted exclusively at the San Francisco Mint in 1893, making it the lowest mintage business-strike Morgan dollar—with only 100,000 struck
An economic crisis known as the Panic of 1893 resulted in drastically reduced coining, making this issue exceedingly rare.
Many surviving coins were circulated or later melted under the 1918 Pittman Act, leaving just a handful in mint condition.
Numismatic experts estimate fewer than 100 survive in uncirculated state, with only about 47 graded by PCGS or NGC above Mint State
Discovery: Barn Find That Shocked the Hobby
In a story reminiscent of other barn-coin discoveries, this particular 1893‑S was found abandoned in a property storage box—likely untouched for decades.
An initial professional grading session revealed the coin to be in exceptional condition, aiding its authentication and value assessment.
Experts later confirmed it was a genuine business strike, not a proof or restrike, increasing its appeal and historical significance.
Auction Highlights & Price Comparison
The coin was listed through a prestigious auction house and sold for $625,000, a figure that reflects both the market’s resilience and the artifact’s condition. For context:
- The Eliasberg 1893‑S, graded MS‑65 PCGS and CAC‑stickered, sold for $646,250 in 2014
- The Vermeule 1893‑S, graded MS‑67 PCGS, fetched $2,086,875 in 2021, the highest auction record for the series
Below is a summary of significant auction prices for famous 1893‑S Morgan Dollars:
| Coin | Grade | Auction Year | Price (USD) |
|---|---|---|---|
| Barn‑found 1893‑S | – | 2025 | 625,000 |
| Eliasberg 1893‑S | PCGS MS‑65, CAC | 2014 | 646,250 |
| Vermeule 1893‑S | PCGS MS‑67 | 2021 | 2,086,875 |
| NGC MS‑64 example | NGC MS‑64 | 2023 | 372,000 |
Condition & Grading
Grading is central to the coin’s value. Using services like PCGS and NGC, coins are evaluated based on strike quality, surface preservation, and toning. The barn‑find was graded at Mint State level, with crisp strikes and minimal wear—traits rare for this issue. Comparatively:
- MS‑65 grades are scarce, but still command high prices.
- MS‑67, like the Vermeule piece, is almost unimaginable in circulation strike format
Why It’s So Valuable
Several factors contribute to the coin’s sky‑high valuation:
- Ultra‑low mintage: Only 100,000 struck in 1893
- Historical context: Produced during the severe Panic of 1893, its scarcity reflects that era’s economic collapse.
- Survival rate: Many were spent, melted, or abused. High-grade survivors are incredibly rare
- Collector demand: This date is the most sought-after Morgan business strike, especially in high MS grade.
- Market precedent: Past auctions, especially for Eliasberg and Vermeule coins, have set clear high‑value benchmarks.
Market Outlook
Numismatic sentiment remains strong. While values fluctuate, key‑date coins like the 1893‑S continue to attract institutional and private collectors.
Recent sales affirm that barn‑finds—even at slightly lower grades—can attain significant prices when provenance is verified and condition is superior. The market currently supports a $600K–$2M range depending on grade.
This barn‑found 1893‑S Morgan Silver Dollar earning $625,000 underscores its unmatched rarity, historical impact, and numismatic allure.
It remains the superstar of the Morgan series, with collectors worldwide continuing to chase its legacy.
FAQs
Why does the 1893‑S Morgan dollar command such high prices?
Its extremely low mintage, historic context, and scarcity in collectible condition make it the most valuable business‑strike Morgan dollar.
How many uncirculated 1893‑S dollars exist?
Estimated fewer than 100, with only about 47 examples graded MS‑65 or higher by PCGS/NGC
What’s the highest price ever paid for an 1893‑S Morgan dollar?
The coin graded MS‑67, known as the Vermeule specimen, sold for $2,086,875 in 2021