100,000 Struck: The 1893-S Morgan Dollar
Coin Encyclopedia · 9 min read · Published November 7, 2026
One hundred thousand. No Morgan dollar was ever struck in smaller numbers than the 1893-S, and that single fact has made it the most famous coin in the entire series. San Francisco struck just 100,000 Morgan dollars in 1893 — fewer than any other Morgan date, at any mint, in any year — and almost every one of them went into circulation and stayed there. The figures in our guide tell the story plainly: G-4 runs $2,500 to $3,660, F-12 runs $4,250 to $7,320, XF-40 runs $10,000 to $20,740, AU-50 runs $29,280 to $45,600, and MS-65 runs $775,000 to $1,181,250. Only MS-60 is a dash. Even the most worn 1893-S starts at four figures, and the top of the table reaches seven.
What makes the 1893-S different from every other key date is that there is no rescue story. No great Treasury release saved uncirculated examples, no bags turned up decades later, no hoard changed the numbers. The coins that survived did so one at a time, in drawers and collections, while the rest wore down in Western commerce. That is why the 1893-S is not just rare — it is rare at every grade, in every condition, for every collector.
What an 1893-S is worth by grade
Five grades carry researched figures, and the lowest of them starts higher than most Morgan dates ever reach: G-4 at $2,500 to $3,660, F-12 at $4,250 to $7,320, XF-40 at $10,000 to $20,740, AU-50 at $29,280 to $45,600, and MS-65 at $775,000 to $1,181,250. The curve doubles at almost every step, and the jump from AU-50 to MS-65 — from five figures to seven — is the largest single leap in this whole batch of guides.
| Grade | Estimated collector value |
|---|---|
| G-4 | $2,500–$3,660 |
| F-12 | $4,250–$7,320 |
| XF-40 | $10,000–$20,740 |
| AU-50 | $29,280–$45,600 |
| MS-60 | — |
| MS-65 | $775,000–$1,181,250 |
A dash (—) means our November 2026 review holds no researched figure for that grade yet — it is a gap in our data, not a zero. Figures are collector estimates, reviewed November 5, 2026.
Read the table the way a grader would: from the bottom up. The lowest rows are the floor, and every step toward mint state lifts the figure — sometimes gently, sometimes by an order of magnitude. For this date, 5 of the six grades carry a researched figure. At G-4 the range runs $2,500 to $3,660, and at the top end, MS-65 runs $775,000 to $1,181,250. The MS-60 row is still a dash in our guide — no researched figure yet, and none invented to fill the space. The MS-60 row is a dash in our guide — no researched figure yet, and none invented.
Why 1893, and why so few
San Francisco's dollars have a reputation for quality, and it is earned: the mint's strikes were usually sharp, its planchets clean, and its lustre deep and frosty. S-mint Morgans circulated widely across the West, so most survivors show honest wear, but the Treasury vaults held back large numbers that only reached collectors in the releases of the 1960s. An S-mint dollar in mint state with full lustre is one of the most satisfying coins in the whole series to hold.
The year 1893 was a hard one for the whole country — the Panic of 1893 brought bank failures and a depression that cut mint output everywhere — and San Francisco's Morgan production fell to its lowest point in the series. The 100,000 dollars it struck that year were working money in a hard time, and working money wears down. That is the whole explanation for this date's rarity: a tiny mintage, struck in a depression, spent hard, and never rescued.
Grading an 1893-S: every point is five figures
Grading a Morgan starts in three places: Liberty's cheek, the hair above her ear, and the eagle's breast feathers on the reverse. On a mint-state coin those areas are fully struck and covered in cartwheel lustre that rolls across the surface when you tilt the coin under a light. The first wear shows as a flat, dull patch on the cheek and on the high points of the hair curls; the breast feathers go soft next. A coin with full lustre and no wear is mint state, and from there the grade is a question of marks, strike, and eye appeal.
On this date, a single grade point can mean tens of thousands, so the grading has to be exact. Start with Liberty's cheek, then the hair above the ear, then the eagle's breast — those are the high points, and wear lands there first. A coin with full lustre and no wear is mint state, and from there the grade is a question of marks, strike, and eye appeal. Do not guess on this date: a professional opinion is worth more than a guess at any grade.
Specs and the silver floor
The specifications never change across the Morgan series, which is part of why the series is so easy to learn and so hard to master. A genuine Morgan weighs 26.73 grams, measures 38.1 millimetres, and carries 0.7734 troy ounces of pure silver at 90% fineness, with a reeded edge. The metal alone puts a floor of $40.27 under every genuine example. George T. Morgan's Liberty faces left in a Phrygian cap; the reverse eagle spreads its wings inside a wreath, with the mint mark below the wreath when the coin was not struck at Philadelphia.
Metal floor updates live from our Worker — last updated November 7, 2026.
The metal floor is meaningless for this coin. An 1893-S is worth its mint mark, its mintage, and its grade at every level — the silver underneath is the smallest part of the story, even at G-4.
Spotting a fake 1893-S
Counterfeits are a real hazard with every coin in this guide, and the checks are the same ones collectors have used for decades. Weigh it first — 26.73 grams, no excuses — and measure the diameter at 38.1 millimetres. Hold a magnet to it: silver does not stick, and a coin that does is not what it claims to be. Under a loupe, genuine striking leaves crisp, even lettering and clean fields; a cast copy betrays itself with soft details, tiny pits, and a slightly greasy surface. When the stakes are high, certification settles it.
The 1893-S is the most faked Morgan dollar in the series, and the fakes are often good — altered mint marks on common 1893 Philadelphia dollars are the classic trick. Weigh it first — 26.73 grams, no excuses — and measure the diameter at 38.1 millimetres. Hold a magnet to it: silver does not stick. Under a loupe, study the S itself: a genuine mint mark is struck cleanly below the wreath at the same depth as the rest of the design, never added afterwards. For a coin at this figure, certification is not optional — it is the only way to be sure.
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The 1893-S Morgan dollar, answered
How much is an 1893-S Morgan dollar worth?
Researched figures run $2,500 to $3,660 at G-4, $4,250 to $7,320 at F-12, $10,000 to $20,740 at XF-40, $29,280 to $45,600 at AU-50, and $775,000 to $1,181,250 at MS-65. The MS-60 row is a dash in our guide — no researched figure yet. Even the most worn example starts at four figures.
What is the mintage of the 1893-S Morgan dollar?
San Francisco struck 100,000 Morgan dollars in 1893 — the lowest mintage of any Morgan dollar ever struck, at any mint, in any year. It is the rarest Morgan dollar of the whole series by mintage.
Why is the 1893-S Morgan dollar so valuable?
Because almost none survived in collectible condition. The mintage was the smallest in the series, the coins were struck in a depression year and spent hard in Western commerce, and no Treasury release ever rescued uncirculated examples. Tiny mintage plus terrible survival equals the highest figures in the series.
Is the 1893-S the rarest Morgan dollar?
Yes, by mintage it is the rarest Morgan dollar of the entire series — 100,000 struck, fewer than any other date. By market figure it is also the most valuable Morgan dollar in most grades, with MS-65 examples reaching seven figures.
How do I know my 1893 Morgan is from San Francisco?
Turn the coin over and look below the wreath on the reverse, just above the word DOLLAR. A small S there means San Francisco. No mint mark means Philadelphia, and a CC means Carson City. Watch for altered mint marks — an added S on a common Philadelphia coin is the classic fake for this date.
Should I get my 1893-S Morgan graded?
Yes — without exception. This is the most faked Morgan dollar in the series, and the figures are high enough at every grade that certification is the only way to be sure of authenticity and grade. No 1893-S should change hands uncertified.
Check your 1893-S Morgan
Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full guide is here: 1921 Morgan Dollar Value: $40 to $240,000+. The previous San Francisco key is the 1892-S Morgan dollar; the 1893-S is rarer still.
The rarest Morgan dollar of the series, in a single coin — learn the mint mark, learn the grade, and respect what 100,000 struck really means. Shared for education only.
