Rare Morgan Silver Dollar : The coin, identified as an 1893-S Morgan Silver Dollar in pristine condition, was discovered earlier this year by a casual collector browsing a dusty shelf in a small antique shop in rural Pennsylvania. Initially priced at just $25, the coin was tucked away among a mix of miscellaneous old currency and vintage knick-knacks.
The buyer, who wishes to remain anonymous, immediately recognized the coin’s potential value and purchased it without hesitation. After a preliminary examination, they submitted it to Professional Coin Grading Service (PCGS), which confirmed its authenticity and assigned it a near-perfect grade of MS-67 — an extraordinary condition for a coin of this type.
Why the 1893-S Morgan Dollar Is So Valuable
The Morgan Silver Dollar, minted from 1878 to 1904 and again in 1921, is one of the most beloved series among U.S. coin collectors. The 1893-S edition, minted in San Francisco, is widely considered the “Holy Grail” of Morgan Dollars due to its exceptionally low mintage of just 100,000 coins — the lowest of the entire series.
What makes this particular find even more remarkable is its condition. Most surviving 1893-S Morgans are heavily circulated, with only a handful known to exist in mint-state condition. Fewer than ten specimens have ever received a grade of MS-65 or higher, making this coin’s MS-67 rating exceedingly rare and valuable.
Auction Frenzy and Sale
Once the coin was authenticated and graded, it was consigned to Heritage Auctions, one of the world’s leading rare coin auction houses. The auction took place in Dallas, Texas, and drew intense interest from collectors and investors worldwide. After a spirited round of bidding, the coin ultimately sold for $1.8 million to a private collector from Hong Kong.
“The rarity and condition of this coin created a perfect storm,” said Sarah Morgan, a senior numismatist with Heritage Auctions (no relation to the coin’s namesake). “Finding an 1893-S in such incredible condition is like finding a Rembrandt in your attic. It’s a once-in-a-lifetime event.”
The Market for Rare Coins
The sale is yet another sign of the surging interest in rare coins and tangible assets, particularly in uncertain economic times. In recent years, ultra-rare coins have broken multiple price records, attracting attention not just from hobbyists but also from high-net-worth investors seeking portfolio diversification.
For coin enthusiasts, the story is a dream come true. “It’s stories like this that keep the passion alive,” said David Hall, co-founder of PCGS. “You never know when or where history might turn up.”
As for the lucky finder, they say the experience has sparked a newfound passion for coin collecting. “I just thought it looked interesting,” they said in a brief statement. “Now I’m hooked — and I’ll be checking every old coin I come across.”
The discovery and sale of this rare Morgan Silver Dollar serve as a vivid reminder that history can sometimes be hiding in plain sight — and that even the smallest antique store might hold a treasure beyond imagination.
Frequently Asked Questions (FAQs.)
Q1: What is a Morgan Silver Dollar?
A: The Morgan Silver Dollar is a U.S. coin minted from 1878 to 1904 and again in 1921. Named after its designer, George T. Morgan, it contains 90% silver and 10% copper. It is one of the most iconic and collected coins in American numismatics.
Q2: Why is the 1893-S Morgan Silver Dollar so valuable?
A: The 1893-S is the rarest Morgan Silver Dollar due to its low mintage of only 100,000 coins. Most surviving examples are heavily worn or damaged. Uncirculated specimens, especially those graded MS-65 or higher, are incredibly rare and command high prices.
Q3: What does the “MS-67” grade mean?
A: “MS” stands for “Mint State,” a grading term used for coins that show no signs of circulation. The numerical grade, on a 1–70 scale, indicates quality. MS-67 is near-perfect, meaning the coin has very few, if any, noticeable flaws even under magnification.
Q4: How was the coin discovered?
A: A casual collector found the coin while browsing an antique store in rural Pennsylvania. It was priced at just $25 and mistaken for an ordinary old coin.