1893-S Morgan Silver Dollar Value & Price Guide (2026)

Coins

Bruxton, Public domain, via Wikimedia Commons

The San Francisco Mint struck only 100,000 Morgan silver dollars in 1893. That's the lowest mintage of any regular-issue Morgan dollar - and it shows in the prices. A well-worn example starts around $5,000. In uncirculated condition, you're looking at $231,000 or more. The record? $2,142,500 for a single coin graded MS-67. If there's one Morgan dollar that stops collectors in their tracks, it's this one.

Quick Value Summary


Item	1893-S Morgan Silver Dollar
Year	1893
Category	Coins - U.S. Silver Dollars
Composition	90% silver, 10% copper
Weight	26.73 grams
Diameter	38.1mm
Mint	San Francisco (S)
Mintage	100,000
Condition Range
Good (G-4)	~$4,995
Very Good (VG-8)	~$5,676
Fine (F-12)	~$6,312
Very Fine (VF-20)	~$6,883
Extremely Fine (EF-40)	~$12,210
About Uncirculated (AU-50)	~$26,834
Uncirculated (MS-60)	~$231,716
Gem (MS-65)	~$726,557
Record Sale	$2,142,500 (MS-67)
Rarity	Very Rare (especially in mint state)

The Story

The Morgan silver dollar ran from 1878 to 1904, then returned for one final year in 1921. Across that span, hundreds of millions were minted. Most are worth $30 to $50. The 1893-S is the exception that breaks the rule.

In 1893, the San Francisco Mint produced just 100,000 Morgan dollars - a tiny fraction of that year's total output. Philadelphia made 378,000. New Orleans struck 300,000. Carson City produced 677,000. San Francisco, usually one of the busier mints, barely participated.

Why so few? The answer lies in the political chaos of 1893. The Sherman Silver Purchase Act, which had required the government to buy massive amounts of silver, was repealed in November 1893. Silver mining interests were furious. Banks were failing. The economy was in crisis. By the time San Francisco finished its small run of dollars, the era of easy Morgan dollar production was ending.

Those 100,000 coins entered circulation and were used. Silver dollars weren't collectibles in 1893 - they were money. People spent them. Banks melted them. Very few were saved. Today, finding a genuine 1893-S in any condition is an event. Finding one in mint state is practically a miracle.

How to Identify It

Key Features

Obverse: Liberty in profile facing left, wearing a Phrygian cap with crown. "E PLURIBUS UNUM" above, date "1893" below. Thirteen stars around the rim.
Reverse: Heraldic eagle with wings spread, holding arrows and olive branch. "UNITED STATES OF AMERICA" and "ONE DOLLAR" around the rim.
Mint mark: Small "S" on the reverse, below the wreath and above "DO" in "DOLLAR."

What to Check

Mint mark. The "S" must be present. Without it, you have a Philadelphia issue (worth far less). The S is on the reverse, below the eagle's tail feathers.
Date. Confirm it reads 1893, not a similar year. Altered dates exist.
Weight and size. Should be 26.73 grams and 38.1mm. Counterfeits often get the weight slightly wrong.

Common Confusions

Other 1893 Morgans. The 1893 Philadelphia ($180–$350 in VF), 1893-O ($180–$350 in VF), and 1893-CC ($500–$1,500 in VF) are all worth far less.
Other "S" mint Morgans. Many other San Francisco Morgans exist and most are common. Only the 1893-S carries this premium.

Value by Condition

Grade	What It Looks Like	Value
G-4 (Good)	Heavily worn, date and mint mark readable	~$4,995
VG-8 (Very Good)	Major features visible, some detail	~$5,676
F-12 (Fine)	Moderate wear, some hair detail	~$6,312
VF-20 (Very Fine)	Light wear on Liberty's hair and eagle's feathers	~$6,883
EF-40 (Extremely Fine)	Slight wear, strong details	~$12,210
AU-50 (About Uncirculated)	Trace wear on highest points	~$26,834
MS-60 (Mint State)	No wear, may have bag marks	~$231,716
MS-65 (Gem)	Strong luster, minimal marks	~$726,557
MS-66	Exceptional quality	~$935,000
MS-67	Near-perfect	~$2,142,500

The AU-to-MS Cliff

Notice the price jumps from $26,834 at AU-50 to $231,716 at MS-60. That's nearly a 10x increase for what might be the difference between "trace wear on Liberty's cheek" and "no wear at all." This tells you how few uncirculated examples exist. Almost every 1893-S Morgan saw use. The handful that didn't are worth a fortune.

Why Circulated Examples Are Still Expensive

Even a well-worn 1893-S is a $5,000 coin. That's because 100,000 mintage means there simply aren't many to go around, even in low grades. After 130+ years of circulation, melting, and loss, survivors are scarce at every level.

Authentication & Fakes

The 1893-S Morgan is heavily counterfeited because of its extreme value. Professional authentication is not optional - it's essential.

Common Fakes

Altered mint marks. The most common fraud: someone removes the mint mark from a common Morgan dollar and replaces it with an "S," or alters an existing mint mark. Under magnification, look for tool marks around the mint mark area.

Altered dates. Another year's date modified to read 1893. Check the style and spacing of the digits against reference images.

Cast counterfeits. Poor reproductions with incorrect weight, mushy details, and sometimes visible seam lines. The coin should weigh exactly 26.73 grams.

Chinese counterfeits. Sophisticated modern fakes from overseas workshops. These can fool the casual eye but typically fail under expert examination - the silver content, weight, or fine details will be slightly off.

Professional Grading Is Mandatory

Never buy or sell a raw 1893-S Morgan dollar. At these prices, PCGS or NGC certification isn't optional. The grading fee ($65–$150 for coins in this value range) is irrelevant compared to the risk of a counterfeit. Every serious transaction involves a slabbed coin.

Where to Sell

Circulated Examples ($5,000 – $27,000)

Heritage Auctions - Premier venue for key-date Morgan dollars
Stack's Bowers - Excellent for classic silver dollars
Legend Rare Coin Auctions - Strong for better-date Morgans

Uncirculated Examples ($230,000+)

Heritage Auctions - Handles most record-setting Morgan dollar sales
Stack's Bowers - Top-tier venue for six- and seven-figure coins

Do not sell on eBay or to local dealers for high-value examples. A coin worth $5,000+ deserves a major auction house. Even circulated examples benefit from the competitive bidding environment of a reputable auction.

Not sure what you have? Upload a photo to Curio Comp for a free AI estimate. Upload a photo →

Common Questions

How much is an 1893-S Morgan silver dollar worth?

In Good condition, about $4,995. In Very Fine, about $6,883. Uncirculated examples start around $231,716. The record sale is $2,142,500 for an MS-67 specimen.

Why is the 1893-S Morgan so valuable?

Lowest mintage of any regular-issue Morgan dollar - just 100,000 struck. Most circulated heavily or were melted. Survivors are scarce at every grade level, and mint state examples are extremely rare.

How can I tell if my 1893-S Morgan is real?

Check the weight (26.73 grams), diameter (38.1mm), and examine the S mint mark under magnification for signs of alteration. Professional authentication by PCGS or NGC is essential for any 1893-S Morgan.

Is the 1893-S the most valuable Morgan dollar?

In terms of regular issues, yes - it's the undisputed king. Some proof Morgan dollars and extreme condition rarities of other dates have sold for more, but for regular business strikes, the 1893-S holds the crown.

How many 1893-S Morgan dollars survive today?

Exact numbers are unknown, but PCGS and NGC combined have graded a few thousand across all grades. Mint state examples are counted in dozens, not hundreds.