1893-S Morgan Dollar Realizes $1,181,250 at GreatCollections

One of the most celebrated rarities in American numismatics has changed hands. The Clapp–Eliasberg 1893-S Morgan Silver Dollar, graded PCGS MS-65 and approved by CAC, realized $1,181,250 in a recent GreatCollections auction. Known to collectors as the “King of the Morgan Dollars,” the coin sold unreserved after spirited bidding - more than 50% above its $775,000 PCGS Price Guide value, and a record price for the date in Gem Mint State.

The listing drew intense interest from collectors, dealers and investors, generating more than 14,000 page views and 430 unique bidders tracking the lot. The winning bidder, from the Midwest, picked up the coin at the American Numismatic Association's World's Fair of Money in Pittsburgh, held August 25-29. GreatCollections is the official auctioneer of the ANA.

The King of the Series

The 1893-S has stood at the summit of the Morgan dollar series for more than a century. The San Francisco Mint struck just 100,000 pieces for circulation in 1893 - the lowest business-strike mintage of the entire 1878-1921 series. Nearly the entire issue went straight into commerce during the Panic of 1893, circulating hard across a developing West, and many survivors were later melted under the Pittman Act of 1918. Various industry experts estimate that 6,000 to 12,000 survive in all grades, but fewer than 125 are believed to exist in any Mint State grade - and in true Gem preservation the population narrows to a mere handful. In Mint State, the 1893-S is, quite simply, the rarest Morgan dollar of them all.

A Pedigree Unbroken Since the San Francisco Mint

Beyond its grade, the coin carries a provenance that has never been broken since the day it left the Mint. It begins with Philadelphia dealer J. Colvin Randall, who acquired it in 1893, and passed to J.M. Clapp in 1894, remaining with the Clapp family until the entire cabinet was purchased by Louis E. Eliasberg, Sr. in 1942 - the collector who formed the only complete collection of United States coins ever assembled. Sold in the 1997 Eliasberg sale to the Stellar Collection, it later joined the Sunnywood and Simpson collections before being acquired by the Wizard of Oz, a collector from Australia who assembled one of the finest Morgan Dollar sets ever formed. It is the example plated in 100 Greatest U.S. Coins by Jeff Garrett.

A Record Result for the Grade

The $1,181,250 result underscores how far demand for the finest 1893-S dollars has climbed. Only three examples have been graded PCGS MS-65 with CAC approval; the last to appear at auction, in 2020, realized $600,000 — a figure the Clapp–Eliasberg coin nearly doubled. Among all 1893-S dollars, it trails only the Vermeule PCGS MS-67 CAC, the coin GreatCollections sold in 2021 for $2,086,875, the first Morgan dollar ever to surpass two million dollars and still the auction record for the series.

“This coin attracted bidding from all over the world - as a numismatic trophy from one of the most widely collected series ever. It was a privilege to handle.  Congratulations to the winning bidder, as well as to our consignor, who coincidentally resides just a few minutes away from where I lived in Sydney.  This is widely considered to be the most attractive example of all 1893-S Morgan Dollars; the luster and originality stands out in this special coin,” said Ian Russell, president of GreatCollections.

Consign to GreatCollections

Results like this reflect the strength of today's market for classic U.S. rarities. If you are considering selling a key-date Morgan dollar or other important coins, GreatCollections is actively seeking consignments for upcoming auctions - visit greatcollections.com/sell or call 800-442-6467. Collectors building sets can also send us a wantlist, and we will notify you when matching coins appear.