The 1893-S Morgan dollar fetched $2,086,875 — the all-time record for any Morgan silver dollar — while a well-worn example starts above $3,900. Four different mint marks, each with its own story and price range. This page covers every 1893 issue: Philadelphia, Carson City, New Orleans, and the legendary San Francisco key date.
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If you're not yet sure of your coin's mint mark or condition, there's a 1893 Silver Dollar Coin Value Checker with photo upload that can help you identify the coin from photos before using this calculator.
The 1893-S is the most counterfeited regular-issue Morgan dollar. Common fakes include altered mint marks (P or O dollars with an added S), altered dates, and cast forgeries. Use this diagnostic checklist before assuming your coin is authentic.
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In 1893, total Morgan dollar production across all four mints reached just 1,455,000 pieces — a fraction of most years — making every issue scarce. The varieties below represent the most important collectible distinctions within the 1893 Morgan dollar series, from the legendary key date to a Top 100 die variety recognized by the entire numismatic community. Understanding which variety you hold is the single biggest factor in knowing what your coin is truly worth.
The 1893-S Morgan dollar is universally regarded as the Holy Grail of the Morgan dollar series — the lowest-mintage regular-issue business strike in the entire run. Only 100,000 pieces were coined at the San Francisco Mint, struck from a single obverse die and just two reverse dies before operations wound down during the financial Panic of 1893.
Visually, the genuine 1893-S carries two famous die markers: "rabbit ears" — twin die gouges lodged in the left foot of the R in LIBERTY — and a diagonal scratch within the T of LIBERTY. The S mint mark sits centered on the reverse, medium in size, and positioned slightly low relative to the surrounding lettering.
Collector demand for this issue is extraordinary and vastly exceeds supply at every grade level. PCGS CoinFacts estimates roughly 9,948 survivors exist across all grades, with fewer than 125 believed to have survived in any Mint State grade. Even heavily worn, honest examples fetch thousands of dollars — and the all-time auction record, a PCGS MS67 CAC coin, sold for $2,086,875 at GreatCollections in August 2021.
The 1893-CC holds the singular distinction of being the very last Morgan dollar ever struck at the Carson City Mint — a facility forever associated with the American West, Nevada silver, and the frontier era of coinage. When the Carson City Mint closed its coining operations after 1893, this coin marked the end of an era. With 677,000 pieces struck, it is the highest-mintage 1893 issue, yet it remains genuinely scarce in all grades.
Carson City Morgan dollars typically exhibit strong strikes but can show characteristic bag marks from transport across rough western terrain. The CC mint mark appears clearly on the reverse, above DO in DOLLAR. Circulated examples, while relatively accessible, show strong collector demand driven by the "last year" historical premium that no other Morgan dollar carries.
Gem Mint State examples (MS65 and above) are genuinely rare and command five-figure auction results. Prooflike and Deep Mirror Prooflike pieces — struck from freshly polished dies — are especially prized among variety specialists and add significant premiums at any grade level. The 1893-CC also ranks among the most historically important Morgan issues of the entire series regardless of grade.
The 1893-O holds the distinction of being the lowest-mintage Morgan dollar ever produced at the New Orleans Mint. With only 300,000 pieces struck, it falls below even many key-date issues from other mints and remains one of the most underappreciated major rarities in the entire Morgan dollar series. Struck during the height of the Panic of 1893, most coins saw hard commercial use.
New Orleans Morgan dollars of this era are notorious for weak strikes, particularly on the hair above Liberty's ear and on the eagle's breast and tail feathers — a known characteristic of that facility's die preparation and press settings. Collectors must therefore carefully distinguish genuine grade from weak-strike appearance. A weakly struck MS63 is worth substantially less than a sharply struck MS63 with full feather detail.
In Gem Mint State (MS65 and above), the 1893-O becomes extraordinarily rare, with only a handful of certified examples known at those levels. The Prooflike and DMPL populations are similarly tiny. An MS65 or better example is a true condition rarity commanding five-to-six-figure prices at major auction houses.
The 1893 VAM-4 is one of the most recognized Philadelphia Morgan dollar varieties, earning a coveted place on the Top 100 Morgan Dollar Varieties list compiled by Fey and Oxman. This variety results from a hubbing misalignment during die production at the Philadelphia Mint — the master hub was pressed into the working die twice with a slight rotational offset between the two impressions, creating spread "ghost" doubling on all 13 obverse stars surrounding Liberty's portrait.
The doubling is most prominent and easiest to see on the left-side stars (those from roughly 7 to 10 o'clock around Liberty). Under a 10× loupe, each star shows a secondary impression displaced slightly from the primary image. PCGS CoinFacts notes that this variety sometimes occurs on prooflike planchets, adding another collectible dimension beyond the base variety.
Collector demand is strong and steady for this variety, driven by its inclusion on the Top 100 list and the dramatic visual impact of the hub doubling. An MS63 VAM-4 sold for $6,000 at Heritage Auctions in December 2023 — a meaningful premium over a regular 1893-P at MS63. An MS66 example realized $66,000 at Heritage Auctions in January 2023, reflecting the premium gem-grade VAM-4 examples can achieve.
The Philadelphia Mint produced just 792 proof Morgan dollars in 1893, each struck specifically for numismatic collectors using specially prepared, mirror-polished dies and carefully selected planchets. These coins were intentionally manufactured to a higher standard than circulation strikes, and their surfaces reflect this — deeply mirror-like fields contrast brilliantly against the frosted, raised design elements in a visual effect known as "cameo" or "deep cameo" contrast.
Authentication is critical for 1893 Proof Morgans. Deep Mirror Prooflike (DMPL) business strikes can superficially resemble proofs to the untrained eye, but genuine proofs display a level of surface perfection and die preparation that business strikes cannot replicate. Look for fully squared rims, sharp wire edges, and the characteristic mirror-frost cameo contrast throughout Liberty's portrait and the eagle reverse.
Values for 1893 proofs begin around $4,726 for PR63 examples and rise sharply with grade and cameo designation. PR65 DCAM (Deep Cameo) pieces — the most visually stunning — are rare within this already small population of 792. Professional grading by PCGS or NGC is essential, as the proof designation alone carries substantial weight in the marketplace.
| Issue | Mint | Business Strike Mintage | Proof Mintage | Est. Surviving (All Grades) | Est. Mint State Survivors |
|---|---|---|---|---|---|
| 1893-P (No Mint Mark) | Philadelphia | 378,000 | 792 | ~40,000 | ~20,000 (only ~750 at MS65+) |
| 1893-CC | Carson City | 677,000 | 12 (Branch Mint) | Scarce | Rare in gem grades |
| 1893-O | New Orleans | 300,000 | — | Scarce | Only ~3 known at MS65+ |
| 1893-S ★ KEY DATE | San Francisco | 100,000 | — | ~9,948 est. | <125 in any MS grade |
| Total 1893 | All Mints | 1,455,000 | 804 | — | |
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The values below are drawn from published price guides (Red Book, NGC, PCGS) and represent typical retail ranges for each issue in each condition tier. For a more in-depth complete 1893 Morgan dollar identification walkthrough covering every sub-variety and grading subtlety, see that detailed reference. Rows highlighted in gold denote the signature variety (1893-S); orange-red rows denote the rarest condition variety (1893-O in gem).
| Variety | Worn (G–VG) | Circulated (F–EF) | About Uncirculated | Uncirculated (MS60–64) | Gem (MS65+) |
|---|---|---|---|---|---|
| 1893-P (No Mint Mark) | $260–$310 | $325–$510 | $820–$1,280 | $1,420–$6,885 | $6,900–$66,000 |
| 1893-CC (Carson City) | $430–$445 | $690–$5,290 | $3,860–$5,290 | $5,980–$60,000 | $60,000–$216,200+ |
| 1893-O (New Orleans) | $340–$365 | $430–$1,510 | $1,510–$3,350 | $3,680–$30,000 | $50,000–$165,600+ |
| ⭐ 1893-S (San Francisco) | $3,910–$4,050 | $5,980–$9,000+ | $20,000–$39,000+ | $75,000–$200,000+ | $200,000–$2,086,875 |
| 1893 Proof (Philadelphia) | — | — | — | $4,726–$10,000 | $10,000–$25,000+ |
| 1893-P VAM-4 Doubled Stars | $300–$400 | $400–$700 | $1,000–$2,500 | $2,500–$6,000 | $6,000–$66,000+ |
Values are retail estimates based on PCGS, NGC, Red Book, and CoinValueChecker data. Actual auction results vary. Prooflike (PL) and Deep Mirror Prooflike (DMPL) designations add substantial premiums at all grade levels — consult the PCGS Price Guide for current PL/DMPL values.
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Liberty's hair, cap, and ear are worn smooth. The face outline is visible but lacks inner hair detail. On the reverse, the eagle's breast and wing edges are flat. The date and legends remain readable. For the 1893-S even in this condition, value is still substantial — expect $3,900+.
Hair strands above the ear and around the forehead begin to show. By EF-40, most hair lines are visible but lack sharpness at the highest points. The eagle's breast feathers show individual outlines. Luster is entirely gone. The 1893-P in EF ranges from about $340 to $510 retail.
No wear whatsoever — only contact marks from bags and mint handling. MS-60 shows numerous heavy marks; MS-63 has scattered marks but nothing distracting in the main focal areas (Liberty's cheek, left obverse field). Full luster (cartwheel effect when tilted) must be present throughout.
Only a few light, scattered contact marks in non-focal areas. Liberty's cheek and left field must be essentially clean. Luster is full and unimpaired. MS-65 for the 1893-P can approach $7,000+. MS-65 or above is nearly impossible for the 1893-S — fewer than 125 Mint State examples of any grade are known to exist.
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The right venue depends on your coin's value tier. A worn 1893-P can sell quickly on eBay; an 1893-S in Mint State demands a major auction house.
For 1893-S, 1893-CC gem, or any coin valued above $5,000, Heritage Auctions is the premier destination. Their numismatic experts market high-value coins to the widest pool of serious collectors globally. They hold regular U.S. Coin Signature® auctions in New York, Dallas, and online. Expect a seller's commission of roughly 15–20%, but competition between bidders typically more than compensates. Contact their consignment team well ahead of any upcoming auction.
eBay is the most liquid marketplace for mid-range 1893 Morgan dollars — circulated 1893-P, 1893-CC, and 1893-O examples sell consistently. Check recent sold prices and completed Morgan dollar listings from 1893 to calibrate your asking price before listing. Always use Buy It Now with a best-offer option for coins above $500. Ship insured, with tracking, in a rigid holder.
A trusted local dealer offers immediate payment and zero listing fees, though expect an offer at 70–80% of retail for common-date 1893 issues. For key dates like the 1893-S, most local shops will refer you to a major auction house rather than buy outright — the dollar amounts involved require specialized marketing. Bring your PCGS or NGC holder. Get multiple quotes before committing.
Reddit's numismatic community (r/Coins4Sale, r/coincollecting, r/Morgandollars) can be excellent for circulated 1893-P and 1893-O examples at fair market prices without auction fees. Buyers here are knowledgeable and price-conscious — arrive with a PCGS or NGC grade in hand. For anything potentially worth four figures or more, a reputable auction house or major dealer is safer than a peer-to-peer sale.
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