Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1893 Morgan: Market Values
1893 Morgan: Summary of Characteristics
Business Strikes:
Enabling legislation: Act of February 28, 1878, plus the Sherman Silver Purchase Act of July 14, 1890
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver,.100 copper
Melt-down (silver value) in year minted: $0.60351
Dies prepared: Obverse: 7; Reverse: 7
Business strike mintage: 378,000 (or 389,000, per Guide Book); Delivery figures by month: January: 200,000; February: 150,000; March: none; April: 28,000; May-December: none. Coinage of business strikes was suspended June 1.
Estimated quantity melted: Relatively few, except worn coins as part of various melts; most were probably released into circulation at or near the time of striking.
Approximate population MS-65 or better: 400 to 800 (URS-10)
Approximate population MS-64: 4,000 to 8,000 (URS-14)
Approximate population MS-63: 10,000 to 20,000 (URS-15)
Approximate population MS-60 to 62: 30,000 to 60,000 (URS-16)
Approximate population G-4 to AU-58: 15,000 to 30,000 (URS-15)
Availability of prooflike coins: True prooflike coins are rare, and DMPL coins are exceedingly rare.Only a few exist.
Characteristics of striking: Most are above average in striking quality. However, flat strikes exist.
Known hoards of Mint State coins: Many bags were released by the Treasury Department from the mid-1950s through the early 1960s. However, quantities were lower than for Philadelphia Mint dollars dated 1891 and 1892.
Proofs:
Dies prepared: Obverse: 1 or more; Reverse: 1 or more.
Proof mintage: 792; Delivery figures by month:
January: none; February: none; March: 320; April: none; May: none; June: 145; July: none; August: none; September: 100; October: none; November: none; December: 227.
Approximate population Proof-65 or better: 88+/- (URS-8)
Approximate population Proof-64: 76+/- (URS-8)
Approximate population Proof-63: 73+/- (URS-8)
Approximate population Proof-60 to 62: 200+/-(URS-9)
Commentary
The 1893 is the third rarest Philadelphia Mint dollar (not including 1895) in Mint State. However, it is much more readily available than the two issues of significantly higher rarity: the 1894 and 1901.
Additional Information
Sherman Silver Purchase Act Repealed
The Annual Report of the Director of the Mint, told of the repeal of the most recent piece of silver-purchase legislation:
"On November 1,1893 the silver purchasing clause of the Act of July 14,1890 was repealed, so since then the purchase of silver has been restricted to the silver contained in gold deposits, the amount received in payment of charges of silver deposits, surplus silver bullion returned by the operative officers of the coinage mints on the annual settlement of their accounts at the close of each fiscal year, and uncurrent and mutilated domestic silver coin purchased for the subsidiary silver coinage under the provisions of Section 3526, Revised Statutes of the United States."
Storing Silver Dollars
The Annual Report of the Director of the Mint; 1893, brought readers up to date on the perennial problem of silver dollar storage:
"Needed improvements to the building and machinery of the Philadelphia Mint were made during the last fiscal year. Two large steel vaults for the storage of silver bars have been constructed in the basement, having an average capacity of upwards of 30 million ounces of silver.
"These vaults flank the large silver coin vault in the centerof the basement throughout its entire length, and thus act as a protection to it. The third story addition upon the west side has been extended across the south slope of the inner roof, affording additional facilities for the operations of the assayer and melter and refiner, giving each well-appointed laboratories for experimental purposes. It gives also rooms for the clerks in charge of the storage of silver bars, and accommodations for the receiver and keeper of supplies. A fire-proof vault has also been constructed on the same floor for the safekeeping of the books and records of silver bars stored. Skylights were constructed in the roof of the cabinet that will render artificial lighting unnecessary, and will add much to its attractiveness.