Two Morgan Dollars Claim the Title

The 1893-S is a Business Strike coin meant for use in commerce (spending money). Only 100,000 of these coins were minted. The 1895-P is a Proof coin meant for collectors. Only 880 were minted.

Background on the Two Coins

1893-S

Many of the 100,000 1893-S Morgan Dollars have been lost over time. Here is one that survived but was well used during its time in circulation:

Even with the heavy wear on this coin it is worth about $2,000 at retail in January 2020.

Most issues of coins are struck with a series of dies that are replace as they wear out. Since there were so few of these made only one Obverse die and two Reverse dies were used for all the coins. This makes it easy to look for characteristics of the coin that include imperfections on the obverse die to attribute them as genuine. Unfortunately, this did not discourage the counterfeiters who were drawn to this issue because of the high value.

1895-P

Only 880 Proof Morgan dollars were minted in 1895. Many of them were used for spending money and were available to be found by collectors. Some of those were circulated until they were very worn. Here is a nicely kept example of this scarce coin.

How Valuable Are They?

1893-S Business Strike

The PCGS retail price for an MS67 is $1,200,000

The NGC retail price for an MS67 is $1,150,000

1895-P Proof

The NGC retail price for a PR68 UCAM is $260,000

The PCGS retail price for a PR68+ DCAM is $340,000

NOTE: NGC UCAM (Ultra Cameo) is the same designation as PCGS DCAM (Deep Cameo) for all practical purposes.

The 1895 is very scarce and most collectors don’t even consider owning one. The 1893-S brings a significantly higher price though as there are some available in very high grades up to MS68. Clearly the 1893-S is considerably more valuable than the 1895

Which is the King of the Morgans?

The issue is not settled. If you google the phrase “King of the Morgans” both coins will come up in the search. I cast my vote for the 1893-S Business Strike coin. Which one do you think deserves the title?