1893-O Morgan Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

In January 1893, using three obverse dies and two leftover reverse dies, the New Orleans Mint struck its entire mintage of 300,000 1893-O Morgan Dollars. Afterward, the Southern port city coin factory turned its attention to other denominations before shutting down coinage operations for the remainder of the year starting on June 1. Often compared to the 1895-O Morgan Dollar, the 1893-O is, by the numbers, the lower-mintage issue. In terms of Mint State survival rate, however, the 1893-O is significantly less scarce. The 1893-O Morgan Dollar is conditionally rare in MS65 or better, with fewer than 20 known. Prooflike and Deep Mirror Prooflike specimens exist but are rare.

Like most New Orleans Morgan Dollars, the 1893-O typically is softly struck at the high points. This is most noticeable in the hair above the ear. Many known Mint State coins can be traced to bags released between 1948 and 1955. According to Q. David Bowers, this issue is not known to have been released by the Treasury Department during the 1962-64 silver dollar rush.

* * *

Market Data and Noteworthy Specimens

Dealer Harry W. Bason of New Hyde Park, New York, offered 74 different date/mintmark Morgan Dollars in Brilliant Uncirculated in a February 1951 ad in The Numismatist. He listed 1893-O Morgan Dollars for sale for $5.90 apiece.

Defining the finest known 1893-O Morgan Dollar can be tricky. Does one give the advantage to the toned Clapp-Eliasberg coin that graded MS66PL CAC or the Jack Lee MS65DMPL with its Deep Cameo frost? Jack Lee put this coin in three of his sets! The brilliant Eliasberg coin in PCGS MS65+ may also have its advocates, even though it’s a relatively recent upgrade. From an eye appeal standpoint, it’s a tough call. But the finest known 1893-O is one of these three coins.

Top Population: PCGS MS66PL (1, 1/2025), NGC MS65 (1, 7/2024), and CAC MS66 (1:0 stickered:graded, 1/2025).

• PCGS MS66PL CAC #28286118: Colvin Randall to J.M. Clapp, by sale, March 1894; John H. Clapp Collection, en bloc via Stack’s, to Louis Eliasberg, Sr, 1942; “The Louis E. Eliasberg, Sr. Collection,” April 1997, Lot 2293; As PCGS MS66 #7962367. Heritage Auctions, January 7, 2004; Dealer intermediaries to Legend Numismatics; Legend Numismatics to Coronet Collection, by sale. As PCGS MS66PL CAC #28286118. “The Coronet Collection,” Legend Rare Coin Auctions, June 25, 2015, Lot 64 – $458,250; Legend Rare Coin Auctions, October 26, 2017, Lot 387 – $411,250. Golden-orange centers with magenta and blue toning around the periphery. Eliasberg-Coronet on insert.
• PCGS MS65DMPL CAC #04884185: “Auction ’80: The Leo A. Young Collection of Morgan Silver Dollars,” RARCOA, August 1980, Lot 1794; “Auction ’87: The Barbara Goldfreed Collection,” RARCOA, July-August 1987, Lot 1252; George Bodway; Jack Lee I Collection; Jack Lee II Collection; “The Jack Lee III Collection,” Heritage Auctions, November 3, 2005, Lot 2313 – $258,750. Jack Lee 1/Jack Lee 2 on insert; “The Larry H. Miller Collection,” Stack’s Bowers, November 12, 2020, Lot 6361 – $360,000. Golden toning around the rims. Deep Cameo contrast.
• PCGS MS65+ CAC #41529261: Louis E. Eliasberg, Sr.; As NGC MS66 #116187-001. “The Prichard Collection,” Heritage Auctions, January 2021, Lot 4038 – $174,000; As PCGS MS65+ CAC #41529261. Heritage Auctions, August 18, 2021, Lot 3377 – $228,000. Crossed to PCGS, where the coin downgraded by 1/2 point. Brilliant. Eliasberg on insert. Tick on T of UNITED. PQ coin.
• NGC MS65 #1720580-001: “The Reuben Reinstein Collection,” Heritage Auctions, July 12, 2007, Lot 1604 – $115,000; “The Citizen Bold Collection,” Heritage Auctions, June 13, 2024, Lot 3054 – $108,000. Brilliant. Copper spot on R of PLURIBUS. Stuppler’s PQ sticker added.
• NGC MS65* #4489621-001: Heritage Auctions, January 4, 2018, Lot 4943 – $132,000. Brilliant.
• PCGS MS65: “The Anne Kate Collection,” Stack’s Bowers, June 2012, Lot 3206 – $152,750. Tinge of champagne toning. Cameo devices.
• PCGS MS64+ CAC #35820263: Legend Rare Coin Auctions, May 26, 2022, Lot 178 – $52,875. Deep diagonal scratch across the cheek. Wispy champagne toning over brilliant surfaces. Flatness over ear. California on insert.
• PCGS MS64+ CAC #40552442: As NGC MS64+ CAC #4932270-004. Legend Rare Coin Auctions, May 14, 2020, Lot 259 – $27,025. As PCGS MS64+ CAC #40552442. Heritage Auctions, January 21, 2021, Lot 4037 – $36,000. Crossed to PCGS. Frosty, but photographs make the coin look a little muted.
• PCGS MS64+ CAC #06666370: Superior, February 2005, Lot 3284; Legend Rare Coin Auctions, October 2014, Lot 189 – $21,737.50; “The Perfection Collection of DMPL / Prooflike Morgan Dollars,” Heritage Auctions, August 14, 2019, Lot 3800 – $23,400. On the obverse, blue toning around the periphery with gold and orange centers.
• PCGS MS64+ CAC #83780205: Heritage Auctions, August 2, 2017, Lot 4053 – $42,300. Orange toning along the lower obverse rim and around the entire reverse rim.
• NGC MS64DPL #3129235-001: Heritage Auctions, January 7, 2015, Lot 4195 – $64,625.

* * *

Design

Obverse:

Facing left, the bust of Lady Liberty wears a Phrygian cap encircled with a ribbon adorned with the word LIBERTY. Miss Liberty also wears a “vegetal” crown of wheat and cotton, two of the nation’s most lucrative natural agricultural assets in the 19th century.

The motto E PLURIBUS UNUM is inscribed along the upper half of the obverse rim, and the date 1893 is centered at the bottom. Seven stars appear between the left side of the date and E PLURIBUS UNUM, while six stars fill the gap between the date and motto on the lower right side of the coin. In total, the 13 stars represent the 13 colonies that combined to form the original Union. In the truncation line of Liberty’s neck is the M monogram representing Morgan’s initial.

Reverse:

The reverse features a heraldic eagle, its wings spread across the upper half of the coin. Between the upper tips of the eagle’s wings is the motto IN GOD WE TRUST. The eagle clutches an olive branch representing peace in its dexter claw (viewer’s left) and three arrows symbolizing the nation’s ability to defend itself in its sinister claw (viewer’s right). A laurel wreath cradles the central eagle.

Along the rim of the upper two-thirds of the reverse is the legend UNITED STATES OF AMERICA, with the tip of the eagle’s left wing (which virtually touches the coin’s rim) penetrating the space between UNITED and STATES; the right wing visually divides the words OF and AMERICA. The words ONE DOLLAR, seen at the bottom center of the reverse, are flanked by a single, six-pointed star on either side.

The mintmark O for the New Orleans Mint is below the wreath and above the denomination.

Edge:

The edge of the 1893-O Morgan dollar is reeded.

Coin Specifications

* * *

The post 1893-O Morgan Dollar : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.