There are plenty of rare collectible coins, but few can sell for $1 million. An 1893-S Morgan Dollar garnered that price in 2014, setting a record for that version of currency. To understand why it’s so valued, consider the background of this remarkable old coin.

A Drop In Silver Coin Production

Supply and demand affect the value of coins just as they influence the pricing of commodities. In 1890, the Sherman Silver Purchase Act was passed, increasing the amount of silver the U.S. government was required to purchase. It was intended to boost the economy by increasing prices to help struggling farmers and miners. In 1893, President Grover Cleveland repealed the Sherman Act, which resulted in a drop in silver production. That decision meant only 100,000 Sherman Dollars were made at the San Francisco Mint that year.

The 1893-S Morgan Dollars aren’t all equal; it’s estimated 10,000 exist in all grades but only 120 are Mint State survivors. The Mint State rating is used to indicate a coin’s degree of perfection. The designations range from 60 to 70, with 70 considered perfect condition.

The King of the Morgan Dollar Series

The 1893-S Morgan Silver Dollar purchased for $1 million is the only coin of that year that earned an MS67 Mint State designation. Professional Coin Grading Service experts believe only six or seven coins deserved an MS65 rating or better. This remarkable coin is now part of the Coronet Collection and goes by the name of Vermeule-Lee-Coronet specimen.

If you have a coin collection or are interested in starting one, visit Hawaiian Island Stamp & Coin in Honolulu. They have a fantastic selection of collectibles, including silver and gold coins, paper money, and Hawaiian coins. Visit their website to view their offerings and call (808) 531-6251 to speak with an expert about your old coins and arrange an appraisal.