The absolute finest known 1893-S Morgan Dollar is the Vermeule specimen, graded by PCGS as MS-67. It is the only coin graded by that service in that grade, and is followed by five MS-65’s. This number does not appear to include more than one resubmission. Only a few are graded in each of the lower uncirculated grades, with most, being heavily bagmarked, grading between MS-60 and MS-63.
NGC populations follow the same scheme, with also just a single MS-67 (not the same coin) and three MS-65’s. Again, no pieces graded MS-66 are known to exist. NGC has graded the remarkably “high” number of ten MS-64’s, although this number appears to be heavily influenced by resubmissions. Coins with prooflike surfaces are even rarer. In fact, only a single example has been graded by PCGS with the PL designation, this being an example currently holdered as a MS-62PL. As such the 1893-S is not one of the overall key dates of this popular series, it is also virtually impossible to find with any reflective surfaces.
The highest auction price that has been paid for an 1893-S Morgan Dollar was $ 414,000 for the Vermeule specimen, sold in November 2001, when it was not yet certified by either PCGS or NGC. In October 2008, it was reported that the coin changed hands again at a price in excess of $1 million dollars.
Circulated coins are more abundant, although still highly prized by collectors. As circulation was so heavy on this issue most are in Good and Very Good grades, although Fine and Very Fine examples can also be found with some searching. Extremely Fine and About Uncirculated 1893-S Morgan Dollars are rarities, and sell for five-figure amounts, whenever they are offered. A heavily circulated 1893-S Morgan Dollar with problems such as cleaning can usually be found for a few thousand dollars.