Only 1,260,000 Morgan Dollars left San Francisco in 1894, one of the smallest S-mint runs of the entire series. Nearly all of them went straight into circulation out west, and very few were set aside while new, so Mint State survivors are genuinely hard to locate today. Collectors building a date-and-mint set of Morgan Dollars usually find the 1894-S to be one of the last holes they fill. Its low mintage and heavy use give the date a standing well above the common issues of the 1880s.

The obverse carries George T. Morgan's Liberty head facing left, wearing a Phrygian cap with wheat and cotton tucked into her hair beneath the LIBERTY band. E PLURIBUS UNUM arcs above with thirteen stars along the lower border and the 1894 date below. On the reverse an eagle spreads its wings while clutching an olive branch and arrows, framed by a wreath with UNITED STATES OF AMERICA and ONE DOLLAR around the rim. The small S mintmark sits below the wreath bow, and San Francisco's strike shows strong definition in the wing feathers and wreath leaves.

PCGS graded this Morgan Dollar MS-62, placing it solidly in the Mint State range with no trace of wear on the cheek, cap, or breast feathers. The surfaces are bright and largely untoned, with frosty white luster across both sides and only the scattered contact marks expected at the grade. For a date this difficult in uncirculated condition, an original, problem-free MS-62 offers real presence without the premium attached to the higher grades. A welcome addition to any set of Morgan Silver Dollars by date and mint.

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