Morgan dollar mintages steeply plunged in the early 1890s and that decade includes most of the top rarities in the series. This 1894-S issue is very elusive and one of the key scarcities of “the rare decade.” Asilver dollar encyclopediaestimates that perhaps less than 5% of its low 1.3 million mintage may survive in Very Fine quality or above.The 1894 date is the second toughest to find in the 28-date Morgan dollar series.It’s the most elusive and costly Philadelphia Mintcirculation issue, commanding thousands of dollars in Very Fine quality. The most affordable choice for the date is the 1894-O (New Orleans), which isscarce in its own right. It’s estimated that as few as 40,000 may survive in our nicely detailedVery Fine quality or better.