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1894-S 10C PR65 PCGS. As one of the "Big Three" of American numismatics, along with the 1913 Liberty nickel and the 1804 silver dollar, acquisition of this rarity has long been regarded as a pinnacle of collecting. Of these three rarities, only the 1894-S dime was officially listed in Mint Reports at the time of issue.

This is one of the finest known 1894-S Barber dimes, and is the single most important example from a historical perspective. Only three of the nine currently known examples have been described as Gem quality. The Eliasberg Collection coin was described in the May 1996 sale as Proof 65; however, that coin has reportedly been dipped at least twice since the sale. The Eliasberg duplicate, sold by Stack's in 1947, is graded PR66 by NGC, but despite the grade, it is the coin that Eliasberg considered his duplicate, thus is probably no finer than the coin he kept.

In our opinion, this coin is equal to the primary Eliasberg coin retained for his collection, and these two are the two finest examples. Both of these coins are superior to the Eliasberg duplicate that was sold by Stack's in 1947, despite its higher certified grade.
Why were there only 24 dimes struck at the San Francisco Mint in 1894? This question has been asked by numismatists for many years. And why were they all struck as Proofs? Several theories over the years have tried to explain the mintage of these coins.

One of the early theories suggested that these 24 coins were simply struck to balance the books in 1894, as reported in the April 1928 issue of The Numismatist. This theory was related by Farran Zerbe who claims that the information was given to him at the San Francisco Mint in 1905:

"To close a bullion account at the San Francisco Mint at the end of the fiscal year, June 30th, 1894, it was found necessary to show 40 cents, odd, in the year's coinage. The mint not having coined any dimes during the year, the dime dies were put to work, an (PCGS# 4805)
Auction 360 | Lot: 30164 | Jan 15, 2005

Sold For: $1,035,000.00
1894 $10 PR65 PCGS.
Auction 1201 | Lot: 5503 | Jan 12, 2014

Sold For: $105,750.00
1894 $1 MS66 PCGS. (PCGS# 7228)
Auction 446 | Lot: 2742 | Sep 28, 2007

Sold For: $92,000.00
1894 $1 MS66 PCGS. In 1894 the Philadelphia Mint produced the second-lowest circulation strike mintage in the Morgan dollar series, striking only 110,000 coins -- merely 10,000 pieces more than the famously rare 1893-S production. Although the 1894 Philadelphia issue is much more available than the 1893-S due to larger quantities escaping circulation, but examples are nonetheless elusive in attractive Uncirculated grades, and Gems are decidedly rare. At the Premium Gem level, the 1894 Morgan dollar is a Condition Census candidate.

This lustrous and gleaming Premium Gem exudes eye appeal. Surprisingly vibrant mint luster engulfs each side, with a bold strike in the centers. Most of the interiors are brilliant or tinged champagne, while the borders show amber-gold, ruby-red, and steel-blue toning. Cartwheel luster effect swirls radiantly over the semireflective surfaces of this Registry-grade dollar. The fields are smooth and minimal tiny ticks and faint grazes appear on the cheek. Strongly struck with little more than a touch of blending over Liberty's ear. While PCGS has certified seven MS66 1894 examples, including one in 66+, NGC reports none in MS66 and one finer as of (7/25). This attractively toned example provides a viable improvement to nearly all Registry Sets and advanced Morgan dollar collections. Heritage has only handled two other MS66 examples and none finer to date. (PCGS# 7228)
Auction 63334 | Lot: 92065 | Aug 25, 2025

Sold For: $90,033.60
1894 $1 MS66 PCGS. CAC. (PCGS# 7228)
Auction 1121 | Lot: 5027 | Jan 11, 2009

Sold For: $74,750.00
1894 $1 MS 66 PCGS. Morgan dollar production continued to fall at the Philadelphia Mint through 1894, and only 110,000 business strikes emerged from the presses this year. Although several bags of 1894 dollars were released from federal holding in the 1950s and 1960s, this issue's limited original mintage guarantees its status as the rarest P-mint Morgan dollar in Mint State after the 1901. The strike on the obverse of this Gem is above average, yet not bold, but the reverse is considerably sharper over the eagle's breast feathers. Both sides are fully satiny with a modest glow in the fields. Delicate silver-gray iridescence is noted throughout, and the surfaces are free of even the most trivial distraction. This coin shares the MS 66 grade level with only one other PCGS specimen, and neither service reports a single coin finer (7/00).
From the Gregg Bingham NFL Collection. (PCGS# 7228)
Auction 244 | Lot: 7968 | Jan 6, 2001

Sold For: $40,250.00
1894-S $1 MS66 PCGS. The 1894-S is infrequently encountered in the better Mint State grades. About 130 or so coins of this issue in Full Gem have been certified by PCGS and NGC; Premium Gem and better specimens amount to just 16 coins. Only nine MS66 examples have appeared in major auctions within the last 15 years, along with one specimen that graded higher. The Premium Gem specimen offered in this lot displays dazzling luster overrun with occasional splashes of lavender, cobalt-blue, and golden-brown coloration. The design elements show excellent definition, though slight softness is noted in the hair over Liberty's ear. A few minor scuffs on Liberty's cheek and neck are all that preclude an even higher grade. Population: 8 in 66, 2 finer (10/05). (PCGS# 7232)
Auction 388 | Lot: 2323 | Nov 5, 2005

Sold For: $34,500.00
1894-O 50C MS66+ PCGS. CAC. (PCGS# 6469)
Auction 1231 | Lot: 5386 | Jan 11, 2016

Sold For: $28,200.00
1894-S 50C MS66 PCGS. CAC. (PCGS# 6470)
Auction 1121 | Lot: 3871 | Jan 11, 2009

Sold For: $27,600.00
1894-O 50C MS66 PCGS. As an issue, the 1894-O is not one of the rarer ones in the Barber half series with 2.1 million pieces struck. However, in Mint State and especially in MS66 condition, it is definitely a rare find. Probably only 12-15 pieces are extant today in Gem condition with a mere three pieces finer than this one. However, it is difficult to imagine a coin with more visual appeal than this particular piece. Not only is this piece sharply struck, which is very unusual for a '94-O, but also much of the eye appeal of this coin comes from its sparkling prooflike fields. Not only are the fields nicely reflective but the devices are noticeably frosted and provide a stark cameo contrast on each side. To return to the strike for a moment, David Lawrence said of this issue, "Typical O-mint strike. Usually softly struck along a vertical line that runs through upper right hand corner of shield. About 60-75% are poorly struck, some horribly so." That is certainly not the case with this coin, although the upper portion of the eagle's right (facing) wing does show some weakness. The centers are mostly brilliant with russet and cobalt blue toning around the peripheries. Exceptionally clean with only the tiniest marks evident with a magnifier. (PCGS# 6469)
Auction 360 | Lot: 4206 | Jan 15, 2005

Sold For: $20,700.00
1894-O 10C MS66 PCGS. Boldly struck throughout with complete definition on Liberty and the reverse wreath. A sparkling virtually untoned coin that shows good luster and ample eye appeal. Scarce and desirable in this lofty grade. As one would expect, the surfaces are a delight to behold, with nary a contact mark to be found, even with a strong glass. NGC has graded a single coin higher of this date, but none as MS66, while PCGS has graded 6 this high with none finer (11/04). With a paltry mintage of 720,000 pieces there simply were not enough of these to save in Mint State, which accounts for the rarity of this date in Gem. A foremost condition rarity that will please even the most demanding collector, and a prize to acquire. (PCGS# 4804)
Auction 360 | Lot: 4008 | Jan 15, 2005

Sold For: $20,700.00
1894 $2 1/2 MS66 PCGS. CAC. (PCGS# 7846)
Auction 1376 | Lot: 4047 | Aug 18, 2024

Sold For: $20,400.00
1894-O 50C MS66 PCGS. CAC. (PCGS# 6469)
Auction 1124 | Lot: 2491 | May 3, 2009

Sold For: $19,550.00
1894-S $1 MS66+ PCGS. CAC. (PCGS# 7232)
Auction 1251 | Lot: 5767 | Jan 9, 2017

Sold For: $18,800.00
1894-O 10C MS66 PCGS. (PCGS# 4804)
Auction 1125 | Lot: 458 | May 31, 2009

Sold For: $17,825.00
1894-S 50C MS66 PCGS. CAC. (PCGS# 6470)
Auction 1225 | Lot: 3278 | Oct 29, 2015

Sold For: $17,625.00
1894-O 10C MS66 PCGS. There is no doubt that this is one of the stars of the present offering of Barber Dimes collected by Dr. Steven L. Duckor. Both sides are exquisitely detailed with frosty luster and almost imaginary iridescent toning. The obverse and reverse surfaces are essentially brilliant with only the faintest traces of gold color at the rims. Extremely close microscopic examination reveals a few wispy hairlines on Liberty's cheek, but the balance of the coin is essentially perfect and problem free, as it should be for the grade. No varieties have been reported for this low-mintage issue, although we note that this example has the mintmark tilted noticeably to the left. This example is essentially equal to the Hugon coin, and is an important condition rarity. It is hard to imagine two different examples in such high grade, given the production of just 720,000 coins. Population: 7 in 66, 0 finer (11/05).
From The Collection of Dr. Steven L. Duckor. (PCGS# 4804)
Auction 394 | Lot: 977 | Jan 7, 2006

Sold For: $17,250.00
1894-O 10C MS66 PCGS. (PCGS# 4804)
Auction 1136 | Lot: 2485 | Jan 10, 2010

Sold For: $16,100.00

Make Offer to Owner
$24,150 or more
1894 $2 1/2 PR65 PCGS. Proof Quarter Eagle production at the Philadelphia Mint ratcheted up to 122 pieces in 1894, but this issue is equally as elusive as the lower mintage 1892 and 1893. No more than 44 examples of the proof 1894 delivery are believed extant, only 18 coins of which have received a PR65 grade at PCGS (10/02). Three of the latter have sold in recent years:

1. Ex: Harry W. Bass, Jr. Collection (Bowers and Merena, 5/2000), lot 256, where it realized $9,775.

2. Ex: FUN Signature Sale (Heritage, 1/2001), lot 8124, where it realized $10,063.

3. Ex: Long Beach Signature Sale (Heritage, 2/2002), lot 6737, where it realized $13,225.

The present example is a distinct specimen that is identifiable by a tiny planchet void (as struck) in the lower left obverse field inside star 1. Although not designated as such on the PCGS insert, both sides display appreciable cameo finish with bold field-to-device contrast. Rich orange-gold color blankets fully brought up features that are free of mentionable hairlines and contact marks. There is a tiny swirl of haziness in the reverse field above the eagle's head, but it is anything but distracting. (PCGS# 7920)
Auction 314 | Lot: 8153 | Mar 1, 2003

Sold For: $16,100.00
1894-O 10C MS66 PCGS. (PCGS# 4804)
Auction 1124 | Lot: 2266 | May 3, 2009

Sold For: $16,100.00
1894-S $1 MS66 PCGS. Struck during a brief 3-year span when Morgan dollar production was dramatically scaled back, the 1894-S is the most easily obtainable issue struck this year at the Uncirculated level. While luster is never a problem with the 1894-S Morgan, the vast majority of Mint State survivors, however, are limited in grade by moderate to heavy abrasions and are occasionally hampered by the presence of roller marks across the central devices.

Over the past five years we have offered several of the finest 1894-S dollars ever certified, the nicest of which was a peripherally toned representative sold just a couple of months ago, a piece that brought an impressive $34,500. Just when we thought it might be many years before we saw its equal, along comes a remarkable untoned example that clearly proves that kind of thinking wrong. Everything seems to come together on this scintillating Premium Gem. The strike is temptingly close to full, the cartwheel luster jumps from the peerless surfaces, and the silky-smooth, frosty devices would be noteworthy even on a less challenging S-mint issue. In short, a coin with record setting potential. Population: 9 in 66, 2 finer (11/05). (PCGS# 7232)
Auction 394 | Lot: 3338 | Jan 7, 2006

Sold For: $16,100.00
1894 $5 MS66+ PCGS. CAC. (PCGS# 8387)
Auction 1344 | Lot: 3977 | May 8, 2022

Sold For: $15,600.00
1894-S $1 MS66 PCGS. (PCGS# 7232)
Auction 1365 | Lot: 3073 | Sep 14, 2023

Sold For: $15,600.00
1894-S $1 MS66 PCGS. (PCGS# 7232)
Auction 1356 | Lot: 3502 | Jan 12, 2023

Sold For: $15,600.00
1894 $5 MS66+ PCGS. CAC. (PCGS# 8387)
Auction 1380 | Lot: 5616 | Jan 19, 2025

Sold For: $14,400.00
1894-O 10C MS66 PCGS. (PCGS# 4804)
Auction 1219 | Lot: 4992 | Apr 26, 2015

Sold For: $14,100.00
1894-S $1 MS66 PCGS. CAC. (PCGS# 7232)
Auction 1239 | Lot: 5620 | Sep 8, 2016

Sold For: $14,100.00
1894-O 50C MS66 PCGS. CAC. (PCGS# 6469)
Auction 1223 | Lot: 4072 | Aug 12, 2015

Sold For: $14,100.00
1894 $2 1/2 PR65 PCGS. Of the 122 proof Quarter Eagles struck in 1894, it has been estimated that fewer than half are extant today. The 1894 is also a difficult issue as a business strike, with only 4,000 coins produced. This is an astonishing proof specimen, with ultra-deep mirrors that shimmer with reflectivity and stark cameo contrast against the "blackness" of the fields. There are no reportable or distracting blemishes or alloy spots. The combination of obvious rarity and spectacular eye appeal should lead to extensive bidder interest on this magnificent 19th century proof gold coin. Population: 19 in 65, 4 finer (11/01). (PCGS# 7920)
Auction 284 | Lot: 6737 | Feb 23, 2002

Sold For: $13,225.00
1894-S $1 MS66+ NGC. (PCGS# 7232)
Auction 1204 | Lot: 5313 | Apr 27, 2014

Sold For: $12,925.00
1894-S $1 MS66 NGC. (PCGS# 7232)
Auction 1201 | Lot: 5915 | Jan 12, 2014

Sold For: $12,925.00
1894 $2 1/2 MS66 PCGS. (PCGS# 7846)
Auction 454 | Lot: 3097 | Jan 12, 2008

Sold For: $12,650.00
1894-S $1 MS66 NGC. This is a phenomenal 1894-S dollar. The fields are bright and the obverse is semiprooflike. Each side is fully brilliant and snow-white in appearance. The coin is sharply defined, and close examination fails to reveal any abrasions that are worthy of individual mention. Only a few very shallow grazes are seen on Liberty's cheek. An impressive coin with exceptional eye appeal and technical merit, as NGC and PCGS combined report only three numerically finer pieces (9/25).
Ex: Long Beach Signature (Heritage, 2/2005), lot 10454; Dallas Signature (Heritage, 10/2008), lot 1436. (PCGS# 7232)
Auction 63340 | Lot: 93086 | Oct 6, 2025

Sold For: $12,600.00
1894-S 25C MS66 PCGS. An essentially full strike with exquisite, wholly original toning that comes in colorful array of reddish-orange and lime-green on the obverse, while milky lilac-gray patina at the center of the reverse yields to the more dramatic obverse colors as it approaches the border. One has to examine its surfaces carefully and with magnification to find any contact marks. Population: 2 in 66, 1 finer (4/03). (PCGS# 5609)
Auction 328 | Lot: 6994 | Jul 30, 2003

Sold For: $12,075.00
1894 $2 1/2 JD-1, Low R.5, PR65 PCGS. (PCGS# 106440)
Auction 1382 | Lot: 3103 | Apr 6, 2025

Sold For: $11,700.00
NGC 1894 PR 65 Cameo. Of the 122 proofs produced a century ago, it has been estimated that perhaps no more than 42 to 44 remain today. This is one of the finest examples known with NGC having only graded three others as PR 65 with another four finer. Incidentally, as a date, 1894 is a better one in the series with only 4,000 business strikes produced. This is an astonishing coin with ultra-deep mirrors in the fields that shimmer with reflectivity. The fields have a strong dose of frost that provides a stark cameo contrast against the "black" mirrored fields. There are no reportable or distracting blemishes or alloy spots. A superior 19th century proof gold coin. (PCGS# 7920)
Auction 122 | Lot: 7370 | Aug 2, 1994

Sold For: $11,550.00
1894-S 50C MS66 PCGS. With a mintage in excess of four million pieces, the 1894-S is one of the most available Barber halves, including higher grade, even Uncirculated coins. Of course, the landscape changes dramatically above the MS64 level. A couple of dozen pieces exist as near-Gems, but just a handful of MS65 and better coins are known. This is unquestionably one of the finest examples extant and it exhibits bright, semi-prooflike surfaces from having been struck from polished dies. The surfaces are untampered and original with light golden, lilac, and rose patina with the trace of a thumbprint on the lower obverse. Sharply defined throughout. Population: 4 in 66, 1 finer (11/04). (PCGS# 6470)
Auction 360 | Lot: 4207 | Jan 15, 2005

Sold For: $11,500.00
1894-S $1 MS66 NGC. (PCGS# 7232)
Auction 1117 | Lot: 1436 | Oct 25, 2008

Sold For: $11,500.00
1894-S 50C MS66 PCGS. With a mintage in excess of four million pieces, the 1894-S is one of the most available Barber halves, including higher grade, even Uncirculated coins. Of course, the landscape changes dramatically above the MS64 level. A couple of dozen pieces exist as near-Gems, but just a handful of MS65 and better coins are known. This is unquestionably one of the finest examples extant and it exhibits bright, semi-prooflike surfaces from having been struck from polished dies. The surfaces are untampered and original with light golden, lilac, and rose patina with the trace of a fingerprint on the lower obverse. Sharply defined throughout. Population: 4 in 66, 1 finer (6/05). (PCGS# 6470)
Auction 382 | Lot: 10215 | Jul 30, 2005

Sold For: $11,500.00
1894 $1 PR65 PCGS. CAC. (PCGS# 7329)
Auction 1371 | Lot: 4708 | Jan 14, 2024

Sold For: $11,400.00
1894-S $1 MS66 PCGS. (PCGS# 7232)
Auction 1224 | Lot: 4102 | Sep 20, 2015

Sold For: $11,162.50
PCGS 1894 PR 65. A glittering proof example of this scarcer date. Of the 122 pieces struck probably no more than 42-44 remain today and are identifiable as proofs. This is certainly a visually arresting example. The surfaces have an unfathomable depth of mirrored reflectivity and there is a slight, but noticeable, cameo contrast between the fields and devices on each side. On the reverse there is evidence of partially unfinished die work as the fields show myriad die striations that were not completely polished out of the die before striking. The surfaces appear technically perfect and there is a rich orange-gold patina that covers both sides of this lovely coin. (PCGS# 7920)
Auction 112 | Lot: 5192 | Feb 8, 1994

Sold For: $11,000.00
1894-S 50C MS66 PCGS Secure. (PCGS# 6470)
Auction 1143 | Lot: 3181 | Aug 15, 2010

Sold For: $10,925.00
1894-S 50C MS66 PCGS Secure. (PCGS# 6470)
Auction 1151 | Lot: 5572 | Jan 9, 2011

Sold For: $10,925.00
1894-S $1 MS66 PCGS. (PCGS# 7232)
Auction 1258 | Lot: 4055 | Aug 6, 2017

Sold For: $10,575.00
1894 $2 1/2 PR 65 PCGS. There is no doubt in our minds that this deeply cameoed example is completely original. The orange-gold color that blankets the devices yields to deep olive-gold shading in the fields. Fully struck and all but hairline-free, this coin possesses the eye appeal of an even higher grade. A small area of roughness in the planchet between stars 11 and 12 should serve as a useful pedigree marker. Despite a higher mintage, the 1894 (122 pieces produced) is equally as rare as the 1892 (105 pieces produced) and 1893 (106 pieces produced). There are probably no more than 45 examples of this issue extant. (PCGS# 7920)
Auction 244 | Lot: 8124 | Jan 6, 2001

Sold For: $10,062.50
1894-O 25C MS66 PCGS. CAC. (PCGS# 5608)
Auction 1229 | Lot: 98554 | Oct 28, 2015

Sold For: $9,987.50
1894-S $1 MS66 PCGS. VAM-1A. The obverse has a few die polishing lines including a heavy die scratch along the front edge of Liberty's eye. The 1894-S is infrequently encountered in the better Mint State grades. The Premium Gem specimen offered in this lot displays dazzling luster overrun with occasional splashes of lavender, cobalt-blue, and golden-brown coloration. The design elements show excellent definition, though slight softness is noted in the hair over Liberty's ear. A few minor scuffs on Liberty's cheek and neck are all that preclude an even higher grade.

Auction appearances for coins in this ultimate grade vary widely over the last few years from a low of $6,325 in February 2005 to $34,500 in November of the same year. Only three other coins have appeared in public auction (all Heritage sales) in 2006 and 2007, and further confirm the wide swing in prices for high grade '94-S dollars. The prices for the other three coins were $7,475, $12,500, and $16,100. The listing of these recent auction prices underscores how perception plays a pivotal role in the ultimate price realized for this issue in this grade. It will be interesting to see how bidders perceive (and thus value) this piece and the other MS66 coin that is the main part of the catalog. Population: 9 in 66, 2 finer (2/07).
From The Jackson Hole Collection. (PCGS# 7232)
Auction 450 | Lot: 83 | Apr 10, 2007

Sold For: $9,775.00

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