The silver mining industry is pushing up the price of that metal. The Sherman Silver Purchase Act of 1890 obliging the federal government to buy a considerable amount of silver does not curb the crisis. Many banks go bankrupt.
The Morgan dollar is a circulation currency that nobody hoards. Its productions are active but often canceled by counter-orders that generate immediate melting or stocks that will be melted later. The Morgan dollar 1889-CC (Carson City) is a typical example. An almost perfect example graded MS-68 by PCGS was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
In 1893 the gold reserves fell to their critical threshold with the risk that gold certificates could not be any more exchanged. Due to the financial panic the Morgan dollar 1893-S (San Francisco) is extremely rare in mint state.
An 1893-S remained in a superb condition. Graded MS-67 by PCGS, it was probably chosen in the factory by a collector for the unusual sharpness of its strike and remained in his descendance until it was sold by Stack's in September 2001 for $ 414K including premium.
This coin had not been included in the auctions of the Coronet collection of Morgan dollars by Legend Rare Coin in 2015. This operator had attempted a private sale with a price tag at $ 2M. This offer was discussed at that time in an article shared by Coin World.
It is now estimated $ 1.3M for sale by the same auction house in Philadelphia on October 26, lot 388. Legend Rare Coin is the official auctioneer of the PCGS Members Only Show.