The San Francisco Mint issue is far and away the scarcest Morgan dollar for the 1896 date. In mint-state quality, this S-mintmark issue is genuinely rare, selling for four figures when one turns up. Most of the mintage was kept in Treasury bags and the vast majority lost in government melts. That puts added pressure on circulated issues like our nicely detailed Very Fine quality. A silver dollar encyclopedia estimates that as few as 55,000 may exist in VF quality or better grades.