1892-O $1 MS (PCGS# 7216)

2000 October Long Beach Signature Sale #238

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    Heritage Auctions
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Lot Description
1892-O $1 MS 66 NGC. The 1892-O is one of the many Morgan dollar issues that baffles novice collectors. Mint records indicate that 2,744,000 pieces were produced, and the general availability of circulated and average Mint State survivors is consistent with this figure. One might assume that Gem quality representatives are equally as available, but nothing can be farther from the truth. The indifference with which the New Orleans Mint impressed many of these coins makes the offering of a sharply struck Gem a truly rare occasion. Wayne Miller did mention, however, that a bag of 1,000 Mint State '92-O dollars surfaced in 1977, many of the coins being fully struck Gems. If this is true, then Miller must have been referring to MS 65 examples. At the MS 66 level, NGC and PCGS combined report only seven coins, and there is a lone MS 67 PCGS specimen finer (7/00). This is a truly extraordinary representative of this strike rarity. Thick, satiny luster blankets both sides with delicate golden-russet halos around the borders. Sharply, but not fully struck over the centers, the surfaces reveal a single abrasion on the obverse near star 4 that should serve as a pedigree marker. Ex: February 2000 Long Beach Sale (Heritage, 2/00), lot 5616, where it realized $14,000.
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