1892-S $1 MS (PCGS# 7218)

2005 November Dallas, TX Signature Auction Platinum Night #388

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    Heritage Auctions
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Lot Description
1892-S $1 MS68 PCGS. Only 1.2 million Morgan Dollars were coined at the San Francisco Mint in 1892, and many of these immediately went into circulation. The mintage itself makes an intriguing sale, for each and every month of the year saw exactly 100,000 coins struck. This is a remarkable and perhaps unique situation in the history of the United States Mint. Apparently most of these coins were immediately paid out and placed in circulation, for nearly all known examples today are well worn. In grades below XF, the '92-S is a plentiful and inexpensive issue. Those coins that grade XF or AU are scarce and more expensive. Mint State coins, regardless of numerical grade, are all but impossible to locate. In fact, in all Mint State grades, PCGS and NGC have only certified 103 examples of this issue, doubtless with multiple resubmissions. It is possibly the case the nearly the entire mintage entered circulation. Occasional pieces would be found with other dates, but apparently not even a single bag of Mint State examples have been found since the late 1920s, when a bag (or possibly more) was paid out at the San Francisco Mint. This event went more or less unnoticed in numismatic circles. In his Textbook, Wayne Miller had extensive commentary which is important in the context of this offering: "The typical mint state 1892-S dollar is well struck, with good luster and fewer than average bagmarks. This date is now known to be not nearly as rare as the 1893-S in fully uncirculated condition; probably two dozen or more have surfaced in the past six years [prior to 1982]. The 1892-S has been denigrated as a poor investment by most advisory letters, to the effect that it is one of the few key date Morgans which is not instantly saleable in fully gem condition. "There is not doubt, however, that the 1892-S is still very rare in fully mint state condition. Of the more than one million pieces which were struck, probably fewer than two hundred specimens exist in choice BU or better
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