1892-S $1 MS (PCGS# 7218)

2005 February Long Beach Signature Sale #366

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    7265
  • Grade:
    MS65
  • Price:
    $132,250.00
Lot Description
1892-S $1 MS65 PCGS. This issue is one of those dates in the Morgan Silver Dollar series that is seldom seen in Mint State preservation. Even an example that grades just MS60 is usually considered a highlight in a complete set of coins of this design. While the mintage of this issue exceed the million coin mark, nearly all entered circulation, or else they were melted during the great silver melts of the early 20th century, a result of the 1918 Pittman Act. This issue is intriguing for its delivery record. Each and every month, from January through December 1892, exactly 100,000 coins were delivered, for a total mintage of 1,200,000 coins! The last quantity of 1892-S Morgan silver dollars to be released was in the 1920s, to the best of current numismatic knowledge. At that time, it was not generally recognized that this issue was, or was to become, a major rarity, and numismatists paid little attention to the availability of these coins. It was not until the Treasury hoard of the 1960s did it become a recognized fact that this was a rare date. Today, the availability of any Mint State example represents an extremely important opportunity for the advanced collector. Until recently, and especially prior to the advent of third-party certification services, many AU grade '92-S Morgan Dollars were offered as "Uncirculated," although truly Mint State coins remained rarities. The offering of a Gem example, such as this coin, is finally a landmark event. In all of our auctions, Gem quality Mint State examples of this date are offered on an average of one a year, and the offerings over the past 10 years represent a smaller number of actual coins. Similarly, we are certain that the current PCGS Population represents less than the 14 coins recorded in MS65 or finer grades. Currently, the PCGS population data show 4 MS65, 4 MS66, 5 MS67, and 1 MS68 examples certified. This Gem quality example has pristine surfaces with only a few miniscule surface marks, and those few that are
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