1892-S $1 MS (PCGS# 7218)

Denver Platinum Night

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    Heritage Auctions
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Lot Description
1892-S $1 MS62 PCGS. With a mintage of 1.2 million pieces, this particular issue is possibly unique among all American coins. Each month, from January to December, exactly 100,000 coins were minted! The collector of Mint State Morgan silver dollars is challenged by certain dates that are nearly impossible to locate. This 1892-S issue is one of those dates. Nearly all of the original mintage was released into circulation at the time of issue, and today, circulated coins are quite common. This story is similar to certain other Morgan dollar issues, such as the 1884-S. Today, examples of the 1892-S issue are affordable in VF and XF grades. Relatively few AU grade coins have survived, and these are often the choice of collectors when they are not being optimistically offered as Mint State. True Mint State coins, such as the present example, are extremely rare in the context of Morgan silver dollars. Dave Bowers recently estimated a total population of 250 to 500 Mint State examples of this date. In his "Red Book" of Morgan dollars, Bowers summed up the existence and importance of this date: "Years ago, worn 1892-S dollars were common in dealers' stocks, and little attention was paid to them. Then, after the 1962-1964 Treasury releases were analyzed, and no cascade of Mint State 1892-S dollars had been found, a great demand arose for circulated pieces to supply the date and mint. The few Uncirculated coins that did exist mounted to ever-higher market levels, while more than just a few AU pieces were sold as being in Mint State." These comments are important and must be put in perspective. While a number of AU grade coins, especially those that technically grade AU58, have been and still are offered as Mint State, the actual rarity of true Mint State examples is even greater than it appears. The present specimen is one of the true Mint State rarities, andit will undoubtedly find a high level of demand when it crosses the auction block. Both sides are well struck with esse
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