1892-S $1 MS (PCGS# 7218)

2006 January Orlando, FL (FUN Platinum Night) Signature Auction #394

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    Heritage Auctions
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Lot Description
1892-S $1 MS66 PCGS. Only 1.2 million Morgan Dollars were coined at the San Francisco Mint in 1892, and many of these immediately went into circulation. 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 Uncirculated grades, PCGS and NGC have only certified 96 examples of this issue, doubtless with multiple resubmissions. In Premium Gem, the condition of the piece in this lot, the services have seen five coins, and nine specimens finer. It is possible that 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 1993 Silver Dollars and Trade Dollars of the United States, David Bowers estimated the 1892-S Mint State population as follows: MS60 to MS62, 75 to 140 coins; MS63, 25 to 50 specimens; MS64, 10 to 20 pieces; and MS65 or better, 25 to 50 coins. Bowers went on to say that most Uncirculated '92-S dollars are well struck with good luster and minimal bagmarks, and that "High grade examples are usually a joy to behold." The present coin displays smooth satin-like surfaces with glowing luster, and whispers of light dappled mauve patina in some of the peripheral areas. The remaining surfaces are essentially untoned. All of the design elements are well executed, with excellent delineation in the hair over Liberty's ear and in the eagle's breast feathers. Both sides are immaculately preserved, revealing no mentionable abrasions or spots. Two tiny marks on Liberty's upper chin may be used
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