Stunning 1892-S Morgan Dollar, MS65

1892-S $1 MS65 PCGS. VAM-1. When key-date Morgan dollars are discussed, the 1893-S is usually mentioned first, as it is a rare and important issue in all grades. The proof-only 1895 is usually mentioned next, and beyond that, numerous condition rarities are talked about. The 1892-S is one of those condition rarities, from a mintage of 1.2 million coins, and nearly always available in low to middle circulated grades at a modest price. Other condition rarities include such dates as the 1884-S, 1886-O, 1895-O, and 1901. Each date is relatively common in circulated grades, but rare in Mint State. At Gem or finer grades, there are many other dates that also qualify as condition rarities. Among them, the 1892-S is one of the most important.
For many years, this date was less desirable than most others in Mint State grades, despite being at least equal in rarity. The reason was that many AU coins exist, and those pieces were often sold as Mint State at a discount from prevailing Mint State price levels. However, today, condition is one of the prime factors in the rare coin market. The present amazing Gem is clearly destined for one of the finest Set Registry collections.
In A Guide Book of Morgan Silver Dollars, Dave Bowers explains:

"I am not aware of any bags of Mint State 1892-S dollars released after the 1930s, although now and again a few pieces would be found mixed with other coins. For a long time the 1892-S, although rare in Mint State, was not greatly desired. In 1982, Wayne Miller noted that a half dozen or so Uncirculated coins had come to light in recent years, and that 'probably fewer than 200 specimens exist in choice BU [MS-63] or better condition.'
"Miller also noted that 'most' investment advisory letters stated that the 1892-S dollar 'is one of the few key date Morgans which is not instantly saleable in choice BU condition.' In 1992, Maurice Rosen suggested that the lack of demand was probably because many AU coins were offered as 'Uncirculated,' although true Uncirculated coins were rare. Philosophies change, and today a gem would, indeed, find a ready market."

Unlike the 1893-S that is known in just one die combination, the Van Allen-Mallis reference lists seven different VAM varieties for the 1892-S dollar, and VAM-1 is simply called the "Normal Die" variety and may consist of more than one individual marriage. It might be interesting for some patient researcher to examine all of the 1892-S VAM-1 dollars for distinguishing characteristics. For example, this piece has short, diagonal die lines in the field inside the ribbon bow.
The present piece, a stunning and vibrant Gem, is deeply and colorfully toned with pale greenish-yellow, light blue, violet, and steel patina. Although slight weakness is evident over Liberty's ear, as usual, the strike is excellent, with bold design features on both sides. Population: 5 in 65, 9 finer (6/09).(Registry values: P8, N10218) (#7218)

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