1892-S $1 MS64+ PCGS. CAC....

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1892-S Morgan Dollar, MS64+
Sought-After Condition Rarity
CAC-Endorsed Quality

1892-S $1 MS64+ PCGS. CAC. Ex: Wurt 1. The 1892-S is a landmark condition rarity in the incredibly popular Morgan dollar series. The issue is readily collectible in circulated grades but, among all business-strike Morgan dollar issues, only the legendary 1893-S is more difficult to locate in high grade. Miles Standish called the 1892-S "underrated" in his popular series reference, despite the relatively high prices routinely realized whenever a high-grade specimen is publicly offered. Such offerings are few and far between, as this is only the sixth time Heritage Auctions has offered a specimen of the 1892-S that graded MS64, or better, in the last ten years. Clearly, this lot represents an important opportunity for the advanced collector or Registry Set enthusiast.

Mintage and Distribution
The San Francisco Mint struck a fairly modest production of 1.2 million Morgan dollars in 1892. Remarkably, the coins were delivered in 12 monthly batches of 100,000 coins apiece. Quality control was not a problem with the 1892-S and Q. David Bowers notes:

"Most Mint State 1892-S dollars are well struck and have good mint luster and a minimum of bagmarks. High-grade examples are usually a joy to behold."

Surprisingly, for such a well-produced issue, examples with Prooflike, or Deep Mirror Prooflike surfaces are extremely rare.

Most of the smallish mintage was released into circulation in the late 19th or early 20th century, accounting for the ready availability of the issue in circulated grades today. Few high-quality examples were saved for numismatic purposes. A smaller number of coins was held in government storage, as records indicate one bag of 1892-S dollars was paid out by the San Francisco Mint in the 1925 to 1926 time period. There was little numismatic interest in branch mint Morgan dollars at the time, and the release went largely unnoticed by contemporary collectors. No other bag quantity releases have ever been reliably reported and the 1892-S was not well represented in the great Treasury releases of the 1960s. Accordingly, the 1892-S Morgan dollar is extremely elusive in high grade today.

An Underrated Rarity
The elusive nature of the 1892-S Morgan dollar in high grade was not appreciated by contemporary numismatists and the issue languished in obscurity for decades before burgeoning collector demand in the 1960s revealed its true rarity. The 1892-S began appearing at auction at an early date, but terse lot descriptions were the order of the day, with no accolades or acknowledgements of rarity included, even for Uncirculated examples. The coin in lot 695 of the William Friesner Collection (Edouard Frossard, 6/1894), in the section of the catalog reserved for San Francisco Mint dollars, was described simply as, "1892. Uncirculated." The lot realized $1.10. Another Mint State example in Frossard's sale of March 8, 1898, brought even less, at $1.05. The 1892-S continued to be overshadowed by other issues, like the 1893-S, throughout the 1940s and 1950s, though some insightful dealers became aware that the issue was something special in high grade during this era. In his Golden Jubilee Sale in 1950, B. Max Mehl described an 1892-S as follows:

"1892-S. Brilliant uncirculated with brilliant mint luster; it is really a semi-proof. Just the very slightest evidence of having been handled with other coins. In the sale of the Roe Collection a specimen about equal to this one but hardly as choice, brought $27.50. An equal specimen to this one brought $32.50 in the Atwater Sale. It should bring more today."

The lot realized $36.50. For comparison, the 1893-S in the Roe sale realized $132, the coin in the Atwater sale brought $185, and the specimen in the Golden Jubilee sale realized $315. The 1892-S Morgan dollar was clearly lagging behind other rarities in the series at this juncture, but it began to come into its own after no large quantities of the issue surfaced in the 1962 through 1964 Treasury releases. Collector interest quickly increased in the following decades and the 1892-S is a highly regarded key to the series in high grade today. Recent sales include the MS64 PCGS/CAC specimen in lot 3838 of the Long Beach Signature (Heritage, 9/2019), that realized $192,000.

The Present Coin
The coin offered here is a spectacular Plus-graded Choice example, with sharply detailed design elements throughout. Some nearly horizontal parallel die striations are evident in Liberty's hair and ear. The well-preserved original surfaces are enhanced by highlights of lavender-gray, sea-green, and jade toning, with satiny mint luster underneath. No mentionable distractions are present. The overall presentation is most attractive and the high quality within the grade is confirmed by CAC. This coin is pictured on PCGS CoinFacts. Population: 11 in 64 (2 in 64+), 14 finer. CAC: 5 in 64, 3 finer (4/24).
Ex: The Wurt Collection All-Time Finest PCGS/CAC Morgan Dollar Registry Set, Basic Set, Circulation Strikes (1878-1921).(Registry values: P8, N7079)
From The Citizen Bold Collection.

Coin Index Numbers: (NGC ID# 255P, PCGS# 7218, GSID# 7608)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.77346oz
Mintage: 1,200,000

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