1892-S $1 MS65 PCGS....

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1892-S Morgan Dollar, MS65
Prime Condition Rarity
Often Overlooked

1892-S $1 MS65 PCGS. The San Francisco Mint struck a fairly modest production of 1.2 million Morgan dollars in 1892. The coins were delivered on a remarkably consistent schedule of 100,000 pieces every month throughout the year. Most of the coins were released into circulation at, or near, the time of issue. Collecting branch mint issues only became popular in this country after Augustus Heaton published his landmark Treatise on the Coinage of the United States Branch Mints in 1893, so few high-quality examples were saved by contemporary collectors. As a result, the 1892-S is not difficult to locate in circulated grades today, but Mint State coins are prime condition rarities. Among all the issues in the popular Morgan dollar series, only the 1893-S is more difficult to locate in Uncirculated condition.
     The elusive nature of the 1892-S in high grade was not appreciated by contemporary collectors. Examples began appearing in auctions at an early date, but they realized only small premiums. A typical early offering was the Uncirculated specimen in lot 695 of the William Friesner Collection (Edouard Frossard, 6/1894), which realized only $1.10. Twenty years later, another example in the Collection of a Prominent American (United States Coin Company, 5/1915), lot 1131, brought only $1.50, a small increase over the price in the Frossard sale. Most of the coins held in government storage were probably melted under the provisions of the Pittman Act in 1918, but Q. David Bowers notes a single bag was released from storage at the San Francisco Mint in the 1925-1926 time frame. The coins were quietly absorbed in the regional economy without fanfare and attracted little notice from the numismatic community.
     When the issue failed to appear in the Treasury releases of the 1960s, series specialists finally began to appreciate the true rarity of the 1892-S, but the issue remains underappreciated in the numismatic community at large. This phenomenon persists to the present day, despite the incredibly high prices that high-grade specimens routinely bring on the rare occasions when they are offered. Recent sales include the spectacular MS65 PCGS example in lot 4053 of the Long Beach Signature (Heritage, 2/2018), that realized $192,000.
     The present coin is a delightful Gem, with needle-sharp definition on all design elements. The virtually flawless brilliant surfaces are free of mentionable distractions. Vibrant mint luster radiates from both sides and overall eye appeal is terrific. We expect intense competition from series specialists and Registry Set enthusiasts when this coin crosses the auction block. PCGS Population: 4 in 65, 10 finer (3/26).(Registry values: P8, N10218)
From The Pizza Collection.

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

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.85oz
Mintage: 1,200,000

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