1892-S $1 MS66 PCGS....

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Sold on Jan 9, 2020 for:

$192,000.00 Bid Source: HA.com/Live bidder

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1892-S Morgan Dollar, MS66
Prime Condition Rarity
Condition Census Example

1892-S $1 MS66 PCGS. The 1892-S Morgan dollar claims a smallish mintage of 1.2 million pieces, with the coins delivered in 12 batches 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 the issue is the second-rarest Morgan dollar in Mint State condition.

The elusive nature of the 1892-S in high grade was not appreciated for decades after the coins were distributed. Examples began appearing in auctions right away, but they realized only small premiums. An Uncirculated specimen was offered in lot 695 of the William Friesner Collection (Edouard Frossard, 6/1894), where it 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 records indicate a single bag was released from storage at the San Francisco Mint in the 1925-1926 time frame. The numismatic community evinced the same lack of interest in the newly released coins as it showed in the earlier examples offered at auction. The coins were quietly absorbed in the regional economy and may be the source of many of the AU specimens on the market today.

The 1892-S was never released in bag quantities in later years, although a few isolated specimens turned up in mixed bags from time to time. 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 MS66 PCGS example in lot 3319 of the FUN Signature (Heritage, 1/2006), that realized $230,000.

The present coin is a delightful Premium Gem that exhibits well-detailed design elements, with just a trace of blending on the hair strands above Liberty's ear and trivial softness on the eagle's breast. Subtle highlights of apricot, lime-green, and golden-tan toning enhance the impeccably preserved surfaces and vibrant, frosty mint luster radiates from both sides. Overall eye appeal is terrific. This coin is tied with two other examples for the number seven spot in the PCGS CoinFacts Condition Census. It may be years before a comparable example becomes available. Housed in a green label holder. Population: 4 in 66, 6 finer (9/19).
Ex: Atlanta Signature (Heritage, 8/2001), lot 6712; Rarities Sale (Bowers and Merena, 8/2004), lot 1166; Baltimore Auction (Bowers and Merena, 3/2009), lot 3328.
From The Kodiak Collection. (Registry values: P8, N10218)

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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