LOT #2628 |
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1892-S $1 MS67 NGC....
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Sold on Apr 30, 2009 for:
$195,500.00
Bid Source: Live: Floor bidder
Description
Splendid 1892-S Morgan Silver Dollar
Condition Rarity, MS67
1892-S $1 MS67 NGC. More than 1.2 million Morgan silver
dollars were coined at the San Francisco Mint in 1892. The large
silver coins were the preferred medium of exchange in the Western
United States, where hard money was always popular. Most of the
substantial mintage was released into circulation at some time near
the date of issue. As a consequence of this release, most examples
seen today are in circulated grades. Lower Mint State specimens are
quite scarce, and coins at the Gem level are rare.In the early days, numismatists held the issue in scant regard, believing the date was common. The issue's rarity in high grade was masked by several factors. First, collecting coins systematically by date and mintmark was not popular in the early 1890s. Most advanced collectors simply ordered a proof specimen from the Mint every year to represent the date, and ignored the branch mint issues. Second, the large supply of circulated specimens available in dealers stocks or everyday transactions was adequate to satisfy demand from more casual collectors. Third, the relatively large mintage figure inspired the belief that the coins should not be rare. Essentially, no one realized the coins were rare in Gem condition because no one was looking for them.
The performance of the date in early auction appearances is an indication of how little the numismatic community valued them. Even the rare Mint State coins failed to excite bidders in the early days. A Mint State coin appeared in the New Jersey Sale (Edouard Frossard, 3/1898), lot 347. The lot was described as "1892 San Francisco mint. Uncirculated." It realized the grand total of $1.05. Granted, this was only six years after the coin was minted, but the situation did not improve much with time. Nine years later a specimen was featured in the David S. Wilson Collection (S.H. Chapman, 3/1907), lot 457. The lot was described identically to the lot in the earlier Frossard sale. Apparently this was the standard nomenclature of the time, and early catalogers such as Frossard and Thomas Elder boasted they could catalog 1,000 lots or more in a single day. The lot sold for $1.50.
The small portion of the mintage not released for circulation was probably stored at the San Francisco Mint, and distributed in dribs and drabs until the supply was exhausted in the 1930s. In A Guide Book of Morgan Silver Dollars, Q. David Bowers states, "At least one bag was paid out in 1925 and 1926, but little numismatic notice was taken of the coins."
Apparently, some research was done on silver dollars in the following years, and with the new knowledge came a better understanding of the 1892-S as a condition rarity. By the time of the Will Neil Sale (B. Max Mehl, 6/1947), numismatists realized different varieties existed for this date, anticipating the VAM book by 24 years, and the Uncirculated coins were selling at a considerable premium. Lot 241 of the sale reads, "1892 Small high S. Very fine. Rare. Record for an uncirculated specimen, $32.50." Lot 242 states, "1892 Small S low. Very fine. Quite rare." The lots both sold for $7.50, reflecting the fact that Uncirculated specimens were now selling for much more than their cousins in lower grades.
No large quantities of 1892-S silver dollars surfaced in the dispersal of coins from the San Francisco Mint in the 1940s and '50s. The issue was not represented in the great Treasury releases of the early 1960s, when the government emptied their vaults, and a deluge of Uncirculated silver dollars entered the market. Silver dollar specialists such as Wayne Miller noted the absence of the issue from these huge releases and began to spread the word about the true rarity of the 1892-S at the Gem level. In the 1990s, other researchers such as Bowers and John Highfill published their findings in sophisticated volumes that reached a wide audience. Perhaps the greatest factor in establishing the 1892-S as a great condition rarity has been the population data from the third-party grading services. NGC has certified just five specimens at the Superb Gem level, with none finer, while PCGS has graded five coins in MS67, with a single example finer at MS68 (3/09). Today the 1892-S is recognized for the great condition rarity it has always been.
The present coin is a breathtaking specimen, with brilliant obverse surfaces and prooflike reverse fields. Fully struck, with crisp detail on all design elements. The surfaces are pristine, even the cheek is faultless. Unbelievable quality, rarity and profound historical interest make this specimen the perfect candidate for a Registry set.(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
Auction Info
2009 April-May Cincinnati, OH (CSNS) US Coin Auction #1124 (go to Auction Home page)
Auction Dates
Apr-May, 2009
29th-3rd
Wednesday-Sunday
Bids + Registered Phone Bidders: 16
Lot Tracking Activity: N/A
Page Views: 11,042
Buyer's Premium per Lot:
15% of the successful bid per lot.
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