Rare 1892-S Morgan Dollar Features Full Strikes and Brilliant Luster

The 1892-S Morgan dollar, struck by the San Francisco Mint, is known for its commonality in circulated grades but rarity in Mint State. With a mintage of 1,200,000, it has a well-made appearance with full strikes. While Mint State examples are scarce, those that exist are often lustrous and well-struck, although many exhibit varying degrees of toning. The market value ranges from $75 for circulated specimens to hundreds of thousands of dollars for Mint State coins, depending on their grade.

The 1892-S Morgan dollar was one of a handful of dates in the series where most, if not all, of the coins entered circulation. They were typically well made, with full strikes. Mint State examples are few, but most of the examples that survive are lustrous and well-struck. Nearly all Mint State survivors are toned to some degree, sometimes unfortunately so.

The San Francisco Mint struck 1,200,000 Morgan dollars in 1892, producing 100,000 pieces each month of the calendar year.

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Market Data and Noteworthy Specimens

There were no known releases of the 1892-S Morgan dollar from the 1940s through the mid-sixties. This limited the availability of Mint State coins. However, the coin is considered common in circulated grades but rare in Mint State.

Dealer Harry W. Bason of New Hyde Park, New York, offered 74 different date/mint mark Morgan dollars in Brilliant Uncirculated in a February 1951 ad in The Numismatist, listing 1892-S Morgan dollars for sale for $12.50 a piece.

The current retail price for a circulated example is $75 for a worn specimen to about $500 in Extra Fine. Mint State examples sell for tens to hundreds of thousands of dollar each, depending on the grade.

Top Population: PCGS MS68 (1, 3/2024), NGC MS67 (5, 3/2024), and CAC MS67 (3:0 stickered:graded, 3/2024).

Only one coin has been graded at the PCGS top population grade of MS68 since at least 2005. Through August 2012, PCGS certified only five coins at MS65 with nine finer. As of March 2024, that figure stands at four coins at MS65 with 10 finer. Furthermore, through August 2012, PCGS reported 66 Mint State grading events. That number has increased to only 70 in the years since. CoinWeek believes that this is a coin with a stable Condition Census population.

• PCGS MS68 #07455547: Jack Lee #1; Jack Lee #2; “The Jack Lee Collection, III,” Heritage Auctions, November 3, 2005, Lot 2309 – $322,000; “The Larry H. Miller Collection,” Stack’s Bowers, November 12, 2020, Lot 6358 – $630,000.
• PCGS MS67+ CAC #02241206: Dr. George E. Bodway; Bodway to Ed Milas (RARCOA), by sale, August 1987; David Carter; Carter to George E. Bodway, by sale, October 1987; Bodway Set, on PCGS Tour; Jack Lee, 1994; Ralph Stone Collection, by 1995. As PCGS MS67 CAC. “The Ralph and Lois Stone Collection,” Sotheby’s, May 2018, Lot 103 – $495,000; “The Vanderbilt PCGS Registry Set,” Legend Rare Coin Auctions, January 2020, Lot 310 – Passed. As PCGS MS67+ CAC #02241206. Heritage Auctions, August 24, 2022, Lot 3971 – $552,000. Vanderbilt on insert. Pedigree research assisted by Ron Guth / Heritage Auctions.
• PCGS MS67: “The Palm Beach Collection,” Heritage Auctions, January 2004, Lot 2120 – $126,500; “The Anne Kate Collection,” June 27, 2012, Lot 3200 – $252,625. Coin has a muddy lilac-gold and teal all-over toning pattern that we find unattractive.
• NGC MS67 #3465763-001: As PCGS MS66 #6542479. Heritage Auctions, January 5, 2006, Lot 3319 – $230,000. As PCGS MS66 #10754255. “The Jackson Hole Collection,” Heritage Auctions, April 9, 2007, Lot 76 – $189,750. Reholdered. Jackson Hole on insert. As NGC MS67 #1573869-001. Heritage Auctions, April 30, 2009, Lot 2628 – $195,500. Crossed to NGC and upgraded by one point. As NGC MS67 #3465763-001. Heritage Auctions, August 12, 2011, Lot 7328 – $184,000. Reholdered. Brilliant with die crack through the bust truncation and the bottom of the hair. Another through Liberty’s cap. Multiple die cracks on the reverse. This certification number is no longer active.
• PCGS MS67 #13664092: J. Colvin Randall, March 1894; J.M. Clapp; John H. Clapp Estate, to Louis Eliasberg, Sr., 1942; “The Eliasberg Collection,” Bowers and Merena, April 1997, Lot 2290 – $132,000; “The Holding of Andy Hansen,” Heritage Auctions, May 2001, Lot 6553 – $115,000; “The Arno Collection,” Heritage Auctions, January 9, 2009, Lot 5012 – $460,000. This certification number is no longer active.
• PCGS MS66 #4871852: Heritage Auctions, January 9, 2020, Lot 4268 – $192,000. Old Green Holder. Pale gold toning. Thin die crack through the first two digits of the date.
• PCGS MS66 #4069725: Heritage Auctions, April 25, 2002, Lot 4229 – $80,500. Darkly toned. This certification number is no longer active.
• PCGS MS65 #21249453: “The XSurgeon Set of Morgans NGC Registry #1,” Heritage Auctions, February 22, 2018, Lot 4053 – $192,000. Brilliant.
• PCGS MS65 #06935350: Heritage Auctions, July 31, 2009, Lot 1174 – $126,500; “The Big Sky Montana Collection”, Heritage Auctions, January 7, 2010, Lot 2623 – $115,000. Stack’s Bowers, August 7, 2012, Lot 11529 – $127,500 Reserve Not Met. Darkly toned.
• PCGS MS65 #05700136: “The Dr. Volker Dube Collection,” Heritage Auctions, February 24, 2005, Lot 7265 – $132,250. This certification number is no longer active.
• PCGS MS64+ #35821012: As PCGS MS64 #6582096. “The Carson Silver Collection,” Heritage Auctions, July 31, 2009, Lot 1173 – $126,500. Light champagne toning. There is a darker toning spot in the hair. Die crack through the first two digits of the date. Since this sale, the coin has been upgraded by half a point and is imaged at PCGS CoinFacts.
• PCGS MS64 CAC #43947063: Stack’s Bowers, June 14, 2022, Lot 1471 – $162,000. Goldenrod toning throughout, but most concentrated along the periphery. A dark toning area on the eagle’s wing is at the upper left. This certification number is no longer active.
• PCGS MS64 CAC #37287289: As PCGS MS64 CAC #09567875. Heritage Auctions, June 2, 2006, Lot 2579 – $97,750. Legend Rare Coin Auctions, July 13, 2017, Lot 431 – $293,750; “The Woodford Collection of Morgan and Peace Dollars,” Heritage Auctions, January 10, 2019, Lot 4576 – $156,000. Goldenrod toning on the obverse and reverse. As PCGS MS64 CAC #37287289. “The Shucart Family Collection (JCS),” Heritage Auctions, September 5, 2019, Lot 3838 – $192,000. JCS on insert. Dipped, now brilliant. Die crack through D and the tip of the eagle’s wing at 11 o’clock.
• PCGS MS64 CAC: Naples II Collection; Heritage Auctions, October 7, 2000, Lot 8399 – $59,800; Stack’s Bowers, August 7, 2012, Lot 11530 – $96,937.50. Bright with champagne tint. Eye appeal is better than the PCGS MS65 offered one lot earlier at the same sale, which passed after having failed to meet the reserve.

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Coin Specifications

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