Do You Have This Coin in Your Collection? You Might Want to Check

Unraveling the Mystery of the 1892-S $1 (Regular Strike)

If you’re an avid coin collector or just starting your numismatic journey, this rare Morgan Dollar (1892-S) might not be on your radar. In the world of Morgan Dollars, the 1892-S is a fascinating specimen that transcends its face value. In this blog post, we delve into the history and rarity of the 1892-S $1, exploring its journey from circulation obscurity to a hidden gem in the numismatic world.

A Rarity Unveiled

The 1892-S dollar, part of the Morgan Dollar series minted between 1878 and 1921, has an intriguing tale to tell. Despite being commonplace in worn conditions, it transforms into an extreme rarity at the MS-65 level. According to PCGS, in 1992, the vast difference in value between a VG-8 grade ($10) and an MS-65 grade (potentially $50,000 or more at auction) highlighted its scarcity in pristine condition.

The Unrecognized Rarity

In its early days, the 1892-S wasn’t celebrated as a rarity. Auctions held in the late 19th and early 20th centuries saw Mint State 1892-S dollars being sold for nominal amounts, reflecting a lack of recognition for its rarity. The turning point came much later, in the 1940s and 1950s, during the San Francisco Mint dispersals. Interestingly, no bags of the 1892-S date were found, and it was not until more recent years that its scarcity gained acknowledgment.

A Rarity in Higher Grades

While lower worn grades of this rare Morgan Dollar are relatively common, the story changes dramatically in higher grades. True Mint State 1892-S dollars are exceptionally rare, with estimates suggesting no more than 200 choice specimens in MS-63 or better condition. The advent of certification services like NGC and PCGS has been a boon for collectors, ensuring the authenticity and grade of these elusive coins.

The 1892-S $1 is more than a mere coin; it’s a tale of overlooked rarity, historical neglect, and a peculiar market journey. For collectors seeking unique stories within their numismatic treasures, the 1892-S presents an intriguing and enigmatic addition. So, do you have this coin in your collection?