1892-S $1 MS(PCGS#7218)

November 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

6358

等级

MS68

价格

4,130,991

详细说明

Finest Certified 1892-S Morgan Dollar A Formidable Condition Rarity Ex Jack Lee; Larry H. Miller 1892-S Morgan Silver Dollar. MS-68 (PCGS). As one of the leading condition rarities in the Morgan silver dollar series of 1878 to 1921, the appearance of even a low end Mint State 1892-S at auction is a noteworthy event. The Larry H. Miller specimen in PCGS MS-68 is the finest certified 1892-S as well as one of the most famous of all Morgan silver dollars in numismatics. Highly lustrous with a smooth, frosty texture, both sides are brilliant apart from wisps of subtle champagne-gold iridescence. Sharply struck over all design elements, this is an expertly preserved and incredibly beautiful Superb Gem that stands tall among the numerous highlights in the fabulous Miller cabinet. The San Francisco Mint's silver dollar output 1892 was 1,200,000 coins. This is a smaller total by the standards of the Morgan series, to be sure, but as often related it is the distribution (or lack thereof) of the coins rather than the number struck that was the determining factor in rarity vs. availability. It is distribution, not mintage that explains why an issue like the 1885-CC, with a mintage of just 228,000 coins, is plentiful in all but the finest Mint State grades while the 1896-S, of which five million examples were produced, is scarce to rare at all Uncirculated grade levels. The 1892-S is akin to the 1896-S in this context, and it is one of the rarest of all Morgan silver dollars in Mint State. Distribution also plays a role in determining rarity and availability of many Morgan dollar issues in circulated grades. Using the 1885-CC as an example once again, that issue is a formidable rarity in worn condition, the "king of Morgan dollars" in such grades, as described by Q. David Bowers (1993). Obviously, much of the original mintage of that issue not only went into government storage at the time of striking, but was fortunate to avoid destruction through melting under the 1918 Pittman Act. In stark contrast, the 1892-S is very common in circulated grades, indicating widespread distribution into commercial channels beginning in the late 19th century. As related above in our description of the Larry H. Miller 1886-O, this is an unusual situation in the Morgan dollar series. While quantities of 1892-S dollars were likely held back by the Treasury Department, few survived the mass melting of the early 20th century. Reports of examples being paid out from government vaults are few and far between, although Bowers states that at least one bag emerged from the San Francisco Mint circa 1925 to 1926. Those coins largely escaped the attention of contemporary numismatists, however, and circulated long enough that they may account for many of the EF to AU examples encountered today. Interestingly, the 1892-S seems to have been overlooked by numismatists until the mid-to-late 20th century. Bowers writes of auction appearances for coins described as Mint State during the late 1890s through the 1910s that resulted in realized prices of less than $1 over face value. Apparently many dealers and collectors of earlier generations were of the opinion that thousands of Mint State 1892-S dollars remained in government vaults, and that subsequent releases would provide plenty of coins for collectors. Then came the San Francisco Mint distributions of the 1940s and 1950s, which yielded no known bags of this issue, followed by a similar absence from the Treasury Department releases of 1962 to 1964. Only after these events did numismatists finally realize the true rarity of the 1892-S in Mint State. This had an adverse effect on this issue in the numismatic market of the 1970s and early 1980s. As collectors and investors scrambled to find, and dealers worked feverishly to provide, coins that did not exist, many About Uncirculated 1892-S dollars traded hands as Mint State coins. Writing in 1982 Wayne Miller warned: "Beware of high-grade 1892-S silver dollars which are toned on both sides. Such toning is often artificial, and is intended to cover up wear, abrasions, carbon spots, etc...." Dave Bowers suggests that this was not always done with malicious intent, for "years ago nearly all coins that were called 'Uncirculated' were, upon careful examination, what we would call AU today." Yet the confusion and bad blood created by transactions involving such coins damaged the reputation of the 1892-S and, for many years, made it less desirable in Mint State than it should have been. The result, as reported by Wayne Miller in 1982, was that "The 1892-S has been denigrated as a poor investment by most advisory letters, to the effect that it is one of the few key date Morgans that is not instantly salable in fully gem condition." The advent of third party certification in the mid 1980s, however, has allowed the market to gain a clearer understanding of the rarity of the 1892-S in true Mint State preservation, and provides much needed confidence for collectors when pursuing these elusive coins.Q. David Bowers observed in A Guide Book of Morgan Silver Dollars, 2019 edition, "Philosophies change, and today a gem [1892-S] would, indeed, find a ready market." Further sign of the desirability that the 1892-S now enjoys in all Mint State grades is the infrequency with which examples appear on the open market. Such coins often spend many years in tightly held collections, where they are treasured as highlights and respected for their rarity. This is especially true of the small number of Gem and Superb Gem coins that have been certified; these are coveted by the most advanced Morgan dollar collectors, but acquisition proves to be a dream that few realize. When it comes to the finest known 1892-S Morgan dollar, only a handful of numismatists will ever have the opportunity of adding their name to the provenance of this regal coin. We urge enthusiasts to pursue this lot with vigor since coins such as this often appear in the market only once in a lifetime. Provenance: From the Larry H. Miller Collection. Earlier ex Jack Lee I Collection; Jack Lee II Collection; Heritage's sale of the Jack Lee III Collection, November 2005 Dallas, TX Signature Auction, lot 2309 PCGS Population: 1; 0 finer. PCGS# 7218. NGC ID: 255P. Click here for certification details from PCGS.