1892-S Morgan Silver Dollar NGC AU58. Usually overshadowed by the silver dollar struck at the San Francisco Mint the next year, the 1892-S is an issue which needs to be considered to be a very scarce issue as well. This is especially the case with the coins that have been graded at the higher circulated level and in uncirculated condition. Of the mintage of 1,200,000 coins, only a very small number were saved by collectors, or by pure luck, when the coins were still in the higher grades.

Most coins of this issue circulated extensively through out the western states, and usually grade below AU-50. Any coin above that grade is scarce, and Mint State coins become very rare. This is also apparent from the prices in the red book for this issue. An MS-60 1892-S Morgan Dollar lists for approximately fifteen times the price of an AU-50, which comes with a price of $ 2,250, according to the editors of that widely used reference. This indicates the rarity of these coins in the higher grades, as it is one of the highest price jumps between two grades found anywhere in the red book.

There are several condition rarities within the extremely popular Morgan dollar series. These circulated heavily, and despite relatively large mintages very few examples of these dates have survived in original condition. The 1892-S is such a coin, although its mintage would correctly classify it as a scarce coin in any grade. Most of the coins are no finer than extremely fine, at which this issue is generally available and found without a long search. About Uncirculated, up to the mid-level of those grades, are encountered with some frequency as well, but an AU-58 1892-S silver dollar is rare.

The present coin is a brilliant white piece with abundant luster visible on both sides, with just the slightest hint of rub on the highest points. Its strike is generally sharp, with only some minor weakness noted on the highest points as well. Some marks appear on the design and in the open fields, but these are very common with this issue and come with virtually every coin. Certified by NGC in a new holder, the specialist of Morgan dollars will be please with this coin, a rare issue in a seldom encountered grade.