The 1892-S Morgan Dollar holds a unique place in U.S. coin history, recognized for its scarcity and high value among collectors. Struck at the San Francisco Mint, this coin had a mintage of 1.2 million, but most entered circulation, leaving very few in Mint State condition today. For collectors, this rarity makes the 1892-S Morgan Dollar a highly sought-after treasure.
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The 1892-S Morgan Dollar: Key Details
- Mint Location: San Francisco, noted by the “S” mintmark.
- Mintage: 1,200,000 coins in 1892, with consistent monthly production throughout the year.
- Composition: 90% silver and 10% copper, with a weight of 26.73 grams and a 38.1 mm diameter.
- Designer: George T. Morgan, who crafted both sides of this iconic coin.
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Circulation and Rarity
The majority of the 1892-S Morgan Dollars went directly into circulation, and only a few remained untouched, meaning Mint State examples (unworn) are extremely rare. Throughout the 1940s and ’60s, almost no new Mint State 1892-S coins were found, which limited their availability.
Collectors will often encounter circulated coins, which are generally affordable at around $75 to $500, depending on condition. However, for those seeking higher-grade versions in Mint State, prices skyrocket to tens or even hundreds of thousands of dollars.
Market Highlights and Top Sales
The demand for 1892-S Morgan Dollars in top grades has led to significant auction sales:
- Mint State 68: Only one coin has achieved this top grade from PCGS, fetching as much as $630,000 at a 2020 auction.
- Mint State 67 and 66 Coins: In recent years, these coins have also commanded six-figure prices, with collectors valuing coins with full luster and minimal imperfections.
As of 2024, the total number of Mint State graded 1892-S Morgan Dollars remains limited, adding to the coin’s allure and value.
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Why the 1892-S Morgan Dollar Is So Special
The 1892-S Morgan Dollar stands out among other Morgan Dollars for its rarity in high grades, historical appeal, and collector demand. Each of these factors contributes to its high market value, and the few coins that exist in pristine condition continue to appreciate in worth over time.
For collectors, finding an 1892-S Morgan Dollar in any condition is a noteworthy addition. However, for those who aim to own a piece of American history at the highest level, the elusive Mint State versions of this coin are the ultimate prize.