1892-S Morgan Silver Dollar NGC AU58 PL. Certified by NGC in new holder, this scarce date only has some minor friction wear on its prooflike surfaces. This issue had a mintage of 1,200,000 coins, but the majority of that number was instantly released into circulation. Uncirculated examples are rare, with perhaps no more than 350 or 400 uncirculated coins still in existence, in all AU grades. Many of these are slightly prooflike, but full prooflike or deep mirror prooflike coins of this date are rare. In fact, only a single example has graded DMPL at the major grading services, and even that coin appears to be lacking the contrast found on early San Francisco Morgan dollars.

While this coin is the predecessor to the famous key-date of the series, the
1893-S it is underrated in AU grades. It has been underrated for many decades, even though no coins of this issue are believed to have appeared on the market in any quantity since the 1930s. Some single higher grade coins (up to MS-63) have been found in recent years, and a few gem examples. However, these are all extremely difficult to find and sell for high prices when offered at auction. As such, this would be the ideal example for the collector seeking a prooflike example of this issue which has been graded as such.

The present coin is fully original, with some minor toning visible on both sides, most likely from storage in a Mint bags (although we can not say so with certainty). It appears to be uncirculated at first glance, but perhaps some minor handling has caused a few minor luster breaks. The strike is fairly strong for this issue, with nearly all of Libertys hair and the eagles feather brought up to full sharpness. No major blemishes are seen on either side, making this an excellent example of this issue for a high grade prooflike set of the ever popular Morgan dollar series.