1892 S Morgan Silver Dollar: A Numismatic Rarity

1892 S Morgan Silver Dollar

The 1892 S Morgan Silver Dollar has a special place in the hearts of numismatists and collectors. Struck at the San Francisco Mint, this coin is part of the larger Morgan Dollar series, which was minted from 1878 to 1904, and then again in 1921. The allure of the 1892-S Morgan Dollar lies not only in its historical significance but also in its scarcity and the condition in which it is found today.

History of 1892 S Morgan Silver Dollar

The Morgan Silver Dollar, designed by George T. Morgan, features a profile of Lady Liberty on the obverse and an eagle with outstretched wings on the reverse. The 1892-S edition was produced during a time of economic fluctuation and significant change in the United States. The ‘S’ mintmark indicates that it was struck at the San Francisco Mint, known for its high-quality coinage. However, the 1892-S Morgan Dollar had a relatively low mintage of only 1,200,000 coins, contributing to its rarity today. Many of these coins entered circulation and were subjected to heavy use, which makes finding well-preserved examples particularly challenging.


Country: United States of America

Year Of Issue: 1892

Denomination: One Dollar (USD)

Mint Mark: S (San Francisco)

Mintage: 1,200,000

Alloy: 90% Silver, 10% Copper

Weight: 26.73 g

Diameter: 38.10 mm

Edge: Reeded

OBV Designer: George T. Morgan

REV Designer: George T. Morgan

Quality: Business Strike

Basic Design:


The obverse side of the coin has a centered portrait of Lady Liberty. On the left side, there are 7 stars followed by the word “EPLURIBUSUNUM,” and on the right side, there are 6 more stars. The date is placed at the bottom of the coin.


 The reverse shows a heraldic eagle at the center, having a bunch of arrows and olive branches. The words “UNITED STATES OF AMERICA * ONE DOLLAR” frame the outer edge. If there is a mint mark, it seems above the letters “DO” in “DOLLAR.”

Rarity and Condition

The rarity of the 1892-S Morgan Silver Dollar is a key factor in its desirability among collectors. Due to its limited mintage and the high rate of circulation, few of these coins remain in mint condition. Those that have survived in good condition often show significant wear, reducing their numismatic value. High-grade specimens, especially those graded by professional services like PCGS or NGC, can fetch considerable sums at auction. 

Coins in lower grades, though more affordable, still carry significant historical value and are sought after by those looking to complete their Morgan Dollar collections. The combination of limited production, historical context, and condition sensitivity makes the 1892-S Morgan Silver Dollar a true numismatic rarity.

1892 S Morgan Dollar Value

According to the NGC Price Guide, a Morgan Dollar from 1892 in the circulated condition is valued between $45 and $17,500 as of June 2024. However, 1892-S Silver Dollars in pristine, uncirculated condition sell for as much as $750,000 on the open market. This significant variation in value highlights the significance of the coin’s condition and rarity.

Also Read – 1886 O Morgan Silver Dollar: A Complete Guide


The 1892-S Morgan Silver Dollar is a famous coin of American history and a special collectible. Its little production, the high quality of its minting, and the wear it has taken over time all contribute to its status as a numismatic rarity. For collectors, holding an 1892-S Morgan Silver Dollar is not just about the investment value but also about conserving a coin of history. The coin’s historical value, mixed with its scarcity and condition, makes it a prized addition to any collection.

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