103
103

PROPERTY FROM THE COLLECTION OF RALPH AND LOIS STONE

Silver Dollar, 1892-S, PCGS MS 67 CAC
Estimation
250 000350 000
Lot. Vendu 495,000 USD (Prix d’adjudication avec commission acheteur)
ACCÉDER AU LOT
103

PROPERTY FROM THE COLLECTION OF RALPH AND LOIS STONE

Silver Dollar, 1892-S, PCGS MS 67 CAC
Estimation
250 000350 000
Lot. Vendu 495,000 USD (Prix d’adjudication avec commission acheteur)
ACCÉDER AU LOT

Details & Cataloguing

Historic Coins and Medals | Featuring Magnificent Morgan Silver Dollars from the Collection of Ralph and Lois Stone

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New York

Silver Dollar, 1892-S, PCGS MS 67 CAC
An amazing example. Fully struck, with hard, clean surfaces. The obverse with remarkably deep prooflike flash, the reverse somewhat shallower with areas of frost. Virtually blemish-free. A faint mark at Liberty’s brow is noticeable under magnification, and there is a tiny, nearly indiscernible tick in the field below the S of PLURIBUS. The reverse is even more perfectly preserved. Two minute marks are hidden in the olive leaves, and only noticeable under magnification. The other faint marks in the field are mint caused. The essentially white surfaces are gently overlaid with very pale golden hue. An absolutely remarkable coin.
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Provenance

Anonymous Midwest Collector; Ed Milas of RARCOA (August, 1987); David Carter; Dr. George Bodway (October, 1987); Jack Lee (1994); probably Jefferson Coin and Bullion; Ralph Stone Collection (before 1995); thence by descent.

Description

THE PCGS TOUR OF THE “WORLD’S FINEST MORGAN DOLLARS” EXHIBITION EXAMPLE. “THIS IS THE FINEST 92-S I HAVE EVER SEEN.” DAVID HALL (1987).

As is well-known to most numismatists, the 1892-S is a coin which is not difficult to obtain in lower grades, but is of staggering rarity in the highest grades of preservation. As Dave Bowers observed, this disparity is simply the result of the lion’s share of the 1.2 million struck being released into circulation. He further notes that this wide gulf in the low survival of high grade examples was not even apparent to knowledgeable numismatists for more than four decades following its production.

This example is acknowledged as one of the finest in existence, and was loaned by its owner, Dr. George Bodway to the PCGS Tour of the “World’s Finest Silver Dollars” (1990-1991). It was clearly one of Dr. Bodway’s favorite coins, and in the chapter he wrote for John Highfill’s The Comprehensive U.S. Silver Dollar Encyclopedia (1992 and 2017), he described the coin as part of his “Bodway Set” (p. 341): “A gorgeous white almost fully prooflike silver dollar. Completely struck with blemish free surfaces.” Bodway stated that David Hall first saw this coin at the 1987 ANA Convention, and that even though two weeks prior Hall had seen the Jack Lee example: then raw, later graded PCGS MS 68, he pronounced Bodway’s piece (the currently offered example) “…THE FINEST 92-S I HAVE EVER SEEN.” (p. 341). Bodway further reported the ANA attendants calling it “An amazing coin.”

It appears that this coin has never been offered at public auction. It was privately purchased by Ed Milas from an anonymous Midwestern collection in 1987; he sold it, via David Carter, to Dr. Bodway whose collection was sold intact to Jack Lee in 1994. The single MS 68 example (ex Jack Lee) was sold at auction in November 2005 (Heritage [$322,000]). Auction data note six auction appearances of PCGS certified MS 67 1892-S dollars in the past twenty years. This represents only two coins; five appearances of the Eliasberg piece (most recently, in 2017, at Legend Numismatic Auctions [$470,000, the highest price recorded for the date]) and one other example in 2004 (Heritage [$126,500]); the data also note the appearance, twice, of an NGC graded example. The only other recent appearance of a high grade 1892-S at auction, was a PCGS MS 64 CAC at Legend which brought a remarkable $293,750.

Certificate number: 2241206 (Generation 3.1 holder). PCGS records five comparably graded examples, and only one (MS 68) finer; NGC has graded five MS 67, and none finer. CAC has certified three at this level, and none finer. (02-18)

Historic Coins and Medals | Featuring Magnificent Morgan Silver Dollars from the Collection of Ralph and Lois Stone

|
New York