After a 35 year hiatus, production of half eagles resumed at the New Orleans mint. Only 10,000 were struck and the 1892-O is scarce in any grade. But unlike the No Motto issues from this mint, the 1892-O is more of an absolute rarity than a condition rarity. Very few circulated examples are known and this date is most often seen in the AU58 to MS61 range. There hasn't been a slabbed AU53 example at auction since the advent of third-party grading and just two slabbed AU55's since 1987. The present example is orginal and pleasing with natural deep color at the borders ringing the lighter centers. This piece would grade at least AU55 were it not for an abrasion that runs from below the throat into the left obverse field. There are few US gold coins that are better value than the 1892-O and this is among the most affordable examples I've handled in years.