After a discontinuation of this denomination in 1857, production of the half eagle resumed at the New Orleans mint in 1892. Only 10,000 were struck and this is the third rarest issue of the 16 struck after the 1847-O and the 1842-O. Unlike the No Motto issues, the 1892-O is seldom found in grades below AU50 as it appears to have not seen much circulation. Conversely, it is rare in MS61, very rare in MS62 and almost never seen above this.

As with nearly all known 1892-O half eagles, this piece shows abrasions in the fields as a result of being shipped loose in a bag. On this coin, there are clusters of marks in the right obverse field which limit the grade but this is a truly “new” coin with no rub, full satiny luster and pleasing light green-gold and orange colors. Without the aforementioned obverse marks, this piece would grade at least a point higher.

The last MS61 to sell at auction was a PCGS coin in Stacks Bowers 2011 ANA which brought $4,888. There are only nine auction records for this date in MS61 since the beginning of 1997.

This formerly obscure date is now well known by specialists yet it still seems like good value to me when one considers how infrequently it comes up for sale and how rare it is in any grade higher than MS61.