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Coin News
Valued Member
United States
95 Posts |
 Posted 11/17/2008 09:36 am
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 Record Price for a Morgan Silver Dollar: More than $1 Million for an 1893-S
by Greg Reynolds for CoinLink
When the Norweb 1893-San Francisco Mint dollar was auctioned for $355,500 in Nov. 1988, collectors were stunned. Nobody then thought that a Morgan Dollar could be worth more than a quarter of a million dollars. Indeed, until the Norweb III auction, a Morgan Dollar had probably never before sold for as much as $150,000.
Morgan silver dollars were minted from 1878 to 1904 and, again, in 1921. None of the business strikes (as opposed to Proofs and other special strikings) are very rare. Several dates, however, are extremely rare in MS-65 and higher grades, the gem quality range.
In April 1997, when Jack Lee bought the Eliasberg 1889-Carson City (Nevada) Mint dollar for $462,000, the coin collecting community was surprised. The 1889-CC Morgan is not nearly as scarce as the 1893-S, which is clearly the most elusive business strike Morgan.
The Eliasberg 1889-CC does seem to be the finest known of this date by a substantial margin. Even so, a low grade 1889-CC could easily be acquired for less than one thousand.
In October 2008, a Morgan Dollar broke the million dollar barrier. It is not the Norweb 1893-S nor is it the Eliasberg 1889-CC.
This 1893-S has been graded MS-67 by the Professional Coin Grading Service (PCGS). It was earlier in the collection of Cornelius Vermuele, which is possibly pronounced ‘Virr' and then ‘mule' like the animal. Much of the Vermuele collection was auctioned in New York in Nov. 2001.
The Vermuele 1893-S realized $414,000 in 2001, a price substantially less than the $462,000 realized by the Eliasberg 1889-CC more than four years earlier. Reportedly, the Norweb 1893-S, long before then, had sold privately for significantly more than $414,000.
Both the Eliasberg 1889-CC and the Vermuele 1893-S were in Jack Lee's primary Morgan Dollar collection. Lee later owned the Norweb 1893-S as well.
The Jack Lee estate has consigned the Eliasberg 1889-CC to the January 2009 FUN auction to be held in Orlando. It is plausible that it will realize more than a million dollars.
On Oct. 14, 2008, Chris Napolitano sold the Vermuele 1893-S to Laura Sperber of Legend Numismatics. Napolitano was acting as an agent for a collector who "likes to buy really neat coins." This 1893-S was in a display case at the table of Napolitano's firm during the Sept. 2008 Long Beach Coin, Stamp & Collectible Expo in Los Angeles County. Napolitano declares that the Vermuele coin "is the best ‘93-S out there"!
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KurtS
Pillar Of The Community
5316 Posts |
Posted 11/17/2008 12:38 pm
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A One Million Dollar Morgan?  Where's Dr. Evil?
And yet--it's in a 50 cent plastic case. 
Couldn't somebody like Tiffany's be contracted design to a more appropriate box for those ultra-bling coins?
Like a hand-made titanium box with sapphire crystal windows? A perfect job for a Swiss watch maker. Just kidding--but not completely.
I find coins like this amazing, baffling, and mind-numbing...simultaneously. 
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TreasHunt
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USA
1458 Posts |
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1sikevo
Pillar Of The Community
USA
1130 Posts |
Posted 11/17/2008 2:29 pm
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Mine is just a whole 61 points lower than that...
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markapsolon
Valued Member
United States
189 Posts |
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Bryan1315
Moderator
USA
6807 Posts |
Posted 11/17/2008 11:16 pm
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I think the mystique of owning a coin that was in the "Jack Lee" collection is what pushed this coin over the edge. Since his death he will do nothing but become more popular in the collecting world and as long as it has that pedigree on the label it will only grow with his reputation as eliasberg and norweb has
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mkman123
New Member
United States
46 Posts |
Posted 11/27/2008 4:46 pm
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The Norweb coin looks much nicer than the Vermuele except that the Norweb 1893S was dipped. Some collectors do not like the fact that a coin was dipped and neither do I.
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gawd0wns
Valued Member
Canada
289 Posts |
Posted 11/27/2008 5:42 pm
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I wouldn't pay $1 million for that coin.... Unless I knew I could sell it for as much, or more. For $1 million I would expect the coin to be one of a kind, and superior in every possible way.
Which of you would buy this coin (lets pretend we are all millionaires)for $1 million?
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Edited by gawd0wns - 11/27/2008 5:44 pm |
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mkman123
New Member
United States
46 Posts |
Posted 11/27/2008 9:58 pm
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If I had a million dollars, I wouldn't buy this coin because I could buy so many other coins totalling 1 million than spend it on one coin. I like quantity over quality :D
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morgans dad
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United States
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coindexter
Pillar Of The Community
United States
734 Posts |
Posted 11/28/2008 1:28 pm
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I would spend the million on a coin that only a few still exist(100-1000).I see plenty of this coin on e-bay in the $5,000-$50,000 range.I know not the same grade but. I'm more for rarity then the grade quality. Even the replicas look half way nice for $10. Put one of them in a frame on the wall and see who really would ask about it. Most people would say "oh nice Morgan I have seen lots of em" but if ya had a strange looking coin they would say "what the heck is that I have never seen one before"and now you have a story to tell. Here is one I wouldn't mind having around. OK now that I have said that the value of his Morgan has just dropped from lack of interest. Now it's only worth $999,999.
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 My 1953 trails coin on Trail dies web site. |
Edited by coindexter - 11/28/2008 8:27 pm |
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rockdude
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United States
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morgans dad
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coindexter
Pillar Of The Community
United States
734 Posts |
Posted 11/28/2008 3:22 pm
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I looked that up also. CAC is a regrading company.(They only grade the highest quality coins$$$$)also they only accept coins that have been pre-graded by the other top companies. Im not shure how they regrade them with out cracking open the other companys sealed slab?
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My 1953 trails coin on Trail dies web site. |
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vermontensium
Pillar Of The Community
USA
3493 Posts |
Posted 11/28/2008 5:12 pm
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It means it's "choice" for the grade. I am not a fan of CAC. But this little sticker adds value they say at auction? I don't get it. I think it's another ploy to make it's creators rich. I read an article that the average value of a TPG coin submitted to CAC is $6000!
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Edited by vermontensium - 11/28/2008 5:14 pm |
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KurtS
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Its not like I would trun this down if it was offer to me for a few grand..lol
--as well as further segment inventory (upwards) for auction houses, which is why CAC exists (imo). I'm sure a MS67 + "CAC" brings more than a "base" MS67, and a little more buyer's premium. Are there any more hairs left to split on grading, such as a decimal point...MS65.5, etc. 
Yeah, I'm a little cynical of the whole thing, lol...sorry 'bout that.