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Please Help! I Found a 1894 P Morgan Dollar

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Salbones
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 Posted 03/08/2011  4:21 pm Show Profile Bookmark this topic Add Salbones to your friends list Get a Link to this Message

While unpacking some old boxes during a recent move to my new home in Boston, I found a box of old silver dollars one of my uncles gave me when I was a kid about 45 years ago that had been lost for the last 20 years. Yesterday I decided to take a look through them and found that most were listed on the web for between 25 - 30 bucks. However, one of them looked promising. I brought it to two local coin shops and both authenticated it as genuine. Both wanted to buy it for $1000+ but their offers varied widely. Can anyone take a look at this and give me some idea of its TRUE value before I do something monumentally stupid? (I am looking to sell it but need to know a realistic asking price.)I've attached photos and can provide more if needed. Thanks in advance...
Salbones











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 Posted 03/08/2011  4:28 pm  Show Profile Check Maineman750's eBay Listings Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
Definitely a high dollar coin , I suggest waiting for more than a few answers before making a decision.There are some specialists on here that will chime in within a day or two so please be patient on this one. And welcome to the forum, you have come to the right place.
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 Posted 03/08/2011  4:48 pm  Show Profile Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
I don't think it is a VAM issue causing the price offered as much as the date. Its worth about 1000.00 in Fine condition but I would say yours is about XF-45 condition from what I can tell in the pictures which would put it in the 1300-1400.00 range. When sealing with a dealer they have to make a profit so a dealer offering you 1000+ is not really all that bad. If you want to get the most for it I would send it to a top tiered TPG (that way everyone knows its real) and instead of selling it to a dealer sell it to an individual either on eBay or some place like that. it may bring more than what I quoted above especially if the TPG says its higher grade than I said it is like AU-50 it probably books for around $1600.00. On eBay if you have two people that want the coin it could go up quite a bit over what book says its worth. The main thing is getting it graded if you are going to go the eBay route because they will want to know its authentic before they buy it
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 Posted 03/08/2011  5:04 pm  Show Profile Check SsuperDdave's eBay Listings Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
Stop.

Take a breath.

Your images depict what sure looks like a genuine 1894, at least in as much detail as they show. The date is in the correct location for the one die pair known to have struck these, and I see no obvious characteristics of a fake.

With that said, many very high-quality counterfeits of this coin exist, and your first objective is to verify its' authenticity. The enthusiasm of the dealers you've spoken to helps. They can't be counted as reliable authenticators, though, and you can expect that any offer they give is mindful of a reasonable profit for themselves on resale.

On quick inspection, this coin could grade AU50, which would put its' retail value in the range of $1500 or better. And it behooves you to get it into the retail channel through a reputable auctioneer - even though you'll pay a percentage of your sale in auction cost, you will still do better than selling to a dealer at wholesale.

So, here are your first tasks: First, become comfortable with the idea that the more time you're willing to take, the more money you'll make on resale. Second, become aware of who/what the proper resale venues are - Heritage Auctions, Stacks-Bowers. Third, become familiar with the reputable third-party graders/authenticators, in your specific case PCGS in particular.

That should take you about 48 hours.

Then, make preparations to have the coin graded by PCGS. It'll cost you a few bucks, every dollar of which will be amply rewarded upon resale.

I know I'm speaking in generalities here. Posters will follow with specifics. Trust me on this.
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Catman, Gary Burke, Bigg Fredd, numismo - CCF members emeritus, now part of Heaven's Own Coin Club.

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 Posted 03/08/2011  5:26 pm  Show Profile Bookmark this reply Add Salbones to your friends list Get a Link to this Reply
ADDITIONAL NOTE ON THIS ITEM: The first dealer I brought this to for his opinion was a very reputable PCGS showroom in New Hampshire in business for the last 27 years. (I didn't know that until I got there.) The owner seemed very knowledgeable and appeared very diligent in his examination of the coin. (Even weighing it along with a very serious visual inspection.) He explained the various counterfeits and alterations out there and assured me this was genuine. I believe his shop does these types of appraisals for others. The second opinion was from a small shop in Massachusetts. Thanks.
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 Posted 03/08/2011  5:31 pm  Show Profile Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
when I said what I did above about sending it to a TPG to make sure its authentic I in no way meant that I didn't think it was genuine, I was just stating if you are going to try and sell it yourself it being in a TPG slab would make the buyer confident it was authentic and make it sell for more money than it would if it were raw (not graded by a TPG)
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 Posted 03/08/2011  5:41 pm  Show Profile Bookmark this reply Add John1 to your friends list Get a Link to this Reply
to CCF, I hope you stick around and post some more photos of your other coins. The coin posted is very nice and the photos are great too. What did you use for taking the pics?
John1
( I'm no pro, it's just my humble opinion )
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 Posted 03/08/2011  5:44 pm  Show Profile Check SsuperDdave's eBay Listings Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
Ah. Seacoast, I'd imagine.

Then skip to Step 2 - make arrangements to submit the coin through him to PCGS. It's possible, if he has buyers, to do a consignment sale through him which would satisfy you both - he'd be trading raw profit for a quick, painless turnaround which would enhance his reputation for having handled such a coin and satisfying his buyer. You'd be losing a couple hundred dollars of potential profit in return for a relatively quick, painless transaction. Everybody wins.

Just familiarize yourself with current pricing, based on real-world sales of similar coins. Heritage Auctions' prior sales database is available to members, and membership is free. eBay is another source, but must be taken with a grain of salt.

The best thing about a bicycle is that it uses no gasoline, therefore the chance of fiery death is greatly reduced.

Catman, Gary Burke, Bigg Fredd, numismo - CCF members emeritus, now part of Heaven's Own Coin Club.

Our members sell on eBay!
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 Posted 03/08/2011  5:58 pm  Show Profile Check fenton's eBay Listings Bookmark this reply Add fenton to your friends list Get a Link to this Reply
Looks to be about AU-53 value is approximately $1450
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 Posted 03/08/2011  6:15 pm  Show Profile Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply

Quote:
Looks to be about AU-53 value is approximately $1450

this one sold for 1840.00 at Heritage in AU-53 condition a few days ago http://coins.ha.com/common/view_ite...&Lot_No=3988


Quote:
The first dealer I brought this to for his opinion was a very reputable PCGS showroom in New Hampshire in business for the last 27 years

Since he is a PCGS member that is who I would have him send it to because PCGS slabs will bring you more money in the end than NGC or ANACS will
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 Posted 03/08/2011  6:35 pm  Show Profile Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
You are getting some great advise here Salbones ... I know by reputation the kind folks who have replied to your inquiry ... and they are truly unbiased experts whose only goal is to help you out.

I claim zero expertise on this coin ... but am writing to encourage you to read again the honest (and wise) advise given to you above.

I do know that this coin in a PCGS holder ... might cost you say $80 through that dealer ... will bring hundreds more at re-sell to the general collecting public than raw as it is now.

Let us know what you do and how it turns out.

David
Take a look at my other hobby ... http://www.finewoodcrafter.com
Too many hobbies .... too much work .... not enough time.
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 Posted 03/08/2011  7:21 pm  Show Profile Check carmykle's eBay Listings Bookmark this reply Add carmykle to your friends list Get a Link to this Reply
Well, I for one, have not seen your first post so:

As to the coin, you have one we all would love in our collection. As one of our member suggested, take a deep breath and re-read your options.

Thanks for sharing your good fortune.
Money can't buy happiness, but it sure makes misery easier to live with.
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 Posted 03/09/2011  10:04 am  Show Profile Bookmark this reply Add Salbones to your friends list Get a Link to this Reply
I would like to thank everyone for their very good advice! At least I now have something to go on. I will probably bring it back up to Seacoast as suggested. The owner seems like an honest and knowledgeable guy. Thank you all. As for the camera, the photos were taken with a Canon SX120 on Macro setting with no flash and auto focus. This is the best camera for taking close-ups of anything. Again, thank you for your sage advice and I think I'll stick around this forum for a while. It's actually pretty interesting!

Sal
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 Posted 03/20/2011  01:17 am  Show Profile Bookmark this reply Add USExpress1Coins to your friends list Get a Link to this Reply
I am no expert, I have actually just started out in the coin business/market, but I would take the route of sending into PCGS and getting it graded, after that, sell it on eBay, you will make more profit because you are dealing with the end customer, rather than going through a coin shop and selling it wholesale.
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 Posted 03/20/2011  03:12 am  Show Profile Bookmark this reply Add aladinslamp to your friends list Get a Link to this Reply
AU 53 looks right! very nice coin....well rounded chest with feathers still present but worn..
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 Posted 03/20/2011  03:55 am  Show Profile Bookmark this reply Add mkman123 to your friends list Get a Link to this Reply
get it graded and let us know!
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